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Company No: 11627175 (England and Wales)

REFRESH LIVING NO. 5 LTD

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

REFRESH LIVING NO. 5 LTD

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

REFRESH LIVING NO. 5 LTD

BALANCE SHEET

As at 30 November 2023
REFRESH LIVING NO. 5 LTD

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 6,750,000 4,919,430
6,750,000 4,919,430
Current assets
Debtors 4 125,819 142,706
Cash at bank and in hand 3,624 101
129,443 142,807
Creditors: amounts falling due within one year 5 ( 2,224,991) ( 2,055,083)
Net current liabilities (2,095,548) (1,912,276)
Total assets less current liabilities 4,654,452 3,007,154
Creditors: amounts falling due after more than one year 6 ( 5,043,370) ( 3,871,924)
Provision for liabilities ( 274,887) 0
Net liabilities ( 663,805) ( 864,770)
Capital and reserves
Called-up share capital 100 100
Fair value reserve 824,665 0
Profit and loss account ( 1,488,570 ) ( 864,870 )
Total shareholder's deficit ( 663,805) ( 864,770)

For the financial year ending 30 November 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 financial statements of Refresh Living No. 5 Ltd (registered number: 11627175) were approved and authorised for issue by the Director on 27 August 2024. They were signed on its behalf by:

M P Thomas
Director
REFRESH LIVING NO. 5 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
REFRESH LIVING NO. 5 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
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

Refresh Living No. 5 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 40 Kingston House, 1 Kingston Road, Taunton, TA2 7ED, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 financial statements have been prepared on a going concern basis. The company has net current liabilities of £2,095,548 at the year end and net liabilities of £663,805. Included within creditors are amounts of £1,924,104 which are owed to fellow group companies and other companies which are under the control of M P Thomas (director). These companies will not seek repayment of the loans for at least 12 months to the extent that any such repayment would jeopardise the future of the company and therefore the director considers that the going concern basis is appropriate.

Turnover

Turnover comprises the fair value of rent received 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;
and specific criteria have been met for each of the company's activities.

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 Balance Sheet date. Tax is recognised in the profit and loss account, 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.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

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. 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.

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.

Loans and borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 December 2022 4,919,430
Additions 731,018
Fair value movement 1,099,552
As at 30 November 2023 6,750,000

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by external independent revaluation. The assets have a current value of £6,750,000 (2022 - £4,919,430).

4. Debtors

2023 2022
£ £
Trade debtors 0 1,657
Amounts owed by Group undertakings 98,375 98,375
Other debtors 27,444 42,674
125,819 142,706

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 5,555 5,555
Trade creditors 6,094 9,806
Amounts owed to Group undertakings 821,523 820,848
Other creditors 1,391,819 1,218,874
2,224,991 2,055,083

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

2023 2022
£ £
Bank loans (secured £ 5,012,813) 5,043,370 3,871,924

Loans and borrowings with a value of £5,012,813 (2022 - £3,835,812) are secured by way of fixed and floating charges over investment property with a carrying value of £6,750,000.

7. Financial commitments

Other financial commitments

The total amount of contingencies not included in the balance sheet is £5,371,625 (2022 - £7,904,529). The company has an omnibus guarantee and set off agreement for loans taken out by Acorn Homes (SW) Ltd, Refresh Living No. 1 Ltd and Refresh Commercial Ltd.

8. Related party transactions

During the year the company entered into a number of transactions with fellow group companies. At the year end there are amounts included in debtors of £98,375 (2022 - £98,375) and creditors of £821,523 (2022 - £820,848) in connection with these transactions.
During the year the company entered into a number of transactions with other companies which are under the control of M P Thomas (director) . At the year end there are amounts included within other debtors of £7,562 (2022 - £7,562) and other creditors of £1,102,581 (2022 - £1,003,579 ) in connection with these transactions.