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Company No: 05972980 (England and Wales)

REFRESH COMMERCIAL LTD

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

REFRESH COMMERCIAL LTD

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

REFRESH COMMERCIAL LTD

BALANCE SHEET

As at 30 November 2024
REFRESH COMMERCIAL LTD

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 11,973 14,086
Investment property 4 3,441,098 2,565,000
3,453,071 2,579,086
Current assets
Debtors 5 1,745,475 350,002
Cash at bank and in hand 0 2,782
1,745,475 352,784
Creditors: amounts falling due within one year 6 ( 1,575,401) ( 1,498,383)
Net current assets/(liabilities) 170,074 (1,145,599)
Total assets less current liabilities 3,623,145 1,433,487
Creditors: amounts falling due after more than one year 7 ( 2,702,062) ( 980,877)
Provision for liabilities ( 275,168) ( 121,519)
Net assets 645,915 331,091
Capital and reserves
Called-up share capital 100 100
Undistributable reserve 825,499 364,554
Profit and loss account ( 179,684 ) ( 33,563 )
Total shareholder's funds 645,915 331,091

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 Commercial Ltd (registered number: 05972980) were approved and authorised for issue by the Director on 29 August 2025. They were signed on its behalf by:

M P Thomas
Director
REFRESH COMMERCIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
REFRESH COMMERCIAL 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 Commercial 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 is recognised at the fair value of the consideration received or receivable and is net of sales/value added tax. Turnover is comprised of:

Rental income recognised in the period in which the tenant occupies the property.
Fees for the supply of energy to tenants recognised in the period which energy is supplied to the property.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

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 the Profit and Loss Account as described below.

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.

Grants relating to revenue are recognised in other revenue over the period in which the related costs are recognised, and timing differences are presented as deferred income within the balance sheet. Deferred income is presented under other creditors in the accounts.

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. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 December 2023 60,000 60,000
At 30 November 2024 60,000 60,000
Accumulated depreciation
At 01 December 2023 45,914 45,914
Charge for the financial year 2,113 2,113
At 30 November 2024 48,027 48,027
Net book value
At 30 November 2024 11,973 11,973
At 30 November 2023 14,086 14,086

4. Investment property

Investment property
£
Valuation
As at 01 December 2023 2,565,000
Additions 261,504
Fair value movement 614,594
As at 30 November 2024 3,441,098

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 £3,441,098 (2023 - £2,565,000).

5. Debtors

2024 2023
£ £
Trade debtors 3,119 2,029
Amounts owed by Group undertakings 1,000 0
Amounts owed by connected companies 1,611,273 249,035
Other debtors 130,083 98,938
1,745,475 350,002

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured £ 702,462) 708,017 32,555
Trade creditors 25,769 10,475
Amounts owed to Group undertakings 525,885 516,565
Amounts owed to connected companies 13,024 648,205
Other creditors 302,706 290,583
1,575,401 1,498,383

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

2024 2023
£ £
Bank loans (secured £ 935,561) 960,562 980,877
Other creditors 1,741,500 0
2,702,062 980,877

There are secured current bank loans of £702,462 and secured non-current bank loans of £935,561. Bank loans totalling £1,638,023 are secured by way of fixed and floating charges over investment property. The £1,638,023 includes bank loans totalling £962,561, which are also secured by way of an omnibus guarantee and set-off agreement with Acorn Homes (SW) Ltd, Refresh Living No. 2 Limited, Refresh Living No. 5 Ltd, and Refresh Living No. 1 Limited.

Amounts included in other creditors refers to deferred grant revenue.

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

2024 2023
£ £
Bank loans 2,781 8,336
Other creditors 1,741,500 0
1,744,281 8,336

8. Financial commitments

Other financial commitments

The total amount of contingencies not included in the balance sheet is £4,547,429 (2023 - £4,394,305). The company has an omnibus guarantee and set-off agreement for loans taken out by Acorn Homes (SW) Ltd, Refresh Living No.1 Ltd, Refresh Living No.2 Ltd, and Refresh Living No.5 Ltd.

9. Contingencies

Contingent liabilities

2024 2023
£ £
Other creditors 1,741,500 0

Amounts included in other creditors refers to deferred grant revenue. A balance of £1,252,000 is contingent on the construction of 57 housing units at investment property owned by the company, and the rental of these units to key workers at rental costs equivalent to 80% of the market value. A balance of £489,500 is contingent on the completion of phosphate mitigation works at investment property owned by the company in accordance with guidance from Natural England and Law.

10. 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 undertakings of £1,000 (2023: £Nil) and amounts owed to group undertakings of £525,885 (2023 - £516,565) 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 P Thomas (director). At the year-end, there are amounts owed by connected companies of £1,611,273 (2023 - £249,035) and amounts owed to connected companies of £13,024 (2023 - £648,205) in connection with these transactions.