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REGISTERED NUMBER: 10640544 (England and Wales)















BOWEN ARCHITECTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






BOWEN ARCHITECTS LIMITED (REGISTERED NUMBER: 10640544)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


BOWEN ARCHITECTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: C M Bowen



REGISTERED OFFICE: Lodge Farm Barns
Skendleby
Spilsby
Lincolnshire
PE23 4QF



REGISTERED NUMBER: 10640544 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS



BANKERS: Virgin Money
Bethleham Street
Grimsby
DN31 1JZ

BOWEN ARCHITECTS LIMITED (REGISTERED NUMBER: 10640544)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 67,328 81,320

CURRENT ASSETS
Stocks 7,510 12,850
Debtors 5 321,023 312,112
328,533 324,962
CREDITORS
Amounts falling due within one year 6 125,944 147,920
NET CURRENT ASSETS 202,589 177,042
TOTAL ASSETS LESS CURRENT LIABILITIES 269,917 258,362

CREDITORS
Amounts falling due after more than one year 7 (12,553 ) (22,500 )

PROVISIONS FOR LIABILITIES (3,364 ) (3,581 )
NET ASSETS 254,000 232,281

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 253,900 232,181
SHAREHOLDERS' FUNDS 254,000 232,281

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 30 August 2024 and were signed by:




C M Bowen - Director


BOWEN ARCHITECTS LIMITED (REGISTERED NUMBER: 10640544)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Bowen Architects Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Short leasehold improvements - 10% on cost
Plant and machinery - 33% on cost, 25% on cost and 15% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


BOWEN ARCHITECTS LIMITED (REGISTERED NUMBER: 10640544)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Government grants
Grant income relating to capital expenditure is treated as deferred income and amortised to the profit and loss at the same rate as the depreciation on the capital expenditure. Other grants are recognised as income in the period in which they are receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Short
leasehold Plant and
Improvements machinery Totals
£    £    £   
COST
At 1 March 2023 89,789 25,832 115,621
Additions - 740 740
At 29 February 2024 89,789 26,572 116,361
DEPRECIATION
At 1 March 2023 26,937 7,364 34,301
Charge for year 8,978 5,754 14,732
At 29 February 2024 35,915 13,118 49,033
NET BOOK VALUE
At 29 February 2024 53,874 13,454 67,328
At 28 February 2023 62,852 18,468 81,320

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 49,537 17,169
Other debtors 270,124 293,637
Prepayments 1,362 1,306
321,023 312,112

BOWEN ARCHITECTS LIMITED (REGISTERED NUMBER: 10640544)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 34,826 47,721
Trade creditors 53 48
Taxation 29,696 32,179
Other taxes and social security 391 -
VAT 11,031 11,439
Other creditors 248 324
Directors' current accounts 10,895 10,078
Accrued expenses 1,857 1,749
Deferred government grants 36,947 44,382
125,944 147,920

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 2,553 12,500
12,553 22,500

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 ordinary £1 100 100

9. RELATED PARTY DISCLOSURES

Remuneration paid to the director during the year was £9,100 (2023.: £9,079).

Included in other debtors is £220,596 (2023: £224,295) owed by Lodge Farm Barns Skendleby Limited, a company in which the director, Mr C Bowen is also a director and shareholder. Although it is unlikely that this debt will be fully repaid within one year the debt has been treated as a current asset as there is no formal agreement to repay the loan.

Included in other debtors is £49,528 (2023. £68,823l) owed by Church Stay Limited, a company in which the director, Mr C Bowen is also a director and shareholder.

Rent of £5,000 (2023: £5,000) was paid to Lodge Farm Barns Skendleby Limited during the year.