Silverfin false false 30/11/2024 01/12/2023 30/11/2024 M Thomas 16/11/2014 29 August 2025 The principal activity of the Company during the financial year was the letting of investment property. 08589940 2024-11-30 08589940 bus:Director1 2024-11-30 08589940 2023-11-30 08589940 core:CurrentFinancialInstruments 2024-11-30 08589940 core:CurrentFinancialInstruments 2023-11-30 08589940 core:Non-currentFinancialInstruments 2024-11-30 08589940 core:Non-currentFinancialInstruments 2023-11-30 08589940 core:ShareCapital 2024-11-30 08589940 core:ShareCapital 2023-11-30 08589940 core:FurtherSpecificReserve3ComponentTotalEquity 2024-11-30 08589940 core:FurtherSpecificReserve3ComponentTotalEquity 2023-11-30 08589940 core:RetainedEarningsAccumulatedLosses 2024-11-30 08589940 core:RetainedEarningsAccumulatedLosses 2023-11-30 08589940 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2024-11-30 08589940 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-11-30 08589940 core:CurrentFinancialInstruments 1 2024-11-30 08589940 core:CurrentFinancialInstruments 1 2023-11-30 08589940 core:MoreThanFiveYears 2024-11-30 08589940 core:MoreThanFiveYears 2023-11-30 08589940 2023-12-01 2024-11-30 08589940 bus:FilletedAccounts 2023-12-01 2024-11-30 08589940 bus:SmallEntities 2023-12-01 2024-11-30 08589940 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 08589940 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 08589940 bus:Director1 2023-12-01 2024-11-30 08589940 2022-12-01 2023-11-30 08589940 core:Non-currentFinancialInstruments 2023-12-01 2024-11-30 iso4217:GBP xbrli:pure

Company No: 08589940 (England and Wales)

REFRESH LIVING NO. 1 LTD

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

REFRESH LIVING NO. 1 LTD

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

REFRESH LIVING NO. 1 LTD

BALANCE SHEET

As at 30 November 2024
REFRESH LIVING NO. 1 LTD

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 22,686,323 23,020,000
22,686,323 23,020,000
Current assets
Debtors 4 5,525,588 5,563,866
Cash at bank and in hand 5 10,810
5,525,593 5,574,676
Creditors: amounts falling due within one year 5 ( 4,920,990) ( 4,886,672)
Net current assets 604,603 688,004
Total assets less current liabilities 23,290,926 23,708,004
Creditors: amounts falling due after more than one year 6 ( 13,841,459) ( 13,864,155)
Provision for liabilities ( 2,368,770) ( 2,469,337)
Net assets 7,080,697 7,374,512
Capital and reserves
Called-up share capital 100 100
Undistributable reserve 7,106,307 7,408,009
Profit and loss account ( 25,710 ) ( 33,597 )
Total shareholder's funds 7,080,697 7,374,512

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Refresh Living No. 1 Ltd (registered number: 08589940) were approved and authorised for issue by the Director on 29 August 2025. They were signed on its behalf by:

M Thomas
Director
REFRESH LIVING NO. 1 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
REFRESH LIVING NO. 1 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Refresh Living No. 1 Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 40 Kingston House 1 Kingston Road, Taunton, TA2 7ED, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of rent received or receivable for the letting of investment property in the period in which the tenant occupies the property.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value through the profit or loss and then presented under undistributable reserves. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 December 2023 23,020,000
Additions 68,592
Fair value movement (402,269)
As at 30 November 2024 22,686,323

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by an external independent revaluation. The assets have a current value of £22,686,323 (2023 - £23,020,000).

4. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 1,964,247 2,268,728
Amounts owed by connected companies 3,423,911 3,254,191
Other debtors 137,430 40,947
5,525,588 5,563,866

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,343 0
Amounts owed to Group undertakings 3,956,513 3,956,513
Amounts owed to connected companies 591,082 686,279
Other creditors 369,052 243,880
4,920,990 4,886,672

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 13,841,459 13,864,155

Bank loans totalling £13,841,459 are secured by way of fixed and floating charges over investment property. The £13,841,459 includes bank loans totalling £4,251,698, which are also secured by way of an omnibus guarantee and set off agreement with Acorn Homes (SW) Ltd, Refresh Living No.2 Ltd, Refresh Living No.5 Ltd, and Refresh Commercial Ltd.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 9,589,761 9,589,761

7. Financial commitments

Other financial commitments

The total amount of contingencies not included in the balance sheet is £1,258,292 (2023 - £1,096,044). This relates to the company's omnibus guarantee and set-off agreements for loans taken out by Acorn Homes (SW) Ltd, Refresh Living No.2 Ltd, Refresh Living No.5 Ltd, and Refresh Commercial Ltd.

8. Related party transactions

During the year, the company entered into a number of transactions with associated group companies. At the year-end, there are amounts owed by group companies of £1,964,247 (2023 - £2,268,728) and amounts owed to group companies of £3,956,513 (2023 - £3,956,513) in connection with these transactions.

During the year, the company entered into a number of transactions with other companies which are under the control of M Thomas (director). At the year-end, there are amounts owed by connected companies of £3,423,911 (2023 - £3,254,191) and amounts owed to connected companies of £591,082 (2023 - £686,279) in connection with these transactions.

9. Off Balance Sheet arrangements

After the balance sheet date, the Company entered into a loan arrangement with Iwoca Tetra Limited whereby it borrowed £300,000, repayable over 12 months. The loan has been guaranteed by the director, M Thomas.