Company registration number 03833783 (England and Wales)
HOMEPRO LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HOMEPRO LTD.
COMPANY INFORMATION
Directors
Mr S O'Keeffe
Mr N Denton Rees
Mr Michael Thorpe
Company number
03833783
Registered office
24 Nicholas Street
Chester
CH1 2AU
Auditor
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
Bankers
Barclays Bank plc
2 Liscard Village
Wallasey
Wirral
Merseyside
CH45 4JS
HOMEPRO LTD.
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 29
HOMEPRO LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of acting as insurance intermediaries in the home improvements market and providing services to home owners and trade professionals using the internet and mobile communications.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £550,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S O'Keeffe
Mr N Denton Rees
Mr Michael Thorpe
Auditor

The auditor, Mitchell Charlesworth (Audit) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr S O'Keeffe
Director
24 September 2024
HOMEPRO LTD.
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HOMEPRO LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOMEPRO LTD.
- 3 -
Opinion

We have audited the financial statements of Homepro Ltd. (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HOMEPRO LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOMEPRO LTD.
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

HOMEPRO LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOMEPRO LTD.
- 5 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

 

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

 

Identifying and assessing potential risks related to irregularities

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

 

(i) The presentation of the group's Statement of Comprehensive Income and (ii) the group's accounting policy for revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory framework that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the FCA regulations, UK Companies Act, Employment Laws such as National Minimum Wage Act, Employment Rights Act and the Health and Safety at Work Act.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. This includes regulations concerning Data Protection Regulations.

HOMEPRO LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOMEPRO LTD.
- 6 -

As a result of performing the above, we identified revenue recognition and adherence to laws and regulations as the key audit matters related to the potential risk of fraud.

 

Our procedures to respond to risks identified included the following:

 

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Hall
Senior Statutory Auditor
25 September 2024
For and on behalf of
Mitchell Charlesworth (Audit) Limited
Accountants
24 Nicholas Street
Chester
CH1 2AU
HOMEPRO LTD.
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
2,629,857
2,464,154
Cost of sales
(909,152)
(1,022,509)
Gross profit
1,720,705
1,441,645
Administrative expenses
(957,188)
(887,405)
Other operating income
29,959
27,844
Operating profit
4
793,476
582,084
Interest receivable and similar income
6
1,530
52
Interest payable and similar expenses
7
(4)
-
0
Profit before taxation
795,002
582,136
Tax on profit
8
(7,366)
(40,779)
Profit for the financial year
787,636
541,357
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

HOMEPRO LTD.
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
3,696
-
0
Tangible assets
11
3,962
3,941
7,658
3,941
Current assets
Stocks
14
6,187
9,188
Debtors
15
661,083
367,082
Cash at bank and in hand
618,105
787,573
1,285,375
1,163,843
Creditors: amounts falling due within one year
16
(462,039)
(574,426)
Net current assets
823,336
589,417
Net assets
830,994
593,358
Capital and reserves
Called up share capital
19
83,145
83,145
Share premium account
186,961
186,961
Capital redemption reserve
9,238
9,238
Profit and loss reserves
551,650
314,014
Total equity
830,994
593,358

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
24 September 2024
Mr S O'Keeffe
Director
Company registration number 03833783 (England and Wales)
HOMEPRO LTD.
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
1,035,000
1,035,000
Current assets
Stocks
14
1,457
2,507
Debtors
15
258,121
149,542
Cash at bank and in hand
393,295
618,566
652,873
770,615
Creditors: amounts falling due within one year
16
(458,635)
(676,653)
Net current assets
194,238
93,962
Net assets
1,229,238
1,128,962
Capital and reserves
Called up share capital
19
83,145
83,145
Share premium account
186,961
186,961
Capital redemption reserve
9,238
9,238
Profit and loss reserves
949,894
849,618
Total equity
1,229,238
1,128,962

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £480,056 (2022 - £480,055 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
24 September 2024
Mr S O'Keeffe
Director
Company registration number 03833783 (England and Wales)
HOMEPRO LTD.
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
84,145
186,961
9,238
291,416
571,760
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
541,357
541,357
Dividends
9
-
-
-
(518,759)
(518,759)
Reduction of shares
19
(1,000)
-
-
-
(1,000)
Balance at 31 December 2022
83,145
186,961
9,238
314,014
593,358
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
787,636
787,636
Dividends
9
-
-
-
(550,000)
(550,000)
Balance at 31 December 2023
83,145
186,961
9,238
551,650
830,994
HOMEPRO LTD.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
84,145
186,961
9,238
888,321
1,168,665
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
480,056
480,056
Dividends
9
-
-
-
(518,759)
(518,759)
Reduction of shares
19
(1,000)
-
-
-
(1,000)
Balance at 31 December 2022
83,145
186,961
9,238
849,618
1,128,962
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
650,276
650,276
Dividends
9
-
-
-
(550,000)
(550,000)
Balance at 31 December 2023
83,145
186,961
9,238
949,894
1,229,238
HOMEPRO LTD.
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
414,881
558,926
Interest paid
(4)
-
0
Income taxes paid
(29,801)
(40,588)
Net cash inflow from operating activities
385,076
518,338
Investing activities
Purchase of intangible assets
(3,696)
-
Purchase of tangible fixed assets
(2,378)
(3,029)
Interest received
1,530
52
Net cash used in investing activities
(4,544)
(2,977)
Financing activities
Redemption of shares
-
0
(1,000)
Dividends paid to equity shareholders
(550,000)
(518,759)
Net cash used in financing activities
(550,000)
(519,759)
Net decrease in cash and cash equivalents
(169,468)
(4,398)
Cash and cash equivalents at beginning of year
787,573
791,971
Cash and cash equivalents at end of year
618,105
787,573
HOMEPRO LTD.
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
(51,680)
282,514
Income taxes paid
(29,801)
(40,588)
Net cash (outflow)/inflow from operating activities
(81,481)
241,926
Investing activities
Interest received
1,210
36
Dividends received
405,000
295,000
Net cash generated from investing activities
406,210
295,036
Financing activities
Redemption of shares
-
0
(1,000)
Dividends paid to equity shareholders
(550,000)
(518,759)
Net cash used in financing activities
(550,000)
(519,759)
Net (decrease)/increase in cash and cash equivalents
(225,271)
17,203
Cash and cash equivalents at beginning of year
618,566
601,363
Cash and cash equivalents at end of year
393,295
618,566
HOMEPRO LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Homepro Ltd. (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 24 Nicholas Street, Chester, CH1 2AU.

 

The group consists of Homepro Ltd. and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Homepro Ltd. together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

HOMEPRO LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
2 to 3 years
Licences
2 to 3 years
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

HOMEPRO LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
2 to 3 years
Computers
2 to 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

 

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

HOMEPRO LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
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 current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

HOMEPRO LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

HOMEPRO LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

HOMEPRO LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Subscription income
515,549
515,557
Insurance revenue
1,729,940
1,837,265
Partner revenue share
384,368
111,332
2,629,857
2,464,154
2023
2022
£
£
Other revenue
Interest income
1,530
52
Commissions received
29,959
26,095
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Exchange losses
182
-
Fees payable to the group's auditor for the audit of the group's financial statements
16,300
9,160
Depreciation of owned tangible fixed assets
2,357
2,172
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Professional staff
9
9
3
3
Finance and administration staff
2
2
2
2
Total
11
11
5
5
HOMEPRO LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
393,793
435,842
228,928
268,082
Social security costs
37,686
45,642
26,611
32,307
Pension costs
13,344
13,907
11,132
10,767
444,823
495,391
266,671
311,156
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,045
48
Other interest income
485
4
Total income
1,530
52
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,045
48
7
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Other interest
4
-
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
68,904
41,517
Adjustments in respect of prior periods
(11,717)
(738)
Total current tax
57,187
40,779
HOMEPRO LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
2023
2022
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
(49,821)
-
0
Total tax charge
7,366
40,779

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
795,002
582,136
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
151,050
110,606
Tax effect of expenses that are not deductible in determining taxable profit
1,623
207
Tax effect of income not taxable in determining taxable profit
(48)
(181)
Gains not taxable
-
0
(3)
Adjustments in respect of prior years
(11,717)
(738)
Effect of change in corporation tax rate
7,526
-
Group relief
-
0
(215)
Permanent capital allowances in excess of depreciation
-
0
(1,064)
Depreciation on assets not qualifying for tax allowances
(8)
413
Dividend income
95,258
56,050
Utilisation of tax losses
(235,861)
(124,296)
Taxation charge
7,823
40,779
Taxation charge in the financial statements
7,366
40,779
Reconciliation - the current year tax charge does not reconcile to the above analysis.  Please review figures in the database.
457
-
HOMEPRO LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
9
Dividends
2023
2022
2023
2022
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
Pence
Pence
£
£
Ordinary shares
Interim paid
6.62
6.24
550,000
518,759
10
Intangible fixed assets
Group
Software
Licences
Total
£
£
£
Cost
At 1 January 2023
12,814
19,950
32,764
Additions
3,696
-
0
3,696
At 31 December 2023
16,510
19,950
36,460
Amortisation and impairment
At 1 January 2023 and 31 December 2023
12,814
19,950
32,764
Carrying amount
At 31 December 2023
3,696
-
0
3,696
At 31 December 2022
-
0
-
0
-
0
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
HOMEPRO LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
11
Tangible fixed assets
Group
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 January 2023
360
17,896
18,256
Additions
150
2,228
2,378
Disposals
-
0
(4,301)
(4,301)
At 31 December 2023
510
15,823
16,333
Depreciation and impairment
At 1 January 2023
90
14,225
14,315
Depreciation charged in the year
166
2,191
2,357
Eliminated in respect of disposals
-
0
(4,301)
(4,301)
At 31 December 2023
256
12,115
12,371
Carrying amount
At 31 December 2023
254
3,708
3,962
At 31 December 2022
270
3,671
3,941
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,035,000
1,035,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
1,035,000
Carrying amount
At 31 December 2023
1,035,000
At 31 December 2022
1,035,000
HOMEPRO LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
13
Subsidiaries

These financial statements are separate company financial statements for Homepro Ltd.

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Fair Trades Limited
24 Nicholas Street, Chester, CH1 2AU
Insurance & ancillary services in the home improvement market
Ordinary
100.00
The Incorporation of Plastic Window Fabricators & Installers Limited
24 Nicholas Street, Chester, CH1 2AU
Insurance & ancillary services in the home improvement market
Ordinary
100.00
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
6,187
9,188
1,457
2,507
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
51
-
0
-
0
-
0
Amounts owed by group undertakings
-
2,424
12,553
-
Other debtors
12,542
1,496
12,311
1,219
Prepayments and accrued income
526,148
290,641
233,257
148,323
538,741
294,561
258,121
149,542
Deferred tax asset (note 17)
122,342
72,521
-
0
-
0
661,083
367,082
258,121
149,542
HOMEPRO LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
121,805
169,934
106,842
155,270
Amounts owed to group undertakings
-
0
2,424
74,176
201,316
Corporation tax payable
68,903
41,517
68,903
41,517
Other taxation and social security
22,362
22,370
18,281
17,814
Other creditors
6,333
4,202
144
100
Accruals and deferred income
242,636
333,979
190,289
260,636
462,039
574,426
458,635
676,653
17
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Assets
Assets
2023
2022
Group
£
£
Tax losses
122,342
72,521
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 January 2023
(72,521)
-
Credit to profit or loss
(49,821)
-
Asset at 31 December 2023
(122,342)
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
13,344
13,907
HOMEPRO LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Retirement benefit schemes
(Continued)
- 27 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
8,314,543
8,314,543
83,145
83,145

 

 

Dividend

The Company shall apply any profits which the Directors resolve to distribute in any year as a dividend to the holders of shares in respect of their holdings of such shares pari passu and pro rata to the number of such shares held by each of them as follows:

 

a) in respect of the holders of redeemable preference shares a dividend of 50% of distributable profits up to an aggregate of the first £1,500,000 (increasing at a rate of 3% per annum above the base rate of the Bank of England) available for distribution;

 

b) 50% of distributable profits to the holders of the ordinary shares.

 

Once an aggregate sum of £1,500,000 has been paid to the holders of the redeemable preference shares any further dividends will be distributed among the holders of the ordinary shares and the redeemable preference shares shall not be entitled to receive any dividend thereafter.

 

 

Voting

Subject to any special rights or restrictions as to voting attached to any shares by or in accordance with the Articles of Association, the following voting rights apply:

 

a) ordinary shares in the company shall carry one vote per share;

 

b) redeemable preference shares in the company shall not have the right to vote,

 

20
Directors' transactions

Mr Sean O’Keeffe is a director of 'OKeeffe and Associates Consulting Limited'. During the year end 31 December 2023, 'OKeeffe and Associates Consulting Limited' was paid £150,000 for professional and consultancy services (2022: £150,000).

 

Mr Nigel Denton Rees is a proprietor of a business providing consulting services. During the year end 31 December 2023, Mr Nigel Denton Rees was paid £6,000 for professional and consultancy services (2022: £6,000).

HOMEPRO LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
21
Cash (absorbed by)/generated from operations - company
2023
2022
£
£
Profit for the year after tax
650,276
480,056
Adjustments for:
Taxation charged
57,187
40,779
Investment income
(406,210)
(295,036)
Movements in working capital:
Decrease/(increase) in stocks
1,050
(78)
Increase in debtors
(108,579)
(16,580)
(Decrease)/increase in creditors
(245,404)
73,373
Cash (absorbed by)/generated from operations
(51,680)
282,514
22
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
787,636
541,357
Adjustments for:
Taxation charged
7,366
40,779
Finance costs
4
-
0
Investment income
(1,530)
(52)
Depreciation and impairment of tangible fixed assets
2,355
2,172
Movements in working capital:
Decrease/(increase) in stocks
3,001
(2,656)
Increase in debtors
(244,180)
(55,328)
(Decrease)/increase in creditors
(139,771)
32,654
Cash generated from operations
414,881
558,926
23
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
787,573
(169,468)
618,105
HOMEPRO LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
24
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
618,566
(225,271)
393,295
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