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Registration number: 10630671

Rowley Gate Limited

Financial Statements

for the Year Ended 30 September 2024

 

Rowley Gate Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Rowley Gate Limited

(Registration number: 10630671)
Balance Sheet as at 30 September 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

22,694

25,337

Investment property

5

2,745,862

2,456,449

 

2,768,556

2,481,786

Current assets

 

Debtors

6

14,047

13,089

Cash at bank and in hand

 

31,752

4,269

 

45,799

17,358

Creditors: Amounts falling due within one year

7

(2,589,858)

(2,298,928)

Net current liabilities

 

(2,544,059)

(2,281,570)

Net assets

 

224,497

200,216

Capital and reserves

 

Called up share capital

100

100

Retained earnings

224,397

200,116

Shareholders' funds

 

224,497

200,216

These financial statements have been prepared and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 April 2025
 

.........................................
Mr SP Beaumont
Director

 

Rowley Gate Limited

Notes to the Financial Statements for the Year Ended 30 September 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:
Drayton Beaumont Building
Merrial Street
Newcastle-Under-Lyme
Staffordshire
ST5 2AE
UK

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. 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 Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 11 April 2025 was Matthew Geoffrey Price FCCA, who signed for and on behalf of Alextra Audit Limited.

.........................................

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Rowley Gate Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Fixtures and fittings
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

4,008

29,086

33,094

Additions

-

6,172

6,172

At 30 September 2024

4,008

35,258

39,266

Depreciation

At 1 October 2023

4,008

3,749

7,757

Charge for the year

-

8,815

8,815

At 30 September 2024

4,008

12,564

16,572

Carrying amount

At 30 September 2024

-

22,694

22,694

At 30 September 2023

-

25,337

25,337

5

Investment properties

2024
£

At 1 October

2,456,449

Additions

289,413

At 30 September

2,745,862

There has been no valuation of investment property by an independent valuer.

6

Debtors

2024
£

2023
£

Amounts owed by related parties

10,893

10,893

Other debtors

3,154

2,196

 

14,047

13,089

 

Rowley Gate Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

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

2,589,858

2,298,928

8

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.