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Registration number: 02880109

Homestyle Nationwide Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Homestyle Nationwide Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Homestyle Nationwide Limited

Company Information

Directors

M Lowe

Ms M Carvell

Company secretary

Ms M Carvell

Registered office

163 Herne Hill
London
SE24 9LR

Accountants

Innovi Advisors Ltd
Chartered Certified Accountants
163 Herne Hill
London
SE24 9LR

 

Homestyle Nationwide Limited

(Registration number: 02880109)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

7,550

8,665

Tangible assets

5

5,498

7,332

Investments

6

100

100

 

13,148

16,097

Current assets

 

Stocks

7

54,250

53,700

Debtors

8

623,925

681,386

Cash at bank and in hand

 

1,903

689

 

680,078

735,775

Creditors: Amounts falling due within one year

9

(512,241)

(462,112)

Net current assets

 

167,837

273,663

Total assets less current liabilities

 

180,985

289,760

Creditors: Amounts falling due after more than one year

9

(65,766)

(127,931)

Provisions for liabilities

-

(1,114)

Net assets

 

115,219

160,715

Capital and reserves

 

Called up share capital

300

300

Share premium reserve

55,000

55,000

Retained earnings

59,919

105,415

Shareholders' funds

 

115,219

160,715

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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 directors have not delivered to the registrar a copy of the Income Statement.

 

Homestyle Nationwide Limited

(Registration number: 02880109)
Statement of Financial Position as at 29 February 2024 (continued)

Approved and authorised by the Board on 14 November 2024 and signed on its behalf by:
 

M Lowe
Director

   
     
 

Homestyle Nationwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
163 Herne Hill
London
SE24 9LR
England

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 presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

Summary of disclosure exemptions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group..

Group accounts not prepared

The financial statements contain information about Homestyle Nationwide Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements..

Going concern

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

 

Homestyle Nationwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

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 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.

Tax

The tax expense for the period comprises 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.

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

Computer equipment

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

 

Homestyle Nationwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

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

Computer software

33.3% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

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 income statement 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Homestyle Nationwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 10).

 

Homestyle Nationwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 March 2023

50,027

50,027

At 29 February 2024

50,027

50,027

Amortisation

At 1 March 2023

33,522

33,522

Amortisation charge

8,955

8,955

At 29 February 2024

42,477

42,477

Carrying amount

At 29 February 2024

7,550

7,550

At 28 February 2023

8,665

8,665

5

Tangible assets

Computer equipment
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

7,660

10,846

40,380

58,886

At 29 February 2024

7,660

10,846

40,380

58,886

Depreciation

At 1 March 2023

6,117

9,827

35,610

51,554

Charge for the year

386

255

1,193

1,834

At 29 February 2024

6,503

10,082

36,803

53,388

Carrying amount

At 29 February 2024

1,157

764

3,577

5,498

At 28 February 2023

1,543

1,019

4,770

7,332

 

Homestyle Nationwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

6

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 March 2023

100

Carrying amount

At 29 February 2024

100

At 28 February 2023

100

7

Stocks

2024
£

2023
£

Other inventories

54,250

53,700

8

Debtors

Current

2024
£

2023
£

Trade debtors

619,934

680,953

Prepayments

1,336

433

Other debtors

2,655

-

 

623,925

681,386

 

Homestyle Nationwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

154,137

174,337

Trade creditors

 

16,419

8,099

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

100

100

Taxation and social security

 

113,151

129,094

Accruals and deferred income

 

2,843

2,897

Other creditors

 

225,591

147,585

 

512,241

462,112


Creditors include bank loans and overdrafts which are secured of £172,760 (2023 - £235,415). Bank loans and overdrafts are secured on fixed and floating charges over the company's assets.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

65,766

127,931

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

65,766

127,931

 

Homestyle Nationwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

10

Loans and borrowings (continued)

Current loans and borrowings

2024
£

2023
£

Bank borrowings

68,592

68,591

Bank overdrafts

38,402

38,893

Other borrowings

47,143

66,853

154,137

174,337

11

Related party transactions

Included within Other Creditors due within one year are directors loans of £211,119 (2023 - £121,116) repayable on demand. It is the intention of the directors that this is repaid once the company has sufficient surplus funds. Interest in the total amount of £2,220 (2023 - £2,220) has been paid during this year.