Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| 2,305,927 | 1,902,047 | |||
| Current assets | ||||
| Debtors | 4 |
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| 64,575 | 64,575 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (1,540,328) | (1,101,649) | ||
| Total assets less current liabilities | 765,599 | 800,398 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Provision for liabilities | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital |
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| Undistributable reserve |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Refresh Living No. 3 Ltd (registered number:
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M P Thomas
Director |
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.
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 £.
The financial statements have been prepared on a going concern basis.
The Company has net current liabilities of £1,540,328 and net liabilities of £264,732 at the balance sheet date. Included within creditors are amounts of £50,000 owed to fellow group companies and £1,438,700 owed to companies under the control of M Thomas (director).
The director has received confirmation that these entities will continue to provide financial support and will not seek repayment of amounts owed where such repayment would jeopardise the Company's ability to continue trading for a period of at least twelve months from the date of approval of these financial statements.
Accordingly, the director considers it appropriate to prepare the financial statements on the going concern basis.
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.
The fair value is determined annually by the director, on an open market value for existing use basis.
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.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 December 2024 |
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| Additions | 403,880 |
| As at 30 November 2025 |
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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 £2,305,927 (2024 - £1,902,047).
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Historic cost | 2,057,082 | 1,653,202 |
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by Group undertakings |
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| £ | £ | ||
| Bank overdrafts |
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| Trade creditors |
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| Amounts owed to Group undertakings |
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| Amounts owed to connected companies |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans (secured) |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
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| £ | £ | ||
| Bank loans (secured) |
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Contingent liabilities
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| £ | £ | ||
| Total contingent liabilities |
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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 the year end was £369,543 (2024 - £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 (2024: £64,575) and amounts owed to group companies of £50,000 (2024: £nil) 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 £1,438,700 (2024: £1,063,835) in connection with these transactions.
The balances due to and from related parties are unsecured, interest free and repayable on demand unless otherwise stated.