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Company No: 10222172 (England and Wales)

ROWAN ESTATES (NORFOLK) LTD

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

ROWAN ESTATES (NORFOLK) LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

ROWAN ESTATES (NORFOLK) LTD

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
ROWAN ESTATES (NORFOLK) LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,117 4,142
2,117 4,142
Current assets
Stocks 90,000 267,578
Debtors 4 2,651 1,916
Cash at bank and in hand 3,938 9,959
96,589 279,453
Creditors: amounts falling due within one year 5 ( 195,054) ( 189,962)
Net current (liabilities)/assets (98,465) 89,491
Total assets less current liabilities (96,348) 93,633
Creditors: amounts falling due after more than one year 6 ( 9,167) ( 19,167)
Provision for liabilities 0 ( 787)
Net (liabilities)/assets ( 105,515) 73,679
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 105,615 ) 73,579
Total shareholder's (deficit)/funds ( 105,515) 73,679

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

Director's responsibilities:

The financial statements of Rowan Estates (Norfolk) Ltd (registered number: 10222172) were approved and authorised for issue by the Director. They were signed on its behalf by:

Mr L O Ainge
Director

25 June 2025

ROWAN ESTATES (NORFOLK) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
ROWAN ESTATES (NORFOLK) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rowan Estates (Norfolk) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Larking Gowen 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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 fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks and work in progress is stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 July 2023 7,500 750 8,250
At 30 June 2024 7,500 750 8,250
Accumulated depreciation
At 01 July 2023 3,750 358 4,108
Charge for the financial year 1,875 150 2,025
At 30 June 2024 5,625 508 6,133
Net book value
At 30 June 2024 1,875 242 2,117
At 30 June 2023 3,750 392 4,142

4. Debtors

2024 2023
£ £
Trade debtors 1,992 301
VAT recoverable 659 1,447
CIS suffered 0 168
2,651 1,916

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 14,167 10,000
Trade creditors 2,446 4,873
Amounts owed to director 175,001 171,430
Accruals 2,500 1,003
Other taxation and social security 0 131
Other creditors 940 2,525
195,054 189,962

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 9,167 19,167

There are no amounts included above in respect of which any security has been given by the small entity.

7. Related party transactions

Included within creditors falling due within one year is a director's current account totalling £175,001 (2023: £171,430).