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Registered number: 08666044
The Family Place Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Anchorage
ICAEW
2 Rydel Mount
37 Bodenham Road
Hereford
HR1 2TP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 08666044
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 629,600 648,750
629,600 648,750
CURRENT ASSETS
Stocks 5,420 6,031
Debtors 5 227,596 245,653
Cash at bank and in hand 610,445 902,478
843,461 1,154,162
Creditors: Amounts Falling Due Within One Year 6 (84,136 ) (144,634 )
NET CURRENT ASSETS (LIABILITIES) 759,325 1,009,528
TOTAL ASSETS LESS CURRENT LIABILITIES 1,388,925 1,658,278
Creditors: Amounts Falling Due After More Than One Year 7 (147,495 ) (164,036 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (29,539 ) (46,633 )
NET ASSETS 1,211,891 1,447,609
CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 174,824 165,722
Income Statement 1,036,967 1,281,787
SHAREHOLDERS' FUNDS 1,211,891 1,447,609
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Page 2
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Vivien Norris
Director
18/09/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Family Place Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08666044 . The registered office is Kilverts School Clyro, Hay-On-Wye, Hereford, HR3 5SB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of freehold land and property, and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
Having considered a period of at least 12 months, the directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover comprises the invoiced value of goods or services sold during the year, excluding value added tax, and net of trade discounts. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods have passed to the buyer. Turnover also reflects the value of unbilled work at the year end, where a right to consideration exists. Where payments are received from customers in advance of goods or services provided, those amounts are recorded as deferred income and included as part of 'Creditors: amounts falling due within one year.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Plant & Machinery 20% straight line
Computer Equipment 33% straight line
Residual values are reassessed at the end of each accounting period, and assets are reviewed on an annual basis for any indicators of impairment. 
No depreciation is charged in the year of disposal.
The directors have decided to adopt the revaluation model with regard to the freehold land and property asset class. Those assets are carried at fair value, less depreciation and impairment. Changes in value are carried to the revaluation reserve. Revaluations are carried out on a periodic basis when the directors feel that the carrying value may no longer reflect the assets' fair value.
Deferred tax is provided on any revaluation gains at the rate expected to apply when the property is sold. 
2.5. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement in equal annual amounts over the period of the lease.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
In accordance with the requirements of FRS 102, deferred tax is provided in full using the liability method on temporary differences between the tax basis of assets and liabilities, and their carrying amounts in the accounts at the balance sheet date. A deferred tax asset is only recognised to the extent that it is probable that sufficient taxable profits will be available in the future for it to be utilised. Deferred taxation is measured on a non-discounted basis at the tax rates that would apply when the timing differences reverse, based on tax rates and laws that have been enacted - or substantively enacted - by the balance sheet date.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 25 (2023: 26)
25 26
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost or Valuation
As at 1 April 2023 626,650 55,537 44,064 726,251
Additions - 5,121 4,999 10,120
As at 31 March 2024 626,650 60,658 49,063 736,371
Depreciation
As at 1 April 2023 12,508 33,245 31,748 77,501
Provided during the period 12,508 7,272 9,490 29,270
As at 31 March 2024 25,016 40,517 41,238 106,771
Net Book Value
As at 31 March 2024 601,634 20,141 7,825 629,600
As at 1 April 2023 614,142 22,292 12,316 648,750
Tangible fixed assets with a value of £601,634 (2023: £614,142) were pledged as security for the company's bank loan.
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Page 5
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Land & Property
Freehold
£
Cost 445,996
Accumulated depreciation and impairment 41,402
Carrying amount 404,594
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 187,402 222,153
Other debtors 40,194 23,500
227,596 245,653
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 16,616 23,442
Bank loans and overdrafts 18,396 16,295
Other creditors 32,387 59,942
Taxation and social security 16,737 44,955
84,136 144,634
Included above are secured liabilities of £18,396 (2023: £16,295).
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 147,495 164,036
Included above are secured liabilities of £147,495 (2023: £164,036).
Of the creditors falling due after more than one year, the following amounts are due after more than five years, and payable by instalments:
2024 2023
£ £
Bank loans 60,510 88,470
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8. Pension Commitments
The company operates a defined contribution pension scheme for the benefit of its officers and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. 
At the statement of financial position date unpaid contributions of £3,210 (2023: £3,398) were due to the fund. They are included in Other Creditors.
Pension payments recognised as an expense during the year amounted to £179,588 (2023: £21,733).
During the year, the company also made one-off employer gross pension contributions into the private registered pension schemes of a director and her spouse. These amounts totalled £158,000 and are included in the figures given above.
9. Related Party Transactions
Dividends
During the year, the company became liable for the following dividends to its related parties:
Director - Amount paid: £53,000
Company use of related party assets
The company rented office space and accommodation from a director of the company. The annual rental paymehts amounted to £3,600 (2023: £3,600).
10. Guarantees and financial commitments
At the balance sheet date, the company had the following total commitments under non-cancellable operating leases: £112,543 (2023: £64,107).
The lease payments recognised as an expense during the year were £71,895 (2023: £55,004).
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