Silverfin false false 30/11/2024 01/12/2023 30/11/2024 M D Thomas 22/08/2023 M P Thomas 29/07/2015 29 August 2025 The principal activity of the Company during the financial year was the letting of investment property. 09709441 2024-11-30 09709441 bus:Director1 2024-11-30 09709441 bus:Director2 2024-11-30 09709441 2023-11-30 09709441 core:CurrentFinancialInstruments 2024-11-30 09709441 core:CurrentFinancialInstruments 2023-11-30 09709441 core:Non-currentFinancialInstruments 2024-11-30 09709441 core:Non-currentFinancialInstruments 2023-11-30 09709441 core:ShareCapital 2024-11-30 09709441 core:ShareCapital 2023-11-30 09709441 core:FurtherSpecificReserve3ComponentTotalEquity 2024-11-30 09709441 core:FurtherSpecificReserve3ComponentTotalEquity 2023-11-30 09709441 core:RetainedEarningsAccumulatedLosses 2024-11-30 09709441 core:RetainedEarningsAccumulatedLosses 2023-11-30 09709441 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2024-11-30 09709441 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-11-30 09709441 core:CurrentFinancialInstruments 1 2024-11-30 09709441 core:CurrentFinancialInstruments 1 2023-11-30 09709441 core:MoreThanFiveYears 2024-11-30 09709441 core:MoreThanFiveYears 2023-11-30 09709441 2023-12-01 2024-11-30 09709441 bus:FilletedAccounts 2023-12-01 2024-11-30 09709441 bus:SmallEntities 2023-12-01 2024-11-30 09709441 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 09709441 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 09709441 bus:Director1 2023-12-01 2024-11-30 09709441 bus:Director2 2023-12-01 2024-11-30 09709441 2022-12-01 2023-11-30 09709441 core:Non-currentFinancialInstruments 2023-12-01 2024-11-30 09709441 1 2023-12-01 2024-11-30 iso4217:GBP xbrli:pure

Company No: 09709441 (England and Wales)

REFRESH LIVING NO.4 LTD

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

REFRESH LIVING NO.4 LTD

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

REFRESH LIVING NO.4 LTD

BALANCE SHEET

As at 30 November 2024
REFRESH LIVING NO.4 LTD

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 8,645,000 6,000,000
8,645,000 6,000,000
Current assets
Debtors 4 70,933 145,385
Cash at bank and in hand 104 100
71,037 145,485
Creditors: amounts falling due within one year 5 ( 1,386,974) ( 547,921)
Net current liabilities (1,315,937) (402,436)
Total assets less current liabilities 7,329,063 5,597,564
Creditors: amounts falling due after more than one year 6 ( 5,793,851) ( 4,652,434)
Provision for liabilities ( 675,287) ( 384,348)
Net assets 859,925 560,782
Capital and reserves
Called-up share capital 100 100
Undistributable reserve 2,025,863 1,153,046
Profit and loss account ( 1,166,038 ) ( 592,364 )
Total shareholder's funds 859,925 560,782

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.

Directors' responsibilities:

The financial statements of Refresh Living No.4 Ltd (registered number: 09709441) were approved and authorised for issue by the Board of Directors on 29 August 2025. They were signed on its behalf by:

M P Thomas
Director
REFRESH LIVING NO.4 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
REFRESH LIVING NO.4 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.4 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 £1,315,937 at the year-end. There are amounts owed to connected companies and group companies of £1,368,285, and these companies are under the control of M P 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 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 directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 December 2023 6,000,000
Additions 1,481,244
Fair value movement 1,163,756
As at 30 November 2024 8,645,000

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 £8,645,000 (2023 - £6,000,000).

4. Debtors

2024 2023
£ £
Trade debtors 360 0
Amounts owed by Group undertakings 1,790 0
Amounts owed by connected companies 68,783 145,385
70,933 145,385

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,590 4,407
Amounts owed to Group undertakings 201,944 203,514
Amounts owed to connected companies 1,166,341 338,855
Other creditors 16,099 1,145
1,386,974 547,921

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

2024 2023
£ £
Bank loans (secured) 5,793,851 4,652,434

Loans and borrowings with a value of £5,793,851 (2023 - £4,652,434) are secured by way of fixed and floating charges over investment property.

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

2024 2023
£ £
Bank loans (secured) 5,793,851 4,652,434

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

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 £1,790 (2023 - £Nil) and amounts owed to group companies of £201,944 (2023 - £203,514) 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 £68,783 (2023 - £145,385) and amounts owed to connected companies of £1,166,341 (2023 - £338,855) in connection with these transactions.

9. Events after the Balance Sheet date

After the balance sheet date, the Company made repayments to loans and borrowings with a value of £5,793,851 at the year-end. Preceding this, the Company entered into a loan arrangement with United Trust Bank for a total facility of £6,356,089, repayable over 60 months following the initial drawdown.