REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
ROWANCROSS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
ROWANCROSS LIMITED |
ROWANCROSS LIMITED (REGISTERED NUMBER: SC209315) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ROWANCROSS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 July 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
6 Miller Road |
Ayr |
KA7 2AY |
ROWANCROSS LIMITED (REGISTERED NUMBER: SC209315) |
BALANCE SHEET |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ROWANCROSS LIMITED (REGISTERED NUMBER: SC209315) |
BALANCE SHEET - continued |
31 July 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ROWANCROSS LIMITED (REGISTERED NUMBER: SC209315) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
Rowancross Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Functional currency |
The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound. |
Significant judgements and estimates |
The preparation of financial statements requires the use of certain accounting estimates . It also requires the Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below: |
Estimation Uncertainty |
Useful life of properties, plant and equipment |
The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be depreciated based on this. |
Recoverability of Debtors |
The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is made against the recoverability of these debts. |
Stock Valuation |
The Company assesses the carrying value of stock on at least an annual basis, taking into consideration when each item was purchased and the Company's ability to sell that particular item. Where it is considered the net realisable value of stock has fallen below its' original cost, a provision is made by Management against the stock value in the financial statements. |
Key Judgements made in the application of Accounting Policies |
a) Exemptions taken in its application of FRS 102 |
The Company has considered and taken advantage of the following exemptions in its application of FRS 102: |
i) The Company has not revisited previous accounting estimates. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
ROWANCROSS LIMITED (REGISTERED NUMBER: SC209315) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Classification |
The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company recognises these in accordance with Section 11 of the Financial Reporting Standard. |
Recognition and measurement |
The company's debt instruments are measured at amortised cost using the effective interest rate method. |
Impairment |
Financial instruments are reviewed annually for impairment. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ROWANCROSS LIMITED (REGISTERED NUMBER: SC209315) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2023 |
4. | TANGIBLE FIXED ASSETS |
Long | Plant and |
leasehold | machinery | Totals |
£ | £ | £ |
COST |
At 1 August 2022 |
and 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2022 |
and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
ROWANCROSS LIMITED (REGISTERED NUMBER: SC209315) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 August 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 July 2023 |