Company Registration No. NI037187 (Northern Ireland)
Homefit Group Ltd
Unaudited accounts
for the year ended 31 March 2025
Homefit Group Ltd
Unaudited accounts
Contents
Homefit Group Ltd
Company Information
for the year ended 31 March 2025
Directors
John G Kelly
Claire McParland
David Lofthouse
Michael McNeill
Secretary
Claire McParland
Company Number
NI037187 (Northern Ireland)
Registered Office
4 Hannahstown Hill
Belfast
BT17 0LT
Northern Ireland
Accountants
Stavri
C/O 65 Edenbane Road
Garvagh
Coleraine
BT51 5NA
Homefit Group Ltd
Statement of financial position
as at 31 March 2025
Tangible assets
1,024,381
1,041,666
Inventories
859,802
794,310
Cash at bank and in hand
300,912
231,966
Creditors: amounts falling due within one year
(1,072,849)
(970,980)
Net current assets
312,456
288,989
Total assets less current liabilities
1,336,837
1,330,655
Creditors: amounts falling due after more than one year
(38,216)
(103,962)
Provisions for liabilities
Net assets
1,298,265
1,226,487
Called up share capital
100
100
Profit and loss account
1,298,165
1,226,387
Shareholders' funds
1,298,265
1,226,487
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2025 and were signed on its behalf by
John G Kelly
Director
Company Registration No. NI037187
Homefit Group Ltd
Notes to the Accounts
for the year ended 31 March 2025
Homefit Group Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI037187. The registered office is 4 Hannahstown Hill, Belfast, BT17 0LT, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates on a straight line basis in order to write off the assets over their estimated useful lives:
Plant & machinery
10 - 25 %
Inventories and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
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 accounts. 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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Homefit Group Ltd
Notes to the Accounts
for the year ended 31 March 2025
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2024
927,773
322,600
248,050
1,498,423
Additions
-
7,500
35,390
42,890
Disposals
-
-
(12,800)
(12,800)
At 31 March 2025
927,773
330,100
270,640
1,528,513
At 1 April 2024
126,626
193,837
136,294
456,757
Charge for the year
10,378
24,173
24,344
58,895
On disposals
-
-
(11,520)
(11,520)
At 31 March 2025
137,004
218,010
149,118
504,132
At 31 March 2025
790,769
112,090
121,522
1,024,381
At 31 March 2024
801,147
128,763
111,756
1,041,666
Amounts falling due within one year
Trade debtors
220,717
229,819
Accrued income and prepayments
3,874
3,874
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Creditors: amounts falling due within one year
2025
2024
Bank loans and overdrafts
87,796
83,729
Obligations under finance leases and hire purchase contracts
9,601
27,592
Trade creditors
624,748
463,919
Taxes and social security
194,274
195,086
Loans from directors
117,537
181,773
Homefit Group Ltd
Notes to the Accounts
for the year ended 31 March 2025
7
Creditors: amounts falling due after more than one year
2025
2024
Obligations under finance leases and hire purchase contracts
24,249
3,301
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Average number of employees
During the year the average number of employees was 32 (2024: 36).