Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| 22,686,323 | 22,686,323 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 6,949,455 | 5,525,593 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets | 2,224,570 | 604,603 | ||
| Total assets less current liabilities | 24,910,893 | 23,290,926 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Provision for liabilities | (
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| Net assets |
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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 funds |
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Director's responsibilities:
The financial statements of Refresh Living No. 1 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. 1 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 £.
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.
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.
Other creditors include tenancy deposits received from tenants, which are held by the Company and recognised as liabilities until refunded or otherwise released in accordance with the relevant tenancy agreements.
Where tenancy deposits are held on the Company’s behalf by third-party managing agents, a corresponding debtor is recognised for amounts recoverable from the managing agent.
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 | |
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| Valuation | |
| As at 01 December 2024 |
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| 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 an external independent revaluation. The assets have a current value of £22,686,323 (2024 - £22,686,323).
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 | 13,211,245 | 13,211,245 |
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by Group undertakings |
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| Amounts owed by connected companies |
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| Other debtors |
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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 taxation and social security |
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| Other creditors |
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There are no amounts included above in respect of which any security has been given by the small entity.
| 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:
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans (secured) |
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Contingent liabilities
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 £1,859,099 (2024 - £1,964,247) and amounts owed to group companies of £4,056,513 (2024 - £3,956,513) 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 by connected companies of £4,945,955 (2024 - £3,423,911) and amounts owed to connected companies of £Nil (2024 - £591,082 ) in connection with these transactions.
The balances due to and from related parties are unsecured, interest free and repayable on demand unless otherwise stated.