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REGISTERED NUMBER: 05019542 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

HOMEFIT (UK) LIMITED

HOMEFIT (UK) LIMITED (REGISTERED NUMBER: 05019542)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HOMEFIT (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: F M Swanborough
W J Swanborough
M Swanborough





SECRETARY: F M Swanborough





REGISTERED OFFICE: Unit 10, Broadhelm Business Park
Broadvale Close
Pocklington
East Yorkshire
YO42 1AE





REGISTERED NUMBER: 05019542 (England and Wales)





ACCOUNTANTS: Lloyd Dowson Limited
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

HOMEFIT (UK) LIMITED (REGISTERED NUMBER: 05019542)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 13,182 14,647
Tangible assets 5 2,030,864 2,041,166
2,044,046 2,055,813

CURRENT ASSETS
Stocks 374,628 613,544
Debtors 6 146,703 123,438
Cash at bank and in hand 517 902
521,848 737,884
CREDITORS
Amounts falling due within one year 7 428,470 692,991
NET CURRENT ASSETS 93,378 44,893
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,137,424

2,100,706

CREDITORS
Amounts falling due after more than one
year

8

(445,044

)

(495,630

)

PROVISIONS FOR LIABILITIES (228,815 ) (230,506 )
NET ASSETS 1,463,565 1,374,570

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Revaluation reserve 728,106 728,106
Retained earnings 734,459 645,464
SHAREHOLDERS' FUNDS 1,463,565 1,374,570

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HOMEFIT (UK) LIMITED (REGISTERED NUMBER: 05019542)

BALANCE SHEET - continued
31 MAY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by:





F M Swanborough - Director


HOMEFIT (UK) LIMITED (REGISTERED NUMBER: 05019542)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Homefit (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover derives from property renovations and retail hardware, excluding discounts, rebates, value added tax and other sales taxes. Income is recognised when services are provided.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Nil
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HOMEFIT (UK) LIMITED (REGISTERED NUMBER: 05019542)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the statement of income and retained earnings over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the statement of income and retained earnings over the period to which they relate.

Pension costs and other post-retirement benefits
The company has implemented auto-enrolment pension in respect of all employees. Contributions are charged to the statement of income and retained earnings in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 June 2023
and 31 May 2024 14,647
AMORTISATION
Charge for year 1,465
At 31 May 2024 1,465
NET BOOK VALUE
At 31 May 2024 13,182
At 31 May 2023 14,647

HOMEFIT (UK) LIMITED (REGISTERED NUMBER: 05019542)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 June 2023
and 31 May 2024 2,000,000 211,750 2,211,750
DEPRECIATION
At 1 June 2023 - 170,584 170,584
Charge for year - 10,302 10,302
At 31 May 2024 - 180,886 180,886
NET BOOK VALUE
At 31 May 2024 2,000,000 30,864 2,030,864
At 31 May 2023 2,000,000 41,166 2,041,166

Cost or valuation at 31 May 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2022 350,000 - 350,000
Valuation in 2023 500,000 - 500,000
Cost 1,150,000 211,750 1,361,750
2,000,000 211,750 2,211,750

If freehold land and building had not been revalued they would have been included at the following historical cost:

31.5.24 31.5.23
£    £   
Cost 1,150,000 1,150,000

Freehold land and buildings was valued on an open market basis on 31 May 2024 by the directors .

The net book value of tangible fixed assets includes £ 4,723 (2023 - £ 17,942 ) in respect of assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 18,336 10,978
Amounts owed by associates 128,367 112,460
146,703 123,438

HOMEFIT (UK) LIMITED (REGISTERED NUMBER: 05019542)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 81,120 87,524
Hire purchase contracts 2,939 9,527
Trade creditors 103,545 144,157
Taxation and social security 74,136 28,661
Other creditors 166,730 423,122
428,470 692,991

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 445,044 495,630

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans 327,056 336,274

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Hire purchase contracts 2,939 9,527
Bank loans 445,568 454,787
448,507 464,314

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
1,000 Ordinary £1 1,000 1,000