1 April 2023 false Taxfiler 2024.5 NI037187business:PrivateLimitedCompanyLtd2023-04-012024-03-31 NI0371872023-03-31 NI0371872023-04-012024-03-31 NI037187business:AuditExempt-NoAccountantsReport2023-04-012024-03-31 NI037187business:FilletedAccounts2023-04-012024-03-31 NI0371872024-03-31 NI037187business:Director12023-04-012024-03-31 NI037187business:Director22023-04-012024-03-31 NI037187business:Director32023-04-012024-03-31 NI037187business:Director42023-04-012024-03-31 NI037187business:Director52023-04-012024-03-31 NI037187business:CompanySecretary12023-04-012024-03-31 NI037187business:RegisteredOffice2023-04-012024-03-31 NI0371872023-03-31 NI037187core:WithinOneYear2024-03-31 NI037187core:WithinOneYear2023-03-31 NI037187core:AfterOneYear2024-03-31 NI037187core:AfterOneYear2023-03-31 NI037187core:ShareCapitalcore:PreviouslyStatedAmount2024-03-31 NI037187core:ShareCapitalcore:PreviouslyStatedAmount2023-03-31 NI037187core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-03-31 NI037187core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-03-31 NI037187core:PreviouslyStatedAmount2024-03-31 NI037187core:PreviouslyStatedAmount2023-03-31 NI037187business:SmallEntities2023-04-012024-03-31 NI037187countries:NorthernIreland2023-04-012024-03-31 NI037187core:LandBuildings2023-04-012024-03-31 NI037187core:PlantMachinery2023-04-012024-03-31 NI037187core:MotorVehicles2023-04-012024-03-31 NI037187core:LandBuildings2023-03-31 NI037187core:PlantMachinery2023-03-31 NI037187core:MotorVehicles2023-03-31 NI037187core:LandBuildings2024-03-31 NI037187core:PlantMachinery2024-03-31 NI037187core:MotorVehicles2024-03-31 NI037187business:OrdinaryShareClass12023-04-012024-03-31 NI037187business:OrdinaryShareClass12022-04-012023-03-31 NI0371872022-04-012023-03-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. NI037187 (Northern Ireland)
Homefit Group Ltd Unaudited accounts for the year ended 31 March 2024
Homefit Group Ltd Unaudited accounts Contents
Page
- 2 -
Homefit Group Ltd Company Information for the year ended 31 March 2024
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
- 3 -
Homefit Group Ltd Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,041,666 
1,101,389 
Current assets
Inventories
794,310 
730,255 
Debtors
233,693 
202,201 
Cash at bank and in hand
231,966 
327,498 
1,259,969 
1,259,954 
Creditors: amounts falling due within one year
(970,980)
(912,967)
Net current assets
288,989 
346,987 
Total assets less current liabilities
1,330,655 
1,448,376 
Creditors: amounts falling due after more than one year
(103,962)
(238,037)
Provisions for liabilities
Deferred tax
(206)
(6,201)
Net assets
1,226,487 
1,204,138 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
1,226,387 
1,204,038 
Shareholders' funds
1,226,487 
1,204,138 
For the year ending 31 March 2024 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 3 July 2024 and were signed on its behalf by
John G Kelly Director Company Registration No. NI037187
- 4 -
Homefit Group Ltd Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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:
Land & buildings
1 - 5 %
Plant & machinery
10 - 25 %
Motor vehicles
15 - 25 %
Inventories
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 taxation
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.
Foreign currencies
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.
- 5 -
Homefit Group Ltd Notes to the Accounts for the year ended 31 March 2024
Leased assets
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.
Pension costs
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.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2023
927,773 
321,000 
336,390 
1,585,163 
Additions
- 
1,600 
- 
1,600 
Disposals
- 
- 
(88,340)
(88,340)
At 31 March 2024
927,773 
322,600 
248,050 
1,498,423 
Depreciation
At 1 April 2023
116,248 
169,945 
197,581 
483,774 
Charge for the year
10,378 
23,892 
25,379 
59,649 
On disposals
- 
- 
(86,666)
(86,666)
At 31 March 2024
126,626 
193,837 
136,294 
456,757 
Net book value
At 31 March 2024
801,147 
128,763 
111,756 
1,041,666 
At 31 March 2023
811,525 
151,055 
138,809 
1,101,389 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
229,819 
198,327 
Accrued income and prepayments
3,874 
3,874 
233,693 
202,201 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
83,729 
76,597 
Obligations under finance leases and hire purchase contracts
27,592 
30,893 
Trade creditors
463,919 
437,764 
Taxes and social security
195,086 
167,269 
Loans from directors
181,773 
138,666 
Accruals
18,881 
61,778 
970,980 
912,967 
- 6 -
Homefit Group Ltd Notes to the Accounts for the year ended 31 March 2024
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
100,661 
171,803 
Obligations under finance leases and hire purchase contracts
3,301 
66,234 
103,962 
238,037 
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
9
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).
10
Average number of employees
During the year the average number of employees was 40 (2023: 40).
- 7 -