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REGISTERED NUMBER: 08378877 (England and Wales)












Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Peter James Homes Limited

Peter James Homes Limited (Registered number: 08378877)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


Peter James Homes Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: J J McCann
S D F Gardiner



REGISTERED OFFICE: McCann House
110 Nottingham Road
Chilwell
Nottinghamshire
NG9 6DQ



REGISTERED NUMBER: 08378877 (England and Wales)



SENIOR STATUTORY AUDITOR: Neil South BA FCA



AUDITORS: Clayton & Brewill
Statutory Auditors and
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

Peter James Homes Limited (Registered number: 08378877)

Strategic Report
for the year ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
Peter James Homes Ltd delivers the planning, design, development and build of residential properties.
The financial year has been a busy one for the company, with ongoing residential developments being progressed and new developments being identified and commenced. Turnover has fallen in the year due to the slowdown of the UK housing market, with mortgage rates rising throughout 2023.

Our focus continues to be on a number of key themes, including health and safety, the mental and physical wellbeing of our workforce, innovation and technology, and importantly the continued satisfaction of our clients. We continue to strive to improve our productivity, efficiency and quality in a safe and healthy environment for all.

The fall in turnover in the year to £15m has resulted in a loss of £406,721 (2022 £651,085 profit). Shareholders funds at the year end stand at £1,708,876 (2022 £2,115,591).

PRINCIPAL RISKS AND UNCERTAINTIES
The aftermath of the coronavirus pandemic, the war in Ukraine and the impact on inflation, costs and interest rates are the principal uncertainties for the company. The easing and stability of mortgage interest rates is expected to lead to an increase in sales and profitability in 2024.

There continues to be pressure in the labour market and the recruitment of skilled staff remains a challenge. However, the company's family ethos together with the directors' commitment to training and development means that the company is confident that it can continue to attract a quality workforce.

STRATEGY
The company continues to keep customer satisfaction as a main priority. The improvement to efficiency, pursuing excellence, delivering projects safely and efficiently is key to achieving this.

We continue to invest in the business when appropriate, and to identify and invest in developments when opportunities arise.

ON BEHALF OF THE BOARD:





J J McCann - Director


13 February 2024

Peter James Homes Limited (Registered number: 08378877)

Report of the Directors
for the year ended 31 December 2023

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of house building and property developers.

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

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J J McCann
S D F Gardiner

POLITICAL DONATIONS AND EXPENDITURE
All donations made during the year were non-political charitable donations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J J McCann - Director


13 February 2024

Report of the Independent Auditors to the Members of
Peter James Homes Limited

Opinion
We have audited the financial statements of Peter James Homes Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 December 2023 and of its loss 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 company 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 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 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 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 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
Peter James Homes Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 three, 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 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 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 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:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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
Peter James 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.




Neil South BA FCA (Senior Statutory Auditor)
for and on behalf of Clayton & Brewill
Statutory Auditors and
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

13 February 2024

Peter James Homes Limited (Registered number: 08378877)

Statement of Comprehensive
Income
for the year ended 31 December 2023

Period
1.5.22
Year ended to
31.12.23 31.12.22
Notes £    £   

TURNOVER 15,160,132 19,171,554

Cost of sales 14,067,067 17,001,711
GROSS PROFIT 1,093,065 2,169,843

Administrative expenses 966,723 825,659
126,342 1,344,184

Other operating income 47,167 4,000
OPERATING PROFIT 5 173,509 1,348,184

Interest receivable and similar income 10,459 1,540
183,968 1,349,724
Gain/loss on revaluation of investment
property

160,865

-
344,833 1,349,724

Interest payable and similar expenses 6 751,554 698,639
(LOSS)/PROFIT BEFORE TAXATION (406,721 ) 651,085

Tax on (loss)/profit 7 - 88,099
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(406,721

)

562,986

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(406,721

)

562,986

Peter James Homes Limited (Registered number: 08378877)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 837 1,141
Investment property 9 2,885,000 -
2,885,837 1,141

CURRENT ASSETS
Stocks 10 16,311,971 21,942,835
Debtors 11 133,253 672,935
Cash at bank 203,321 2,242,722
16,648,545 24,858,492
CREDITORS
Amounts falling due within one year 12 17,825,506 16,577,298
NET CURRENT (LIABILITIES)/ASSETS (1,176,961 ) 8,281,194
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,708,876

8,282,335

CREDITORS
Amounts falling due after more than one
year

13

-

6,166,738
NET ASSETS 1,708,876 2,115,597

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 1,708,776 2,115,497
SHAREHOLDERS' FUNDS 1,708,876 2,115,597

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2024 and were signed on its behalf by:





J J McCann - Director


Peter James Homes Limited (Registered number: 08378877)

Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 May 2022 100 1,552,511 1,552,611

Changes in equity
Total comprehensive income - 562,986 562,986
Balance at 31 December 2022 100 2,115,497 2,115,597

Changes in equity
Total comprehensive income - (406,721 ) (406,721 )
Balance at 31 December 2023 100 1,708,776 1,708,876

Peter James Homes Limited (Registered number: 08378877)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Peter James 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 Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is recognised at legal completion in respect of the total proceeds of building and development. An appropriate proportion of turnover from construction contracts is recognised by reference to the stage of completion of contract activity. Turnover is measured at the fair value of consideration received or receivable and represents the amounts receivable for the property, net of discounts and VAT. The sale proceeds of part-exchange properties are not included in turnover.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on cost and 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Hire purchase and leasing commitments
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Peter James Homes Limited (Registered number: 08378877)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

4. EMPLOYEES AND DIRECTORS
Period
1.5.22
Year ended to
31.12.23 31.12.22
£    £   
Wages and salaries 645,203 446,465
Social security costs 77,167 62,062
Other pension costs 10,163 7,546
732,533 516,073

The average number of employees during the year was as follows:
Period
1.5.22
Year ended to
31.12.23 31.12.22

Admin 10 9

Period
1.5.22
Year ended to
31.12.23 31.12.22
£    £   
Directors' remuneration 167,043 106,267
Directors' pension contributions to money purchase schemes 1,321 881

5. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.5.22
Year ended to
31.12.23 31.12.22
£    £   
Equipment Hire 202,896 149,492
Depreciation - owned assets 304 416
Auditors' remuneration 13,900 13,625

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.5.22
Year ended to
31.12.23 31.12.22
£    £   
Bank interest 269 171
Bank loan interest 751,130 698,468
HMRC interest 155 -
751,554 698,639

Peter James Homes Limited (Registered number: 08378877)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
Period
1.5.22
Year ended to
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax - 123,764
Prior year - (35,665 )

Tax on (loss)/profit - 88,099

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:

Period
1.5.22
Year ended to
31.12.23 31.12.22
£    £   
(Loss)/profit before tax (406,721 ) 651,085
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 25% (2022 - 19%)

(101,680

)

123,706

Effects of:
Income not taxable for tax purposes 85 -
Depreciation in excess of capital allowances 76 58
Adjustments to tax charge in respect of previous periods - (35,665 )


Losses carried forward 101,519 -
Total tax charge - 88,099

8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 10,505 1,445 11,950
DEPRECIATION
At 1 January 2023 9,388 1,421 10,809
Charge for year 280 24 304
At 31 December 2023 9,668 1,445 11,113
NET BOOK VALUE
At 31 December 2023 837 - 837
At 31 December 2022 1,117 24 1,141

Peter James Homes Limited (Registered number: 08378877)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

9. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 2,724,135
Revaluations 160,865
At 31 December 2023 2,885,000
NET BOOK VALUE
At 31 December 2023 2,885,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 160,865
Cost 2,724,135
2,885,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,724,135 -

Investment property was valued on open market basis on 31 December 2023 by the company directors .

10. STOCKS
2023 2022
£    £   
Work-in-progress 16,311,971 21,942,835

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 23,268 419,590
Other debtors 8,120 7,160
VAT 54,162 166,633
Prepayments and accrued income 47,703 79,552
133,253 672,935

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) 4,738,383 4,416,766
Trade creditors 1,127,688 1,560,466
Amounts owed to group undertakings 11,279,121 10,247,374
Tax 123,763 123,763
Social security and other taxes 21,860 46,235
Other creditors 18,535 10,877
Accrued expenses 516,156 171,817
17,825,506 16,577,298

Peter James Homes Limited (Registered number: 08378877)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 14) - 6,166,738

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 307
Bank loans 4,738,383 4,416,459
4,738,383 4,416,766

Amounts falling due between one and two years:
Bank loans - 1-2 years - 6,166,738

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 4,738,383 10,583,197

On 11th December 2017 a debenture with United Trust Bank Limited was created, placing a fixed and floating charge over the land off Gedling Manor, Wood Lane, Gedling Title Number NT296928.

On 26th June 2018 a debenture with United Trust Bank Limited was created, placing a fixed and floating charge over the land off The Garage, Drovers Way, Ambergate, Belper, DE56 2EZ.

On 5th February 2021 a debenture with United Trust Bank Limited was created, placing a fixed and floating charge over the land off Bullbridge Hill, Ambergate, DE26 2EW.

On 11th March 2021 a debenture with United Trust Bank Limited was created, placing a fixed and floating charge over the land known as 32 Wilford Lane, West Bridgford, Nottingham, NG2 7RL.

On 22nd September 2022 a debenture with United Trust Bank Limited was created, placing a fixed and floating charge over the land known as Coventry Lane, Bramcote, Nottingham, NG9 3GJ.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

Peter James Homes Limited (Registered number: 08378877)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

17. RESERVES
Retained
earnings
£   

At 1 January 2023 2,115,497
Deficit for the year (406,721 )
At 31 December 2023 1,708,776

18. ULTIMATE PARENT COMPANY

McCann Group Limited is regarded by the directors as being the company's ultimate parent company.