Rowlinson Bowes Street Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Rowlinson Bowes Street Limited is a private company limited by shares and incorporated in England. The address of the registered office and principal place of business is Gardale House, 118b Gatley Road, Gatley, Cheadle, SK8 4AU. The company's registered number is 11246631.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Functional and presentational currency
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The company's functional and presentational currency is GBP.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Construction contracts
When the outcome of construction contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion at the end of the reporting period.
Reliable estimation of the outcome of construction contracts requires reliable estimates of the stage of completion, future costs and collectability of billings.
The stage of completion is measured by surveys of work performed.
When the outcome of a construction contract cannot be estimated reliably, revenue is only recognised to the extent of contract costs incurred that it is probable will be recoverable.
When it is probable that the total contract costs will exceed total contract revenue on a construction contract, the expected loss shall be recognised as an expense immediately, with a corresponding provision for an onerous contract.
Revenue in respect of variations to contracts and incentive payments is recognised when it is probable it will be agreed by the customer.
Own developments
Revenue derived from the sale of speculative developments is recognised upon the transfer of risks and rewards of ownership to the buyer, when there is an exchange of unconditional contracts.
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