Rowe Creative Limited - Period Ending 2017-12-31

Registration number: 07326097

Rowe Creative Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 August 2016 to 31 December 2017

Pages for filing with Registrar

Rowe Creative Limited

Contents

 

Company Information	1
Directors' Report	2
Accountants' Report	3
Balance Sheet	4 to 5
Notes to the Financial Statements	6 to 11

Rowe Creative Limited

Company Information

 

Directors

Mr P Rowe Mrs PE Rowe

Company secretary

Mrs PE Rowe

Registered office

Thomas House Meadowcroft Business Park Pope Lane, Whitestake Preston PR4 4AZ

Accountants

Haleys Business Advisers Limited Thomas House Meadowcroft Business Park Pope Lane Whitestake Lancashire PR4 4AZ

Page 1

Rowe Creative Limited

Directors' Report for the Period from 1 August 2016 to 31 December 2017

The directors present their report and the financial statements for the period from 1 August 2016 to 31 December 2017.

Directors of the company

The directors who held office during the period were as follows:

Mr P Rowe

Mrs PE Rowe - Company secretary and director

Principal activity

The principal activity of the company is healthcare.

Small companies provision statement

This report has 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.

Approved by the Board on 28 March 2018 and signed on its behalf by:

......................................... Mr P Rowe Director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of Rowe Creative Limited for the Period Ended 31 December 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Rowe Creative Limited for the period ended 31 December 2017 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Rowe Creative Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Rowe Creative Limited and state those matters that we have agreed to state to the Board of Directors of Rowe Creative Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rowe Creative Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Rowe Creative Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Rowe Creative Limited. You consider that Rowe Creative Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Rowe Creative Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Haleys Business Advisers Limited
Thomas House
Meadowcroft Business Park
Pope Lane
Whitestake
Lancashire
PR4 4AZ

28 March 2018

Page 3

Rowe Creative Limited

(Registration number: 07326097)

Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	-	19,183
Current assets
Debtors	5	3,263	674
Cash at bank and in hand		857	5,166
		4,120	5,840
Creditors: Amounts falling due within one year	6	(4,118)	(14,211)
Net current assets/(liabilities)		2	(8,371)
Net assets		2	10,812
Capital and reserves
Called up share capital		2	2
Profit and loss account		-	10,810
Total equity		2	10,812

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 4

Rowe Creative Limited

(Registration number: 07326097)

Balance Sheet as at 31 December 2017 (continued)

For the financial period ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 March 2018 and signed on its behalf by:
 

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

Mr P Rowe

Director

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 5

Rowe Creative Limited

Notes to the Financial Statements for the Period from 1 August 2016 to 31 December 2017

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:
Thomas House
Meadowcroft Business Park
Pope Lane, Whitestake
Preston
PR4 4AZ

The principal place of business is:
Moor House Barn
Reservoir Road
Barnacre
Preston, Lancashire
Lancashire
PR3 1RP

These financial statements were authorised for issue by the Board on 28 March 2018.

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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A for small entities and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared under the historical cost convention, except for modification to a fair value basis for certain fixed assets, as specified in the accounting policies below.

The company's presentational currency is pounds sterling.

Disclosure of long or short period

The accounting period has been extended as the company is ceasing trade after this financial period end.

Page 6

Rowe Creative Limited

Notes to the Financial Statements for the Period from 1 August 2016 to 31 December 2017 (continued)

2	Accounting policies (continued)

Judgements

No significant judgements have had to be made by management and directors in preparing these financial statements.

Key sources of estimation uncertainty

Tangible fixed assets

Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
The carrying amount is £Nil (2016 -£19,183).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/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;

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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 provided at the following annual rates in order to write off each asset over its estimated useful life.

Asset class	Depreciation method and rate
Plant and Machinery	15% on reducing balance
Computer Equipment	33% on cost
Fixtures and fittings	15% on reducing balance

Page 7

Rowe Creative Limited

Notes to the Financial Statements for the Period from 1 August 2016 to 31 December 2017 (continued)

2	Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Page 8

Rowe Creative Limited

Notes to the Financial Statements for the Period from 1 August 2016 to 31 December 2017 (continued)

2	Accounting policies (continued)

Recognition and measurement
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors and other loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
 

Impairment
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0 (2016 - 1).

4	Tangible assets

	Freehold Property £	Computer Equipment and F&F £	Plant and Machinery £	Total £
Cost or valuation
At 1 August 2016	15,000	18,110	1,000	34,110
Disposals	(15,000)	(18,110)	(1,000)	(34,110)
At 31 December 2017	-	-	-	-

Page 9

Rowe Creative Limited

Notes to the Financial Statements for the Period from 1 August 2016 to 31 December 2017 (continued)

4	Tangible assets (continued)

	Freehold Property £	Computer Equipment and F&F £	Plant and Machinery £	Total £
Depreciation
At 1 August 2016	-	14,479	448	14,927
Charge for the year	-	773	117	890
Eliminated on disposal	-	(15,252)	(565)	(15,817)
At 31 December 2017	-	-	-	-
Carrying amount
At 31 December 2017	-	-	-	-
At 31 July 2016	15,000	3,631	552	19,183

Included within the net book value of land and buildings above is £Nil (2016 - £15,000) in respect of freehold land and buildings.
 

5

Debtors

	31 December 2017  £	31 July 2016  £
Trade debtors	220	674
Directors current account	3,043	-
Total current trade and other debtors	3,263	674

Page 10

Rowe Creative Limited

Notes to the Financial Statements for the Period from 1 August 2016 to 31 December 2017 (continued)

6

Creditors

	Note	31 December 2017  £	31 July 2016  £
Due within one year
Other taxation and social security		4,118	926
Other payables		-	12,877
Accruals and deferred income		-	408
		4,118	14,211

7

Dividends

	31 December 2017	31 July 2016
	£	£
Dividends paid	23,617	5,000

8	Related party transactions

Loans from related parties

2017	Key management £
At start of period	12,877
Advanced	24,412
Repaid	(40,332)
At end of period	(3,043)

2016	Key management £
At start of period	5,665
Advanced	9,581
Repaid	(2,369)
At end of period	12,877

Page 11