Registration number:
Rowley Gate Limited
for the Year Ended 30 September 2024
Rowley Gate Limited
(Registration number: 10630671)
Balance Sheet as at 30 September 2024
Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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Approved and authorised by the
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Rowley Gate Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
UK
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. These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Rowley Gate Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Audit report
The name of the Senior Statutory Auditor who signed the audit report on
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Prior period errors
During the year ended 30 September 2023, land with a value of £2,456,449 had been incorrectly transferred to stocks from investment property. However, this didn't reflect the intended use of the asset and as a result a prior year adjustment has been made to correct this.
This correction has resulted in the value of investment property increasing by £2,456,449 and stock reducing by the same amount. There has been no effect on net profit.
Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rental of investment properties. Turnover is shown net of sales, 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 tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.
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.
Rowley Gate Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & fittings |
33.33% straight line |
Other tangible assets |
25% straight line |
Plant and machinery |
25% reducing balance |
Investment property
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Rowley Gate Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Tangible assets |
Fixtures and fittings |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Additions |
- |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
- |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
- |
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At 30 September 2023 |
- |
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Investment properties |
2024 |
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At 1 October |
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Additions |
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At 30 September |
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There has been no valuation of investment property by an independent valuer.
Debtors |
2024 |
2023 |
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Amounts owed by related parties |
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Other debtors |
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Rowley Gate Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Amounts owed to group undertakings |
2,150,234 |
1,811,659 |
Amounts due to related parties |
11,777 |
11,777 |
Other payables |
427,847 |
475,492 |
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Parent and ultimate parent undertaking |
The controlling party is considered to be the shareholders of Drayton Beaumont Group Limited.
These financial statements are consolidated within the group financial statements prepared by Drayton Beaumont Group Limited and are available on request from the registered office of Drayton Beaumont Buidling, Merrial Street, Newcastle Under Lyme, Staffordshire, ST5 2AE.
The company has taken advantage of the exemption from disclosure of intra group transactions in accordance with FRS102 paragraph 33.1A.