Renaissance Homes Ltd.

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Renaissance Homes Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 02374895 . The registered office is Cound Hall, Cound, Shropshire, SY5 6AH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets, and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover represents nursing home fees and associated income receivable under licence, plus rental

income derived from investment properties, excluding value added tax.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	Not provided
Leasehold	4% on cost
Plant & Machinery	33.33% on cost
Motor Vehicles	20% on cost

Freehold property has not been depreciated as, in the opinion of the director, its realisable value is greater than its recorded cost. This constitutes a departure from the statutory rules requiring fixed assets to be depreciated over their economic useful lives and is necessary to enable the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the value

of the property and the amount which might otherwise have been shown is considered to be immaterial.

Other tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.4. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

Some of the company's properties are held for investment purposes. They are revalued annually at their open market value in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The surplus or deficit on revaluation is taken to the profit and loss account. No taxation charge arises from these revaluations until the disposal of a property. No depreciation is provided on the properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors these properties are held primarily for their investment potential and so their current value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view. The provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" in respect of investment properties have therefore been adopted in order to give a true and fair view. If this departure from the Act had not been made, the result for the year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise have been shown cannot be separately identified or quantified.

The cost of the properties are recognised in the financial statements once an irrevocable purchase contract has been entered into. Sales of properties are recorded once an irrevocable sales contract has been entered into provided that sale has completed by the date these financial statements are approved by the Board. The properties are treated as fixed asset investments until the date of sale.

2.5. Stocks and Work in Progress

Stock of land, held with a view to its eventual development., is valued at the lower of cost and net realisable value.

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Renaissance Homes Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Financial Instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and otherthird parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.7. Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2024: 4)

4. Tangible Assets

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles	Total
	£	£	£	£	£
Cost or Valuation
As at 1 April 2024	10,060,000	725,374	1,030,707	12,977	11,829,058

As at 31 March 2025	10,060,000	725,374	1,030,707	12,977	11,829,058

Depreciation
As at 1 April 2024	-	184,140	1,021,796	12,977	1,218,913
Provided during the period	-	27,525	4,368	-	31,893

As at 31 March 2025	-	211,665	1,026,164	12,977	1,250,806

...CONTINUED

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Renaissance Homes Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Net Book Value
As at 31 March 2025	10,060,000	513,709	4,543	-	10,578,252

As at 1 April 2024	10,060,000	541,234	8,911	-	10,610,145

Cost or valuation of freehold property at 31st March 2025 is represented by its historical cost of £1,065,523 (2024: £1,065,523) plus subsequent revaluations of £8,994,477 (2024 : £8,994,477).

The freehold property was last professionally valued on a current use open market value on 6th November 2019 by Knight Frank LLP Chartered Surveyors. The director has undertaken a valuation as at 31st March 2025, and does not consider that there have been any significant changes to the value of the property as compared to the carrying value shown above.

5. Investment Property

	2025
	£
Fair Value
As at 1 April 2024 and 31 March 2025	775,000

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2025	2024
	£	£
Cost	615,049	615,049

6. Stocks

	2025	2024
	£	£
Work in progress	419,827	419,827

Stock of land, held with a view to its eventual development., is valued at the lower of cost and net

realisable value

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	549	9,234
Other debtors	-	(564 )
Due from related company	17,046	-
Corporation tax recoverable assets	-	28,318
VAT	875	885
Amounts owed by group undertakings	6,167,399	6,653,551

	6,185,869	6,691,424

Although technically repayable on demand, it is unlikely that the 'Amounts owed by group undertakings'

will be fully received within the next twelve months.

8. Current Asset Investments

	2025	2024
	£	£
Unlisted investments	712,951	712,951

The above investments are held in an Employer Financed Unapproved Retirement Benefit Scheme.However as the underlying investments are not listed on a recognised Stock Exchange it is not possible to obtain a current market valuation

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Renaissance Homes Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

9. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	43,002	49,948
Corporation tax	62,755	113,739
Other taxes and social security	6,610	2,947
Other creditors	2,580	202
Due to related company	-	24,740
Accruals and deferred income	75,216	71,580
Amounts owed to group undertakings	687,016	737,451

	877,179	1,000,607

Although technically repayable on demand, it is unlikely that the 'Amounts owed to group undertakings' will be fully paid within the next twelve months.

10. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	1,996,499	2,770,704

11. Secured Creditors

Of the creditors the following amounts are secured.

Svenska Handelsbanken AB has a fixed and floating charge over the undertaking and all property and assets present and future, by way of a Mortgage debenture dated 28th March 2011.

Svenska Handelsbanken AB has a first legal charge dated 23 March 2011 over the freehold of the investment properties.

Svenska Handelsbanken AB has separate charges dated 3rd March 2016 over 10,11 and 12 Norfolk Square Mews London, properties held under a 21year lease commencing 29/11/2015 from Renaissance Property Restorations Limited.

	2025		2024
	£		£
Bank loans and overdrafts	1,996,499		2,770,704

12. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Accelerated capital allowances	1,368	1,368
Other timing differences	2,038,632	2,038,632

	2,040,000	2,040,000

13. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

14. Contingent Liabilities

The company has given a cross guarantee to Handelsbanken AB in respect of loans advanced to any

members of the Renaissance Holdings Group.

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Renaissance Homes Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

15. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	118,560	162,773
Later than one year and not later than five years	474,240	651,092
Later than five years	791,265	1,329,314

	1,384,065	2,143,179

The above operating lease commitments relate to a 21 year property lease commencing 29th November 2015.

16. Reserves

	Revaluation reserve	Profit and Loss Account
	£	£
As at 1 April 2024	7,556,429	5,921,043
Profit for the year and total comprehensive income	-	308,773

As at 31 March 2025	7,556,429	6,229,816

17. Related Party Transactions

As a wholly owned subsidiary the company has taken advantage of the exemption not to disclose intra

group transactions.

At the balance sheet date

The company was owed £38,007 (2024 : £38,007 owed to) to the the Ultimate Parent Company,

Renaissance Holdings Limited.

The company owed £602,938 (2024:£699,444) to a fellow subsidiary, Renaissance Property

Restorations Limited

The company was owed £6,942,205 (2024: £6,653,551) by a fellow subsidiary, Renaissance

Investments Limited

During the year the company provided net funding of £41,786 (2024: £29,063 repaid) to Cound

Park District Heating Limited on normal commercial terms. At the balance sheet date the company

was owed by Cound Park District Heating Limited £17,046 (2024 owed to:£24,740). David Waller is a director of

Cound Park District Heating Limited.

18. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is Renaissance Holdings Limited . Renaissance Holdings Limited was incorporated in (Please enter country of incorporation). Copies of the group accounts may be obtained from the secretary, . The ultimate controlling party is David Waller who controls 100% of the shares of Renaissance Homes Ltd. .

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		10,578,252		10,610,145
Investment Properties	5		775,000		775,000

			11,353,252		11,385,145
CURRENT ASSETS
Stocks	6	419,827		419,827
Debtors	7	6,185,869		6,691,424
Investments	8	712,951		712,951
Cash at bank and in hand		28,124		79,536

		7,346,771		7,903,738
Creditors: Amounts Falling Due Within One Year	9	(877,179 )		(1,000,607 )

NET CURRENT ASSETS (LIABILITIES)			6,469,592		6,903,131

TOTAL ASSETS LESS CURRENT LIABILITIES			17,822,844		18,288,276

Creditors: Amounts Falling Due After More Than One Year	10		(1,996,499 )		(2,770,704 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	12		(2,040,000 )		(2,040,000 )

NET ASSETS			13,786,345		13,477,572

CAPITAL AND RESERVES
Called up share capital	13		100		100
Revaluation reserve	16		7,556,429		7,556,429
Profit and Loss Account			6,229,816		5,921,043

SHAREHOLDERS' FUNDS			13,786,345		13,477,572