Caseware UK (AP4) 2023.0.135 2023.0.135 In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. 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 were approved and authorised for issue by the board and were signed on its behalf by:2024-05-282024-05-280000002024-05-280true2023-01-01true0truefalse 01403116 2023-01-01 2023-12-31 01403116 2022-01-01 2022-12-31 01403116 2023-12-31 01403116 2022-12-31 01403116 2022-01-01 01403116 c:CompanySecretary1 2023-01-01 2023-12-31 01403116 c:Director3 2023-01-01 2023-12-31 01403116 c:Director4 2023-01-01 2023-12-31 01403116 c:Director5 2023-01-01 2023-12-31 01403116 c:RegisteredOffice 2023-01-01 2023-12-31 01403116 c:Agent1 2023-01-01 2023-12-31 01403116 d:CurrentFinancialInstruments 2023-12-31 01403116 d:CurrentFinancialInstruments 2022-12-31 01403116 d:ShareCapital 2023-12-31 01403116 d:ShareCapital 2022-12-31 01403116 d:ShareCapital 2022-01-01 01403116 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01403116 d:RetainedEarningsAccumulatedLosses 2023-12-31 01403116 d:RetainedEarningsAccumulatedLosses 2022-12-31 01403116 d:RetainedEarningsAccumulatedLosses 2022-01-01 01403116 c:OrdinaryShareClass1 2023-01-01 2023-12-31 01403116 c:OrdinaryShareClass1 2022-01-01 2022-12-31 01403116 c:OrdinaryShareClass1 2023-12-31 01403116 c:OrdinaryShareClass1 2022-12-31 01403116 c:EntityHasNeverTraded 2023-01-01 2023-12-31 01403116 c:FRS102 2023-01-01 2023-12-31 01403116 c:Audited 2023-01-01 2023-12-31 01403116 c:FullAccounts 2023-01-01 2023-12-31 01403116 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01403116 1 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

img3e22.png






Financial Statements
Gowan Investments Limited
For the year ended 31 December 2023





































Registered number: 01403116

 
Gowan Investments Limited
 

Company Information


Directors
Fiona Elizabeth Thomas 
Frank Murphy 
Michael Dwan 




Company secretary
Frank Murphy



Registered number
01403116



Registered office
27-28 Eastcastle Street
London

England
W1W 8DH




Independent auditors
Grant Thornton
Chartered Accountants & Statutory Auditors

13 - 18 City Quay

Dublin 2




Solicitors
LK Shields Solicitors
80 Upper Mount Street

Dublin 2





 
Gowan Investments Limited
 

Contents



Page
Directors' report
 
1 - 2
Directors' responsibilities statement
 
3
Independent auditor's report
 
4 - 7
Statement of comprehensive income
 
8
Statement of financial position
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 15

 
Gowan Investments Limited
 
 
Directors' report 
For the year ended 31 December 2023

The directors present their report and the audited financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the Company during the year was that of a holding and investment company.

Directors, secretary and their interests

In accordance with Section 329 of the Companies Act 2014, the directors' shareholdings and the movements therein during the financial year ended 31 December 2023 were as follows:

B Ordinary shares in Convest Limited
of €1.27 each
C Ordinary shares in Convest Limited
of €1.27 each
D Ordinary shares in Convest Limited
of €1.27 each

31/12/23

1/1/23


31/12/23

1/1/23


31/12/23

1/1/23


Fiona Elizabeth Thomas 
30,654
30,654
-
-
-
-
Frank Murphy 
-
-
-
-
-
-
Michael Dwan 
-
-
-
-
-
-

E Ordinary shares in Convest Limited
of €1.27 each
G Ordinary shares in Convest Limited
of €1 each *

31/12/23

1/1/23


31/12/23

1/1/23


Fiona Elizabeth Thomas 
-
-
151
151
Frank Murphy 
-
-
-
-
Michael Dwan 
-
-
-
-

* Interest held indirectly through FCMA Investments Limited. 
 
Going Concern

As at the reporting date, the Company is in a net liability position amounting to £1,389,601 (2022: £1,389,601) with a significant part of the total current liability pertains to amounts owed to group undertakings.
During the year, the Company received a confirmation from Gowan Group Limited (the "Group") that it will show forbearance, if required, in demanding repayment of the amounts due to them until such time the Company has sufficient funds to repay them. 
The Group is also looking at options to waive this liability which will bring the Company into a net asset position.  In addition, the parent company, Convest Limited, has indicated that its intention to continue to provide support in order to facilitate the ongoing activities of the Company, for a period of at least twelve months from the date of approval of these financial statements. 
Considering the factors mentioned above, the Directors have a reasonable expectation that the Company will have sufficient financial resources available to it to continue in operational existence for the foreseeable future. Therefore, the Directors have concluded it is appropriate to prepare the financial statements on the going concern basis.

Page 1

 
Gowan Investments Limited
 

Directors' report (continued)
For the year ended 31 December 2023

Statement on relevant audit information

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware and,

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Events since the end of the year

There have been no significant events affecting the Company since the year end. 

Auditor

The auditor, Grant Thorntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Michael Dwan
Director
................................................
Frank Murphy
Director


Date: 28 May 2024
Page 2

 
Gowan Investments Limited
 

Directors' responsibilities statement
For the year ended 31 December 2023

The directors are responsible for preparing the Directors' report and the audited financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the audited financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the audited financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these audited financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the board



................................................
................................................
Michael Dwan
Frank Murphy
Director
Director

Date: 28 May 2024

Page 3

 

 
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Independent auditor's report to the members of Gowan Investments Limited

Opinion


We have audited the financial statements of Gowan Investments Limited, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in the preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, Gowan Investments Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the year then ended; and


have been prepared in accordance with the requirements of the Companies Act 2006.



Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.






Page 4

 

 
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Independent auditor's report to the members of Gowan Investments Limited (continued)
 
Other information


Other information comprises the information included in the annual report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Directors' report  for the year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report  has been prepared in accordance with applicable legal requirements. 


Matters on which we are required to report by exception


In the light of the knowledge and understanding of the Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the  Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Directors' report.
Page 5

 

 
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Independent auditor's report to the members of Gowan Investments Limited (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy law, Employment Law and Health & Safety Regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
Page 6

 

 
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Independent auditor's report to the members of Gowan Investments Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
review of minutes of directors’ meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; 
challenging assumptions and judgements made by management in their significant accounting estimates, including impairment assessment of investments and going concern; and
review of the financial statements disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.


The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. 

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.



Jason Crawford  (Senior Statutory Auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Auditors
13-18 City Quay
Dublin 2

28 May 2024
Page 7

 
Gowan Investments Limited
 

Statement of comprehensive income
For the year ended 31 December 2023

The Company has not traded during the year or the preceding year. During these years, the Company did not earn income nor incur expenditure during these periods. 
The notes on 11-15 form part of these financial statements.



Page 8

 
Gowan Investments Limited
Registered number: 01403116

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Financial assets
 5 
713,776
713,776

  
713,776
713,776

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(2,103,377)
(2,103,377)

Net liabilities
  
(1,389,601)
(1,389,601)


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
 8 
(1,389,701)
(1,389,701)

Shareholder's deficit
  
(1,389,601)
(1,389,601)



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 were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Michael Dwan
................................................
Frank Murphy
Director
Director


Date: 28 May 2024

The notes on pages 11 to 15 form part of these financial statements.
Page 9

 
Gowan Investments Limited
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
(1,389,701)
(1,389,601)


At 31 December 2023
100
(1,389,701)
(1,389,601)



Statement of changes in equity
For the year ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100
(1,389,701)
(1,389,601)


At 31 December 2022
100
(1,389,701)
(1,389,601)


The notes on pages 11 to 15 form part of these financial statements.
Page 10

 
Gowan Investments Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023
 

1.


General information

Gowan Investments Limited (the "Company") is a private company limited by shares and is incorporated in the United Kingdom and registered under the number 1403116. The Company's registered office is 27-28 Eastcastle Street, London, W1W 8DH, England. 

The principal activity of the Company is a holding and investment company.

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 preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company is exempt from preparing consolidated financial statments under section 400 of the Companies Act 2006 as it is a parent company included in the financial statements of a larger group.

The financial statements are presented in Sterling (£), the Company's functional currency. 

The following principal accounting policies have been applied:

  
2.2

Valuation of investments

Investments in subsidiaries are measured at cost less impairment.

  
2.3

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the consolidated statement of comprehensive income.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the consolidated statement of comprehensive income.

  
2.4

Creditors

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

Page 11

 
Gowan Investments Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Going concern

As at the reporting date, the Company is in a net liability position amounting to £1,389,601 (2022: £1,389,601) with a significant part of the total current liability pertains to amounts owed to group undertakings.
During the year, the Company received a confirmation from Gowan Group Limited (the "Group") that it will show forbearance, if required, in demanding repayment of the amounts due to them until such time the Company has sufficient funds to repay them. 
The Group is also looking at options to waive this liability which will bring the Company into a net asset position.  In addition, the parent company, Convest Limited, has indicated that its intention to continue to provide support in order to facilitate the ongoing activities of the Company, for a period of at least twelve months from the date of approval of these financial statements. 

Considering the factors mentioned above, the Directors have a reasonable expectation that the Company will have sufficient financial resources available to it to continue in operational existence for the foreseeable future. Therefore, the Directors have concluded it is appropriate to prepare the financial statements on the going concern basis.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the
reporting date. 
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expires, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.

  
2.7

Contingent liabilities

Contingent liabilities, arising as a result of past events, are not recognised as a liability because it is not probable that the Company will be required to transfer economic benefits in settlement of the obligation or the amount cannot be reliably measured at the end of the financial year. Possible but uncertain obligations are not recognised as liabilities but are contingent liabilities. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
Page 12

 
Gowan Investments Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023
 

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgments and estimates. Judgments and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.  Actual results may ultimately differ from these estimates.
In the process of applying the Company’s accounting policies, management has made the following judgments and estimates, which have the most significant effect on the amounts recognised in the financial statements:
 
Impairment of investments
In assessing impairment, management estimates the recoverable amount of each asset or a cash-generating unit based on expected future cash flows and uses an interest rate to calculate the present value of those cash flows.  Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate.  Though management believes that the assumptions used in the estimation of fair values are appropriate and reasonable, significant changes in these assumptions may materially affect the assessment of recoverable values and any resulting impairment loss could have a material adverse effect on the results of operations. At the year end, the net book value of fixed asset investments is £713,776 (2022: £713,776) as noted in Note 5.

Going concern
The Directors have assessed the Company's ability to continue as a going concern based on confirmation of forbearance for the amount due to group undertakings and support from the parent company, and is satisfied that the Company will have sufficient financial resources to continue in operational existence for the foreseeable future. Furthermore, the Directors are not aware of any material uncertainties that may cast significant doubt upon the Company's ability to continue as a going concern. Therefore, the financial statements continue to be prepared on the going concern basis (see Note 2.5).

4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022: £Nil).


Page 13

 
Gowan Investments Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023
 

5.


Fixed asset investments





Investments in subsidiary company

£



Cost or valuation


At 1 January 2023
3,633,624



At 31 December 2023

3,633,624



Impairment


At 1 January 2023
2,919,848



At 31 December 2023

2,919,848



Net book value



At 31 December 2023
713,776



At 31 December 2022
713,776

The investment relates to an investment in A.B. Distributors Limited. A.B. Distributors Limited's principal activity consists of the wholesale of household appliances and related products. Their registered office is 2 Cromac Place, The Gasworks, Ormeau Road, Belfast, BT7 2JB.

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
2,102,867
2,102,867

Accruals
510
510

2,103,377
2,103,377


Amounts owed to group undertakings are unsecured, interest free and payable on demand.


7.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



100 (2022: 100) Ordinary shares of £1.00 each
100.00
100.00

Page 14

 
Gowan Investments Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023
 
8.
Reserves

Profit and loss account

Includes all current and prior financial period retained profits and losses.

9.


Contingent liabilities

The Company has a contingent liability by way of a guarantee provided by the ultimate parent company, Convest Limited.

Convest Limited, the Company's ultimate parent company, has entered into various bank facilities with Bank of Ireland. The facilities are secured by a composite debenture incorporating charges over assets and undertakings of Convest Limited and its subsidiaries to include equitable charges over the entire issued share capital in each of the companies.


10.


Related party transactions

The Company has availed of the exemption in FRS 102, Section 33.1A not to disclose transactions with wholly owned group companies, as the Convest Limited's consolidated financial statements in which this company's results are included, are publicly available. 


11.

Events after the end of the year

There have been no significant events affecting the Company since the year end. 

12.


Controlling party

The Company is a wholly owned subsidiary of Gowan Group Limited. The smallest and largest group to consolidate the results of the Company is that headed by the ultimate parent undertaking Convest Limited. Both companies are incorporated in Ireland. The consolidated financial statements of Convest Limited are filed with the Companies Registration Office in the Republic of Ireland. The registered address of Convest Limited is 8 Appian Way, Ranelagh, Dublin 6, Republic of Ireland. 

Page 15