Company registration number 03054972 (England and Wales)
HOME HOUSE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HOME HOUSE LIMITED
COMPANY INFORMATION
DIRECTORS
Saleh Al-Hajaj
Charles Tuke
Salah Osseiran
Ramy Osseiran
(Appointed 8 March 2024)
Bengt Dahl
Omar Jaroudi
SECRETARY
Charles Tuke
COMPANY NUMBER
03054972
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 LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 26
HOME HOUSE 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 company is the operation of Home House, a private members club in London. Home House is a thriving and engaging community of members that enjoy a unique British heritage building offering a large range of services and facilities bound by the club’s values of luxury, excellence and eccentricity.

 

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 environment, Home House has again proven resilient to difficult market conditions.

 

The club achieved record bedroom sales for the second year in a row, and a steady increase in members. Food and beverage sales grew by 8%, driven by impressive growth in private parties due to a stable team led by an experienced manager.

 

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 club in 2024 rose by 6% to £18.2m and gross profit as a percentage of revenue remained consistent at 49%.

 

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 the club creates. Home House will continue to grow its community whilst working to retain and hire the very best talent available.

PRINCIPAL RISKS AND UNCERTAINTIES

There are a number of economic, political, regulatory and hospitality sector specific risks that could harm the profitability of the company 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 in 2022.

 

HOME HOUSE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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.

On behalf of the board

.............................................
Charles Tuke
Director
7 March 2025
HOME HOUSE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

PRINCIPAL ACTIVITIES

The principal activity of the company continued to be that of the operation of a private members club.

RESULTS AND DIVIDENDS

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £1,000,000. The directors do not recommend payment of a further dividend.

DIRECTORS

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

Saleh Al-Hajaj
Charles Tuke
Salah Osseiran
Ramy Osseiran
(Appointed 8 March 2024)
Bengt Dahl
Bengt Dahl
(Resigned 8 March 2024)
Omar Jaroudi
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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HOME HOUSE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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 company’s auditor 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 company’s auditor is aware of that information.

MEDIUM-SIZED COMPANIES EXEMPTION

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

On behalf of the board
..............................................
Charles Tuke
Director
7 March 2025
HOME HOUSE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOME HOUSE LIMITED
- 5 -
Opinion

We have audited the financial statements of Home House Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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 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 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOME HOUSE LIMITED (CONTINUED)
- 6 -

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 company and its 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 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOME HOUSE LIMITED (CONTINUED)
- 7 -
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 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 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.
HOME HOUSE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOME HOUSE LIMITED (CONTINUED)
- 8 -
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOME HOUSE LIMITED (CONTINUED)
- 9 -
Simon Tee
Senior Statutory Auditor
For and on behalf of
Kilsby & Williams LLP
Chartered accountants & statutory auditor
Cedar House
Hazell Drive
Newport
South Wales
NP10 8FY
13 March 2025
HOME HOUSE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
TURNOVER
3
18,180,813
17,223,991
Cost of sales
(9,227,436)
(8,767,018)
GROSS PROFIT
8,953,377
8,456,973
Distribution costs
(513,217)
(610,060)
Administrative expenses
(6,726,926)
(7,118,686)
OPERATING PROFIT
4
1,713,234
728,227
Interest receivable and similar income
7
76,319
71,724
PROFIT BEFORE TAXATION
1,789,553
799,951
Tax on profit
8
(450,644)
(192,029)
PROFIT FOR THE FINANCIAL YEAR
1,338,909
607,922

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

HOME HOUSE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
FIXED ASSETS
Tangible assets
10
1,111,382
1,103,092
CURRENT ASSETS
Stocks
11
226,794
234,344
Debtors
12
7,710,175
6,883,133
Cash at bank and in hand
1,390,068
1,802,869
9,327,037
8,920,346
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
13
(3,634,262)
(3,557,219)
NET CURRENT ASSETS
5,692,775
5,363,127
TOTAL ASSETS LESS CURRENT LIABILITIES
6,804,157
6,466,219
PROVISIONS FOR LIABILITIES
Deferred tax liability
14
(109,581)
(110,552)
NET ASSETS
6,694,576
6,355,667
CAPITAL AND RESERVES
Called up share capital
16
2,075,002
2,075,002
Profit and loss reserves
4,619,574
4,280,665
TOTAL EQUITY
6,694,576
6,355,667

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

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:
..............................................
Charles Tuke
Director
Company registration number 03054972 (England and Wales)
HOME HOUSE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
BALANCE AT 1 JANUARY 2023
2,075,002
3,847,743
5,922,745
YEAR ENDED 31 DECEMBER 2023:
Profit and total comprehensive income
-
607,922
607,922
Dividends
9
-
(175,000)
(175,000)
BALANCE AT 31 DECEMBER 2023
2,075,002
4,280,665
6,355,667
YEAR ENDED 31 DECEMBER 2024:
Profit and total comprehensive income
-
1,338,909
1,338,909
Dividends
9
-
(1,000,000)
(1,000,000)
BALANCE AT 31 DECEMBER 2024
2,075,002
4,619,574
6,694,576
HOME HOUSE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year after tax
1,338,909
607,922
Adjustments for:
Taxation charged
450,644
192,029
Investment income
(76,319)
(71,724)
Gain on disposal of tangible fixed assets
-
(5,136)
Depreciation and impairment of tangible fixed assets
414,151
407,827
Management charges
1,597,103
2,411,359
Group recharges
(115,988)
(1,344,992)
Movements in working capital:
Decrease/(increase) in stocks
7,550
(11,982)
Increase in debtors
(114,642)
(70,986)
Increase in creditors
77,043
199,838
Cash generated from operations
3,578,451
2,314,155
Interest received
76,319
71,724
Net cash inflow from operating activities
3,654,770
2,385,879
INVESTING ACTIVITIES
Purchase of tangible fixed assets
(422,441)
(475,559)
Proceeds from disposal of tangible fixed assets
-
0
14,792
Net cash used in investing activities
(422,441)
(460,767)
FINANCING ACTIVITIES
Repayment of loans from group undertakings
(3,645,130)
(2,810,285)
Net cash used in financing activities
(3,645,130)
(2,810,285)
NET DECREASE IN CASH AND CASH EQUIVALENTS
(412,801)
(885,173)
Cash and cash equivalents at beginning of year
1,802,869
2,688,042
CASH AND CASH EQUIVALENTS AT END OF YEAR
1,390,068
1,802,869
HOME HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
ACCOUNTING POLICIES
Company information

Home House Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cedar House, Hazell Drive, Newport, South Wales, NP10 8FY.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the profit and loss account. The principal accounting policies adopted are set out below.

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of Home House Collection Limited. These consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

1.2
Going concern

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

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

HOME HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 15 -

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.

1.4
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.

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:

Fixtures and fittings
10% to 33% straight line
Office equipment
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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

HOME HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 16 -

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.

1.6
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.

1.7
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.

1.8
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 17 -
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 company 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 company after deducting all of its liabilities.

HOME HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 18 -
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 company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HOME HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 19 -
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 when the company has 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.

It is the group's policy to charge for group tax relief at a rate equal to the tax saved. This charge is shown within the tax charge as a payment to a fellow subsidiary for group relief rather than a payment to HMRC. Similarly, the receiving company shows a receipt in the tax charge as a receipt from a fellow subsidiary for losses surrendered by way of group relief.

1.11
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.

1.12
Retirement benefits

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

HOME HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’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 reassessed 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.

3
TURNOVER AND OTHER REVENUE
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
9,161,848
8,526,495
Rendering of services
9,018,965
8,697,496
18,180,813
17,223,991
2024
2023
£
£
Other revenue
Interest income
76,319
71,724
HOME HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
4
OPERATING PROFIT
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
414,151
407,827
Profit on disposal of tangible fixed assets
-
(5,136)
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 company
10,850
9,600
6
EMPLOYEES

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

2024
2023
Number
Number
Administrative staff
20
20
Management staff
4
4
Operational staff
189
188
Total
213
212

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
6,499,858
6,310,690
Social security costs
579,097
589,700
Pension costs
151,161
174,714
7,230,116
7,075,104
HOME HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
7
INTEREST RECEIVABLE AND SIMILAR INCOME
2024
2023
£
£
Interest income
Interest on bank deposits
76,319
71,724
8
TAXATION
2024
2023
£
£
Current tax
Group tax relief
451,615
178,074
Deferred tax
Origination and reversal of timing differences
(971)
13,955
Total tax charge
450,644
192,029

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
1,789,553
799,951
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
447,388
199,988
Tax effect of expenses that are not deductible in determining taxable profit
227
710
Effect of change in corporation tax rate
-
0
(11,367)
Depreciation on assets not qualifying for tax allowances
3,029
4,047
30% uplift from a claim for super-deduction
-
0
(1,349)
Taxation charge for the year
450,644
192,029
HOME HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
9
DIVIDENDS
2024
2023
£
£
Final paid
1,000,000
175,000
10
TANGIBLE FIXED ASSETS
Fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 January 2024
7,634,080
683,915
8,317,995
Additions
376,962
45,479
422,441
Disposals
(488,173)
(298,334)
(786,507)
At 31 December 2024
7,522,869
431,060
7,953,929
Depreciation and impairment
At 1 January 2024
6,675,583
539,320
7,214,903
Depreciation charged in the year
326,383
87,768
414,151
Eliminated in respect of disposals
(488,173)
(298,334)
(786,507)
At 31 December 2024
6,513,793
328,754
6,842,547
Carrying amount
At 31 December 2024
1,009,076
102,306
1,111,382
At 31 December 2023
958,497
144,595
1,103,092
11
STOCKS
2024
2023
£
£
Raw materials and consumables
226,794
234,344
HOME HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
12
DEBTORS
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
97,426
17,556
Amounts owed by group undertakings
6,565,560
5,853,160
Other debtors
288,091
289,556
Prepayments and accrued income
759,098
722,861
7,710,175
6,883,133
13
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Trade creditors
954,696
1,145,144
Taxation and social security
992,794
949,717
Other creditors
311,464
240,553
Accruals and deferred income
1,375,308
1,221,805
3,634,262
3,557,219
14
DEFERRED TAXATION

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
113,460
114,722
Other timing
(3,879)
(4,170)
109,581
110,552
HOME HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
DEFERRED TAXATION
(Continued)
- 25 -
2024
Movements in the year:
£
Liability at 1 January 2024
110,552
Credit to profit or loss
(971)
Liability at 31 December 2024
109,581

The net deferred tax liability is expected to increase in 2025 by £117k. This primarily relates to the origination of new timing differences on tangible fixed assets.

15
RETIREMENT BENEFIT SCHEMES
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
151,161
174,714

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
SHARE CAPITAL
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,075,002
2,075,002
2,075,002
2,075,002
17
OPERATING LEASE COMMITMENTS

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

2024
2023
£
£
Within one year
17,257
9,590
Between two and five years
36,513
25,903
In over five years
-
0
1,619
53,770
37,112
HOME HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
18
RELATED PARTY TRANSACTIONS
Transactions with related parties

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

Description of transaction
Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Entities under joint control
8,072
5,637
160,583
153,906
Other information

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

19
ULTIMATE CONTROLLING PARTY

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

 

The parent undertaking of the largest group, which includes the company and for which group accounts are prepared, is Osseiran 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 Home House Collection Limited. Copies of the group accounts can be obtained from Companies House, Crown Way, Cardiff, CF4 3UZ.

 

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.

20
CONTINGENCIES

At 31 December 2024 a composite cross-guarantee was in existence between Home House Limited, Berkeley Adam Limited, Home Grown Club Limited and Home House Collection Limited in respect of a bank loan amounting to £13,850,000. The directors do not expect any liability to arise from this.

21
ANALYSIS OF CHANGES IN NET FUNDS
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,802,869
(412,801)
1,390,068
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