Caseware UK (AP4) 2023.0.135 2023.0.135 02023-01-01falseNo description of principal activity0falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07857157 2023-01-01 2023-12-31 07857157 2022-01-01 2022-12-31 07857157 2023-12-31 07857157 2022-12-31 07857157 1 2023-01-01 2023-12-31 07857157 d:Director1 2023-01-01 2023-12-31 07857157 c:CurrentFinancialInstruments 2023-12-31 07857157 c:CurrentFinancialInstruments 2022-12-31 07857157 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 07857157 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 07857157 c:ShareCapital 2023-12-31 07857157 c:ShareCapital 2022-12-31 07857157 c:RetainedEarningsAccumulatedLosses 2023-12-31 07857157 c:RetainedEarningsAccumulatedLosses 2022-12-31 07857157 d:FRS102 2023-01-01 2023-12-31 07857157 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07857157 d:FullAccounts 2023-01-01 2023-12-31 07857157 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07857157 2 2023-01-01 2023-12-31 07857157 6 2023-01-01 2023-12-31 07857157 2 2023-12-31 07857157 2 2022-12-31 07857157 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 07857157









Rowan Strategic Asset Management Limited







Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
ROWAN STRATEGIC ASSET MANAGEMENT LIMITED
Registered number: 07857157

Statement of Financial Position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
151
151

  
151
151

Current assets
  

Debtors: amounts falling due within one year
 5 
1,975,352
1,871,943

Cash at bank and in hand
  
122,081
5,038

  
2,097,433
1,876,981

Creditors: amounts falling due within one year
 6 
(2,248,072)
(2,244,664)

Net current liabilities
  
 
 
(150,639)
 
 
(367,683)

Total assets less current liabilities
  
(150,488)
(367,532)

Net liabilities
  
(150,488)
(367,532)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(150,588)
(367,632)

Total deficit
  
(150,488)
(367,532)


The director considers 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 director acknowledges his 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 23 September 2024.




Page 1

 
ROWAN STRATEGIC ASSET MANAGEMENT LIMITED
Registered number: 07857157
    
Statement of Financial Position (continued)
As at 31 December 2023

Nicholas Harry Jacobs
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
ROWAN STRATEGIC ASSET MANAGEMENT LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

Rowan Strategic Asset Management Limited ("the Company") is a limited company domiciled and incorporated in England and Wales. The Company's registered office address is provided on the company information page.

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

Going concern

The financial statements have been prepared on a going concern basis. 
After a review of the business by the director it was concluded that despite the illiquid position of the financial statements, the majority of its liabilities are to related parties. With agreement of these related parties there will be continued support of the Company and as such there is reasonable expectation to continue in operational existence for the forseeable future and accordingly the Company continues to adopt the going concern basis. 

 
2.3

Revenue

Turnover represents sales to external customers and to group and related parties at invoiced amounts less value added tax or local taxes on sales.
In respect of long term contracts and contracts for on going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced.  

 
2.4

Interest receivable and similar income

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

Page 3

 
ROWAN STRATEGIC ASSET MANAGEMENT LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Taxation

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 reporting 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 Statement of Financial Position 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 reporting date.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

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.

 
2.8

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.

 
2.9

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 4

 
ROWAN STRATEGIC ASSET MANAGEMENT LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


3.


Employees

The average monthly number of employees, including directors, during the year was Nil (2022: Nil).


4.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 January 2023
175,000
151
175,151



At 31 December 2023

175,000
151
175,151



Impairment


At 1 January 2023
175,000
-
175,000



At 31 December 2023

175,000
-
175,000



Net book value



At 31 December 2023
-
151
151



At 31 December 2022
-
151
151

Page 5

 
ROWAN STRATEGIC ASSET MANAGEMENT LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

5.


Debtors: amounts falling due within one year

2023
2022
£
£

Trade debtors
68,335
14,755

Amounts owed by related parties
1,582,145
1,353,665

Other debtors
319,611
321,289

Prepayments and accrued income
5,261
182,234

1,975,352
1,871,943



6.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
1,810
9,066

Other taxation and social security
6,289
-

Other creditors
2,236,823
2,233,823

Accruals and deferred income
3,150
1,775

2,248,072
2,244,664



7.


Related party transactions

At 31 December 2023, included in amounts owed by related parties is £43,034 (2022: £30,744) due from 8723 Limited. N H Jacobs is the ultimate controlling party of 8723 Limited.
At 31 December 2023, included in amounts owed by related parties is £636,658 (2022: £630,902) due from Rowan Management Company Services Limited. N H Jacobs is the ultimate controlling party of Rowan Management Company Services Limited.
At 31 December 2023, included in amounts owed by related parties is £602,453 (2022: £590,024) due from HAB Rowan Holdings Limited. N H Jacobs holds 74% of the shares of HAB Rowan Holdings Limited. 
N H Jacobs is a director and 100% shareholder of Rowan Strategic Asset Management Limited and is owed £2,236,798 (2022: £2,233,798) included in other creditors within Note 6. 
During the year, consultancy fees of £175,000 (2022: £123,958) was charged to Taurus Re Investment Limited, a company in which Rowan Strategic Asset Management Limited has a participating interest. Included in Prepayments and accrued income under Note 5 are consultancy fees of £nil (2022: £123,958) and a rechargeable amount of £nil (2022: £53,268) both to Taurus Re Investment Limited.
At 31 December 2023, Taurus Re Investment Limited owed £300,000 (2022: £101,995). This amount is included in Amounts owed by related parties within Note 5.

Page 6

 
ROWAN STRATEGIC ASSET MANAGEMENT LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

8.


Controlling party

The Company is under the ultimate control of N H Jacobs, by virtue of his majority shareholding.


9.


Events after the reporting date

There were no significant events subsequent to the year end to report.

Page 7