REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 April 2024 |
for |
ROWLEYS OF NORTHWICH LIMITED |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 April 2024 |
for |
ROWLEYS OF NORTHWICH LIMITED |
ROWLEYS OF NORTHWICH LIMITED (REGISTERED NUMBER: 01588217) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ROWLEYS OF NORTHWICH LIMITED |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
10 Market Street |
Chapel-en-le-Frith |
High Peak |
Derbyshire |
SK23 0HH |
BANKERS: |
The Bull Ring |
Northwich |
Cheshire |
CW9 5BN |
SOLICITORS: |
2 Watling Street |
Northwich |
Cheshire |
CW9 5EX |
ROWLEYS OF NORTHWICH LIMITED (REGISTERED NUMBER: 01588217) |
Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
ROWLEYS OF NORTHWICH LIMITED (REGISTERED NUMBER: 01588217) |
Balance Sheet - continued |
30 April 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ROWLEYS OF NORTHWICH LIMITED (REGISTERED NUMBER: 01588217) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Rowleys of Northwich Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principal accounting policies adopted in the preparation of the financial statements are set out below. |
The financial statements have been prepared under the historic cost convention, except for modification to a fair value basis for certain fixed assets, as specified in the accounting policies below. |
Turnover |
Turnover represents net invoiced sales of vehicle hire contracts and associated maintenance, and commercial vehicle repair services. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business several years ago, has been fully amortised. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Property & site improvements | - |
Plant & machinery | - |
Fixtures & fittings | - |
Motor vehicles | - |
Computer & office equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The following assets and liabilities are classified as financial instruments; trade debtors, trade creditors, bank loans and directors loans. |
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Directors loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at 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 Income and Retained Earnings. |
ROWLEYS OF NORTHWICH LIMITED (REGISTERED NUMBER: 01588217) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Employee benefits |
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred. |
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company and are independently administered. The pension costs charged represent contributions payable for the period by the company to the scheme. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ROWLEYS OF NORTHWICH LIMITED (REGISTERED NUMBER: 01588217) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
6. | TANGIBLE FIXED ASSETS |
Property |
& site | Plant & | Fixtures |
improvements | machinery | & fittings |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
ROWLEYS OF NORTHWICH LIMITED (REGISTERED NUMBER: 01588217) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
6. | TANGIBLE FIXED ASSETS - continued |
Computer |
Motor | & office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 May 2023 |
Additions |
Transfer to ownership | (5,789,593 | ) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Transfer to ownership | (4,415,722 | ) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
7. | STOCKS |
30.4.24 | 30.4.23 |
£ | £ |
Stocks |
ROWLEYS OF NORTHWICH LIMITED (REGISTERED NUMBER: 01588217) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
Firow Limited |
VAT |
Prepayments |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts (see note 11) |
Hire purchase contracts (see note 12) |
Trade creditors |
Corporation tax |
Social security & other taxes |
VAT | 95,814 | - |
Accrued expenses |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Hire purchase contracts (see note 12) |
11. | LOANS |
An analysis of the maturity of loans is given below: |
30.4.24 | 30.4.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
ROWLEYS OF NORTHWICH LIMITED (REGISTERED NUMBER: 01588217) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
30.4.24 | 30.4.23 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
30.4.24 | 30.4.23 |
£ | £ |
Within one year |
Between one and five years |
13. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 30.4.23 |
£ | £ |
Bank overdrafts |
Hire purchase contracts | 8,754,959 | 8,720,638 |
All providers of HP finance and lease finance hold floating charges respectively over the particular assets subject to the agreement and all such charges are registered at Companies House. |
14. | PROVISIONS FOR LIABILITIES |
30.4.24 | 30.4.23 |
£ | £ |
Deferred tax | 469,000 | 419,000 |
ROWLEYS OF NORTHWICH LIMITED (REGISTERED NUMBER: 01588217) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
14. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Provided during year |
Balance at 30 April 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary | £1 | 100,000 | 100,000 |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 May 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 April 2024 |
17. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £400,000 were paid to the directors . |
During the year the company made sales to and acquired purchases from Firow Limited on normal commercial terms. The value of these transactions were sales £42,342 (2023 £46,117) and purchases £37,228 (2023 £4,500) excluding value added tax respectively. At the balance sheet date, an amount of £2,071 (2023 £3,449) was owed by Firow Limited. |
P A Rowley was throughout the year a director and controlling party of Firow Limited. |
18. | ULTIMATE CONTROLLING PARTY |
The controlling party is P A Rowley. |
The ultimate controlling party is |