Silverfin false false 30/06/2024 01/07/2023 30/06/2024 L Darby 01/02/2014 N A Hatfield 29/01/2016 N C Rattray 01/02/2024 J Rowcliffe 22/07/2021 N T Rowcliffe 01/02/2014 T D Rowcliffe 05/09/1996 13 February 2025 The principal activity of the company during the financial year was that of property rental. 03246171 2024-06-30 03246171 bus:Director1 2024-06-30 03246171 bus:Director2 2024-06-30 03246171 bus:Director3 2024-06-30 03246171 bus:Director4 2024-06-30 03246171 bus:Director5 2024-06-30 03246171 bus:Director6 2024-06-30 03246171 2023-06-30 03246171 core:CurrentFinancialInstruments 2024-06-30 03246171 core:CurrentFinancialInstruments 2023-06-30 03246171 core:Non-currentFinancialInstruments 2024-06-30 03246171 core:Non-currentFinancialInstruments 2023-06-30 03246171 core:ShareCapital 2024-06-30 03246171 core:ShareCapital 2023-06-30 03246171 core:FurtherSpecificReserve1ComponentTotalEquity 2024-06-30 03246171 core:FurtherSpecificReserve1ComponentTotalEquity 2023-06-30 03246171 core:RetainedEarningsAccumulatedLosses 2024-06-30 03246171 core:RetainedEarningsAccumulatedLosses 2023-06-30 03246171 core:OtherPropertyPlantEquipment 2023-06-30 03246171 core:OtherPropertyPlantEquipment 2024-06-30 03246171 2023-07-01 2024-06-30 03246171 bus:FilletedAccounts 2023-07-01 2024-06-30 03246171 bus:SmallEntities 2023-07-01 2024-06-30 03246171 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 03246171 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03246171 bus:Director1 2023-07-01 2024-06-30 03246171 bus:Director2 2023-07-01 2024-06-30 03246171 bus:Director3 2023-07-01 2024-06-30 03246171 bus:Director4 2023-07-01 2024-06-30 03246171 bus:Director5 2023-07-01 2024-06-30 03246171 bus:Director6 2023-07-01 2024-06-30 03246171 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-07-01 2024-06-30 03246171 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-07-01 2024-06-30 03246171 2022-07-01 2023-06-30 03246171 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 03246171 (England and Wales)

ROWCLIFFE HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

ROWCLIFFE HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

ROWCLIFFE HOLDINGS LIMITED

BALANCE SHEET

As at 30 June 2024
ROWCLIFFE HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Investment property 4 8,245,000 7,900,823
8,245,000 7,900,823
Current assets
Debtors 5 906,118 213,127
Cash at bank and in hand 177,683 487,038
1,083,801 700,165
Creditors: amounts falling due within one year 6 ( 403,179) ( 650,366)
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 ( 855,000) ( 355,000)
Provision for liabilities ( 351,410) ( 281,027)
Net assets 7,719,212 7,314,595
Capital and reserves
Called-up share capital 4,100 4,100
Fair value reserve 3,026,645 2,589,926
Profit and loss account 4,688,467 4,720,569
Total shareholders' funds 7,719,212 7,314,595

For the financial year ending 30 June 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 Rowcliffe Holdings Limited (registered number: 03246171) were approved and authorised for issue by the Board of Directors on 13 February 2025. They were signed on its behalf by:

T D Rowcliffe
Director
ROWCLIFFE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
ROWCLIFFE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

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 £.

Turnover

Turnover comprises the fair value of rent received in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

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. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 - 4 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.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 5

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2023 6,051 6,051
At 30 June 2024 6,051 6,051
Accumulated depreciation
At 01 July 2023 6,051 6,051
At 30 June 2024 6,051 6,051
Net book value
At 30 June 2024 0 0
At 30 June 2023 0 0

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 7,900,823
Additions 8,050
Fair value movement 536,127
Disposals (200,000)
As at 30 June 2024 8,245,000

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

5. Debtors

2024 2023
£ £
Trade debtors 20,100 50,539
Other debtors 886,018 162,588
906,118 213,127

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 350,000
Trade creditors 39,678 11,387
Taxation and social security 257,940 144,813
Other creditors 105,561 144,166
403,179 650,366

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

2024 2023
£ £
Bank loans 650,000 150,000
Other creditors 205,000 205,000
855,000 355,000

Bank borrowing comprises of a two interest only loans, both maturing in January 2026. The loans are secured on the investment property held on the balance sheet.

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.

8. Related party transactions

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.