Company registration number 05260690 (England and Wales)
HOME HOUSE COLLECTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HOME HOUSE COLLECTION LIMITED
COMPANY INFORMATION
DIRECTORS
Charles Tuke
Saleh Al-Hajaj
Salah Osseiran
Bengt Dahl
Omar Jaroudi
Ramy Osseiran
(Appointed 8 March 2024)
SECRETARY
Charles Tuke
COMPANY NUMBER
05260690
REGISTERED OFFICE
Cedar House
Hazell Drive
Newport
South Wales
NP10 8FY
AUDITOR
Kilsby & Williams LLP
Cedar House
Hazell Drive
Newport
South Wales
NP10 8FY
HOME HOUSE COLLECTION LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 11
Group statement of comprehensive income
12
Group balance sheet
13 - 14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 41
HOME HOUSE COLLECTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

REVIEW OF THE BUSINESS

The principal activity of the group is to build communities and inspire individuality via the operation of exclusive private members clubs. In the year, the group operated two clubs located in London, being Home House and Home Grown.

 

2024 was another challenging year for the hospitality sector which experienced a notable increase in business closures amongst pubs and high-end restaurants. With interest rates remaining high, confidence in the economic outlook remained low throughout the year.

 

Despite this challenging backdrop, Home House Collection still managed to achieve revenue growth of 6% at Collection level, with both Home House and Home Grown achieving record bedroom sales for the second year in a row. Food and beverage sales grew by 8%, driven by impressive growth in private parties due to a stable team led by an experienced manager.

 

Obtaining and retaining the absolute best team members remains and will always be our highest priority. Our regular assessment of the team’s happiness using a platform Open Blend scored us above average, and the 360-degree reviews conducted on all managers earlier in the year has supported their personal development.

 

Equally, we continue to receive regular feedback scores through our reservation system Seven Rooms, which keeps us up to date with member satisfaction, who score the food, beverages, service, and ambience.

 

The year began with the three-week closure of the grand central staircase for the careful restoration of the atrium. Other projects included the completion of secondary glazing for the Drawing Rooms, House Lounge and Gloucester Lounge. Back of house enjoyed a refurb of the staff changing rooms and facilities.

 

Our new customer relationship management system is collecting valuable data on our members and providing valuable insights that help drive strategy, improve the effectiveness of marketing campaigns, and shape the member experience.

 

Once again Home House won Members Club of the Year at the London Lifestyle Awards. The team are incredibly proud to have been shortlisted for this award each year since its inception 12 years ago and now winning it for the sixth time.

 

Total revenue for the group in 2024 rose by 6% to £22.7m and gross profit as a percentage of revenue remained consistent at 49%. The group achieved an EBITDA profit of £3.7m compared to £3.9m in 2023. The group had an operating cash inflow of £2.0m, from which loan amortisation of £2.5m was made.

 

The range of offerings to members continues to be refined to ensure that members and their guests always receive an excellent experience and revel in the unique sense of community that both clubs create. Home House Collection will continue to grow its community whilst working to retain and hire the very best talent available.

 

 

HOME HOUSE COLLECTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
PRINCIPAL RISKS AND UNCERTAINTIES

There are a number of economic, political, regulatory and hospitality sector specific risks that could harm the profitability of the group and the management team take active measures to ensure these risks are understood and minimised. A business continuity plan is in place and documented.

 

Operational risks focus around the ability to ensure that the alcohol license is not encumbered with restrictions. The quality of food is paramount to the success of the business and great effort is made to ensure that food hygiene is maintained at the appropriate level. A review of energy costs has been made and action taken to become more energy efficient to combat the dramatic rise in energy prices experienced across 2022 and 2023.

CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY AND PROCEDURES

Fairford Group and its subsidiaries aim to be long term contributors to a sustainable society and an overarching CSR policy has been formulated by Fairford Group which has been customised by local management teams where needed and adopted by the boards in the respective Fairford Group portfolio companies. Educational workshops have been carried out to ensure that the management teams are fully informed, aligned and dedicated to spread the policy and procedures in their respective organisations. The efforts invested and measures taken ensure that each company and the group as a whole are operated and managed in a sustainable way and well positioned to match the current and upcoming legislation related to sustainability and CSR. The sustainability work is constantly ongoing and Fairford Group and its subsidiaries strive to continuously improve this further over time. The parent company Fairford Holdings Europe AB (556606-7566) provides a sustainability report for the Fairford Group as part of their annual report.

PROMOTING THE SUCCESS OF THE COMPANY

The directors of the company act in a way that considers and promotes the success of the company in line with the requirements of s172 of the Companies Act 2006.

 

When making decisions, the directors consider all stakeholders and the wider impacts of such decisions, including the impact of the company's operations on the community and environment, responsible business practices and the likely consequences of decisions in the long term. The size of the company enables the directors to regularly consult with other senior managers in the company, aiding in the decision making process. The company is subject to external audits carried out by third parties. Staff are trained to the latest standards in all aspects of their work and such training is monitored to ensure it is both relevant and current.

 

A number of the management team hold academic and professional qualifications specifically related to the business which the company operates and the directors and a number of the senior Management team hold internationally recognised professional qualifications.

 

The directors recognise the importance of staff engagement in the company, and participates in the decision making processes designed to increase and maintain staff engagement in the company, ultimately improving all aspects interaction within the company.

 

The company continues to hold direct meetings with employees from all areas of the company. Employees have direct access to the senior management team on a day to day basis.

 

Good working relationships with suppliers are important to the success of the company. The company at all times acts responsibly and ethically in its dealings with suppliers.

 

HOME HOUSE COLLECTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

On behalf of the board

Charles Tuke
Director
7 March 2025
HOME HOUSE COLLECTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

RESULTS AND DIVIDENDS

The results for the year are set out on page 12.

No ordinary dividends were paid. 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:

Charles Tuke
Saleh Al-Hajaj
Salah Osseiran
Bengt Dahl
(Resigned 8 March 2024)
Bengt Dahl
Omar Jaroudi
Ramy Osseiran
(Appointed 8 March 2024)
FINANCIAL INSTRUMENTS

The group's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors and loans to the company. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's operations.

 

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

 

In respect of loans these comprise loans from financial institutions and deep discounted bonds issued by the company. The interest rate on the loans from financial institutions is variable and the deep discounted bonds have an internal rate of return of 7.5%. The group manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

 

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

DISABLED PERSONS

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

HOME HOUSE COLLECTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
EMPLOYEE INVOLVEMENT

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

ENERGY AND CARBON REPORT

The Group has taken advantage of the option to exclude energy and carbon information from the group report because all group companies are not obliged to report in their own right under SECR requirements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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.

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.

HOME HOUSE COLLECTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 we set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

On behalf of the board
Charles Tuke
Director
7 March 2025
HOME HOUSE COLLECTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOME HOUSE COLLECTION LIMITED
- 7 -
Opinion

We have audited the financial statements of Home House Collection Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 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 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.

HOME HOUSE COLLECTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOME HOUSE COLLECTION LIMITED
- 8 -

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:

Matters on which we are required to report by exception

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

 

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

HOME HOUSE COLLECTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOME HOUSE COLLECTION LIMITED
- 9 -
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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
HOME HOUSE COLLECTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOME HOUSE COLLECTION LIMITED
- 10 -
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our 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.

HOME HOUSE COLLECTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOME HOUSE COLLECTION LIMITED
- 11 -
Simon Tee
Senior Statutory Auditor
For and on behalf of
Chartered accountants & statutory auditor
Cedar House
Hazell Drive
Newport
South Wales
NP10 8FY
13 March 2025
HOME HOUSE COLLECTION LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
TURNOVER
3
22,683,912
21,491,312
Cost of sales
(11,621,160)
(11,051,108)
GROSS PROFIT
11,062,752
10,440,204
Distribution costs
(900,430)
(957,126)
Administrative expenses
(7,957,660)
(7,014,843)
OPERATING PROFIT
4
2,204,662
2,468,235
Interest receivable and similar income
7
110,704
129,206
Interest payable and similar expenses
8
(1,647,817)
(1,801,970)
PROFIT BEFORE TAXATION
667,549
795,471
Tax on profit
9
(220,691)
(252,738)
PROFIT FOR THE FINANCIAL YEAR
22
446,858
542,733
OTHER COMPREHENSIVE INCOME
Tax relating to other comprehensive income
(40,122)
(37,902)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
406,736
504,831
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.
HOME HOUSE COLLECTION LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
FIXED ASSETS
Goodwill
10
4,812,089
5,008,913
Tangible assets
11
36,264,698
36,731,817
41,076,787
41,740,730
CURRENT ASSETS
Stocks
14
253,077
261,191
Debtors
15
1,530,732
1,521,677
Cash at bank and in hand
2,612,930
3,604,185
4,396,739
5,387,053
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
16
(5,421,570)
(12,215,607)
NET CURRENT LIABILITIES
(1,024,831)
(6,828,554)
TOTAL ASSETS LESS CURRENT LIABILITIES
40,051,956
34,912,176
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
17
(21,789,081)
(17,316,849)
PROVISIONS FOR LIABILITIES
Deferred tax liability
19
(1,391,246)
(1,130,434)
NET ASSETS
16,871,629
16,464,893
CAPITAL AND RESERVES
Called up share capital
21
9,013,152
9,013,152
Share premium account
22
990
990
Revaluation reserve
22
5,507,079
5,547,201
Profit and loss reserves
22
2,350,408
1,903,550
TOTAL EQUITY
16,871,629
16,464,893
HOME HOUSE COLLECTION LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
07 March 2025
Charles Tuke
Director
Company registration number 05260690 (England and Wales)
HOME HOUSE COLLECTION LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 15 -
2024
2023
Notes
£
£
FIXED ASSETS
Tangible assets
11
15,887,328
16,333,836
Investments
12
11,015,259
11,015,259
26,902,587
27,349,095
CURRENT ASSETS
Debtors
15
11,677,096
12,713,673
Cash at bank and in hand
53,214
55,150
11,730,310
12,768,823
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
16
(7,725,889)
(13,762,678)
NET CURRENT ASSETS/(LIABILITIES)
4,004,421
(993,855)
TOTAL ASSETS LESS CURRENT LIABILITIES
30,907,008
26,355,240
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
17
(21,789,081)
(17,316,849)
NET ASSETS
9,117,927
9,038,391
CAPITAL AND RESERVES
Called up share capital
21
9,013,152
9,013,152
Share premium account
22
990
990
Profit and loss reserves
22
103,785
24,249
TOTAL EQUITY
9,117,927
9,038,391

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 £79,536 (2023 - £30,297 loss).

The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
07 March 2025
Charles Tuke
Director
Company registration number 05260690 (England and Wales)
HOME HOUSE COLLECTION LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
BALANCE AT 1 JANUARY 2023
9,013,152
990
5,585,103
1,360,817
15,960,062
YEAR ENDED 31 DECEMBER 2023:
Profit for the year
-
-
-
542,733
542,733
Other comprehensive income:
Tax relating to other comprehensive income
-
-
(37,902)
-
0
(37,902)
Total comprehensive income
-
-
(37,902)
542,733
504,831
BALANCE AT 31 DECEMBER 2023
9,013,152
990
5,547,201
1,903,550
16,464,893
YEAR ENDED 31 DECEMBER 2024:
Profit for the year
-
-
-
446,858
446,858
Other comprehensive income:
Tax relating to other comprehensive income
-
-
(40,122)
-
0
(40,122)
Total comprehensive income
-
-
(40,122)
446,858
406,736
BALANCE AT 31 DECEMBER 2024
9,013,152
990
5,507,079
2,350,408
16,871,629
HOME HOUSE COLLECTION LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
BALANCE AT 1 JANUARY 2023
9,013,152
990
54,546
9,068,688
YEAR ENDED 31 DECEMBER 2023:
Loss and total comprehensive income for the year
-
-
(30,297)
(30,297)
BALANCE AT 31 DECEMBER 2023
9,013,152
990
24,249
9,038,391
YEAR ENDED 31 DECEMBER 2024:
Profit and total comprehensive income
-
-
79,536
79,536
BALANCE AT 31 DECEMBER 2024
9,013,152
990
103,785
9,117,927
HOME HOUSE COLLECTION LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
2024
2023
Notes
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
for the year after tax
446,858
542,733
Adjustments for:
Taxation charged
220,691
252,738
Finance costs
1,647,817
1,801,970
Investment income
(110,704)
(129,206)
Gain on disposal of tangible fixed assets
-
(5,476)
Amortisation and impairment of intangible assets
196,824
196,824
Depreciation and impairment of tangible fixed assets
946,983
1,095,471
Movements in working capital:
Decrease/(increase) in stocks
8,114
(13,996)
Increase in debtors
(9,055)
(74,211)
Increase/(decrease) in creditors
45,433
(528,362)
Cash generated from operations
3,392,961
3,138,485
Interest received
110,704
129,206
Interest paid
(1,552,139)
(1,191,111)
Income taxes refunded
-
66,809
Net cash inflow from operating activities
1,951,526
2,143,389
INVESTING ACTIVITIES
Purchase of tangible fixed assets
(479,864)
(682,868)
Net cash generated from investing activities
(479,864)
(682,868)
FINANCING ACTIVITIES
Repayment of other loans
(1,462,917)
-
Repayment of bank loans
(1,000,000)
(803,833)
Net cash generated from financing activities
(2,462,917)
(803,833)
NET INCREASE IN CASH AND CASH EQUIVALENTS
(991,255)
656,688
Cash and cash equivalents at beginning of year
3,604,185
2,947,497
CASH AND CASH EQUIVALENTS AT END OF YEAR
2,612,930
3,604,185
HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
1
ACCOUNTING POLICIES
Company information

Home House Collection Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Cedar House, Hazell Drive, Newport, NP10 8FY.

 

The group consists of Home House Collection Limited and all of its subsidiaries.

 

The principal place of business is 20 Portman Square, London, W1H 6LW.

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. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

 

HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 20 -
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 Home House Collection Limited 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 2024. 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.

 

As a consolidated statement of income and retained earnings is published, a separate statement of income and retained earnings for the parent company is omitted from the group accounts by virtue of section 408 of the Companies Act 2006.

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

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.

HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 21 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

Turnover from the sale of goods such as bar and restaurant takings are recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually at the point of sale. At this point the amount of turnover can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Turnover from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided the outcome can be reliably measured. The significant service turnover income streams are discussed below.

 

Membership subscription revenue is recognised on a straight-line basis over the life of the membership. Joining fees in relation to memberships are recognised in the month in which they are received.

 

Room hire revenue is recognised at the end of the financial day. All other revenues such as bar and restaurant takings are recognised at the point of sale.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is over the life of the lease of the property in which goodwill has been recognised for relevant subsidiaries.

 

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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.

HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 22 -

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:

Leasehold land and buildings
Over the life of the lease less residual value on the structure of the buildings and 10% straight line for other improvements
Fixtures and fittings
10% to 33% straight line
Computers
20% to 33% straight line

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.

The group has a policy of regular maintenance and repair on the leasehold buildings. The directors believe that the residual value of the leasehold buildings at the end of their useful economic life to the entity will not be materially different from the carrying value of the asset. The directors annually review the carrying value and the expected useful economic life and accordingly the directors believe that the depreciation charge for the structure element of the leasehold buildings is immaterial.

1.8
Fixed asset investments

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.

HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 23 -

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.

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.

HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 24 -
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.

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.

HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 25 -
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.

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.

HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 26 -
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.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
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.

KEY SOURCES OF ESTIMATION UNCERTAINTY

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic life of tangible fixed assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Taxation

Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable benefits.

Goodwill

The group establishes a reliable estimate of the useful life of goodwill arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business and the expected useful life of the cash generating units to which the goodwill is attributed.

3
TURNOVER AND OTHER REVENUE
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
10,736,802
9,938,945
Rendering of services
11,947,110
11,552,367
22,683,912
21,491,312
HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
TURNOVER AND OTHER REVENUE
(Continued)
- 28 -
2024
2023
£
£
Other revenue
Interest income
110,704
129,206

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

4
OPERATING PROFIT
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
946,983
1,095,471
Profit on disposal of tangible fixed assets
-
(5,476)
Amortisation of intangible assets
196,824
196,824
Operating lease charges
1,664,068
1,472,212

Included within overheads is £nil (2023 - £286,617) write back of costs for an overprovision in the prior year.

5
AUDITOR'S REMUNERATION
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,100
6,850
Audit of the financial statements of the company's subsidiaries
21,100
18,650
28,200
25,500
For other services
Taxation compliance services
7,230
6,980
All other non-audit services
785
5,694
8,015
12,674
HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
6
EMPLOYEES

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administrative
26
30
-
-
Management
5
5
-
-
Operational
242
239
-
-
Total
273
274
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,621,879
8,158,674
-
0
-
0
Social security costs
793,003
753,665
-
-
Pension costs
189,222
212,765
-
0
-
0
9,604,104
9,125,104
-
0
-
0
7
INTEREST RECEIVABLE AND SIMILAR INCOME
2024
2023
£
£
Interest income
Interest on bank deposits
110,704
129,206
8
INTEREST PAYABLE AND SIMILAR EXPENSES
2024
2023
£
£
Interest on bank overdrafts and loans
1,035,260
1,036,179
Interest on deep discount bonds
574,429
717,797
Other interest
38,128
47,994
Total finance costs
1,647,817
1,801,970
HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
9
TAXATION
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
220,691
252,738

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:

2024
2023
£
£
Profit before taxation
667,549
795,471
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
166,887
198,868
Tax effect of expenses that are not deductible in determining taxable profit
320
1,471
Depreciation on assets not qualifying for tax allowances
4,278
4,934
Amortisation on assets not qualifying for tax allowances
49,206
49,207
Effect of capital allowances super deduction
-
0
(1,742)
Taxation charge
220,691
252,738

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
40,122
37,902
HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
10
INTANGIBLE FIXED ASSETS
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
8,464,333
Amortisation and impairment
At 1 January 2024
3,455,420
Amortisation charged for the year
196,824
At 31 December 2024
3,652,244
Carrying amount
At 31 December 2024
4,812,089
At 31 December 2023
5,008,913
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
11
TANGIBLE FIXED ASSETS
Group
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
38,180,627
12,343,295
1,049,611
51,573,533
Additions
-
0
424,907
54,957
479,864
Disposals
-
0
(488,173)
(316,080)
(804,253)
At 31 December 2024
38,180,627
12,280,029
788,488
51,249,144
Depreciation and impairment
At 1 January 2024
4,399,572
9,659,322
782,822
14,841,716
Depreciation charged in the year
-
0
808,455
138,528
946,983
Eliminated in respect of disposals
-
0
(488,173)
(316,080)
(804,253)
At 31 December 2024
4,399,572
9,979,604
605,270
14,984,446
Carrying amount
At 31 December 2024
33,781,055
2,300,425
183,218
36,264,698
At 31 December 2023
33,781,055
2,683,973
266,789
36,731,817
HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
TANGIBLE FIXED ASSETS
(Continued)
- 33 -
Company
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2024
14,719,745
172,654
4,611,686
19,504,085
Disposals
-
0
(15,841)
-
0
(15,841)
At 31 December 2024
14,719,745
156,813
4,611,686
19,488,244
Depreciation and impairment
At 1 January 2024
-
0
172,654
2,997,595
3,170,249
Depreciation charged in the year
-
0
-
0
446,508
446,508
Eliminated in respect of disposals
-
0
(15,841)
-
0
(15,841)
At 31 December 2024
-
0
156,813
3,444,103
3,600,916
Carrying amount
At 31 December 2024
14,719,745
-
0
1,167,583
15,887,328
At 31 December 2023
14,719,745
-
0
1,614,091
16,333,836
12
FIXED ASSET INVESTMENTS
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
11,015,259
11,015,259

The group has other investments totalling £50,000 that have been fully provided against.

HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
FIXED ASSET INVESTMENTS
(Continued)
- 34 -
MOVEMENTS IN FIXED ASSET INVESTMENTS
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
11,015,259
Carrying amount
At 31 December 2024
11,015,259
At 31 December 2023
11,015,259
13
SUBSIDIARIES

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Berkeley Adam Limited
1
Ordinary
100.00
Home Grown Club Limited
1
Ordinary
100.00
House House Limited*
1
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Cedar House, Hazell Drive, Newport, NP10 8FY.

* Indirect holding.

All subsidiaries listed above are included in the consolidated accounts of Home House Collection Limited.

14
STOCKS
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
253,077
261,191
-
-
HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
15
DEBTORS
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
97,425
18,181
-
0
-
0
Corporation tax recoverable
32,500
32,500
32,500
32,500
Amounts owed by group undertakings
-
55,243
11,551,332
12,243,542
Amounts owed by undertakings in which the company has a participating interest
-
77,207
-
77,207
Other debtors
310,931
399,859
-
0
100,000
Prepayments and accrued income
1,089,876
938,687
-
0
-
0
1,530,732
1,521,677
11,583,832
12,453,249
Deferred tax asset (note 19)
-
0
-
0
93,264
260,424
1,530,732
1,521,677
11,677,096
12,713,673
16
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
961,872
963,539
961,872
963,539
Other borrowings
18
-
0
6,837,804
-
0
6,837,804
Trade creditors
1,076,264
1,235,547
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
6,701,016
5,890,838
Other taxation and social security
1,079,416
1,052,727
-
-
Other creditors
355,913
297,050
-
0
-
0
Accruals and deferred income
1,948,105
1,828,940
63,001
70,497
5,421,570
12,215,607
7,725,889
13,762,678
HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
17
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
12,819,317
13,779,523
12,819,317
13,779,523
Other borrowings
18
8,969,764
3,537,326
8,969,764
3,537,326
21,789,081
17,316,849
21,789,081
17,316,849
18
LOANS AND OVERDRAFTS
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
13,781,189
14,743,062
13,781,189
14,743,062
Other loans
8,969,764
10,375,130
8,969,764
10,375,130
22,750,953
25,118,192
22,750,953
25,118,192
Payable within one year
961,872
7,801,343
961,872
7,801,343
Payable after one year
21,789,081
17,316,849
21,789,081
17,316,849

The bank loans are secured by a fixed charge over the group's leasehold property and assets.

HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 37 -
19
DEFERRED TAXATION

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,174,210
1,156,838
Tax losses
(600,094)
(809,608)
Revaluations
1,144,284
1,104,161
Other timing differences
(327,154)
(320,957)
1,391,246
1,130,434
Assets
Assets
2024
2023
Company
£
£
Accelerated capital allowances
(348,521)
(337,781)
Tax losses
120,161
283,343
Other timing differences
321,624
314,862
93,264
260,424
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 January 2024
1,130,434
(260,424)
Charge to profit or loss
220,690
167,160
Charge to equity
40,122
-
Liability/(Asset) at 31 December 2024
1,391,246
(93,264)

The deferred tax liability for the group is expected to increase by £592k in the year ended 31 December 2025. The main reason for this is utilisation of available tax losses.

 

The deferred tax asset for the company is expected to reduce by £70k in the year ended 31 December 2025. The main reason for this is utilisation of available tax losses.

HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
DEFERRED TAXATION
(Continued)
- 38 -

At the year end there are unused tax losses of £2.4m in the group and £481k in the company.

20
RETIREMENT BENEFIT SCHEMES
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
189,222
212,765

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.

21
SHARE CAPITAL
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
9,013,142
9,013,142
9,013,142
9,013,142
B Ordinary of 1p each
1,000
1,000
10
10
9,014,142
9,014,142
9,013,152
9,013,152

A shares have the right to vote, the right to participate in a distribution, and are not liable to be redeemed.

 

B shares have no voting rights, no right to participate in a distribution, and are not liable to be redeemed.

22
RESERVES
Share premium

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Revaluation reserve

This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 39 -
23
FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

The company has an executive bonus scheme accruing which is only payable on termination of employment if certain conditions have been met. At the balance sheet date the amount due would have been £300,000 (2023 - £500,000). This amount does not include any provision for any potential employment related taxes.

24
OPERATING LEASE COMMITMENTS
Lessee

The group was subject to a rent review in December 2023. The outcome of this review was agreed in January 2025, and will result in an additional charge of £68,048 per annum. The numbers below do not reflect this increase because it was agreed after the reporting date.

At the reporting date the group and company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,733,529
1,637,458
512,499
420,000
Between two and five years
6,888,873
6,491,249
2,049,996
1,680,000
In over five years
40,269,582
41,886,489
16,065,000
16,485,000
48,891,984
50,015,196
18,627,495
18,585,000
25
RELATED PARTY TRANSACTIONS
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
569,880
287,394
HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
25
RELATED PARTY TRANSACTIONS
(Continued)
- 40 -
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Entities with control, joint control or significant influence over the group
11,024
8,050
160,583
153,906

Included within other creditors are deep discounts bonds which have been issued to entities with control, joint control or significant influence over the company. Further details of the amounts outstanding at the year end can be found in note 18 of the accounts. These bonds attract a coupon rate of 7.5%, and interest totalling £547,950 (2023 - £717,797) was charged in the year.

 

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities with control, joint control or significant influence over the group
-
132,450
Key management personnel
-
100,000
Other information

In accordance with FRS102, transactions with wholly owned entities within the group are not disclosed.

26
CONTROLLING PARTY

In the opinion of the directors, the company's ultimate parent company is Osserian Investment Limited, a company registered in Cyprus.

 

The parent undertakings of the largest group, which includes the company and for which group accounts are prepared, is Osserian Investment Limited, a company registered in Cyprus.

 

The parent undertaking of the smallest group, which includes the company and for which group accounts are prepared, is Fairford Holdings UK AB, a company registered in Sweden. Copies of the group accounts can be obtained from Bologsverket, S-851 81 Sundsvall, Sweden.

The group and company is controlled by its ultimate controlling party which is Mr Salah Eddin Osseiran by virtue of his interest in Osserian Investment Limited.

HOME HOUSE COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 41 -
27
ANALYSIS OF CHANGES IN NET DEBT - GROUP
1 January 2024
Cash flows
Other non-cash changes
31 December 2024
£
£
£
£
Cash at bank and in hand
3,604,185
(991,255)
-
2,612,930
Borrowings excluding overdrafts
(25,118,192)
2,462,917
(95,678)
(22,750,953)
(21,514,007)
1,471,662
(95,678)
(20,138,023)
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