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Registration number: 04594310

RD & HJ Rowden Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

RD & HJ Rowden Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

RD & HJ Rowden Limited

(Registration number: 04594310)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,017,607

924,503

Current assets

 

Stocks

6

12,000

12,000

Debtors

7

343,999

271,566

Cash at bank and in hand

 

-

19,171

 

355,999

302,737

Creditors: Amounts falling due within one year

8

(215,316)

(140,205)

Net current assets

 

140,683

162,532

Total assets less current liabilities

 

1,158,290

1,087,035

Creditors: Amounts falling due after more than one year

8

(577,051)

(560,076)

Provisions for liabilities

(69,167)

-

Net assets

 

512,072

526,959

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

511,872

526,759

Shareholders' funds

 

512,072

526,959

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 12 April 2024 and signed on its behalf by:
 

 

RD & HJ Rowden Limited

(Registration number: 04594310)
Statement of Financial Position as at 31 December 2023 (continued)


Mr R D Rowden
Director

 

RD & HJ Rowden Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Newlands Farm
Blackawton
Totnes
Devon
TQ9 7DR

Principal activity

The principal activity of the company is rearing livestock and agricultural contracting work.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

RD & HJ Rowden Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% reducing balance

Plant and machinery

10% reducing balance

Computer equipment

25% straight line

Motor vehicles

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

RD & HJ Rowden Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

RD & HJ Rowden Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 5).

 

RD & HJ Rowden Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

40,000

40,000

At 31 December 2023

40,000

40,000

Amortisation

At 1 January 2023

40,000

40,000

At 31 December 2023

40,000

40,000

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

766,387

4,852

536,524

49,461

1,357,224

Additions

79,030

-

102,960

-

181,990

Disposals

-

-

(23,000)

-

(23,000)

At 31 December 2023

845,417

4,852

616,484

49,461

1,516,214

Depreciation

At 1 January 2023

155,582

4,539

230,953

41,647

432,721

Charge for the year

13,796

313

60,092

1,953

76,154

Eliminated on disposal

-

-

(10,268)

-

(10,268)

At 31 December 2023

169,378

4,852

280,777

43,600

498,607

Carrying amount

At 31 December 2023

676,039

-

335,707

5,861

1,017,607

At 31 December 2022

610,805

313

305,571

7,814

924,503

Included within the net book value of land and buildings above is £676,038 (2022 - £610,805) in respect of freehold land and buildings.
 

 

RD & HJ Rowden Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Stocks

2023
£

2022
£

Raw materials and consumables

12,000

12,000

7

Debtors

Note

2023
£

2022
£

Other debtors

 

218,012

207,749

Prepayments

 

819

542

Accrued income

 

76,855

10,750

Income tax asset

48,313

52,525

 

343,999

271,566

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

95,357

44,874

Taxation and social security

 

25,038

60,074

Accruals and deferred income

 

58,444

7,522

Other creditors

 

36,477

27,735

 

215,316

140,205

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

577,051

560,076

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

RD & HJ Rowden Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

454,239

475,905

Hire purchase contracts

121,675

76,405

Other borrowings

1,137

7,766

577,051

560,076

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,009

14,446

Bank overdrafts

37,199

-

Hire purchase contracts

42,521

24,143

Other borrowings

6,628

6,285

95,357

44,874

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Directors

(10,553)

9,515

(31,938)

(32,976)

Director

146,707

13,877

(17,643)

142,941

 

136,154

23,392

(49,581)

109,965

       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Directors

(25,432)

(53,067)

67,946

(10,553)

Director

159,787

(43,725)

30,645

146,707

134,355

(96,792)

98,591

136,154