REGISTERED NUMBER: 00795675 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 October 2023 |
for |
EDE HOLDINGS LIMITED |
REGISTERED NUMBER: 00795675 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 October 2023 |
for |
EDE HOLDINGS LIMITED |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Contents of the Consolidated Financial Statements |
for the year ended 31 October 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Statement of Financial Position | 10 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Statement of Cash Flows | 16 |
Notes to the Consolidated Statement of Cash Flows | 17 |
Notes to the Consolidated Financial Statements | 18 |
EDE HOLDINGS LIMITED |
Company Information |
for the year ended 31 October 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Group Strategic Report |
for the year ended 31 October 2023 |
The directors present their strategic report of the company and the group for the year ended 31 October 2023. |
Review of business |
During 2023, the company maintained its focus on development of existing residential sites and renewing the land bank. |
Principal risks and uncertainties |
The major risk to the group continued to be the potential effect on the housing market caused by uncertainty in the UK and global economies. |
As previously, the directors continue to exercise caution in protecting cash resources and the strength and diversity of the group's income streams. |
The company has risk management procedures in place to identify and effectively manage risk across the group. Exposure to credit and interest rate risks are in the normal course of the group's business |
Development and performance |
The results for the year are set out on page 8. The directors consider the state of affairs to be satisfactory. |
Financial key performance indicators |
The company operates in a low margin/high risk sector. Consequently, the most important financial performance indicators are turnover, gross margin and net margin. These, together with all the group's activities are closely monitored by the directors. |
Financials This year Last year Variance |
Turnover £19.2m £12.9m +49% |
Profit after tax £5.1m £1.9m +168% |
On behalf of the board: |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Report of the Directors |
for the year ended 31 October 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023. |
Principal activity |
The group's principal activities continue to be property development, property management, building and contracting. |
Dividends |
No dividends will be distributed for the year ended 31 October 2023. |
Future developments |
Speculative housing development will continue to be the core business activity of the group. Political uncertainties remain a concern and generally higher activity in housebuilding has brought supply and demand closer together. Although the market has become and most likely will remain softer, this has not yet been reflected in the price of development land. There are therefore probable opportunities as well as challenges ahead. |
Directors |
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
Directors' responsibilities statement |
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. |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Report of the Directors |
for the year ended 31 October 2023 |
Auditors |
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Ede Holdings Limited |
Opinion |
We have audited the financial statements of Ede Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 October 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. |
Report of the Independent Auditors to the Members of |
Ede Holdings Limited |
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. |
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 Directors' Responsibilities Statement 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 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 |
Ede Holdings 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: |
We obtained an understanding of the legal and regulatory framework applicable to both the group itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our experience and through discussion with the management. The most significant were identified as the Companies Act 2006, UK GAAP (FRS102), GDPR and relevant tax legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included: |
- making enquires of directors and management as to where they consider there to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud; |
- obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |
- assessing the design effectiveness of the controls in place to prevent and detect fraud; |
- assessing the risk of management override of internal controls, including identifying and testing journal entries; |
- challenging the assumptions and judgements made by management in its significant accounting estimates. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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. |
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. |
for and on behalf of |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Consolidated |
Income Statement |
for the year ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover |
Group and share of associates | 20,925,525 | 15,816,136 |
Less: |
Share of associates' turnover | (1,680,032 | ) | (2,913,244 | ) |
Group turnover | 19,245,493 | 12,902,892 |
Cost of sales | (16,877,515 | ) | (11,797,531 | ) |
Gross profit | 2,367,978 | 1,105,361 |
Administrative expenses | (1,585,454 | ) | (1,276,161 | ) |
782,524 | (170,800 | ) |
Other operating income | 597,530 | 1,167,983 |
Group operating profit | 4 | 1,380,054 | 997,183 |
Share of operating profit in |
Associates | 584,918 | 508,152 |
Profit on disposal of |
tangible fixed assets | 5 | 11,679 | 4,679 |
Profit/loss on sale of |
investment property | 5 | 287,862 | - |
2,264,513 | 1,510,014 |
Interest receivable and similar income | 209,032 | 31,656 |
2,473,545 | 1,541,670 |
Gain/loss on revaluation of |
investment property | 3,304,679 | 842,272 |
5,778,224 | 2,383,942 |
Interest payable and similar expenses | 6 | (66,363 | ) | (207,746 | ) |
Profit before taxation | 5,711,861 | 2,176,196 |
Tax on profit | 7 | (535,202 | ) | (314,374 | ) |
Profit for the financial year |
Profit attributable to: |
Owners of the parent | 5,176,659 | 1,861,822 |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Consolidated |
Other Comprehensive Income |
for the year ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
Profit for the year | 5,176,659 | 1,861,822 |
Other comprehensive income |
Movement in deferred tax provision |
Income tax relating to other comprehensive income |
- |
- |
Other comprehensive income for the year, net of income tax |
- |
- |
Total comprehensive income for the year | 5,176,659 | 1,861,822 |
Total comprehensive income attributable to: |
Owners of the parent | 5,176,659 | 1,861,822 |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Consolidated Statement of Financial Position |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 9 | 1,246,047 | 142,936 |
Investments | 10 |
Interest in associate | 2,655,868 | 2,240,981 |
Investment property | 11 | 23,222,555 | 20,052,606 |
27,124,470 | 22,436,523 |
Current assets |
Stocks | 12 | 3,115,633 | 2,396,826 |
Debtors | 13 | 19,382,632 | 18,009,713 |
Cash at bank | 4,056,627 | 4,873,873 |
26,554,892 | 25,280,412 |
Creditors |
Amounts falling due within one year | 14 | 3,801,766 | 2,770,486 |
Net current assets | 22,753,126 | 22,509,926 |
Total assets less current liabilities | 49,877,596 | 44,946,449 |
Creditors |
Amounts falling due after more than one year |
15 |
(3,325,598 |
) |
(3,325,598 |
) |
Provisions for liabilities | 16 | (972,813 | ) | (136,155 | ) |
Net assets | 45,579,185 | 41,484,696 |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Consolidated Statement of Financial Position - continued |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Capital and reserves |
Called up share capital | 17 | 5,159,125 | 5,199,690 |
Share premium | 18 | 120 | 120 |
Capital redemption reserve | 18 | 269,037 | 228,472 |
Fair value reserve | 18 | 6,636,050 | 4,355,541 |
Retained earnings | 18 | 33,514,853 | 31,700,873 |
Shareholders' funds | 45,579,185 | 41,484,696 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by: |
D R C Ede - Director |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Company Statement of Financial Position |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 9 |
Investments | 10 |
Investment property | 11 |
Current assets |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
Creditors |
Amounts falling due within one year | 14 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
Provisions for liabilities | 16 | ( |
) | ( |
) |
Net assets |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Company Statement of Financial Position - continued |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Capital and reserves |
Called up share capital | 17 |
Share premium | 18 |
Capital redemption reserve | 18 |
Fair value reserve | 18 |
Retained earnings | 18 |
Shareholders' funds |
Company's profit for the financial year | 1,900,748 | 472,114 |
The financial statements were approved by the Board of Directors and authorised for issue on |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Consolidated Statement of Changes in Equity |
for the year ended 31 October 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 November 2021 | 5,222,406 | 30,695,323 | 120 |
Reduction in share capital | (22,716 | ) | - | - |
Total comprehensive income | - | 1,005,550 | - |
Balance at 31 October 2022 | 5,199,690 | 31,700,873 | 120 |
Reduction in share capital | (40,565 | ) | - | - |
Total comprehensive income | - | 1,813,980 | - |
Balance at 31 October 2023 | 5,159,125 | 33,514,853 | 120 |
Capital |
redemption | Fair value | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 November 2021 | 228,472 | 3,558,168 | 39,704,489 |
Reduction in share capital | - | - | (22,716 | ) |
Total comprehensive income | - | 797,373 | 1,802,923 |
Balance at 31 October 2022 | 228,472 | 4,355,541 | 41,484,696 |
Reduction in share capital | - | - | (40,565 | ) |
Total comprehensive income | 40,565 | 2,280,509 | 4,135,054 |
Balance at 31 October 2023 | 269,037 | 6,636,050 | 45,579,185 |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Company Statement of Changes in Equity |
for the year ended 31 October 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 November 2021 |
Total comprehensive income | - | - |
Reduction in share capital | (22,716 | ) | - | - |
Balance at 31 October 2022 |
Total comprehensive income | - | - |
Reduction in share capital | (40,565 | ) | - | - |
Balance at 31 October 2023 |
Capital |
redemption | Fair value | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 November 2021 |
Total comprehensive income |
Reduction in share capital | - | - | (22,716 | ) |
Balance at 31 October 2022 |
Total comprehensive income |
Reduction in share capital | - | - | (40,565 | ) |
Balance at 31 October 2023 |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Consolidated Statement of Cash Flows |
for the year ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (80,660 | ) | 1,825,237 |
Interest paid | (33,264 | ) | (14,321 | ) |
Finance costs paid | (33,099 | ) | (193,425 | ) |
Tax paid | (213,312 | ) | (227,007 | ) |
Net cash from operating activities | (360,335 | ) | 1,390,484 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,165,130 | ) | (67,776 | ) |
Income from fixed asset investments | 50,000 | 55,000 |
Sale of tangible fixed assets | 10,538 | 15,000 |
Sale of investment property | 400,000 | - |
Interest received | 209,032 | 31,656 |
Net cash from investing activities | (495,560 | ) | 33,880 |
Cash flows from financing activities |
Amount introduced by directors | 132,266 | 241,578 |
Amount withdrawn by directors | (35,617 | ) | (136,841 | ) |
Purchase of own shares | (58,000 | ) | (29,000 | ) |
Net cash from financing activities | 38,649 | 75,737 |
(Decrease)/increase in cash and cash equivalents | (817,246 | ) | 1,500,101 |
Cash and cash equivalents at beginning of year |
2 |
4,873,873 |
3,373,772 |
Cash and cash equivalents at end of year | 2 | 4,056,627 | 4,873,873 |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Notes to the Consolidated Statement of Cash Flows |
for the year ended 31 October 2023 |
1. | Reconciliation of profit before taxation to cash generated from operations |
2023 | 2022 |
£ | £ |
Profit before taxation | 5,711,861 | 2,176,196 |
Depreciation charges | 51,481 | 45,647 |
Profit on disposal of fixed assets | (11,679 | ) | (4,679 | ) |
Gain on revaluation of fixed assets | (3,304,679 | ) | (842,272 | ) |
Transfer of property from stock | (265,270 | ) | (2,057,873 | ) |
Share of equity method profits | (584,918 | ) | (508,152 | ) |
Profit on sale of investment property | (287,862 | ) | - |
Finance costs | 66,363 | 207,746 |
Finance income | (209,032 | ) | (31,656 | ) |
1,166,265 | (1,015,043 | ) |
(Increase)/decrease in stocks | (718,807 | ) | 4,999,282 |
Increase in trade and other debtors | (1,412,765 | ) | (1,850,496 | ) |
Increase/(decrease) in trade and other creditors | 884,647 | (308,506 | ) |
Cash generated from operations | (80,660 | ) | 1,825,237 |
2. | Cash and cash equivalents |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 October 2023 |
31/10/23 | 1/11/22 |
£ | £ |
Cash and cash equivalents | 4,056,627 | 4,873,873 |
Year ended 31 October 2022 |
31/10/22 | 1/11/21 |
£ | £ |
Cash and cash equivalents | 4,873,873 | 3,373,772 |
3. | Analysis of changes in net funds |
At 1/11/22 | Cash flow | At 31/10/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 4,873,873 | (817,246 | ) | 4,056,627 |
4,873,873 | (817,246 | ) | 4,056,627 |
Total | 4,873,873 | (817,246 | ) | 4,056,627 |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Notes to the Consolidated Financial Statements |
for the year ended 31 October 2023 |
1. | Statutory information |
Ede Holdings Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements include the results of Ede Holdings Limited and its subsidiary undertakings drawn up to 31 October 2023. No profit and loss account for the company has been presented for Ede Holdings Limited, as permitted by Section 408 of the Companies Act 2006. |
Associates |
The results of associated undertakings are accounted for using the equity method. Those for Tenens Ede Limited and Abingdon Marina (Oxford) Limited are based on the financial statements for the year ended 30 September 2023.Those for The Edge Hotel (Oxford) LImited are based on the financial statements for the year ended 31 October 2023. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investments in associates |
Investments in associate undertakings are recognised at 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. |
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 statement of financial position date. |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 October 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 statement of financial position 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. |
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. |
3. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries | 926,036 | 720,200 |
Social security costs | 105,411 | 83,563 |
Other pension costs | 34,941 | 30,263 |
1,066,388 | 834,026 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Office and management | 19 | 15 |
Foremen and operatives | 6 | 6 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 340,988 | 266,423 |
Directors' pension contributions to money purchase schemes | 7,162 | 7,764 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 4 | 4 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 243,865 | 169,300 |
Pension contributions to money purchase schemes | 4,248 | 3,879 |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 October 2023 |
4. | Operating profit |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 51,481 | 45,647 |
Auditors' remuneration | 17,000 | 17,000 |
5. | Exceptional items |
2023 | 2022 |
£ | £ |
Profit on disposal of |
tangible fixed assets | 11,679 | 4,679 |
Profit/loss on sale of |
investment property | 287,862 | - |
299,541 | 4,679 |
6. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Bank loan interest | 33,252 | 14,321 |
Other interest payable | 12 | - |
Dividend on preference shares | 33,099 | 193,425 |
66,363 | 207,746 |
7. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 389,600 | 216,829 |
Prior year adjustment | 15,083 | 11,293 |
Associates corporation tax | 120,031 | 86,333 |
Total current tax | 524,714 | 314,455 |
Deferred tax | 10,488 | (81 | ) |
Tax on profit | 535,202 | 314,374 |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 October 2023 |
7. | Taxation - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 5,711,861 | 2,176,196 |
Profit multiplied by the standard rate of corporation tax in the UK of 22.518 % (2022 - 19 %) |
1,286,197 |
413,477 |
Effects of: |
Expenses not deductible for tax purposes | 24,612 | 19,034 |
Depreciation in excess of capital allowances | 12,538 | 4,148 |
Adjustments to tax charge in respect of previous periods | 14,993 | 11,293 |
Dividends received | (11,126 | ) | (10,450 | ) |
Dividends paid | 7,365 | 36,751 |
Movement in deferred tax | (799,377 | ) | (159,879 | ) |
Total tax charge | 535,202 | 314,374 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 October 2023. |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Movement in deferred tax provision |
8. | 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. |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 October 2023 |
9. | Tangible fixed assets |
Group |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 November 2022 | - | 182,326 | 259,262 | 143,598 | 585,186 |
Additions | 1,108,531 | - | 699 | 55,900 | 1,165,130 |
Disposals | - | - | - | (38,802 | ) | (38,802 | ) |
At 31 October 2023 | 1,108,531 | 182,326 | 259,961 | 160,696 | 1,711,514 |
Depreciation |
At 1 November 2022 | - | 170,116 | 163,343 | 108,791 | 442,250 |
Charge for year | - | 2,933 | 28,505 | 20,043 | 51,481 |
Eliminated on disposal | - | - | - | (28,264 | ) | (28,264 | ) |
At 31 October 2023 | - | 173,049 | 191,848 | 100,570 | 465,467 |
Net book value |
At 31 October 2023 | 1,108,531 | 9,277 | 68,113 | 60,126 | 1,246,047 |
At 31 October 2022 | - | 12,210 | 95,919 | 34,807 | 142,936 |
Company |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
Cost |
At 1 November 2022 |
Additions |
At 31 October 2023 |
Depreciation |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
Included in cost of land and buildings is freehold land of £ 250,000 (2022 - £ 0 ) which is not depreciated. |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 October 2023 |
10. | Fixed asset investments |
Group |
Interest in |
associate |
£ |
Cost |
At 1 November 2022 | 2,240,981 |
Share of profit/(loss) | 414,887 |
At 31 October 2023 | 2,655,868 |
Net book value |
At 31 October 2023 | 2,655,868 |
At 31 October 2022 | 2,240,981 |
Interest in associate |
The group's aggregate share of associates at the year end is as follows: |
2023 | 2022 |
£ | £ |
Profit before tax | 534,917 | 453,152 |
Taxation | (120,030 | ) | (86,333 | ) |
Profit after tax | 414,887 | 366,819 |
Share of assets |
Fixed assets | 4,160,659 | 1,168,864 |
Current assets | 13,681,606 | 8,495,988 |
Share of liabilities |
Share of liabilities due within one year | (15,581,482 | ) | (7,790,059 | ) |
Share of liabilities due after one year or more | - | - |
Share of net assets | 2,260,783 | 1,874,793 |
Company |
Shares in |
group | Interest in |
undertakings | associate | Totals |
£ | £ | £ |
Cost |
At 1 November 2022 |
and 31 October 2023 | 895,216 |
Net book value |
At 31 October 2023 | 895,216 |
At 31 October 2022 | 895,216 |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 October 2023 |
10. | Fixed asset investments - continued |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Builders Ede Limited |
Registered office: United Kingdom |
Nature of business: Building and contracting |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 9,261,314 | 8,309,084 |
Profit for the year | 952,230 | 193,595 |
Ede Developments (Oxford) Limited |
Registered office: United Kingdom |
Nature of business: Property investment and development |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 3,438,228 | 2,649,372 |
Profit for the year | 995,026 | 423,419 |
Oxford Parklands Limited |
Registered office: United Kingdom |
Nature of business: Property investment and development |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 7,793,417 | 7,258,278 |
Profit for the year | 894,289 | 405,874 |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 October 2023 |
11. | Investment property |
Group |
Total |
£ |
Fair value |
At 1 November 2022 | 20,052,606 |
Transfers from stock | 265,270 |
Disposals | (400,000 | ) |
Revaluations | 3,304,679 |
At 31 October 2023 | 23,222,555 |
Net book value |
At 31 October 2023 | 23,222,555 |
At 31 October 2022 | 20,052,606 |
Investment properties consist of freehold properties valued by the directors at £21,247,555 (2022 - £18,077,606) and leasehold properties valued by the directors at £1,975,000 (2022 - £1,975,000.) |
The original cost of the freehold properties was £14,015,881 (2022 - £13,952,611) and the original cost of the leasehold properties was £1,695,794 (2022 - £1,695,794.) |
The directors are of the opinion that all investment properties are stated at their open market value at 31 October 2023. |
Fair value at 31 October 2023 is represented by: |
£ |
Valuation in 2006 | 2,769,774 |
Valuation in 2009 | (9,141 | ) |
Valuation in 2011 | (82,340 | ) |
Valuation in 2012 | 127,350 |
Valuation in 2013 | 134,832 |
Valuation in 2015 | 255,000 |
Valuation in 2020 | (191,419 | ) |
Valuation in 2021 | 270,145 |
Valuation in 2022 | 1,130,000 |
Valuation in 2023 | 3,106,679 |
Cost | 15,711,675 |
23,222,555 |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 October 2023 |
11. | Investment property - continued |
Company |
Total |
£ |
Fair value |
At 1 November 2022 |
Revaluations | 1,835,400 |
At 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
Fair value at 31 October 2023 is represented by: |
£ |
Valuation in 1991 | 1,837,408 |
Valuation in 1992 | (769,300 | ) |
Valuation in 1998 | (36,000 | ) |
Valuation in 2004 | 297,000 |
Valuation in 2006 | 200,000 |
Valuation in 2013 | 127,350 |
Valuation in 2020 | 255,000 |
Valuation in 2021 | (820,400 | ) |
Valuation in 2022 | 405,000 |
Valuation in 2023 | 1,835,400 |
Cost | 1,943,542 |
5,275,000 |
12. | Stocks |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Stock | 771,150 | 317,646 | 681,148 | 227,644 |
Work-in-progress | 2,344,483 | 2,079,180 |
3,115,633 | 2,396,826 |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 October 2023 |
13. | Debtors: amounts falling due within one year |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 1,282,030 | 553,324 |
Amounts owed by group undertakings | - | - |
Amounts owed by associates | 12,568,435 | 7,036,366 |
Amounts recoverable on contract | 207,044 | 4,550,014 |
Other debtors | 5,174,307 | 5,675,747 |
Directors' loan accounts | 88,312 | 129,038 | - | - |
Tax | 19,480 | 18,600 |
Section 455 tax recoverable | 43,024 | 43,024 | - | - |
Prepayments and accrued income | - | 3,600 |
19,382,632 | 18,009,713 |
14. | Creditors: amounts falling due within one year |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade creditors | 959,362 | 699,407 |
Amounts owed to group undertakings | - | - |
Amounts owed to associates | 115,000 | 110,000 | 115,000 | 110,000 |
Corporation tax | 409,080 | 216,829 |
Social security and other taxes | 207,191 | 68,456 |
VAT | - | 2,011 | - | - |
Other creditors | 751,555 | 611,529 |
Directors' loan accounts | 607,987 | 653,604 | 607,988 | 653,604 |
Accruals and deferred income | 751,591 | 408,650 |
3,801,766 | 2,770,486 |
15. | Creditors: amounts falling due after more than one year |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Other creditors | 3,325,598 | 3,325,598 | 3,325,598 | 3,325,598 |
Other creditors consist of preference shares classed as a financial liability, as described in note 17. |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 October 2023 |
16. | Provisions for liabilities |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 13,878 | 3,173 |
Deferred tax | 958,935 | 132,982 | 508,664 | 49,814 |
972,813 | 136,155 | 508,881 | 50,031 |
Group |
Deferred tax |
£ |
Balance at 1 November 2022 | 136,155 |
Charge to Income Statement during year | 836,658 |
Balance at 31 October 2023 | 972,813 |
Company |
Deferred tax |
£ |
Balance at 1 November 2022 |
Charge to Income Statement during year |
Balance at 31 October 2023 |
17. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 1,082,176 | 1,042,170 |
A ordinary | 1 | 3,635,240 | 3,675,246 |
B ordinary | 1 | 441,709 | 482,274 |
5,159,125 | 5,199,690 |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 October 2023 |
17. | Called up share capital - continued |
The holders of ordinary shares have full rights with respect to voting, full rights to receive dividends, full rights to participate in the distribution of capital on a winding up and ordinary shares are redeemable at the option of the holder. |
The holders of A ordinary shares have full rights with respect to voting, full rights to receive dividends, full rights to participate in the distribution of capital on a winding up and A ordinary shares are redeemable at the option of the holder. |
The holders of B ordinary shares have no rights with respect to voting, full rights to receive dividends, full rights to participate in the distribution of capital on a winding up and B ordinary shares are redeemable at the option of the holder. |
The holders of A preference shares have no rights with respect to voting, the right to receive a preferential dividend of 5% increasing annually by RPI to a maximum 4%, full rights to participate in the distribution of capital on a winding up and are redeemable at the option of the holder. |
The holders of 10% preference shares have no rights with respect to voting, the right to receive a fixed 10% dividend in preference to the holders of ordinary shares, full rights to participate in the distribution of capital on a winding up and are redeemable at the option of the holder. |
During the year ended 31 October 2023, the company purchased 40,565 ordinary shares of £1 each from a member for £58,000 (2022 22,716 ordinary shares of £1 each for £29,000.) |
18. | Reserves |
Group |
Capital |
Retained | Share | redemption | Fair value |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 November 2022 | 31,700,873 | 120 | 228,472 | 4,355,541 | 36,285,006 |
Profit for the year | 5,176,659 | - | - | - | 5,176,659 |
Purchase of own shares | (58,000 | ) | - | 40,565 | - | (17,435 | ) |
Transfer on revaluation | (3,304,679 | ) | - | - | 2,280,509 | (1,024,170 | ) |
At 31 October 2023 | 33,514,853 | 120 | 269,037 | 6,636,050 | 40,420,060 |
Company |
Capital |
Retained | Share | redemption | Fair value |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 November 2022 | 14,481,973 | 120 | 228,472 | 2,011,941 | 16,722,506 |
Profit for the year | 1,900,748 | 1,900,748 |
Purchase of own shares | (58,000 | ) | - | 40,565 | - | (17,435 | ) |
Transfer on revaluation | (1,835,400 | ) | - | - | 1,376,550 | (458,850 | ) |
At 31 October 2023 | 14,489,321 | 120 | 269,037 | 3,388,491 | 18,146,969 |
EDE HOLDINGS LIMITED (REGISTERED NUMBER: 00795675) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 October 2023 |
19. | Contingent liabilities |
The group has entered into cross guarantees in connection with some of its bank loans and overdrafts. At 31 October 2023, the amount of these loans and overdrafts stood at £nil (2022 - £nil.) |
Ede Holdings Limited and Builders Ede Limited are members of the same VAT group. At the year end the liability outstanding under this registration was £nil (2022 - £2,830.) |
20. | Directors' advances, credits and guarantees |
The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022: |
2023 | 2022 |
£ | £ |
D R C Ede |
Balance outstanding at start of year | 129,038 | 102,811 |
Amounts advanced | 46,707 | 46,435 |
Amounts repaid | (87,433 | ) | (20,208 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 88,312 | 129,038 |
21. | Related party disclosures |
Entities with control, joint control or significant influence over the | entity |
J Ede runs a business trading as Oxon Planning Partnership. |
During the year ended 31 October 2023, Builders Ede Limited recharged overheads to Oxon Planning Partnership amounting to £3,550 (2022 - £3,550.) |
At 31 October 2023, Ede Holdings Limited had the following balances with companies in which D R C Ede has an interest: |
Due from Tenens Ede Limited £11,298,422 (2022 - £5,901,366.) |
Owed to Abingdon Marina (Oxford) Limited £115,000 (2022 - £110,000.) |
Due from Ede Homes Limited £2,934,952 (2022 - £3,383,312.) |
Due from The Edge Hotel (Oxford) Limited £1,270,013 (2022 - £1,135,000.) |
Due from No.192 Oxford Limited £1,812,216 (2022 - £1,870,000.) |
Due from No.192 Oxford (Management) Limited £Nil (2022 - £20,013.) |
On the 10 August 2023, Ede Developments (Oxford) Limited purchased a residential flat from D Ede for £256,000. |
22. | Ultimate controlling party |
The controlling party is D R C Ede. |
The ultimate controlling party is D R C Ede. |