Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 4 |
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8,245,000 | 7,900,823 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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1,083,801 | 700,165 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 680,622 | 49,799 | ||
Total assets less current liabilities | 8,925,622 | 7,950,622 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Fair value reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Rowcliffe Holdings Limited (registered number:
T D Rowcliffe
Director |
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.
Rowcliffe Holdings 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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, 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 £.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
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.
The fair value is determined annually by the directors, on an open market value for existing use basis.
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.
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. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2023 |
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At 30 June 2024 |
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Accumulated depreciation | |||
At 01 July 2023 |
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At 30 June 2024 |
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Net book value | |||
At 30 June 2024 |
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At 30 June 2023 |
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Investment property | |
£ | |
Valuation | |
As at 01 July 2023 |
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Additions | 8,050 |
Fair value movement | 536,127 |
Disposals | (200,000) |
As at 30 June 2024 |
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Valuation
The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £8,245,000 (2023 - £7,900,823).
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
2024 | 2023 | ||
£ | £ | ||
Historic cost | 5,030,175 | 5,022,125 |
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Other creditors |
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There are 205,000 preference shares of £1 each allotted, called up and fully paid, these are included in creditors due over one year in accordance with accounting standards.
The preference shares have a right to a fixed preferential dividend per annum on the capital to the extent that there are profits available for distribution in each year in respect of the 12 months prior to the date on which the dividend is paid. On the winding up of the company the holders of these shares are entitled, in priority over other shares, to the amounts paid up on those shares and any arrears of dividends.
Transactions with the entity's directors
At 1 July 2023, the balance owed by T D Rowcliffe (a director) was £146,736 (2023 owed to - £50,596). During the year, £216,194 (2023 - £209,350) was advanced to the director, and £162,347 (2023 - £62,614) was repaid by the director. At 30 June 2024, the balance owed by T D Rowcliffe was £200,583 (2023 – £146,736).
At 1 July 2023, the balance owed by N Rowcliffe (a director) was £874 (2023 - £833). During the year, £918 (2023 - £874) was advanced to the director, and £874 (2023 - £833) was repaid by the director. At 30 June 2024, the balance owed by N Rowcliffe was £918 (2023 - £874).
At 1 July 2023, the balance owed by L Darby (a director) was £Nil (2023 - £1,081). During the year, £1,802 (2023 - £Nil) was advanced to the director, and £Nil (2023 - £1,081) was repaid by the director. At 30 June 2024, the balance owed by L Darby was £1,802 (2023 - £Nil).
At 1 July 2023, the balance owed by N Rattray (daughter of T D Rowcliffe) was £Nil (2023 - £438) During the year, £501,802 (2023 - £Nil) was advanced to N Rattray, and £Nil (2023 - £438) was repaid by N Rattray. At 30 June 2024, the balance owed by N Rattray was £501,802 (2023 - £Nil).
The directors’ loan accounts are repayable on demand and interest is charged on the overdrawn balances where the balance exceeds £10,000 at any point in the year.