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Registration number: 14298474

Rowley IP Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 August 2024

 

Rowley IP Limited

Income Statement for the Year Ended 31 August 2024

Note

2024
£

2023
£

Turnover

 

8,551

-

Gross profit

 

8,551

-

Administrative expenses

 

(102,418)

(80,546)

Operating loss

 

(93,867)

(80,546)

Loss before tax

(93,867)

(80,546)

Loss for the financial year

 

(93,867)

(80,546)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Rowley IP Limited

(Registration number: 14298474)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

701,180

788,827

Current assets

 

Cash at bank and in hand

 

10,099

3,694

Creditors: Amounts falling due within one year

5

(885,592)

(872,967)

Net current liabilities

 

(875,493)

(869,273)

Net liabilities

 

(174,313)

(80,446)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(174,413)

(80,546)

Shareholders' deficit

 

(174,313)

(80,446)

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 26 March 2025 and signed on its behalf by:
 

.........................................
Mr R Klecha
Director

 

Rowley IP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Suite 4b/4c, Drake House, Drake Lane, Dursley, GL11 4HH.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Rowley IP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Asset class

Amortisation method and rate

Intellectual property

10 Year Straight Line Method

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Rowley IP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2023

876,474

876,474

At 31 August 2024

876,474

876,474

Amortisation

At 1 September 2023

87,647

87,647

Amortisation charge

87,647

87,647

At 31 August 2024

175,294

175,294

Carrying amount

At 31 August 2024

701,180

701,180

At 31 August 2023

788,827

788,827

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Accruals and deferred income

3,441

3,027

Other creditors

882,151

869,940

885,592

872,967

6

Related party transactions

During the previous year the company took out a loan from its shareholder. The amount of the loan currently stands at £882,151 (2023: £442,151) and disclosed as part of "Other creditors". The loan is repayable on demand and no interest is chargeable. The loan is secured by way of the intellectual property rights acquired with the aid of the loan.

7

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the shareholder.