ROWVAR LIMITED

Company Registration Number:
14909970 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2024

Period of accounts

Start date: 2 June 2023

End date: 30 June 2024

ROWVAR LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2024

Profit and loss
Balance sheet
Additional notes
Balance sheet notes

ROWVAR LIMITED

Profit And Loss Account

for the Period Ended 30 June 2024

13 months to 30 June 2024


£
Turnover: 3,585
Cost of sales: ( 21,363 )
Gross profit(or loss): (17,778)
Distribution costs: 0
Administrative expenses: ( 509 )
Other operating income: 0
Operating profit(or loss): (18,287)
Interest receivable and similar income: 0
Interest payable and similar charges: ( 16,510 )
Profit(or loss) before tax: (34,797)
Tax: 0
Profit(or loss) for the financial year: (34,797)

ROWVAR LIMITED

Balance sheet

As at 30 June 2024

Notes 13 months to 30 June 2024


£
Called up share capital not paid: 0
Fixed assets
Intangible assets:   0
Tangible assets: 3 188,000
Investments:   0
Total fixed assets: 188,000
Current assets
Stocks:   0
Debtors:   0
Cash at bank and in hand: 1,867
Total current assets: 1,867
Prepayments and accrued income: 0
Creditors: amounts falling due within one year:   0
Net current assets (liabilities): 1,867
Total assets less current liabilities: 189,867
Creditors: amounts falling due after more than one year: 4 ( 120,000 )
Provision for liabilities: 0
Accruals and deferred income: 0
Total net assets (liabilities): 69,867
Capital and reserves
Called up share capital: 1,000
Share premium account: 0
Other reserves: 0
Profit and loss account: 68,867
Total Shareholders' funds: 69,867

The notes form part of these financial statements

ROWVAR LIMITED

Balance sheet statements

For the year ending 30 June 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 10 April 2025
and signed on behalf of the board by:

Name: Samuel Ajiboyede
Status: Director

The notes form part of these financial statements

ROWVAR LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Our turnover is derived from rental income earned on leased properties. The income is recognized on a straight-line basis over the lease term, in accordance with the company's accounting policy for revenue recognition. This ensures consistency in recognizing rental income over the period of the lease, in compliance with standard accounting practices.

    Tangible fixed assets depreciation policy

    Our tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives. The depreciation is charged to the profit and loss account annually, reflecting the gradual reduction in value of the assets over time. The rates of depreciation applied are based on the estimated useful lives of the respective assets, which are reviewed annually to ensure they remain appropriate. This policy ensures that the depreciation of assets is systematically allocated over their useful life, in accordance with UK accounting standards for small businesses, and complies with the provisions of Financial Reporting Standard 102 for small entities.

    Valuation information and policy

    Our tangible fixed assets are initially recognized at cost. This cost includes all directly attributable expenses necessary to bring the asset to its current condition and location for its intended use. After initial recognition, these assets are carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset, which is reviewed annually. The rates of depreciation applied are aligned with the expected pattern of consumption of the economic benefits of the assets. For intangible assets, no revaluation or market-based valuation approach is applied. They are amortized over their estimated useful lives in accordance with the company's accounting policy for amortization.

    Other accounting policies

    Other Accounting Policies: Revenue Recognition: The company generates turnover from rental income earned on leased properties. This income is recognized on a straight-line basis over the lease term, in accordance with our accounting policy for revenue recognition. The rental income is reviewed periodically to ensure it reflects the correct lease agreements. Tangible Fixed Assets Depreciation: Tangible fixed assets, including the property purchased for the buy-to-let business, are depreciated on a straight-line basis over their estimated useful lives. Depreciation is charged annually to the profit and loss account. The depreciation rates applied are reviewed annually. Interest Payable: The company has a loan, and interest on the loan is recognized in the accounts in accordance with the terms of the loan agreement. The interest is calculated and expensed on a monthly basis. Provision for Liabilities: Any provisions for liabilities are made when the company has a present obligation, it is probable that an outflow of resources will be required, and the amount can be reliably estimated. No Impairment Policy: The company currently does not have any impairment charges as all assets are valued according to their purchase price or market value. Leases: The company does not engage in complex leasing arrangements; all properties are either owned outright or leased for use as part of its buy-to-let investment strategy. Rental agreements are reviewed annually for accuracy. Taxation: The company does not anticipate any tax liability for the period and does not have any deferred tax assets or liabilities as of the reporting date.

ROWVAR LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 2. Employees

    13 months to 30 June 2024
    Average number of employees during the period 0

ROWVAR LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
Additions 186,000 186,000
Disposals 0 0
Revaluations 2,000 2,000
Transfers
At 30 June 2024 188,000 188,000
Depreciation
Charge for year
On disposals
Other adjustments
At 30 June 2024
Net book value
At 30 June 2024 188,000 188,000

ROWVAR LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

4. Creditors: amounts falling due after more than one year note

13 months to 30 June 2024
£
Bank loans and overdrafts 120,000
Amounts due under finance leases and hire purchase contracts 0
Other creditors 0
Total 120,000