Company Registration No. NI037187 (Northern Ireland)
Homefit Group Ltd
Unaudited accounts
for the year ended 31 March 2023
Homefit Group Ltd
Unaudited accounts
Contents
Homefit Group Ltd
Company Information
for the year ended 31 March 2023
Directors
John P Kelly
John G Kelly
Claire McParland
David Lofthouse
Michael McNeill
Secretary
Claire McParland
Company Number
NI037187 (Northern Ireland)
Registered Office
Unit 1a, Boucher Business Studios
Glenmachan Place
Belfast
BT12 6QH
Accountants
James B Kennedy & Co.,
Unit A1, Boucher Business Studios
Glenmachan Place
Belfast
BT12 6QH
Homefit Group Ltd
Statement of financial position
as at 31 March 2023
Tangible assets
1,101,389
1,105,966
Inventories
730,255
817,523
Cash at bank and in hand
327,498
396,835
Creditors: amounts falling due within one year
(912,967)
(1,071,809)
Net current assets
346,987
355,703
Total assets less current liabilities
1,448,376
1,461,669
Creditors: amounts falling due after more than one year
(238,037)
(361,760)
Provisions for liabilities
Deferred tax
(6,201)
(6,699)
Net assets
1,204,138
1,093,210
Called up share capital
100
100
Profit and loss account
1,204,038
1,093,110
Shareholders' funds
1,204,138
1,093,210
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2023 and were signed on its behalf by
John P Kelly
Director
Company Registration No. NI037187
Homefit Group Ltd
Notes to the Accounts
for the year ended 31 March 2023
Homefit Group Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI037187. The registered office is Unit 1a, Boucher Business Studios, Glenmachan Place, Belfast, BT12 6QH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates on a straight line basis in order to write off the assets over their estimated useful lives:
Plant & machinery
10 - 25 %
Inventories and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
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 accounts. 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 is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Homefit Group Ltd
Notes to the Accounts
for the year ended 31 March 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
927,773
301,908
301,390
1,531,071
Additions
-
19,092
35,000
54,092
At 31 March 2023
927,773
321,000
336,390
1,585,163
At 1 April 2022
105,870
144,404
174,831
425,105
Charge for the year
10,378
25,541
22,750
58,669
At 31 March 2023
116,248
169,945
197,581
483,774
At 31 March 2023
811,525
151,055
138,809
1,101,389
At 31 March 2022
821,903
157,504
126,559
1,105,966
Amounts falling due within one year
Trade debtors
198,327
132,584
Accrued income and prepayments
3,874
80,570
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
76,597
62,520
Obligations under finance leases and hire purchase contracts
30,893
33,740
Trade creditors
437,764
605,948
Taxes and social security
167,269
200,304
Loans from directors
138,666
137,749
Homefit Group Ltd
Notes to the Accounts
for the year ended 31 March 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
171,803
257,760
Obligations under finance leases and hire purchase contracts
66,234
104,000
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Transactions with related parties
Controlling party
The Company is controlled by Mr. J G Kelly the majority shareholder.
Related party transactions
The balances due to the directors at the year end was £16,098 (2016 - £11,935).
The company pays rent for secured storage area to Mr J P Kelly, director of Homefit Joinery Company Ltd. Rent paid during the year was £20,000 (2016 - £20,000).
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Average number of employees
During the year the average number of employees was 40 (2022: 49).