Company registration number 08254409 (England and Wales)
HOME GROWN CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HOME GROWN CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
HOME GROWN CLUB LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
FIXED ASSETS
Tangible assets
5
204,677
233,578
CURRENT ASSETS
Stocks
26,283
26,848
Debtors
6
800,241
713,874
Cash at bank and in hand
1,169,560
1,746,046
1,996,084
2,486,768
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
7
(1,835,067)
(2,471,028)
NET CURRENT ASSETS
161,017
15,740
NET ASSETS
365,694
249,318
CAPITAL AND RESERVES
Called up share capital
1,699,021
1,699,021
Profit and loss reserves
(1,333,327)
(1,449,703)
TOTAL EQUITY
365,694
249,318
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
..............................................
Mr C W Tuke
Director
Company registration number 08254409 (England and Wales)
HOME GROWN CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
BALANCE AT 1 JANUARY 2023
100
(1,788,071)
(1,787,971)
YEAR ENDED 31 DECEMBER 2023:
Profit and total comprehensive income
-
338,368
338,368
Conversion of loan to shares
1,698,921
-
1,698,921
BALANCE AT 31 DECEMBER 2023
1,699,021
(1,449,703)
249,318
YEAR ENDED 31 DECEMBER 2024:
Profit and total comprehensive income
-
116,376
116,376
BALANCE AT 31 DECEMBER 2024
1,699,021
(1,333,327)
365,694
HOME GROWN CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
ACCOUNTING POLICIES
Company information
Home Grown Club 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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
20% straight line
Equipment
33% straight line
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
HOME GROWN CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 4 -
1.4
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
1.5
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
1.6
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.
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.
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 GROWN CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 5 -
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.
1.7
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.
1.8
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
HOME GROWN CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 6 -
1.9
Retirement benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.10
Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
2
OPERATING PROFIT
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of tangible assets
86,324
56,427
3
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
7,200
7,500
4
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
60
62
HOME GROWN CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
TANGIBLE FIXED ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2024
150,847
193,040
343,887
Additions
47,945
9,478
57,423
Disposals
(1,905)
(1,905)
At 31 December 2024
198,792
200,613
399,405
Depreciation and impairment
At 1 January 2024
39,461
70,848
110,309
Depreciation charged in the year
35,564
50,760
86,324
Eliminated in respect of disposals
(1,905)
(1,905)
At 31 December 2024
75,025
119,703
194,728
Carrying amount
At 31 December 2024
123,767
80,910
204,677
At 31 December 2023
111,386
122,192
233,578
6
DEBTORS
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
625
Other debtors
22,840
10,303
Prepayments and accrued income
330,778
215,826
353,618
226,754
Deferred tax asset
446,623
487,120
800,241
713,874
HOME GROWN CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
7
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Trade creditors
121,569
90,404
Amounts owed to group undertakings
1,072,632
1,684,478
Taxation and social security
86,622
103,011
Other creditors
554,244
593,135
1,835,067
2,471,028
8
AUDIT REPORT INFORMATION
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Senior Statutory Auditor:
Simon Tee
Statutory Auditor:
Kilsby & Williams LLP
Date of audit report:
13 March 2025
9
OPERATING LEASE COMMITMENTS
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
8,485
6,290
Between two and five years
21,212
2,097
29,697
8,387
10
RELATED PARTY TRANSACTIONS
Transactions with related parties
During the year the company entered into the following transactions with related parties:
HOME GROWN CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
RELATED PARTY TRANSACTIONS
(Continued)
- 9 -
Sales
Sales
2024
2023
£
£
Entities with control, joint control or significant influence over the company
2,952
2,413
In accordance with FRS102, transactions with wholly owned entities within the group are not disclosed.
The above company is related due to common directors.
11
PARENT COMPANY
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 company is controlled by its ultimate controlling party which is Mr Salah Eddin Osseiran by virtue of his interest in Osserian Investment Limited.
12
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.
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