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Company No: 00567866 (England and Wales)

J. M. ROWE (INVESTMENTS) LIMITED

Unaudited Financial Statements
For the financial year ended 01 December 2023
Pages for filing with the registrar

J. M. ROWE (INVESTMENTS) LIMITED

Unaudited Financial Statements

For the financial year ended 01 December 2023

Contents

J. M. ROWE (INVESTMENTS) LIMITED

COMPANY INFORMATION

For the financial year ended 01 December 2023
J. M. ROWE (INVESTMENTS) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 01 December 2023
DIRECTORS Mr L R Blackstone
Mr J Larholt
Mr B A Rowe
SECRETARY Mr B A Rowe
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
COMPANY NUMBER 00567866 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
J. M. ROWE (INVESTMENTS) LIMITED

BALANCE SHEET

As at 01 December 2023
J. M. ROWE (INVESTMENTS) LIMITED

BALANCE SHEET (continued)

As at 01 December 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 3,100,000 3,100,000
Investments 4 103 103
3,100,103 3,100,103
Current assets
Stocks 2,407,843 2,407,844
Debtors 5 7,259,573 7,726,786
Investments 6 5,745,187 2,222,899
Cash at bank and in hand 541,471 1,608,555
15,954,074 13,966,084
Creditors: amounts falling due within one year 7 ( 290,675) ( 277,569)
Net current assets 15,663,399 13,688,515
Total assets less current liabilities 18,763,502 16,788,618
Creditors: amounts falling due after more than one year 8 ( 3,787,898) ( 3,795,300)
Provision for liabilities ( 749,208) ( 749,208)
Net assets 14,226,396 12,244,110
Capital and reserves
Called-up share capital 2,000 2,000
Capital redemption reserve 4,004 4,004
Profit and loss account 14,220,392 12,238,106
Total shareholders' funds 14,226,396 12,244,110

For the financial year ending 01 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of J. M. Rowe (Investments) Limited (registered number: 00567866) were approved and authorised for issue by the Board of Directors on 09 September 2024. They were signed on its behalf by:

Mr J Larholt
Director
J. M. ROWE (INVESTMENTS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 01 December 2023
J. M. ROWE (INVESTMENTS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 01 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

J M Rowe (Investments) Limited 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 2 Leman Street, London, E1W 9US, 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 £.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, other short-term liquid investments with original maturities of three months or less.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Investment property

Investment property
£
Valuation
As at 02 December 2022 3,100,000
As at 01 December 2023 3,100,000

Investment property comprises of a small portfolio of commercial properties located in St Albans. The fair value of investment property has been arrived at on the basis of a valuation carried out by the diretors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties,

4. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 103 103

5. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 6,214,946 6,711,724
Amounts owed by related parties 378,700 369,700
Corporation tax 654,488 595,840
Other debtors 11,439 49,522
7,259,573 7,726,786

6. Current asset investments

2023 2022
£ £
Listed investments – at fair value 5,745,187 2,222,898
Other investments – at cost less impairment 1 1
5,745,188 2,222,899

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 27,795 16,528
Amounts owed to Group undertakings 37,451 38,450
Taxation and social security 212,213 197,159
Other creditors 13,216 25,432
290,675 277,569

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to Group undertakings 3,787,898 3,785,557
Other creditors 0 9,743
3,787,898 3,795,300

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Estate of Doris and Joseph Rowe 1,677,543 1,512,771

The above balance represents amount owed to the company as at year end.

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
JMRIA Limited 1,579,320 1,579,320
JMRIJ Limited 2,076,884 2,076,884
JMRIP Limited 881,199 1,542,749
USA LLC (37,451) (38,450)
32 Eastbury Avenue LLP 0 (4,899)

The above balances represent amount owed to /(owed by) the company as at year end.

Other related party transactions

2023 2022
£ £
Oliver and Joy Larholt 378,700 369,700
Josdor Properties Limited (547,684) (547,684)
Palmers (Watford) (3,240,214) (3,237,873)

The above balances represent amount owed to /(owed by) the company as at year end.

Josdor Properties Limited and Palmers (Watford) are related parties with common control.

During the year, interest at the rate of 3% per annum was charged on Oliver and Joy's loan. The directors are aware of a right in the loan agreement permitting them to charge additional interest and are considering the matter. No decision had been reached at the time of finalising the accounts.