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REGISTERED NUMBER: 10181754 (England and Wales)








WOODSFORD HOMES LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


WOODSFORD HOMES LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: P Bonavero
O M H Bonavero
T R Porter
S M Bonavero





REGISTERED OFFICE: 8 Bloomsbury Street
London
WC1B 3SR





REGISTERED NUMBER: 10181754 (England and Wales)





AUDITORS: Bessler Hendrie LLP
Chartered Accountants
Statutory Auditor
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

GROUP STRATEGIC REPORT
for the year ended 31 March 2023


The directors present their strategic report of the company and the group for the year ended 31 March 2023.

REVIEW OF BUSINESS
The principal activity of the group continues to be residential development, currently operating throughout the Southeast of England, particularly in Sussex and Surrey with planned expansion into both Hampshire and Berkshire. The Group trades under the brand name of Sigma Homes.

The year ending 31st March 2023 was certainly a year of two halves. As we entered the new financial year a 5 year fixed rate mortgage was sub 2.0% and by the end was still over twice that, having peaked at over 6.5% in the Autumn. Sales in the first half remained on track but following ex P.M. Liz Truss`s mini budget the Autumn market evaporated followed by a sluggish market in our fourth quarter. The net effect being that we were down on our budgeted volume.

Despite the market difficulties, the group completed on 48 units, selling 28 private homes and 20 affordable homes (52 sales in the year ended 31 March 2022) representing turnover for the year ended 31 March 2023 of £20.2m (year ended 31 March 2022 - £24.1m) and profit before tax £54k (12 months to 31 March 2022: profit £1.7m). Consolidated net assets at 31 March 2023 were £5.8m (2022: net assets £5.7m).

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks faced by the group are the continued uncertainty surrounding inflation and interest rates on a macro level and on a micro level the prevailing anti-development approach of the current UK government manifesting itself through a failed planning system thus reducing the supply of consented development opportunities along with delays in clearing prestart conditions.

Despite the concerns over the impact of higher interest rates and inflation, buyers' interest in new homes and the benefits they bring remain relatively robust, but the current lack of proceedable buyers is of concern. By and large prices have peaked and with proceedable buyers being in short supply discounting and the controlled use of incentives is becoming more commonplace than in the last couple of years.

Land supply, as mentioned above, remains challenging caused by the lack of supply of consented sites into the market and following the Written Ministerial Statement of December 2022 the lack of planning applications being made since then, suggests a continuing lack of supply over the coming months.

The previously reported shortage of both materials and skills seems to have abated and whilst neither are back to pre-pandemic levels of availability there has certainly been some easing of both availability and upward cost pressures.

QUALITY AND CUSTOMER SERVICE
Location, Quality and Design are the three pillars of Sigma's brand and special care is taken to select prime locations for sites paying real attention to detail to attain the best design, layout and quality of finish to every Sigma Home.

We are very proud of the houses the group build and we work hard to satisfy our customers. The new customer care team are performing well and adding to the strength of the Sigma brand.

PEOPLE
In recent years people have been one of our biggest investments. We believe that a strong team with good experience who work well together is one of, if not our biggest asset. As mentioned above we continue to strengthen the teams where necessary with recent additions to both sales and build.

We are proud of our people and believe that we now have an excellent team in place to deliver strong results going forward. Our focus is now on retaining, training, and developing our staff and attracting new members as needed in a diverse and inclusive culture.


WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

GROUP STRATEGIC REPORT
for the year ended 31 March 2023

LAND AND PLANNING
Our Land Team is actively seeking and bidding on new land across the Southeast of England, focusing on prime locations that would attract the Sigma premium, predominantly in West Sussex, Surrey, parts of East Sussex and Kent and recently in Hampshire and Berkshire. Given previous comments on the lack of consented sites coming to the market land values continue to attract very high levels of interest and prices.

We have an appetite for both short and medium term land and currently have a number of sites under control on a subject to planning contract which will in part satisfy our need for land in the coming two years.

We are also working within Sigma Strategic Land Limited to identify potential strategic land suitable for our needs in the coming 3 to 5 years.

SUSTAINABILITY
The new Sigma website was launched in February 2023 illustrating our focus on not only selling our homes but also our approach to the environment with the setting of certain achievable milestones. The Environment has always been part Sigma's work principles. In early 2017 we opted to use Timber Frame construction to embed sustainability as part of our Company ethos. Timber Frame is arguably the only 100% sustainable construction material with sustainable forestry practices and the added benefit of being much greener than masonry houses on a CO2 measure.

Additionally, we have been working to improve the SAP rating of our homes and having achieved SAP rating of A on recent schemes it has become our intent to repeat this on all our developments wherever possible.

EXPECTATIONS
With the backdrop of higher interest rates and a continuing "cost of living crisis" the UK housing market appears to be softening with the reduced number of proceedable buyers leading to a switch from a sellers to a buyers market. Various house prices indices are recording a fall in prices albeit at modest levels.

As previously reported the lack of planning permissions ensure that supply of new homes, certainly within the Sigma area, will remain constrained and that coupled with high levels of employment should help underpin current values.

Whilst the current Government continues to insist that they have home ownership on its political agenda, their actions through the proposed amendments to the Levelling-up and Regeneration Bill (LURB) would suggest otherwise with those amendments leading to an inevitable reduction in the new homes being built ending up a very long way from 300,000 units per annum.

Our forecast for FY ending March 2024 promises to deliver another improvement in our year end results. We are expecting to increase the number of sales completions by nearly 82% to 87 units.

On the basis of the planned land acquisitions the business plan for FY2024 and 2025 projects an increase in the number of completions by 72% in FY2025 to 150 units.

ON BEHALF OF THE BOARD:





T R Porter - Director


5 October 2023

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

REPORT OF THE DIRECTORS
for the year ended 31 March 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the period under review was that of residential property development.

The principal activity of the company in the period under review was that of a holding company.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

P Bonavero
O M H Bonavero
T R Porter
S M Bonavero

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

REPORT OF THE DIRECTORS
for the year ended 31 March 2023


AUDITORS
The auditors, Bessler Hendrie LLP, has indicated its willingness to continue in office.

ON BEHALF OF THE BOARD:





T R Porter - Director


5 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WOODSFORD HOMES LIMITED


Opinion
We have audited the financial statements of Woodsford Homes Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WOODSFORD HOMES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WOODSFORD HOMES LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud, and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with management. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our approach was as follows:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the sector in which it operates and determined that the significant frameworks, which are directly relevant to specific assertions in the financial statements, are those that relate to the reporting framework (FRS 102 including the Companies Act 2006) and the relevant tax regulations in the UK. This included discussions amongst the members of the audit team and tax specialists.
- We understood how the group and the parent company are complying with those frameworks through enquiry with management.
- We assessed the risks related to the control environment and in particular those related to management override of controls given the size of the business.

We considered the opportunities and incentives that may exist within the organisation for fraud.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

- Inquire of the directors regarding their knowledge and actions relating to any non-compliance with laws and
regulations that could affect the financial statements.
- Reviewing the financial statement disclosures and testing supporting documentation.
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud.
- Reading minutes of meetings of the board of directors.
- Obtaining and reading correspondence from legal and regulatory bodies including HMRC.
- In addressing the risk of fraud through management override of controls, testing the appropriateness of accounting
policies, journal adjustments, accounting estimates and judgements made.
- Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of
business.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WOODSFORD HOMES LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Peter Nicholls (Senior Statutory Auditor)
for and on behalf of Bessler Hendrie LLP
Chartered Accountants
Statutory Auditor
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR

5 October 2023

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

CONSOLIDATED INCOME STATEMENT
for the year ended 31 March 2023

2023 2022
Notes £    £   

TURNOVER 4 20,211,192 24,113,596

Cost of sales (16,814,689 ) (20,121,811 )
GROSS PROFIT 3,396,503 3,991,785

Administrative expenses (2,297,688 ) (2,250,846 )
1,098,815 1,740,939

Other operating income - 3,514
OPERATING PROFIT 6 1,098,815 1,744,453

Interest receivable and similar income 8 3,769 6,356
1,102,584 1,750,809

Interest payable and similar expenses 9 (1,048,400 ) (12,672 )
PROFIT BEFORE TAXATION 54,184 1,738,137

Tax on profit 10 (37,580 ) (88,619 )
PROFIT FOR THE FINANCIAL YEAR 16,604 1,649,518
Profit attributable to:
Owners of the parent (62,487 ) 1,392,330
Non-controlling interests 79,091 257,188
16,604 1,649,518

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
for the year ended 31 March 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 16,604 1,649,518


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

16,604

1,649,518

Total comprehensive income attributable to:
Owners of the parent (62,487 ) 1,392,330
Non-controlling interests 79,091 257,188
16,604 1,649,518

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

CONSOLIDATED BALANCE SHEET
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 12 220,253 345,713
Tangible assets 13 104,837 126,902
Investments 14 - -
325,090 472,615

CURRENT ASSETS
Stocks 15 21,708,910 10,277,125
Debtors 16 2,358,094 3,019,966
Cash at bank and in hand 1,400,211 3,883,905
25,467,215 17,180,996
CREDITORS
Amounts falling due within one year 17 (7,073,410 ) (2,939,199 )
NET CURRENT ASSETS 18,393,805 14,241,797
TOTAL ASSETS LESS CURRENT LIABILITIES 18,718,895 14,714,412

CREDITORS
Amounts falling due after more than one year 18 (12,946,360 ) (8,972,381 )

PROVISIONS FOR LIABILITIES 21 (13,900 ) -
NET ASSETS 5,758,635 5,742,031

CAPITAL AND RESERVES
Called up share capital 22 1,686,000 1,686,000
Other reserves 23 7,328,204 7,328,204
Retained earnings 23 (4,338,227 ) (4,275,740 )
SHAREHOLDERS' FUNDS 4,675,977 4,738,464

NON-CONTROLLING INTERESTS 24 1,082,658 1,003,567
TOTAL EQUITY 5,758,635 5,742,031

The financial statements were approved by the Board of Directors and authorised for issue on 5 October 2023 and were signed on its behalf by:





T R Porter - Director


WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

COMPANY BALANCE SHEET
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 16,934,228 16,934,228
16,934,228 16,934,228

CURRENT ASSETS
Cash in hand 6,322 6,356

CREDITORS
Amounts falling due within one year 17 (41,405 ) (29,802 )
NET CURRENT LIABILITIES (35,083 ) (23,446 )
TOTAL ASSETS LESS CURRENT LIABILITIES 16,899,145 16,910,782

CREDITORS
Amounts falling due after more than one year 18 (9,589,804 ) (8,574,256 )
NET ASSETS 7,309,341 8,336,526

CAPITAL AND RESERVES
Called up share capital 22 1,686,000 1,686,000
Other reserves 23 7,328,204 7,328,204
Retained earnings 23 (1,704,863 ) (677,678 )
SHAREHOLDERS' FUNDS 7,309,341 8,336,526

Company's (loss)/profit for the financial year (1,027,185 ) 20,217

The financial statements were approved by the Board of Directors and authorised for issue on 5 October 2023 and were signed on its behalf by:





T R Porter - Director


WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2023

Called up
share Retained Other
capital earnings reserves
£    £    £   

Balance at 1 April 2021 300,000 (4,529,686 ) 1,201,364

Changes in equity
Increase in share capital 1,386,000 - -
Total comprehensive income - 1,392,330 -
Preference shares allotted - - 6,126,840
Transfer between equity - (1,138,384 ) -
Balance at 31 March 2022 1,686,000 (4,275,740 ) 7,328,204

Changes in equity
Total comprehensive income - (62,487 ) -
Balance at 31 March 2023 1,686,000 (4,338,227 ) 7,328,204
Non-controlling Total
Total interests equity
£    £    £   

Balance at 1 April 2021 (3,028,322 ) (392,005 ) (3,420,327 )

Changes in equity
Increase in share capital 1,386,000 - 1,386,000
Total comprehensive income 1,392,330 257,188 1,649,518
Preference shares allotted 6,126,840 - 6,126,840
Transfer between equity (1,138,384 ) 1,138,384 -
Balance at 31 March 2022 4,738,464 1,003,567 5,742,031

Changes in equity
Total comprehensive income (62,487 ) 79,091 16,604
Balance at 31 March 2023 4,675,977 1,082,658 5,758,635

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2023

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   

Balance at 1 April 2021 300,000 (697,895 ) 1,201,364 803,469

Changes in equity
Issue of share capital 1,386,000 - - 1,386,000
Total comprehensive income - 20,217 - 20,217
Preference shares allotted - - 6,126,840 6,126,840
Balance at 31 March 2022 1,686,000 (677,678 ) 7,328,204 8,336,526

Changes in equity
Total comprehensive income - (1,027,185 ) - (1,027,185 )
Balance at 31 March 2023 1,686,000 (1,704,863 ) 7,328,204 7,309,341

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (10,153,748 ) 7,435,627
Interest paid (27,552 ) (48,376 )
Net cash from operating activities (10,181,300 ) 7,387,251

Cash flows from investing activities
Purchase of tangible fixed assets (4,354 ) (17,555 )
Interest received 429 561
Net cash from investing activities (3,925 ) (16,994 )

Cash flows from financing activities
Loan taken in the year 7,948,301 -
Loan repayments in year (246,770 ) (18,007,607 )
Share issue - 1,386,000
Preference shares issued - 12,555,000
Net cash from financing activities 7,701,531 (4,066,607 )

(Decrease)/increase in cash and cash equivalents (2,483,694 ) 3,303,650
Cash and cash equivalents at beginning of
year

2

3,883,905

580,255

Cash and cash equivalents at end of year 2 1,400,211 3,883,905

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 54,184 1,738,137
Depreciation charges 26,062 22,083
Loss on disposal of fixed assets 357 -
Amortisation charges 125,460 460,899
Ground leases capitalization - (78,300 )
Increase in provisions 13,900 -
Government grants - (3,514 )
Finance costs 1,048,400 12,672
Finance income (3,769 ) (6,356 )
1,264,594 2,145,621
(Increase)/decrease in stocks (11,431,785 ) 5,194,731
Decrease/(increase) in trade and other debtors 622,333 (1,419,543 )
(Decrease)/increase in trade and other creditors (608,890 ) 1,514,818
Cash generated from operations (10,153,748 ) 7,435,627

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,400,211 3,883,905
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 3,883,905 580,255


WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2023


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 3,883,905 (2,483,694 ) 1,400,211
3,883,905 (2,483,694 ) 1,400,211
Debt
Debts falling due within 1 year (246,770 ) (4,942,571 ) (5,189,341 )
Debts falling due after 1 year (8,322,042 ) 183,750 (8,138,292 )
(8,568,812 ) (4,758,821 ) (13,327,633 )
Total (4,684,907 ) (7,242,515 ) (11,927,422 )

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2023


1. STATUTORY INFORMATION

Woodsford Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements incorporate the results of Woodsford Homes Limited and all of its subsidiary and associated undertakings as at 31 March 2023 using the acquisition method. Where the acquisition method is used, the results of subsidiary undertakings are included from the date of acquisition, being the date on which the group obtained control. Control comprises of the ability to govern the financial and operating policies of the undertaking to obtain benefit from its activities. Upon disposal, the results of the subsidiary will be consolidated until the date of disposal and such control ceases.

Sigma Homes (Long Ditton) Limited was incorporated on 25 March 2022 and became a group member on the same date. Therefore, the results of Sigma Homes (Long Ditton) Limited for the period 25 March 2022 to 31 March 2023 were incorporated into the consolidated financial statements using the acquisition method as described above. As a result, the comparative amounts in the financial statements this year, including the related notes, are not entirely comparable.

All intra-group transactions, balances, income and expenses are eliminated in full upon consolidation.

The consolidated statements also include the share of profits of the associate, Sigma Strategic Land Limited, using the equity method. Where the equity method is used the investment is initially recorded at cost and adjusted thereafter for the post-acquisition share of changes in the net assets of the associate.

Going concern
The directors have reviewed the company strategic plans, and are satisfied that sufficient funds are available to the company from existing sources to meet liabilities, including those of the subsidiaries, as they fall due. On this basis they continue to adopt the going concern basis in the preparation of the financial statements.

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from management services to subsidiary undertakings is recognised on reaching agreement with the subsidiary for any amounts to be charged.

Revenue from residential property sales is recognised at the completion date.

Revenue from long term contracts is recognised by reference to the stage of completion of the development determined by the value of the services provided at the balance sheet date as a proportion of the total value of the development.

Goodwill
Goodwill arises on business acquisitions and represents the excess cost of the acquisition over the interest in the group's net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Positive goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses. Positive goodwill is amortised on a straight-line basis over its useful life, which is estimated to be ten years, or proportionately on the sale of development properties by the subsidiary, whichever is the earlier.

Tangible fixed assets
Tangible fixed assets are stated at their historic cost price less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for use. The asset's residual values, useful lives and depreciation methods are reviewed if there is an indication of significant change since the last reporting date.

Depreciation is provided at the following rates in order to write off each asset over its useful.

Plant and machinery etc - 20% on cost

On disposal the difference between the net proceeds and carrying amount of the item sold is recognised in profit or loss, and included in administrative expenses.

The Ground leases have been granted for a period of 150 years. The value has been calculated using a discounted cash flow of the annual rent expected over the period of the lease.

Depreciation is provided over the period of the lease.

Government grants
Government grants relate to grants receivable under the Coronavirus Job Retention Scheme and the business interruption payments to cover the first year of interest payments under the Coronavirus Business Interruption Loan Scheme. These are accounted for under the accruals model. Grants relating to revenue are recognised in income on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.

Investments in associates
Investments in associate undertakings are recognised at cost less impairment.

Investments in subsidiary undertakings
Investments in subsidiary undertakings are recognised at cost less impairment and eliminated upon consolidation.

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stock and work in progress is valued at the lower of cost (including direct costs, directly attributable overheads and finance costs) and net realisable value. Where a development is in process, net realisable value is assessed by considering the expected future revenues and the total costs to complete the development.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost. The group has no financial assets nor liabilities which are measured at fair value through profit or loss.

Trade and other debtors are recognised and carried forward at invoiced amounts less provision for any doubtful debts. Bad debts are written off when identified.

Cash and cash equivalents comprise of cash at bank and in hand, and are included in the balance sheet at cost.

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method.

Finance leases are included in the balance sheet net of the finance charge allocated to future periods.

Preference shares were issued in the prior periods. The company adopts split accounting for these compound financial instruments, in accordance with Section 22 of FRS 102. This involves separating the compound financial instrument into its separate components on initial recognition.

The liability element is held as a non-current liability. Dividends are accrued in accordance with the terms of the preference share. These can only be paid when the company has sufficient distributable reserves to do so. Interest is accrued on any unpaid dividends and is held as a non-current liability.

Holiday pay
The group recognises an accrual for holiday entitlement earned by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the subsequent financial year. The provision is measured at the salary cost payable for the period of absence including employers national insurance costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Provisions for liabilities
Provisions are made against loans to subsidiaries when there is doubt that the loan will be paid back based on the performance and balance sheet position of the related company.

Provisions are charged as an expense to administrative expenses within the statement of comprehensive income. Upon settlement, the provision is utilised against the expense and released to the statement of comprehensive income.

Customer care
The group undertakes to make good, by repair or replacement, manufacturing defects that become apparent within two years from the date of sale. These costs are recognised in the period in which they arise.

3. SIGNIFICANT JUDGEMENTS AND ESTIMATES

The preparation of the financial statements requires management to make judgements, estimates and assumptions in the application of accounting policies that affect reported amounts of assets, liabilities and profit and loss. In preparing these financial statements, management have made the following key judgements and estimates which are significant to the financial statements:

Impairment of stock and work in progress
Management have made key assumptions in determination of the expected costs to complete work-in-progress and the expected future revenue in order to assess the net realisable value of stock.

Recoverability of intercompany balances
Management considers the recoverability of intercompany debts annually based on the related company performance and the balance sheet position as well as managements experience to determine whether a provision is required against any related party debt. It has been determined that a provision of £1,874,747 (2022: £2,275,475) is deemed appropriate and all remaining inter company debt included in the balance sheet is considered recoverable in full. The provision is removed on consolidation.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group being that of residential property development.

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,231,008 1,153,122
Social security costs 168,985 122,590
Other pension costs 16,809 14,134
1,416,802 1,289,846

The average number of employees during the year was as follows:
2023 2022

Administration 22 22

2023 2022
£    £   
Directors' remuneration - -

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 60,033 62,401
Depreciation - owned assets 26,062 22,083
Loss on disposal of fixed assets 357 -
Goodwill amortisation 125,460 460,899
Government grants - (3,514 )
Auditor's remuneration (note 7) 82,662 89,064
Pension costs 16,809 14,134

7. AUDITORS' REMUNERATION

2023 2022
£ £
Fees payable to the company's auditor for the audit of the company's annual
accounts

40,300


44,542
Tax compliance services 7,000 6,500
Other non-audit services 35,362 38,022
82,662 89,064

8. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Loan interest 3,340 5,795
Other interest receivable 429 561
3,769 6,356

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


9. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Preference share interest 41,614 (57,522 )
Loan interest payable 32,852 62,692
Preference share dividends 973,934 7,502
1,048,400 12,672

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Deferred tax 37,580 88,619
Tax on profit 37,580 88,619

UK corporation tax has been charged at 19 % .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 54,184 1,738,137
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

10,295

330,246

Effects of:
Expenses not deductible for tax purposes 211,787 11,086
Utilisation of tax losses (241,552 ) (346,938 )
Capital allowances in excess of depreciation 17,158 (141 )
Tax losses carried forwards 155,142 94,282
Other short term timing differences 100 84
Change in tax rate (115,350 ) -
Total tax charge 37,580 88,619

11. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 1,478,227
AMORTISATION
At 1 April 2022 1,132,514
Amortisation for year 125,460
At 31 March 2023 1,257,974
NET BOOK VALUE
At 31 March 2023 220,253
At 31 March 2022 345,713

13. TANGIBLE FIXED ASSETS

Group
Ground Plant and
leases machinery Totals
£    £    £   
COST
At 1 April 2022 78,300 122,588 200,888
Additions - 4,354 4,354
Disposals - (973 ) (973 )
At 31 March 2023 78,300 125,969 204,269
DEPRECIATION
At 1 April 2022 - 73,986 73,986
Charge for year 1,725 24,337 26,062
Eliminated on disposal - (616 ) (616 )
At 31 March 2023 1,725 97,707 99,432
NET BOOK VALUE
At 31 March 2023 76,575 28,262 104,837
At 31 March 2022 78,300 48,602 126,902

There are fixed and floating charges provided as security for bank liabilities over the group's assets including all tangible fixed assets with a carrying amount of £104,837 (2022: £126,902).

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 16,934,228
NET BOOK VALUE
At 31 March 2023 16,934,228
At 31 March 2022 16,934,228

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Sigma Homes Limited
Registered office: Ashbourne House,The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 92.86

In the prior year, the percentage holding in Sigma Homes Limited was 68.54%.

Sigma Homes (Ansty) Limited
Registered office: Ashbourne House,The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR
Nature of business: Property Development
%
Class of shares: holding
Ordinary £1 100.00

Sigma Homes (Haywards Heath) Limited
Registered office: Ashbourne House,The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 100.00

Sigma Homes (Fittleworth) Limited
Registered office: Ashbourne House,The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 100.00

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


14. FIXED ASSET INVESTMENTS - continued

Sigma Homes (Thames Ditton) Limited
Registered office: Ashbourne House,The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 100.00

Sigma Homes (Angmering) Limited
Registered office: Ashbourne House,The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 100.00

Sigma Homes (Cuckfield) Limited
Registered office: Ashbourne House,The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 100.00

Sigma Homes (Horsham) Limited
Registered office: Ashbourne House,The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 100.00

Welland House Ltd
Registered office: Ashbourne House,The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR
Nature of business: Property development
%
Class of shares: holding
A Ordinary £1 100.00
B Ordinary £1 100.00

Sigma Homes (Ashplats) Limited
Registered office: Ashbourne House,The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 100.00

Sigma Homes (Maresfield) Limited
Registered office: Ashbourne House,The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 100.00

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


14. FIXED ASSET INVESTMENTS - continued

Sigma Homes (Plumpton) Limited
Registered office: Ashbourne House,The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 100.00

Sigma Homes (Long Ditton) Limited
Registered office: Ashbourne House,The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 100.00

Associated company

Sigma Strategic Land Limited
Registered office: Ashbourne House,The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 49.00


Of the subsidiary companies listed above Woodsford Homes Limited holds the shares in Sigma Homes Limited who then hold the shares in all of the other subsidiary companies and associate. All subsidiary companies listed above have been included in the consolidation.

15. STOCKS

Group
2023 2022
£    £   
Work-in-progress 21,708,910 10,277,125

Finance costs of £353,595 were included in group work in progress (Company: £nil) during the year (2022: Group £944,720, Company £nil). For properties that have been sold the relevant portion of these finance costs has been recognised in cost of sales, calculated by reference to sales proceeds realised.

There are fixed and floating charges over stock with a carrying amount of £21,708,910 (2022: £10,277,125) as security for the bank loans.

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Trade debtors 765,953 345,871
Other debtors 733,885 1,821,230
Tax debtor 1,050 -
VAT 264,792 242,550
Deferred tax asset 480,629 518,209
Prepayments and accrued income 111,785 92,106
2,358,094 3,019,966

Deferred tax asset
Group
2023 2022
£    £   
Deferred tax 480,629 518,209

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 19) 5,189,341 246,770 - -
Trade creditors 1,096,794 398,308 - 540
Social security and other taxes 56,127 45,525 - -
Other creditors 397,803 561,114 29,905 16,662
Accrued expenses 333,345 1,687,482 11,500 12,600
7,073,410 2,939,199 41,405 29,802

Included within other creditors in the prior year was an interest free loan from a third party amounting to £30,662. R G Smith is a company director and shareholder of both the third party and Sigma Homes Limited, a subsidiary company. As at 31 March 2023, this loan was repaid in full.

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 19) 214,375 398,125 - -
Preference shares (see note 19) 7,923,917 7,923,917 7,923,917 7,923,917
Other creditors 3,142,181 - - -
Accrued preference share dividends and
interest

1,665,887

650,339

1,665,887

650,339
12,946,360 8,972,381 9,589,804 8,574,256

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


19. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 5,189,341 246,770 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 214,375 398,125 - -
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 7,923,917 7,923,917 7,923,917 7,923,917

Included in bank loans is an amount of £4,067,290 due to Close Brothers Limited. The loan is secured by way of a fixed and floating charge over any properties and undertaking of the company. This bank loan is subject to interest at 4.75% over the official bank rate of interest which was 4.25% as at 31 March 2023. The amount borrowed will be repayable in full on demand.

Within bank loans, there is a Coronavirus Business Interruption Loan Scheme for £399,360 (2022: £581,875) which attracts interest at 3.39% above base rate. The loan is secured by way of a fixed and floating charge over the assets of the company and repayable in May 2025.

Included in other creditors is a loan from a related party amounting to £3,000,000 that is subject to interest at SONIA on drawdown plus 5% per annum. As at 31 March 2023, this loan was repayable on 31 October 2024.

Within bank loans is an amount of £938,301 due to Lloyds Bank plc. This loan is secured by way of a fixed and floating charge over any properties and undertaking of Sigma Homes (Angmering) Limited. This bank loan is subject to interest at 5.69% over the official bank rate of interest which was 4.25% as at 31 March 2023. The amount is repayable on demand.

Finally, included in bank loans is an amount of £63,020 due to Lloyds Bank plc. This loan is secured by way of a fixed and floating charge over the properties and undertakings of Sigma Homes (Ashplats) Limited. The amount was fully repaid in the year.

The company has a number of preference shares, details of which are included in note 22 below. These preference shares are split into an equity element and a liability element.

The liability element is made up of the following:
2023 2022
£ £

Perpetual cumulative preference shares A 384,001 384,001
Perpetual cumulative preference shares B 1,111,756 1,111,756
Perpetual cumulative preference shares C 6,428,160 6,428,160
Accrued preference share dividends 1,624,273 650,339
Accrued preference share interest 41,614 -
9,589,804 8,574,256

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


19. LOANS - continued

The accrued preference share dividends and interest in respect of Perpetual cumulative preference shares A, relates to the period 30 July 2021 to the end of the current year.

The accrued preference share dividends and interest in respect of Perpetual cumulative preference shares B, relates to the period 30 July 2021 to the end of the current year.

The accrued preference share dividends and interest in respect of Perpetual cumulative preference shares C, relates to the period 30 July 2021 to the end of the current year.

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 35,650 33,000
Between one and five years 53,475 82,500
89,125 115,500

Lease payments of £38,773 (2022: £34,240) have been recognised as an expense during the period.

21. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Other provisions 13,900 -

Aggregate amounts 13,900 -

Group
Deferred
tax
£   
Balance at 1 April 2022 (518,209 )
Charge to Income Statement during year 37,580
Balance at 31 March 2023 (480,629 )

The deferred tax balance at the year end represents carried forwards tax losses which are expected to be utilised within one year. The deferred tax asset is recognised within debtors falling due within one year.

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


22. CALLED UP SHARE CAPITAL

The Equity element of Share capital and preference shares is made up of the following:



2023 2022
£ £

Ordinary share capital 1,686,000 1,686,000
Perpetual cumulative preference shares A 576,001 576,001
Perpetual cumulative preference shares B 625,363 625,363
Perpetual cumulative preference shares C 6,126,840 6,126,840
9,014,204 9,014,204

The company's ordinary share capital represents 1,686,000 £1 shares which have all been called up and are fully paid.

Each ordinary share carries one thousand votes and the holders of ordinary shares have the right to participate in income distributions of the Company resolved to be distributed to holders of the ordinary shares (including on a winding up), this right is subordinate to all other classes of share in the company.

Each Perpetual Cumulative Preference Share A carries one vote. As regards income the holders of Perpetual Cumulative Preference Shares A agreed to forego any outstanding and unpaid Dividend A, including any accrued interest, at 30 July 2021. The Perpetual Cumulative Preference Shares A holders now have the right to a cumulative preferential net cash dividend at the rate of 6.4% per annum up until 31 July 2026, thereafter at the rate of 5.35% on the capital for the time being paid up thereon (the Preferential Dividend A) but shall not be entitled to any further or other right of participation in the profits of the company. The perpetual Cumulative Preference Shares A are non-redeemable.

Each Perpetual Cumulative Preference Share B carries one vote. As regards income the holders of Perpetual Cumulative Preference Shares B agreed to forego any outstanding and unpaid Dividend A, including any accrued interest, at 30 July 2021. The Perpetual Cumulative Preference Shares A holders now have the right to a cumulative preferential net cash dividend at the rate of 6.4% per annum up until 31 July 2026, thereafter at the rate of 5.35% on the capital for the time being paid up thereon (the Preferential Dividend B) but shall not be entitled to any further or other right of participation in the profits of the company. The perpetual Cumulative Preference Shares B are non-redeemable.

Each Perpetual Cumulative Preference Share C carries one vote. The Perpetual Cumulative Preference Shares C holders have the right to to a cumulative preferential net cash dividend at the rate of 6.4% per annum up until 31 July 2026, thereafter at the rate of 5.35% on the capital for the time being paid up thereon (the Preferential Dividend C) but shall not be entitled to any further or other right of participation in the profits of the company. The perpetual Cumulative Preference Shares C are non-redeemable.

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


23. RESERVES

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 April 2022 (4,275,740 ) 7,328,204 3,052,464
Deficit for the year (62,487 ) - (62,487 )
At 31 March 2023 (4,338,227 ) 7,328,204 2,989,977

Company
Retained Other
earnings reserves Totals
£    £    £   

At 1 April 2022 (677,678 ) 7,328,204 6,650,526
Deficit for the year (1,027,185 ) - (1,027,185 )
At 31 March 2023 (1,704,863 ) 7,328,204 5,623,341

Retained earnings includes all current period and prior period profits and losses which are distributable.

Other reserves represents non-redeemable preference shares and further information is included within the Called Up Share Capital note.

24. NON-CONTROLLING INTERESTS


Non-controlling
interest
£

Balance at 1 April 2022 1,003,567
Share of profit in the year 79,091
Transfer between equity -
Balance at 31 March 2023 1,082,658

The non-controlling interest represents the portion of equity ownership in the subsidiary companies which is not attributable to the parent company.

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


25. RELATED PARTY DISCLOSURES

Company

In the Woodsford Homes Limited consolidated financial statements, included within other creditors is £29,905 (2022: £16,662) due from other related parties. The balance is interest free and repayable on demand.

Group

At the year end, a director of one of the companies in the group owed the group £198,280 (2022: £194,940). This amount is shown within other debtors due within one year with interest charged at 2%.

Remuneration paid to key management personnel totalled £164,580 (2022: £137,800).

26. ULTIMATE CONTROLLING PARTY

The SCOP 2003 Trust registered in the Switzerland, has been the ultimate controlling party for the duration of the accounting period.