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Registration number: 13231792

Homefront Design UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Homefront Design UK Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Homefront Design UK Limited

(Registration number: 13231792)
Statement of Financial Position as at 28 February 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

4

9,600

10,800

Tangible assets

5

31,681

35,996

 

41,281

46,796

Current assets

 

Stocks

83,500

103,277

Debtors

6

27,761

4,627

Cash at bank and in hand

 

92,588

54,994

 

203,849

162,898

Creditors: Amounts falling due within one year

7

(187,811)

(201,645)

Net current assets/(liabilities)

 

16,038

(38,747)

Total assets less current liabilities

 

57,319

8,049

Provisions for liabilities

(5,751)

(6,613)

Net assets

 

51,568

1,436

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

51,468

1,336

Shareholders' funds

 

51,568

1,436

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 27 November 2023
 

 

Homefront Design UK Limited

(Registration number: 13231792)
Statement of Financial Position as at 28 February 2023 (continued)

.........................................
J T Jasper
Director

 

Homefront Design UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ground Floor
1 The Courtyard, Higher Ford
Wiveliscombe
Taunton
Somerset
TA4 2RL

Principal activity

The principal activity of the company is design and installation of kitchens, bathrooms and bedrooms

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Homefront Design UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

 

Homefront Design UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Showroom

20% reducing balance

Plant

20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Homefront Design UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 3).

 

Homefront Design UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

12,000

12,000

At 28 February 2023

12,000

12,000

Amortisation

At 1 March 2022

1,200

1,200

Amortisation charge

1,200

1,200

At 28 February 2023

2,400

2,400

Carrying amount

At 28 February 2023

9,600

9,600

At 28 February 2022

10,800

10,800

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

17,028

827

1,768

25,271

44,894

Additions

2,185

678

2,932

-

5,795

Disposals

(2,063)

-

-

-

(2,063)

At 28 February 2023

17,150

1,505

4,700

25,271

48,626

Depreciation

At 1 March 2022

2,676

26

405

5,791

8,898

Charge for the year

2,571

231

753

4,870

8,425

Eliminated on disposal

(378)

-

-

-

(378)

At 28 February 2023

4,869

257

1,158

10,661

16,945

Carrying amount

At 28 February 2023

12,281

1,248

3,542

14,610

31,681

At 28 February 2022

14,352

801

1,363

19,480

35,996

 

Homefront Design UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

6

Debtors

2023
£

2022
£

Trade debtors

23,088

817

Prepayments

4,673

3,810

27,761

4,627

7

Creditors

Creditors: amounts falling due within one year

2023
£

(As restated)

2022
£

Due within one year

Trade creditors

51,936

31,344

Taxation and social security

43,971

34,599

Accruals and deferred income

2,850

2,850

Other creditors

89,054

132,852

187,811

201,645

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Homefront Design UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

9

Prior period adjustment

The comparatives in the financial statements for the period to 28 February 2023 have been restated due to material error. The comparatives cover the period 27 February 2021 to 28 February 2022. The adjustment is required to correctly reflect goodwill on incorporation and exclude bank loans and liabilities under hire purchase agreements with the corresponding amounts effecting the director’s loan account as well as the profit stated for the period. The change has resulted in profits available for distribution at 28 February 2022 reducing by £575.

The prior year accounting impact is as follows: an increase in intangible assets of £10,800 (cost of £12,000 less amortisation of £1,200); a reduction in Other debtors of £27,281 (of which £26,838 related to advances to the director and £443 to interest receivable); a reduction in bank loans due within one year of £5,789 and due after more than one year of £19,951 (with loan interest payable removed of £532); and an increase in Other creditors due within one year of £16,813 and deduction in Other creditors due after more than one year of £6,979 (with further loan interest payable removed of £536).