Silverfin false false 31/12/2023 01/01/2023 31/12/2023 P F Rowsell 24/07/2017 23 July 2024 The principal activity of the Company during the financial year was letting of property. 10881414 2023-12-31 10881414 bus:Director1 2023-12-31 10881414 2022-12-31 10881414 core:CurrentFinancialInstruments 2023-12-31 10881414 core:CurrentFinancialInstruments 2022-12-31 10881414 core:ShareCapital 2023-12-31 10881414 core:ShareCapital 2022-12-31 10881414 core:RetainedEarningsAccumulatedLosses 2023-12-31 10881414 core:RetainedEarningsAccumulatedLosses 2022-12-31 10881414 2023-01-01 2023-12-31 10881414 bus:FilletedAccounts 2023-01-01 2023-12-31 10881414 bus:SmallEntities 2023-01-01 2023-12-31 10881414 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10881414 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10881414 bus:Director1 2023-01-01 2023-12-31 10881414 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Company No: 10881414 (England and Wales)

ROWSELL PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ROWSELL PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ROWSELL PROPERTIES LIMITED

BALANCE SHEET

As at 31 December 2023
ROWSELL PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 1,203,248 1,203,248
1,203,248 1,203,248
Current assets
Debtors 4 7,623 1,999
Cash at bank and in hand 80,040 936,570
87,663 938,569
Creditors: amounts falling due within one year 5 ( 687,057) ( 1,654,966)
Net current liabilities (599,394) (716,397)
Total assets less current liabilities 603,854 486,851
Net assets 603,854 486,851
Capital and reserves
Called-up share capital 1 1
Profit and loss account 603,853 486,850
Total shareholder's funds 603,854 486,851

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Rowsell Properties Limited (registered number: 10881414) were approved and authorised for issue by the Director on 23 July 2024. They were signed on its behalf by:

P F Rowsell
Director
ROWSELL PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ROWSELL PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rowsell Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 24 Buckland Road Pen Mill Trading Estate, Yeovil, BA21 5HA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 January 2023 1,203,248
As at 31 December 2023 1,203,248

Valuation

Investment properties were revalued on 31 December 2023 by the directors who are internal to the company. The basis of this was open market value.

4. Debtors

2023 2022
£ £
Trade debtors 5,170 0
Other debtors 2,453 1,999
7,623 1,999

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,000 668
Taxation and social security 41,945 40,792
Other creditors 644,112 1,613,506
687,057 1,654,966

6. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £35,000 . At 31 December 2023, the company had total commitments under non-cancellable operating leases, over the remaining life of those leases, of £35,000 (2022 - £117,000). The total commitment is due over the following periods: £32,000 (2022 - £82,000) in one year and £nil (2022 - £35,000) in two to five years.