Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Miss A Rowe 18/03/2013 Mr C R Rowe 06/03/1997 Mr M Rowe 06/03/1997 Mr R J Rowe 06/03/1997 25 November 2024 The principal activity of the business is property investment and development. 00520039 2024-03-31 00520039 bus:Director1 2024-03-31 00520039 bus:Director2 2024-03-31 00520039 bus:Director3 2024-03-31 00520039 bus:Director4 2024-03-31 00520039 2023-03-31 00520039 core:CurrentFinancialInstruments 2024-03-31 00520039 core:CurrentFinancialInstruments 2023-03-31 00520039 core:Non-currentFinancialInstruments 2024-03-31 00520039 core:Non-currentFinancialInstruments 2023-03-31 00520039 core:ShareCapital 2024-03-31 00520039 core:ShareCapital 2023-03-31 00520039 core:SharePremium 2024-03-31 00520039 core:SharePremium 2023-03-31 00520039 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 00520039 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 00520039 core:RetainedEarningsAccumulatedLosses 2024-03-31 00520039 core:RetainedEarningsAccumulatedLosses 2023-03-31 00520039 core:FurnitureFittings 2023-03-31 00520039 core:FurnitureFittings 2024-03-31 00520039 core:CostValuation 2023-03-31 00520039 core:CostValuation 2024-03-31 00520039 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-03-31 00520039 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 00520039 core:ListedExchangeTraded core:WithinOneYear 2024-03-31 00520039 core:ListedExchangeTraded core:WithinOneYear 2023-03-31 00520039 bus:OrdinaryShareClass1 2024-03-31 00520039 2023-04-01 2024-03-31 00520039 bus:FilletedAccounts 2023-04-01 2024-03-31 00520039 bus:SmallEntities 2023-04-01 2024-03-31 00520039 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00520039 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00520039 bus:Director1 2023-04-01 2024-03-31 00520039 bus:Director2 2023-04-01 2024-03-31 00520039 bus:Director3 2023-04-01 2024-03-31 00520039 bus:Director4 2023-04-01 2024-03-31 00520039 core:FurnitureFittings core:BottomRangeValue 2023-04-01 2024-03-31 00520039 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 00520039 2022-04-01 2023-03-31 00520039 core:FurnitureFittings 2023-04-01 2024-03-31 00520039 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 00520039 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 00520039 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00520039 (England and Wales)

ROWE ESTATES (UK) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

ROWE ESTATES (UK) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

ROWE ESTATES (UK) LIMITED

BALANCE SHEET

As at 31 March 2024
ROWE ESTATES (UK) LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 13,775 13,204
Investment property 4 35,139,663 34,319,663
Investments 5 3 3
35,153,441 34,332,870
Current assets
Debtors 6 1,283,530 1,675,858
Investments 7 957,876 3,819,500
Cash at bank and in hand 1,832,334 1,650,136
4,073,740 7,145,494
Creditors: amounts falling due within one year 8 ( 858,531) ( 9,038,208)
Net current assets/(liabilities) 3,215,209 (1,892,714)
Total assets less current liabilities 38,368,650 32,440,156
Creditors: amounts falling due after more than one year 9 ( 4,500,000) 0
Provision for liabilities ( 2,617) ( 2,508)
Net assets 33,866,033 32,437,648
Capital and reserves
Called-up share capital 10 11,000 11,000
Share premium account 28,950 28,950
Fair value reserve 7,669,750 6,849,750
Profit and loss account 26,156,333 25,547,948
Total shareholder's funds 33,866,033 32,437,648

For the financial year ending 31 March 2024 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 Rowe Estates (UK) Limited (registered number: 00520039) were approved and authorised for issue by the Board of Directors on 25 November 2024. They were signed on its behalf by:

Mr C R Rowe
Director
ROWE ESTATES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
ROWE ESTATES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Rowe Estates (UK) Limited (the Company) 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 C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, 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 £.

Turnover

Turnover represents the fair value of the consideration receivable, excluding Value Added Tax, in the ordinary course of business for the sale of services provided.
Revenue from investment property rental is recognised in line with services provided.
Revenue from the sale of developments is recognised when the sale becomes contractually binding.
Lease income is recognised on a straight line basis over the lease term.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Fixtures and fittings 2 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

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.

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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

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 that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at X.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2023 31,620 31,620
Additions 5,662 5,662
At 31 March 2024 37,282 37,282
Accumulated depreciation
At 01 April 2023 18,416 18,416
Charge for the financial year 5,091 5,091
At 31 March 2024 23,507 23,507
Net book value
At 31 March 2024 13,775 13,775
At 31 March 2023 13,204 13,204

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 34,319,663
Fair value movement 820,000
As at 31 March 2024 35,139,663

Valuation

The vast majority of investment properties were revalued on 31 March 2024 by Savills, commercial property and real estate consultants, external to the company.

The basis of this valuation was at market value.

Those investment properties not valued externally were valued internally (on a similar basis) by the directors based on their knowledge and experience of the relevant property markets.

Investment properties include freehold property with a current value of £31,279,663 (2023- £30,459,663) and a carrying amount at historical cost of £23,732,285 (2023 - £23,732,285). The depreciation on this historical cost is £Nil.

Investment properties includes leasehold property with a current value of £3,860,000 (2023 - £3,860,000) and a carrying amount at historical cost of £3,737,628 (2023 - £3,737,628). The depreciation on this historical cost is £Nil.

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 3
At 31 March 2024 3
Carrying value at 31 March 2024 3
Carrying value at 31 March 2023 3

6. Debtors

2024 2023
£ £
Trade debtors 604,373 959,270
Amounts owed by related parties 93,138 90,529
Other debtors 586,019 626,059
1,283,530 1,675,858

7. Current asset investments

2024 2023
£ £
Listed investments – at fair value 957,876 3,819,500

The balance included in current asset investments relate to a managed investment portfolio.

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 8,000,000
Trade creditors 58,294 67,992
Amounts owed to Group undertakings 41,511 41,511
Amounts owed to related parties 0 37,586
Taxation and social security 284,062 292,929
Other creditors 474,664 598,190
858,531 9,038,208

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

2024 2023
£ £
Bank loans 4,500,000 0

The loan is secured against the investment property held by the company.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
11,000 Ordinary shares of £ 1.00 each 11,000 11,000

11. Ultimate controlling party

Parent Company:

Rowe Estates Holdings Limited
c/o Francis Clark LLP, Melville Building East, Unit 18, 23 Royal William Yard, Plymouth, Devon, PL1 3GW