Company registration number 00499787 (England and Wales)
JOHN ROWSELL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
JOHN ROWSELL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JOHN ROWSELL LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,012,279
13,761,755
Investments
4
61
61
14,012,340
13,761,816
Current assets
Stocks
325,225
283,006
Debtors
5
1,383,167
1,394,369
1,708,392
1,677,375
Creditors: amounts falling due within one year
6
(1,471,540)
(1,463,085)
Net current assets
236,852
214,290
Total assets less current liabilities
14,249,192
13,976,106
Creditors: amounts falling due after more than one year
7
(2,478,662)
(2,122,523)
Provisions for liabilities
(1,567,388)
(1,167,207)
Net assets
10,203,142
10,686,376
Capital and reserves
Called up share capital
15,589
15,589
Share premium account
100,089
100,089
Revaluation reserve
9,119,427
9,389,339
Capital redemption reserve
13,000
13,000
Profit and loss reserves
955,037
1,168,359
Total equity
10,203,142
10,686,376
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
JOHN ROWSELL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 May 2025 and are signed on its behalf by:
G J Rowsell
Director
Company Registration No. 00499787
JOHN ROWSELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
John Rowsell Limited is a private company limited by shares incorporated in England and Wales. The registered office is West Stoke Farm, Stoke Charity, Winchester, Hampshire, United Kingdom, SO21 3PN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
The company recognises revenue when the amount of revenue can be reliably measured; and it is probable that future economic benefits will flow to the entity.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and building
held at fair value
Machinery and equipment
10% to 25% reducing balance or 5 years straight line
Office equipment
25% reducing balance or 3 years straight line
Tractors and motor vehicles
12.5% to 25% reducing balance method or 3 to 5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
JOHN ROWSELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
8
JOHN ROWSELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Tangible fixed assets
Freehold land and building
Machinery and equipment
Office equipment
Tractors and motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 October 2023
12,934,500
717,088
9,471
874,907
14,535,966
Additions
567,500
567,500
Disposals
(44,023)
(4,168)
(237,666)
(285,857)
At 30 September 2024
12,934,500
673,065
5,303
1,204,741
14,817,609
Depreciation and impairment
At 1 October 2023
388,736
8,210
377,265
774,211
Depreciation charged in the year
43,720
742
153,492
197,954
Eliminated in respect of disposals
(42,556)
(4,168)
(120,111)
(166,835)
At 30 September 2024
389,900
4,784
410,646
805,330
Carrying amount
At 30 September 2024
12,934,500
283,165
519
794,095
14,012,279
At 30 September 2023
12,934,500
328,352
1,261
497,642
13,761,755
Freehold land and buildings are reported at open market value and were last revalued by the Directors at 30 September 2017. The Directors consider that there has been no material change in this value at the balance sheet date.
The historical cost of the freehold land and buildings is £2,505,161 (2023: £2,505,161).
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
61
61
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
448,972
467,322
Other debtors
170,368
153,211
Prepayments and accrued income
35,121
35,643
654,461
656,176
JOHN ROWSELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
5
Debtors
(Continued)
- 6 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
728,706
738,193
Total debtors
1,383,167
1,394,369
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
854,609
747,199
Obligations under finance leases
261,670
301,027
Trade creditors
155,925
118,537
Corporation tax
104,708
Other taxation and social security
3,816
11,203
Other creditors
149,520
144,377
Accruals and deferred income
46,000
36,034
1,471,540
1,463,085
Creditors include secured bank loans and overdrafts and net obligations under finance lease and hire purchase contracts of £1,116,279 (2023 - £1,048,226)
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
1,978,250
1,978,250
Obligations under finance leases
500,412
144,273
2,478,662
2,122,523
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £2,478,662 (2023 - £2,122,523).
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
1,978,250
1,978,250
JOHN ROWSELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
33,523
33,523
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
N G J Rowsell - Directors loan account
-
579,248
82,542
(92,028)
569,762
579,248
82,542
(92,028)
569,762
10
Related party transactions
The company has taken advantage of the exemption available in FRS 102, whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.