The Relaxed Homes Company Limited 10009487 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is letting and operating of real estate Digita Accounts Production Advanced 6.30.9574.0 true 10009487 2024-01-01 2024-12-31 10009487 2024-12-31 10009487 core:RevaluationInvestmentPropertyDeferredTax 2024-12-31 10009487 core:CurrentFinancialInstruments 2024-12-31 10009487 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 10009487 core:Non-currentFinancialInstruments 2024-12-31 10009487 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 10009487 bus:SmallEntities 2024-01-01 2024-12-31 10009487 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 10009487 bus:FilletedAccounts 2024-01-01 2024-12-31 10009487 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 10009487 bus:RegisteredOffice 2024-01-01 2024-12-31 10009487 bus:Director1 2024-01-01 2024-12-31 10009487 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10009487 countries:EnglandWales 2024-01-01 2024-12-31 10009487 2023-12-31 10009487 2023-01-01 2023-12-31 10009487 2023-12-31 10009487 core:RevaluationInvestmentPropertyDeferredTax 2023-12-31 10009487 core:CurrentFinancialInstruments 2023-12-31 10009487 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 10009487 core:Non-currentFinancialInstruments 2023-12-31 10009487 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 10009487

Prepared for the registrar

The Relaxed Homes Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

The Relaxed Homes Company Limited

(Registration number: 10009487)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

5

1,000,000

975,000

Current assets

 

Debtors

6

941

915

Cash at bank and in hand

 

9,351

7,501

 

10,292

8,416

Creditors: Amounts falling due within one year

7

(587,268)

(572,419)

Net current liabilities

 

(576,976)

(564,003)

Total assets less current liabilities

 

423,024

410,997

Creditors: Amounts falling due after more than one year

7

(198,175)

(198,175)

Deferred tax liabilities

4

(52,284)

(46,034)

Net assets

 

172,565

166,788

Capital and reserves

 

Called up share capital

100

100

Retained earnings

172,465

166,688

Shareholders' funds

 

172,565

166,788

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 April 2025 and signed on its behalf by:
 

A Lillywhite
Director

   
     
 

The Relaxed Homes Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

1

General information

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

The address of its registered office is:
Glenfall Lawn
Pittville Circus
Cheltenham
GL52 2PX

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Turnover comprises of rental income.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

The Relaxed Homes Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

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

Dividends

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

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

4

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Revaluation of investment property

52,284

52,284

 

The Relaxed Homes Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

2023

Liability
£

Revaluation of investment property

46,034

46,034

 

5

Investment properties

£

At 1 January 2024

975,000

Fair value adjustments

25,000

At 31 December 2024

1,000,000

The carrying value of the investment property is based on the market value as estimated by the directors' property agent. The carrying amount at historical cost is £771,620 (2023 - £771,620).

 

6

Debtors

2024
£

2023
£

Prepayments

306

280

Other debtors

635

635

941

915

 

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

553,822

551,287

Taxation and social security

 

140

2,250

Accruals and deferred income

 

32,016

17,592

Other creditors

 

1,290

1,290

 

587,268

572,419

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

198,175

198,175

 

The Relaxed Homes Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Directors loan account

163,853

163,518

Shareholders loan

389,969

387,769

553,822

551,287

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings (secured)

198,175

198,175

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings (secured)

100,050

100,050

 

9

Related party transactions

At 31 December 2024, the company owed £389,969 (2023: £387,769) to shareholders in the form of a shareholders' loan account. During the year, interest of £30,000 (2023: £14,000) was accrued on this loan. The loan is unsecured and repayable on demand.

At 31 December 2024, the company owed £163,853 (2023: £163,518) to the directors in the form of a directors' loan account. The loan is unsecured, repayable on demand and no interest is payable