Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-314109The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrue2023-04-01No description of principal activityfalse33 10336252 2023-04-01 2024-03-31 10336252 2022-04-01 2023-03-31 10336252 2024-03-31 10336252 2023-03-31 10336252 2022-04-01 10336252 c:CompanySecretary1 2023-04-01 2024-03-31 10336252 c:Director1 2023-04-01 2024-03-31 10336252 c:Director2 2023-04-01 2024-03-31 10336252 c:Director3 2023-04-01 2024-03-31 10336252 c:RegisteredOffice 2023-04-01 2024-03-31 10336252 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 10336252 d:Buildings d:ShortLeaseholdAssets 2024-03-31 10336252 d:Buildings d:ShortLeaseholdAssets 2023-03-31 10336252 d:MotorVehicles 2023-04-01 2024-03-31 10336252 d:MotorVehicles 2024-03-31 10336252 d:MotorVehicles 2023-03-31 10336252 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10336252 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 10336252 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10336252 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 10336252 d:CurrentFinancialInstruments 2024-03-31 10336252 d:CurrentFinancialInstruments 2023-03-31 10336252 d:Non-currentFinancialInstruments 2024-03-31 10336252 d:Non-currentFinancialInstruments 2023-03-31 10336252 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10336252 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10336252 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 10336252 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10336252 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 10336252 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 10336252 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 10336252 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 10336252 d:ShareCapital 2024-03-31 10336252 d:ShareCapital 2023-03-31 10336252 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10336252 d:RetainedEarningsAccumulatedLosses 2024-03-31 10336252 d:RetainedEarningsAccumulatedLosses 2023-03-31 10336252 c:OrdinaryShareClass1 2023-04-01 2024-03-31 10336252 c:OrdinaryShareClass1 2024-03-31 10336252 c:OrdinaryShareClass1 2023-03-31 10336252 c:FRS102 2023-04-01 2024-03-31 10336252 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10336252 c:FullAccounts 2023-04-01 2024-03-31 10336252 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10336252 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 10336252 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 10336252 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 10336252 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 10336252 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 10336252 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 10336252 2 2023-04-01 2024-03-31 10336252 6 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10336252









ROWGATE GROUP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
ROWGATE GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
M J Holgate 
R W Holgate 
S Rowland 




Company secretary
M C Rowland



Registered number
10336252



Registered office
Prince Albert House
20 King Street

Maidenhead

Berkshire

United Kingdom

SL6 1DT




Accountants
Donald Reid Limited
Chartered Accountants

18a/20 King Street

Maidenhead

Berkshire

United Kingdom

SL6 1EF





 
ROWGATE GROUP LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 12


 
ROWGATE GROUP LIMITED
REGISTERED NUMBER: 10336252

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
48,012
59,036

Investments
 5 
932,164
932,164

  
980,176
991,200

Current assets
  

Debtors: amounts falling due after more than one year
 6 
5,865
5,865

Debtors: amounts falling due within one year
 6 
232,368
310,627

Cash at bank and in hand
 7 
5,299
320

  
243,532
316,812

Creditors: amounts falling due within one year
 8 
(377,827)
(407,702)

Net current liabilities
  
 
 
(134,295)
 
 
(90,890)

Total assets less current liabilities
  
845,881
900,310

Creditors: amounts falling due after more than one year
 9 
(89,465)
(145,186)

Provisions for liabilities
  

Deferred tax
 12 
(3,458)
(5,187)

  
 
 
(3,458)
 
 
(5,187)

Net assets
  
752,958
749,937


Capital and reserves
  

Called up share capital 
 13 
11
11

Profit and loss account
 14 
752,947
749,926

  
752,958
749,937


Page 1

 
ROWGATE GROUP LIMITED
REGISTERED NUMBER: 10336252
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 July 2024.




S Rowland
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
ROWGATE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Rowgate Group Limited is a private company limited by shares. The company is registered in England and Wales and incorporated in the United Kingdom. The company's registered office is 18a/20 King Street, Maidenhead, Berkshire, United Kingdom, SL6 1EF. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
ROWGATE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
ROWGATE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
7%
Motor vehicles
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
ROWGATE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 6

 
ROWGATE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 7

 
ROWGATE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 April 2023
61,628
34,579
96,207



At 31 March 2024

61,628
34,579
96,207



Depreciation


At 1 April 2023
23,339
13,832
37,171


Charge for the year on owned assets
4,109
-
4,109


Charge for the year on financed assets
-
6,915
6,915



At 31 March 2024

27,448
20,747
48,195



Net book value



At 31 March 2024
34,180
13,832
48,012


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
932,164



At 31 March 2024
932,164




Page 8

 
ROWGATE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
5,865
5,865

5,865
5,865


2024
2023
£
£

Due within one year

Trade debtors
-
90,000

Amounts owed by group undertakings
197,672
201,522

Other debtors
34,696
19,105

232,368
310,627



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,299
320

5,299
320



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
54,167
50,000

Trade creditors
648
-

Amounts owed to group undertakings
301,799
314,498

Other taxation and social security
-
16,712

Obligations under finance lease and hire purchase contracts
5,722
5,339

Other creditors
12,991
18,653

Accruals and deferred income
2,500
2,500

377,827
407,702


Page 9

 
ROWGATE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
83,333
133,333

Net obligations under finance leases and hire purchase contracts
6,132
11,853

89,465
145,186



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
54,167
50,000


54,167
50,000

Amounts falling due 1-2 years

Bank loans
50,000
50,000


50,000
50,000

Amounts falling due 2-5 years

Bank loans
33,333
83,333


33,333
83,333


137,500
183,333


Page 10

 
ROWGATE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
5,722
5,339

Between 1-5 years
6,132
11,853

11,854
17,192


12.


Deferred taxation




2024
2023


£

£






At beginning of year
(5,187)
(6,500)


Charged to profit or loss
1,729
1,313



At end of year
(3,458)
(5,187)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(3,458)
(5,187)

(3,458)
(5,187)


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,100 (2023 - 1,100) Ordinary shares of £0.01 each
11
11


Page 11

 
ROWGATE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Reserves

Profit and loss account

The profit and loss account records the cumulative profits or losses of the company since incorporation, less any dividends.


15.


Pension commitments

The  company operates  a  defined  contribution  pension  scheme.  The  assets  of  the  scheme  are  held separately from  those  of  the  company in an independently administered  fund.  The pension cost  charge represents  contributions  payable  by the  company to  the  fund  and  amounted  to  £9,300  (2023: £9,300)


16.


Transactions with directors

During the year, advances of £43,555 (2023: £24,037) were made to the directors. There were repayments of £28,148 (2023: £37,484). Interest was charged at the official rate. 


17.


Related party transactions

The company has taken exemption from disclosing related party transactions between wholly owned group members under paragraph 33.1A of FRS 102. 
During the year, the directors received dividends of £150,000 
(2023: £140,000). At the year end and included in other debtors is the amount of £33,905 (2023: £18,498) owed by the directors to the company. At year end, included in other creditors is the amount of £12,891 (2023: £18,553) owed by the company to the directors.

 
Page 12