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Company No: 07082879 (England and Wales)

REFRESH LIVING NO. 3 LTD

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

REFRESH LIVING NO. 3 LTD

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

REFRESH LIVING NO. 3 LTD

BALANCE SHEET

As at 30 November 2024
REFRESH LIVING NO. 3 LTD

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,902,047 1,530,000
1,902,047 1,530,000
Current assets
Debtors 4 64,575 64,575
Cash at bank and in hand 0 14
64,575 64,589
Creditors: amounts falling due within one year 5 ( 1,166,224) ( 1,071,655)
Net current liabilities (1,101,649) (1,007,066)
Total assets less current liabilities 800,398 522,934
Creditors: amounts falling due after more than one year 6 ( 933,124) ( 598,499)
Provision for liabilities ( 62,212) ( 62,212)
Net liabilities ( 194,938) ( 137,777)
Capital and reserves
Called-up share capital 100 100
Undistributable reserve 186,634 186,634
Profit and loss account ( 381,672 ) ( 324,511 )
Total shareholder's deficit ( 194,938) ( 137,777)

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. 3 Ltd (registered number: 07082879) 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. 3 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
REFRESH LIVING NO. 3 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. 3 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 £.

Going concern

The financial statements have been prepared on a going concern basis. The company has net current liabilities of £1,101,649 at the year end and net liabilities of £194,938. There are amounts owed to connected companies of £1,063,835, and these companies are under the control of M Thomas (director). These companies will not seek repayment of the loans for at least 12 months to the extent that any such repayment would jeopardise the future of the company and therefore the director considers that the going concern basis is appropriate.

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.

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 the director, on an open market value for existing use basis.

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 1,530,000
Additions 372,047
As at 30 November 2024 1,902,047

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by the director. The assets have a current value of £1,902,047 (2023 - £1,530,000).

4. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 64,575 64,575

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 95,721 80,430
Amounts owed to connected companies 1,063,835 985,817
Other creditors 6,668 5,408
1,166,224 1,071,655

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

2024 2023
£ £
Bank loans (secured) 933,124 598,499

Bank loans totalling £933,124 are secured by way of fixed and floating charges and a negative pledge over investment property.

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

2024 2023
£ £
Bank loans (secured) 598,575 598,499

7. Financial commitments

Other financial commitments

The total amount of guarantees not included in the balance sheet is £3,000,000 (2023 - £3,000,000). This relates to the company's status as a guarantor for a loan of £3,000,000 taken by Refresh Property Group Limited. The loan is secured by fixed and floating charges over Refresh Property Group Limited, Refresh Living No.4 Limited and Refresh Living No.3 Limited.

8. Related party transactions

Transactions with the entity's director

The director has provided a personal guarantee of a maximum of £962,630 plus all interest and costs in respect of a development loan facility. The amount outstanding on this loan at 30 November 2024 was £334,549.

Other 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 £64,575 (2023 - £64,575) 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 to connected companies of £1,063,835 (2023 - £985,817) in connection with these transactions.