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NORFOLK HOMES HOLDINGS LIMITED      

ANNUAL REPORT AND FINANCIAL STATEMENTS      
FOR THE YEAR ENDED 31 MARCH 2023      
Registered number: 12177661      

 
NORFOLK HOMES HOLDINGS LIMITED
 

COMPANY INFORMATION


 Director
A D Clark 




 Registered number
12177661



 Registered office
52 Cambridge Road South

London

W4 3DA




 Independent auditors
Tony Larner Limited
Chartered Certified Accountants & Statutory Auditors

23 Station Road

Sheringham

Norfolk

NR26 8RF




 Bankers
Lloyds Bank PLC
PO Box 72

Bailey Drive

Gillingham Business Park

Kent

ME8 0LS




 Solicitors
Isadore Goldman
Lawrence House

5 St Andrews Hill

Norwich

Norfolk

NR2 1AD





 
NORFOLK HOMES HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditors' Report
 
5 - 7
Consolidated Statement of Comprehensive Income
 
8
Consolidated Balance Sheet
 
9
Company Balance Sheet
 
10
Consolidated Statement of Changes in Equity
 
11
Company Statement of Changes in Equity
 
12
Consolidated Statement of Cash Flows
 
13
Consolidated Analysis of Net Debt
 
14
Notes to the Financial Statements
 
15 - 27


 
NORFOLK HOMES HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The director presents his strategic report for the year ended 31 March 2023.

Introduction
 
During the year the Group has successfully continued house building operations in Norfolk.

Business review
 
The Group has continued to trade profitably and the director is satisfied with the trading performance and the Group's overall financial position.

The Group results are shown in the Statement of Comprehensive Income on page 8 and the Balance Sheet on page 9.

The Group is primarily funded by retained reserves, loan notes and a bank overdraft facility. Other related party loans form the balance of funding requirements.

Principal risks and uncertainties
 
The director is mindful at all times of the risks and factors which affect the successful operation of the Group's business. Appropriate processes are in place to monitor and mitigate risks.
Operating risks include, but are not limited to, the following issues:
 

The economic climate, buyer confidence and the housing market. General housing demand and supply.

The availability of development land and the complexities of dealing with the planning process.

Attracting and retaining the very best personnel, workforce, subcontractors and professional advisers.

Ensuring adequate systems and procedures exist, to reduce as far as possible the health and safety risks associated with construction operations.


Financial key performance indicators
 
The following key performance indicators are highlighted: 
Turnover for the year amounted to £41,402,320 (2022 - £37,079,006); Profit on ordinary activities before taxation £5,877,458 (2022 -  £3,144,971); Total shareholder funds £43,281,737 (2022 - £38,784,237). The total number of employees was 58 (2022 - 53).

Page 1

 
NORFOLK HOMES HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Director's statement of compliance with duty to promote the success of the Group
 
The director has a duty to act in good faith and to promote the success of the Group for the benefit of its members.
The following details how the director has had regard to the matters set out in s172 of the Companies Act 2006.
 
The long term success of the Group - is always considered when making strategic decisions and formulating strategies and risk management procedures within the Group.

The interests of the Group’s employees – The Group has a very experienced and dedicated workforce which the director appreciates and recognise is a valuable asset. The director endeavours to create opportunities and the right environment for all employees to prosper and realise their full potential for mutual benefit.

The interests of customers and suppliers - The director promotes an environment to achieve a good and successful business relationship with customers, subcontractors, trade suppliers, third parties and professional advisers, recognising that this approach is important to ensure the Group's long term future and success.

The community and environment – The Group continues to support various charities and good causes in the local areas in which the group operates. The director considers carefully the impact of the group's business on communities and the environment.   All development opportunities are subject to detailed assessment, and are designed and undertaken with social responsibility, and for the benefit of customers and communities. The Group is committed to electrifying their fleet of company vehicles, and to designing and building houses using the latest environmentally friendly materials, working practices and technologies.

Maintaining high standards and reputation – The director and Group operate and maintain high standards in all aspects of business. The director is mindful of the importance of maintaining standards and protecting the Group's goodwill and reputation.



This report was approved by the board on 16 October 2023 and signed on its behalf.





A D Clark
Director

Page 2

 
NORFOLK HOMES HOLDINGS LIMITED
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The director presents his report and the financial statements for the year ended 31 March 2023.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Principal activity

The principal activity of the Group is house building.

Results and dividends

The profit for the year, after taxation, amounted to £4,497,500 (2022 - £2,304,638).

The director does not recommend the payment of a final dividend.

Director

The director who served during the year was:

A D Clark 

Future developments and outlook for the group

The Group continually seeks new opportunities to acquire development land and options over potential development land.

The director believes that the Group is well positioned to prosper in the future and to continue to operate profitably.

Page 3

 
NORFOLK HOMES HOLDINGS LIMITED
 

DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group's greenhouse gas emissions and energy consumption are as follows: 


2023
2022

Emissions resulting from activities for which the Group is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)
156,939
180,782

Emissions resulting from the purchase of the electricity by the Group for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
36,060
37,487

Energy consumed from activities for which the Group is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Group for its own use, including for the purposes of transport, in kWh
870,166
972,193

All conversion factors and fuel properties used in this report have been taken from the 2022 "UK Government Greenhouse Gas Conversion Factors for Company Reporting".

During the year the group made a commitment to replace its fleet of motor cars with electric versions and installed solar panels at the firms office buildings.

This equates to an intensity ratio of 0.0047 kgCO2e (2022 - 0.0059) or 0.021 kWh (2022 - 0.026) per £1 of turnover.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the period end that require adjustment to these financial statements.

Auditors

The auditorsTony Larner Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 16 October 2023 and signed on its behalf.
 





A D Clark
Director

Page 4

 
NORFOLK HOMES HOLDINGS LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK HOMES HOLDINGS LIMITED

Opinion

We have audited the financial statements of Norfolk Homes Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's 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 United Kingdom, including the Financial Reporting Council'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 director's 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 or 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.

Opinion 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

Page 5

 
NORFOLK HOMES HOLDINGS LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK HOMES HOLDINGS LIMITED (CONTINUED)

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 Director's Report.

We have nothing to report in respect of the following matters in relation to which 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 director's 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 Director's Responsibilities Statement set out on page 3, the director is 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 director determines is 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 director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

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 an Auditors' Report 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 Group financial statements.

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

Identifying and assessing potential risks related to irregularities, including fraud

Based on our knowledge and understanding of the company and group we identified the principal risks of a material misstatement in the financial statements relating to irregularities including fraud, and non-compliance with laws and regulations.

We documented our understanding of the legal and regulatory frameworks within which the company and group  operates and focused on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Financial Reporting Standard 102, and compliance with relevant direct and indirect taxation regulations.

Audit procedures performed to respond to the risks identified included;

We assessed whether the accounting policies, treatments and presentation adopted in the financial statements were in accordance with applicable law and accounting standards.

We reviewed correspondence and documentation with regulatory bodies, such as HM Revenue & Customs for any indication of non-compliance with laws and regulations.


Page 6

 
NORFOLK HOMES HOLDINGS LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK HOMES HOLDINGS LIMITED (CONTINUED)

We carried out a detailed analytical review of site work in progress calculations to identify unusual or unexpected results which may have indicated a risk of material misstatement. We compared results to previous accounting periods to monitor variances and ensure that these were as expected. We also reviewed post year end evidence to support the assessment of future income and expenditure.

We held discussions with management regarding the potential risks related to accounting irregularities, including fraud and carried out tests of management controls in certain areas, such as the approval for payment of business expenditure to suppliers.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, 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 Auditors' Report.





Antony Richard Larner (Senior Statutory Auditor)
for and on behalf of
Tony Larner Limited
Chartered Certified Accountants
Statutory Auditors
23 Station Road
Sheringham
Norfolk
NR26 8RF

16 October 2023
Page 7

 
NORFOLK HOMES HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
41,402,320
37,079,006

Cost of sales
  
(28,135,922)
(24,280,654)

Gross profit
  
13,266,398
12,798,352

Selling and direct expenses
  
(3,910,973)
(3,442,713)

Administration expenses
  
(2,879,791)
(5,555,585)

Other operating income
 5 
21,000
22,500

Operating profit
  
6,496,634
3,822,554

Interest receivable and similar income
  
5,872
1,151

Interest payable and similar expenses
 9 
(625,048)
(678,734)

Profit before taxation
  
5,877,458
3,144,971

Tax on profit
 10 
(1,379,958)
(840,333)

Profit for the financial year
  
4,497,500
2,304,638

  

  

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 15 to 27 form part of these financial statements.



Page 8

 
NORFOLK HOMES HOLDINGS LIMITED
REGISTERED NUMBER:12177661

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
1,619,446
1,913,890

Tangible assets
 12 
1,934,810
1,729,443

  
3,554,256
3,643,333

Current assets
  

Stocks
 14 
57,543,422
57,754,850

Debtors: amounts falling due within one year
 15 
1,674,626
1,471,598

Cash at bank and in hand
 16 
3,593,939
3,418,449

  
62,811,987
62,644,897

Creditors: amounts falling due within one year
 17 
(10,706,590)
(12,397,259)

Net current assets
  
 
 
52,105,397
 
 
50,247,638

Total assets less current liabilities
  
55,659,653
53,890,971

Creditors: amounts falling due after more than one year
 18 
(12,059,000)
(14,915,000)

Provisions for liabilities
  

Deferred taxation
 19 
(318,916)
(191,734)

Net assets
  
43,281,737
38,784,237


Capital and reserves
  

Called up share capital 
 20 
111
111

Revaluation reserve
 21 
362,184
362,184

Profit and loss account
 21 
42,919,442
38,421,942

  
43,281,737
38,784,237


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2023.





A D Clark
Director

The notes on pages 15 to 27 form part of these financial statements.



Page 9

 
NORFOLK HOMES HOLDINGS LIMITED
REGISTERED NUMBER:12177661

COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 13 
26,372,100
26,372,100

Current assets
  

Cash at bank and in hand
 16 
348
351

  
348
351

Creditors: amounts falling due within one year
 17 
(2,883,389)
(2,815,876)

Net current liabilities
  
 
 
(2,883,041)
 
 
(2,815,525)

Total assets less current liabilities
  
23,489,059
23,556,575

  

Creditors: amounts falling due after more than one year
 18 
(12,059,000)
(14,915,000)

  

Net assets
  
11,430,059
8,641,575


Capital and reserves
  

Called up share capital 
 20 
111
111

Profit and loss account brought forward
  
8,641,464
5,916,984

Profit for the year

  

2,788,484
2,724,480

Profit and loss account carried forward
  
11,429,948
8,641,464

  
11,430,059
8,641,575


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2023.





A D Clark
Director

The notes on pages 15 to 27 form part of these financial statements.

Page 10

 
NORFOLK HOMES HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
111
362,184
36,117,304
36,479,599


Comprehensive income for the year

Profit for the year
-
-
2,304,638
2,304,638



At 1 April 2022
111
362,184
38,421,942
38,784,237


Comprehensive income for the year

Profit for the year
-
-
4,497,500
4,497,500


At 31 March 2023
111
362,184
42,919,442
43,281,737


The notes on pages 15 to 27 form part of these financial statements.

Page 11

 
NORFOLK HOMES HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2021
111
5,916,984
5,917,095


Comprehensive income for the year

Profit for the year
-
2,724,480
2,724,480



At 1 April 2022
111
8,641,464
8,641,575


Comprehensive income for the year

Profit for the year
-
2,788,484
2,788,484


At 31 March 2023
111
11,429,948
11,430,059


The notes on pages 15 to 27 form part of these financial statements.

Page 12

 
NORFOLK HOMES HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
4,497,500
2,304,638

Adjustments for:

Amortisation of intangible assets
294,444
294,444

Depreciation of tangible assets
439,228
373,001

Profit on disposal of tangible assets
(74,521)
(39,771)

Interest payable
625,048
678,734

Interest receivable
(5,872)
(1,151)

Taxation charge
1,379,958
840,333

Decrease/(increase) in stocks
211,428
(1,822,976)

(Increase) in debtors
(203,028)
(482,463)

(Decrease) in creditors
(2,185,662)
(1,855,990)

Corporation tax (paid)
(819,783)
(1,335,442)

Net cash generated from operating activities

4,158,740
(1,046,643)


Cash flows from investing activities

Purchase of tangible fixed assets
(730,997)
(531,270)

Sale of tangible fixed assets
160,923
65,577

Interest received
5,872
1,151

Net cash from investing activities

(564,202)
(464,542)

Cash flows from financing activities

Repayment of loan notes
(2,794,000)
(2,730,000)

Interest paid
(625,048)
(679,036)

Net cash used in financing activities
(3,419,048)
(3,409,036)

Net increase/(decrease) in cash and cash equivalents
175,490
(4,920,221)

Cash and cash equivalents at beginning of year
3,418,449
8,338,670

Cash and cash equivalents at the end of year
3,593,939
3,418,449


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,593,939
3,418,449

3,593,939
3,418,449


Page 13

 
NORFOLK HOMES HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

3,418,449

175,490

3,593,939

Debt due within 1 year

(6,513,604)

536,706

(5,976,898)

Debt due after 1 year

(14,915,000)

2,856,000

(12,059,000)


(18,010,155)
3,568,196
(14,441,959)

The notes on pages 15 to 27 form part of these financial statements.

Page 14

 
NORFOLK HOMES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Norfolk Homes Holdings Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered office is 52 Cambridge Road South, London, W4 3DA. The company's principle place of business is Weybourne Road, Sheringham, Norfolk, NR26 8WB.

The group's consolidated financial statements have been prepared in compliance with FRS 102 as it applies to the financial statements of the group for the year ended 31 March 2023.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore fully eliminated.

 
2.3

Going concern

The director has prepared the accounts on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future and for a period of no less than twelve months from the date of approval of these financial statements.

 
2.4

Turnover

Turnover represents the value of house sales and is recognised where contracts for sale have been completed at the year end. Deposits received on exchange of contracts prior to the year end are also included within turnover on the basis that these are non-refundable. Turnover excludes Value Added Tax.

 
2.5

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Page 15

 
NORFOLK HOMES HOLDINGS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

Current and deferred taxation

The taxation expense for the year comprises current and deferred tax. Taxation is recognised in the Statement of Comprehensive Income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom.

The charge for taxation takes into account taxation deferred or accelerated as a result of all material timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets are recognised only to the extent that they are regarded as recoverable within the foreseeable future. Deferred tax assets and liabilities are not discounted.

 
2.9

Intangible assets

Goodwill and amortisation

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Statement of Comprehensive Income over its estimated economic life of nine years.
Details relating to goodwill included in the consolidated financial statements is shown in note 11.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of fixed assets over their estimated useful lives. Freehold land is not depreciated.

Depreciation is provided on the following basis:

Freehold trading property
-
2%
straight line
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Showhouse furniture
-
15%
reducing balance
Office equipment
-
25%
reducing balance


Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Page 16

 
NORFOLK HOMES HOLDINGS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Revaluation of tangible fixed assets

Freehold investment properties are included at fair value determined from market based evidence and assessed by the director.


 
2.12

Investment property

Investment property is carried at fair value derived from the current market rents and investment property yields for comparable rental property, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Depreciation is not provided on investment properties.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks and work in progress comprise development land and properties under construction and are valued at the lower of cost and net realisable value. The cost of work in progress includes all direct construction costs. Net realisable value is based on estimated selling price. Development land is included where contracts to purchase land have been exchanged prior to the year end. The corresponding liability is included in creditors.


 
2.15

Debtors

Debtors are measured at transaction price, less any impairment for bad or doubtful debts.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.


 
2.17

Creditors

Trade and short term creditors are measured at the transaction price. Other financial liabilities, including loan notes, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 17

 
NORFOLK HOMES HOLDINGS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.19

Financial instruments

Basic financial assets and liabilities

Basic financial instruments relate to transactions that result in the recognition of financial  assets and liabilities at transaction price like trade and other debtors, creditors, loans from banks and other third parties. Debt instruments (other than those wholly repayable or receivable within one year), also include financing transactions where loans are financed at a rate which is not considered to be a market rate of interest. Transactions of this type are initially measured at the present value of future cash flows, discounted at a market rate of interest for a similar debt instrument.



3.


Judgments in applying group accounting policies

The preparation of the financial statements involves, in certain areas, the use of accounting estimates and management judgment. The key areas involving estimates and judgments are as follows:

The valuation of work in progress, incorporating assessments of, future income and future costs, taking prudent account of economic circumstances.

The appropriate method and rate for depreciation of tangible fixed assets.

The assessment of the fair value of Investment Properties involves a degree of judgement and estimation by the directors taking account of market based evidence for the value of commercial property.

Page 18

 
NORFOLK HOMES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Turnover

The whole of the turnover is attributable to house building.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
41,402,320
37,079,006

41,402,320
37,079,006





5.


Other operating income

2023
2022
£
£

Net rents receivable
21,000
22,500

21,000
22,500





6.


Auditors' remuneration

During the year, the Group obtained the following services from the Group's auditors:


2023
2022
£
£

Fees payable to the Group's auditor for the audit of the consolidated and parent Company's financial statements
24,000
23,500

Fees payable to the Group's auditor in respect of:

Taxation compliance services
9,000
9,000

All non-audit services not included above
30,568
29,748

Page 19

 
NORFOLK HOMES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
4,366,233
6,283,110
-
-

Social security costs
540,011
783,710
-
-

Cost of defined contribution pension scheme
225,160
232,541
-
-

5,131,404
7,299,361
-
-


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Office, administration and managerial
17
16
1
1



Production
36
33
-
-



Sales and marketing
5
4
-
-

58
53
1
1




8.


Director's remuneration

No directors remuneration was paid by the company. Details relating to directors remuneration paid by other members of the group are included in the respective subsidiary companies financial statements.







9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
8
656

Other loan interest payable
625,040
678,078

625,048
678,734

Page 20

 
NORFOLK HOMES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,252,776
819,783


Total current tax
1,252,776
819,783

Deferred tax


Origination and reversal of timing differences
127,182
20,550

Total deferred tax
127,182
20,550


Taxation on profit on ordinary activities
1,379,958
840,333

Factors affecting tax charge for the period

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
5,877,458
3,144,971


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
1,116,717
597,544

Effects of:


Non-tax deductible amortisation of goodwill and impairment
55,944
55,944

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
157,905
198,371

Capital allowances for year in excess of depreciation
(77,790)
(32,076)

Deferred taxation
127,182
20,550

Total tax charge for the year
1,379,958
840,333


Factors that may affect future tax charges

The main rate of Corporation Tax, currently 19% within these accounts, will increase to 25% with effect from 1 April 2023. The calculation for the deferred tax liability reflects this rate change.

Page 21

 
NORFOLK HOMES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Intangible assets

Group





Goodwill

£



Cost


At 1 April 2022
2,650,000



At 31 March 2023

2,650,000



Amortisation


At 1 April 2022
736,110


Charge for the year on owned assets
294,444



At 31 March 2023

1,030,554



Net book value



At 31 March 2023
1,619,446



At 31 March 2022
1,913,890

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Statement of Comprehensive Income over its estimated economic life of nine years.



Page 22

 
NORFOLK HOMES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Showhouse furniture
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2022
601,728
1,244,233
349,418
53,958
92,863
2,342,200


Additions
-
507,709
182,340
27,978
12,970
730,997


Disposals
-
(254,711)
(88,393)
-
-
(343,104)



At 31 March 2023

601,728
1,497,231
443,365
81,936
105,833
2,730,093



Depreciation


At 1 April 2022
4,383
495,412
53,821
14,952
44,189
612,757


Charge for the year on owned assets
1,753
305,233
106,783
10,048
15,411
439,228


Disposals
-
(219,114)
(37,588)
-
-
(256,702)



At 31 March 2023

6,136
581,531
123,016
25,000
59,600
795,283



Net book value



At 31 March 2023
595,592
915,700
320,349
56,936
46,233
1,934,810



At 31 March 2022
597,345
748,821
295,597
39,006
48,674
1,729,443

Freehold properties are revalued on a fair value basis by the director. Freehold property includes trading property used in the Group's business which is not held for investment purposes. The value of trading property was £112,694. The depreciation charge on trading property amounted to £1,753. Land relating to trading properties is valued at £25,000.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£

Group


Cost
290,477
290,477

Accumulated depreciation
(57,069)
(55,316)

Net book value
233,408
235,161

Page 23

 
NORFOLK HOMES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Fixed asset investments

Company





Subsidiary companies

£



Cost or valuation


At 1 April 2022
26,372,100



At 31 March 2023
26,372,100





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Dacerell Limited
52 Cambridge Road South, London
Ordinary
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Norfolk Homes Limited
52 Cambridge Road South, London
Ordinary
100%
Sheridan Clark (Civil Engineering) Limited
52 Cambridge Road South, London
Ordinary
100%
Suffolk Homes Limited
52 Cambridge Road South, London
Ordinary
100%




14.


Stocks

Group
Group
2023
2022
£
£

Development Land
28,243,812
33,776,867

Work in progress
30,106,620
25,492,216

Payments received on account
(807,010)
(1,514,233)

57,543,422
57,754,850


Page 24

 
NORFOLK HOMES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Debtors

Group
Group
2023
2022
£
£


Trade debtors
250,870
203,149

Other debtors
1,310,183
1,148,703

Prepayments and accrued income
113,573
119,746

1,674,626
1,471,598





16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
3,593,939
3,418,449
348
351

3,593,939
3,418,449
348
351





17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Loan notes (2021 - 2028)
2,856,000
2,794,000
2,856,000
2,794,000

Trade creditors
2,913,764
2,686,763
-
250

Amounts owed to group undertakings
-
-
21,889
16,126

Corporation tax
952,814
519,821
-
-

Other taxation and social security
547,740
1,939,102
-
-

Other creditors
3,261,772
4,242,573
-
-

Accruals and deferred income
174,500
215,000
5,500
5,500

10,706,590
12,397,259
2,883,389
2,815,876


Page 25

 
NORFOLK HOMES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Loan notes (2021 - 2028)
12,059,000
14,915,000
12,059,000
14,915,000

12,059,000
14,915,000
12,059,000
14,915,000



The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Loan notes (2021 - 2028)
-
3,109,000
-
3,109,000

-
3,109,000
-
3,109,000

The interest free loan notes (2021 - 2028) are repayable in equal annual instalments of £3,160,000 over eight years. In accordance with the treatment required by Financial Reporting Standard 102 this financing transaction has been measured at the present value of future cash flows, discounted at the groups fixed cost of finance for a similar debt instrument at the date of issue of the loan notes.


19.


Deferred taxation


Group



2023
2022


£

£






At 1 April 2022
191,734
171,184


Charged to profit or loss
127,182
20,550



At 31 March 2023
318,916
191,734

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
318,916
191,734

318,916
191,734

Page 26

 
NORFOLK HOMES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



101 (2022 - 101) Ordinary A shares shares of £1.00 each
101
101
10 (2022 - 10) Ordinary B shares shares of £1.00 each
10
10

111

111



21.


Reserves

Revaluation reserve

The property revaluation reserve comprises unrealised revaluation gains on freehold investment property. The property revaluation reserve is not distributable.

Profit and loss account

The Profit and Loss account includes all current and prior year retained profits and losses.


22.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £225,160 (2022 - £232,541). There were no contributions outstanding at the Balance Sheet date.


23.


Related party transactions

The Company is exempt from the requirement to disclose transactions or balances between Group undertakings.

Included within other creditors (note 17) are unsecured loans from a director's family amounting to £2,622,852 (2022 - £2,454,759). Interest paid during the year amounted to £256,000 (2022 - £244,000) and interest due at the year end amounted to £100,000 (2022 - £100,000).
During the year the Group paid rent on showhouse properties owned by members of a director's family. No formal rental agreement exists for this arrangement and rent paid during the period amounted to £250,500 (2022 - £251,500).
 

24.


Controlling party

The controlling party is A D Clark, the director of the company.


Page 27