| ROWES PRECISION PRODUCTS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 30TH SEPTEMBER 2024 |
| ROWES PRECISION PRODUCTS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 30TH SEPTEMBER 2024 |
| ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Accountants' Report | 10 |
| ROWES PRECISION PRODUCTS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Trading as Haines Watts |
| First Floor, Woburn Court |
| 2 Railton Road |
| Woburn Rd Ind Est |
| Kempston |
| Bedfordshire |
| MK42 7PN |
| ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893) |
| BALANCE SHEET |
| 30TH SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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. |
| ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893) |
| BALANCE SHEET - continued |
| 30TH SEPTEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Rowes Precision Products Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| 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. |
| Goodwill |
| 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 |
| Short leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
| ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 2. | 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. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| Trade debtors |
| Trade debtors are the amounts due from customers for merchandise sold or services performed in the ordinary course of business. |
| Trade debtors are initially recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not able to collect all amounts due according to the original terms of the receivables. |
| Trade creditors |
| 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 the company does not have a conditional right at the end of the accounting period to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at lease twelve months after the reporting date, they are presented as non-current liabilities. |
| Trade creditors are recognised initially at the transaction price. |
| ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| The company is struggling to meets its day-to-day working capital requirements. The current economic conditions continue to create uncertainty over the level of demand for the company products and the availability of bank finance for the foreseeable future. |
| The company's forecasts and projections, taking account of a severe but plausible change in |
| trading performance, show that the group maynot be able to operate within the level of its existing facilities. |
| After making enquiries, the directors have a reasonable expectation that the company has not got adequate resources to continue in operational existence for the foreseeable future. |
| Its possible that the company will no longer be able to adopt the going concern basis in preparing its financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Patents |
| and |
| Goodwill | licences | Totals |
| £ | £ | £ |
| COST |
| At 1st October 2023 |
| and 30th September 2024 |
| AMORTISATION |
| At 1st October 2023 |
| and 30th September 2024 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| Short | to | Plant and |
| leasehold | property | machinery |
| £ | £ | £ |
| COST |
| At 1st October 2023 |
| Additions |
| Disposals | ( |
) |
| At 30th September 2024 |
| DEPRECIATION |
| At 1st October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30th September 2024 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1st October 2023 |
| Additions |
| Disposals | ( |
) |
| At 30th September 2024 |
| DEPRECIATION |
| At 1st October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30th September 2024 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| The net book value of tangible fixed assets includes £ 201,731 (2023 - £ 232,767 ) in respect of assets held under hire purchase contracts. |
| ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 6. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings |
| Aggregate amounts |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Social security and other taxes |
| VAT | - | 31,556 |
| Other creditors |
| Net wages outstanding | 7,134 | 4,831 |
| Invoice discounting advances | 354,251 | 399,936 |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 9) |
| ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts | 43,364 | 48,743 |
| Invoice finance facility | 354,251 | 399,936 |
| Bank loan | 250,323 | - |
| The invoice finance facility is secured by a fixed charge over the trade debt of the company. |
| The hire purchase contracts are secured by a fixed charge over the plant and machinery. |
| The funding circle loan is secured by a personal guarantee from both of the directors of the company. |
| 11. | CONTINGENT LIABILITIES |
| The company has granted a cross guarantee in respect of debts owed by its parent undertaking, Kingmaker Engineering Limited and its fellow group member, Plating Technologies Limited. |
| These guarantees are secured by a charge on the company’s assets. |
| ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| ROWES PRECISION PRODUCTS LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rowes Precision Products Limited for the year ended 30th September 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Rowes Precision Products Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rowes Precision Products Limited and state those matters that we have agreed to state to the Board of Directors of Rowes Precision Products Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rowes Precision Products Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Rowes Precision Products Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Rowes Precision Products Limited. You consider that Rowes Precision Products Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Rowes Precision Products Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Trading as Haines Watts |
| First Floor, Woburn Court |
| 2 Railton Road |
| Woburn Rd Ind Est |
| Kempston |
| Bedfordshire |
| MK42 7PN |