Company Registration No. 09390364 (England and Wales)
HOME NATIVE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
PAGES FOR FILING WITH REGISTRAR
HOME NATIVE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
HOME NATIVE LTD
BALANCE SHEET
AS AT
31 JANUARY 2020
31 January 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,477
2,410
Current assets
Stocks
1,445,139
466,975
Debtors
4
659,663
295,549
Cash at bank and in hand
218,857
138,651
2,323,659
901,175
Creditors: amounts falling due within one year
5
(1,447,618)
(780,645)
Net current assets
876,041
120,530
Total assets less current liabilities
877,518
122,940
Provisions for liabilities
(212,514)
(212,514)
Net assets/(liabilities)
665,004
(89,574)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
665,003
(89,575)
Total equity
665,004
(89,574)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements. true

For the financial year ended 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 June 2020 and are signed on its behalf by:
Mr A A Thompson
Director
Company Registration No. 09390364
HOME NATIVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
- 2 -
1
Accounting policies
Company information

Home Native Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3 Warren Yard, Warren Park, Stratford Road, Milton Keynes, Buckinghamshire, MK12 5NW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts , on the basis that the group of which this is the parent qualifies as a small group . The financial statements present information about the company as an individual entity and not about its group .

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated .

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

HOME NATIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally 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.

HOME NATIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

HOME NATIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 5 -
1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value , the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2019 - 2).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2019 and 31 January 2020
3,399
Depreciation and impairment
At 1 February 2019
989
Depreciation charged in the year
933
At 31 January 2020
1,922
Carrying amount
At 31 January 2020
1,477
At 31 January 2019
2,410
HOME NATIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 6 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
234,093
165,152
Corporation tax recoverable
25,680
3,138
Other debtors
399,890
127,259
659,663
295,549
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
1,008,578
646,049
Corporation tax
90,744
32,967
Other taxation and social security
851
28,729
Other creditors
347,445
72,900
1,447,618
780,645
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
106 Ordinary of 1p each
1
1
7
Directors' transactions

Advances or credits have been granted by the company to its directors . Loans are interest free and repayable on demand.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors loan account
-
9,655
69,360
79,015
9,655
69,360
79,015
8
Parent company

Home Native Ltd is wholly owned by Home Native Holdings Ltd. A A Thompson is the majority shareholder of Home Native Holdings Ltd.

HOME NATIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 7 -
9
Connected companies

Home Native Holdings Ltd owes Home Native Ltd £186,059 (2019 £40,174). Home Native Ltd is wholly owned by Home Native Holdings Ltd.

 

AT Global Investments Ltd owes Home Native Ltd £8,085 (2019 £nil). A A Thompson is a majority shareholder of AT Global Investments Ltd.

 

Home Native Ltd owes Yellapro Ltd £215,215 (2019 £nil). Yellapro Ltd is wholly owned by A A Thompson.

2020-01-31 2019-02-01 false 25 June 2020 CCH Software CCH Accounts Production 2020.200 No description of principal activity Mr A A Thompson Mr Sunil Singh 09390364 2019-02-01 2020-01-31 09390364 2020-01-31 09390364 2019-01-31 09390364 core:OtherPropertyPlantEquipment 2020-01-31 09390364 core:OtherPropertyPlantEquipment 2019-01-31 09390364 core:CurrentFinancialInstruments core:WithinOneYear 2020-01-31 09390364 core:CurrentFinancialInstruments core:WithinOneYear 2019-01-31 09390364 core:CurrentFinancialInstruments 2020-01-31 09390364 core:CurrentFinancialInstruments 2019-01-31 09390364 core:ShareCapital 2020-01-31 09390364 core:ShareCapital 2019-01-31 09390364 core:RetainedEarningsAccumulatedLosses 2020-01-31 09390364 core:RetainedEarningsAccumulatedLosses 2019-01-31 09390364 bus:Director1 2019-02-01 2020-01-31 09390364 core:ComputerEquipment 2019-02-01 2020-01-31 09390364 core:OtherPropertyPlantEquipment 2019-01-31 09390364 core:OtherPropertyPlantEquipment 2019-02-01 2020-01-31 09390364 core:WithinOneYear 2020-01-31 09390364 core:WithinOneYear 2019-01-31 09390364 bus:PrivateLimitedCompanyLtd 2019-02-01 2020-01-31 09390364 bus:SmallCompaniesRegimeForAccounts 2019-02-01 2020-01-31 09390364 bus:FRS102 2019-02-01 2020-01-31 09390364 bus:AuditExemptWithAccountantsReport 2019-02-01 2020-01-31 09390364 bus:Director2 2019-02-01 2020-01-31 09390364 bus:FullAccounts 2019-02-01 2020-01-31 xbrli:pure xbrli:shares iso4217:GBP