Rowen Group Limited - Period Ending 2021-04-30
Rowen Group Limited - Period Ending 2021-04-30
Registration number:
Rowen Group Limited
Filleted
for the Period from 29 April 2020 to 30 April 2021
Rowen Group Limited
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
Rowen Group Limited
Company Information
Directors |
Andrew Richard Hall Alice Rowen Hall Mohammed Yousaf Mir Khalid |
Registered office |
|
Bankers |
|
Accountants |
|
Rowen Group Limited
(Registration number: 12578833)
Statement of Financial Position as at 30 April 2021
Note |
2021 |
|
Fixed assets |
||
Investments |
|
|
Current assets |
||
Debtors |
|
|
Cash at bank and in hand |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
|
Net current liabilities |
( |
|
Net liabilities |
( |
|
Capital and reserves |
||
Called up share capital |
|
|
Profit and loss account |
( |
|
Total equity |
( |
For the financial period ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
......................................... |
......................................... |
Rowen Group Limited
Notes to the Unaudited Financial Statements for the Period from 29 April 2020 to 30 April 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
At the period end, the company had an excess of total liabilities over total assets of £251,646. The financial statements have been prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future. The validity of the use of this basis is based upon the following:
The company manages its day to day working capital requirements through related party borrowings.
After making enquiries, the directors believe that the company has adequate resources available for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report and financial statements.
If the going concern basis proved to be invalid the financial statements would have to be prepared on a break up basis in which the statement of financial position would be restated to include all assets at estimated realisable values and all liabilities would become current and would have to be increased to include those liabilities contingent on the company ceasing to trade.
The directors have assessed the potential impact of the COVID-19 virus and the financial impact on the company and have developed a business continuity plan should the global impact widen.
Rowen Group Limited
Notes to the Unaudited Financial Statements for the Period from 29 April 2020 to 30 April 2021 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, 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.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Rowen Group Limited
Notes to the Unaudited Financial Statements for the Period from 29 April 2020 to 30 April 2021 (continued)
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Rowen Group Limited
Notes to the Unaudited Financial Statements for the Period from 29 April 2020 to 30 April 2021 (continued)
Investments |
2021 |
|
Investments in subsidiaries |
|
Subsidiaries |
£ |
Cost or valuation |
|
Additions |
|
Carrying amount |
|
At 30 April 2021 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2021 |
||||
Subsidiary undertakings |
||||
|
Unit 6 Franklin Industrial Estate
|
Ordinary |
|
|
England and Wales |
Subsidiary undertakings |
Rowen Interior Design Limited The principal activity of Rowen Interior Design Limited is |
Rowen Group Limited
Notes to the Unaudited Financial Statements for the Period from 29 April 2020 to 30 April 2021 (continued)
Debtors |
2021 |
|
Prepayments |
|
Other debtors |
|
|
Creditors |
Creditors: amounts falling due within one year
2021 |
|
Due within one year |
|
Trade creditors |
|
Taxation and social security |
|
Accruals and deferred income |
|
Other creditors |
|
Directors loan accounts |
774,140 |
|
Related party transactions |
Transactions with directors |
2021 |
Advances to directors |
Repayments by director |
At 30 April 2021 |
Andrew Richard Hall |
|||
Director's loan account |
|
( |
( |