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REGISTERED NUMBER: 10181754 (England and Wales)








WOODSFORD HOMES LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


WOODSFORD HOMES LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







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





REGISTERED OFFICE: 8 Bloomsbury Street
London
WC1B 3SR





REGISTERED NUMBER: 10181754 (England and Wales)





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

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

GROUP STRATEGIC REPORT
for the year ended 31 March 2024


The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The principal activity of the group continues to be residential development, currently operating throughout the South East of England, particularly in Sussex and Surrey with planned expansion into both Hampshire and Berkshire.

The year ending 31st March 2024 was certainly a very difficult year for the housebuilding sector and as a SME developer we were particularly badly affected. As we entered the new financial year interest rates had already risen to 4.25% but would continue upwards to the current level of 5.25%. Fixed rate mortgages hovered around 5% for the year, and whilst not high by historic standards, were twice what they had been twelve months earlier. This coupled with continuing concern over inflation rates had the compound effect of significantly reducing the number of proceedable home buyers. The net effect being that we were substantially down on our budgeted volume.

Given the market difficulties, the group completed on 25 units, selling 12 private homes and 13 affordable homes (48 sales in the year ended 31 March 2023) representing turnover for the year ended 31 March 2024 of £10.9m (year ended 31 March 2023 - £20.2m) and loss before tax of £3.5m (12 months to 31 March 2023: profit £54k). Consolidated net assets at 31 March 2024 were £2.2m (2023: net assets £5.8m).

MISSION STATEMENT

"To improve the lives of everybody who encounters a Sigma Home, our customers, our local communities and our environment."

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks faced by the group are the continued uncertainty surrounding interest rates on a macro level, and on a micro level, the recent anti-development approach of the previous UK government manifesting itself through a reduced supply of consented development opportunities, along with delays in clearing prestart conditions. In addition, the last twelve months has seen severe delays in getting new power supplies to new homes, with UKPN having insufficient local capacity to serve new homes. This has increased power needs through air source heat pumps and electric car charging points, necessitating nearly all developments to require a substation.

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

Land supply, as mentioned above, remains challenging caused by the lack of supply of consented sites into the market. Following the Written Ministerial Statement of December 2022, even with a significant change in Government policy, the lack of planning applications being approved since then, suggests a continuing lack of supply over the coming months.

The previously reported shortage of both materials and skills seems to have abated for now in part because of a reduced rate of sales/build by the major housebuilders. Any significant upturn in demand for either skilled labour, or materials may bring a return of some cost pressures.

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

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


WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

GROUP STRATEGIC REPORT
for the year ended 31 March 2024

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

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

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

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

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

SUSTAINABILITY
The Environment has always been part Sigma's work principles. In early 2017 we opted to use Timber Frame construction to embed sustainability as part of our Company ethos. Timber Frame is arguably the only 100% sustainable construction material with sustainable forestry practices and the added benefit of being much greener than masonry houses on a CO2 measure.

Additionally, we continue to work on improving the SAP rating of our homes, and whilst currently achieving SAP rating of B under the more demanding 2022 regulations, we are looking at ways of achieving an A rating, although with due regard for cost v benefit.


WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

GROUP STRATEGIC REPORT
for the year ended 31 March 2024

EXPECTATIONS
With the continuing backdrop of relatively high interest rates the UK housing market remains sluggish with little evidence of a significant increase in the number of proceedable buyers and with those that are in that position seeking a discount from the advertised asking price. It remains a buyers' market.

However, we have currently seen a new Labour government elected with promises of a substantial reform to the currently broken planning system in order to "get Britain building". This should ease, in due course, the chronic shortage of planning permissions, thus alleviating one of the major constraints to growth.

With the very recent cut in interest rates, resulting in 5 year fixed mortgages being available at under 4%, along with a positive outlook for some house price inflation being reported in the national press, it is anticipated that we can look forward to a traditionally strong Autumn market.

Our forecast for FY ending March 2025 promises to deliver an improvement in our year end results. We are expecting to increase the number of sales completions to 79 units.

On the basis of the planned land acquisitions the business plan for FY2025 and 2026 projects an increase in the number of completions to 100 in FY2026.

ON BEHALF OF THE BOARD:



T R Porter - Director


23 September 2024

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

REPORT OF THE DIRECTORS
for the year ended 31 March 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

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

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

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

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

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

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

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

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

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

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

REPORT OF THE DIRECTORS
for the year ended 31 March 2024


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

ON BEHALF OF THE BOARD:





T R Porter - Director


23 September 2024

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


Opinion
We have audited the financial statements of Woodsford Homes Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

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

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

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

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

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


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

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

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

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

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


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

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

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

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

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

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

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

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

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

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


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




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

25 September 2024

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

CONSOLIDATED INCOME STATEMENT
for the year ended 31 March 2024

2024 2023
Notes £ £

TURNOVER 4 10,902,961 20,211,192

Cost of sales (9,937,709 ) (16,814,689 )
GROSS PROFIT 965,252 3,396,503

Administrative expenses (2,796,448 ) (2,297,688 )
OPERATING (LOSS)/PROFIT 6 (1,831,196 ) 1,098,815

Interest receivable and similar income 8 5,800 3,769
(1,825,396 ) 1,102,584

Interest payable and similar expenses 9 (1,625,486 ) (1,048,400 )
(LOSS)/PROFIT BEFORE TAXATION (3,450,882 ) 54,184

Tax on (loss)/profit 10 (150,871 ) (37,580 )
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (3,601,753 ) 16,604
(Loss)/profit attributable to:
Owners of the parent (3,427,882 ) (62,487 )
Non-controlling interests (173,871 ) 79,091
(3,601,753 ) 16,604

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
for the year ended 31 March 2024

2024 2023
Notes £ £

(LOSS)/PROFIT FOR THE YEAR (3,601,753 ) 16,604


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(3,601,753

)

16,604

Total comprehensive income attributable to:
Owners of the parent (3,427,882 ) (62,487 )
Non-controlling interests (173,871 ) 79,091
(3,601,753 ) 16,604

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

CONSOLIDATED BALANCE SHEET
31 March 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 12 150,700 220,253
Tangible assets 13 106,359 104,837
Investments 14 - -
257,059 325,090

CURRENT ASSETS
Stocks 15 36,244,153 21,708,910
Debtors 16 2,560,789 2,358,094
Cash at bank and in hand 430,420 1,400,211
39,235,362 25,467,215
CREDITORS
Amounts falling due within one year 17 (25,948,122 ) (7,073,410 )
NET CURRENT ASSETS 13,287,240 18,393,805
TOTAL ASSETS LESS CURRENT LIABILITIES 13,544,299 18,718,895

CREDITORS
Amounts falling due after more than one year 18 (11,113,981 ) (12,946,360 )

PROVISIONS FOR LIABILITIES 21 (273,437 ) (13,900 )
NET ASSETS 2,156,881 5,758,635

CAPITAL AND RESERVES
Called up share capital 22 1,686,000 1,686,000
Other reserves 23 7,328,204 7,328,204
Retained earnings 23 (7,766,109 ) (4,338,227 )
SHAREHOLDERS' FUNDS 1,248,095 4,675,977

NON-CONTROLLING INTERESTS 24 908,786 1,082,658
TOTAL EQUITY 2,156,881 5,758,635

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





T R Porter - Director


WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

COMPANY BALANCE SHEET
31 March 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 16,934,228 16,934,228
16,934,228 16,934,228

CURRENT ASSETS
Cash in hand 6,322 6,322

CREDITORS
Amounts falling due within one year 17 (57,608 ) (41,405 )
NET CURRENT LIABILITIES (51,286 ) (35,083 )
TOTAL ASSETS LESS CURRENT LIABILITIES 16,882,942 16,899,145

CREDITORS
Amounts falling due after more than one year 18 (10,670,633 ) (9,589,804 )
NET ASSETS 6,212,309 7,309,341

CAPITAL AND RESERVES
Called up share capital 22 1,686,000 1,686,000
Other reserves 23 7,328,204 7,328,204
Retained earnings 23 (2,801,895 ) (1,704,863 )
SHAREHOLDERS' FUNDS 6,212,309 7,309,341

Company's loss for the financial year (1,097,032 ) (1,027,185 )

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





T R Porter - Director


WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2024

Called up
share Retained Other
capital earnings reserves
£ £ £
Balance at 1 April 2022 1,686,000 (4,275,740 ) 7,328,204

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

Changes in equity
Total comprehensive income - (3,427,882 ) -
Balance at 31 March 2024 1,686,000 (7,766,109 ) 7,328,204
Non-controlling Total
Total interests equity
£ £ £
Balance at 1 April 2022 4,738,464 1,003,567 5,742,031

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

Changes in equity
Total comprehensive income (3,427,882 ) (173,871 ) (3,601,753 )
Balance at 31 March 2024 1,248,095 908,787 2,156,882

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2024

Called up
share Retained Other Total
capital earnings reserves equity
£ £ £ £
Balance at 1 April 2022 1,686,000 (677,678 ) 7,328,204 8,336,526

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

Changes in equity
Total comprehensive income - (1,097,032 ) - (1,097,032 )
Balance at 31 March 2024 1,686,000 (2,801,895 ) 7,328,204 6,212,309

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (15,684,134 ) (10,153,748 )
Interest paid (69,264 ) (27,552 )
Net cash from operating activities (15,753,398 ) (10,181,300 )

Cash flows from investing activities
Purchase of tangible fixed assets (23,631 ) (4,354 )
Interest received 2,032 429
Net cash from investing activities (21,599 ) (3,925 )

Cash flows from financing activities
Loan taken in the year 20,669,618 7,948,301
Loan repayments in year (5,864,412 ) (246,770 )
Net cash from financing activities 14,805,206 7,701,531

Decrease in cash and cash equivalents (969,791 ) (2,483,694 )
Cash and cash equivalents at beginning of
year

2

1,400,211

3,883,905

Cash and cash equivalents at end of year 2 430,420 1,400,211

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2024


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£ £
(Loss)/profit before taxation (3,450,882 ) 54,184
Depreciation charges 21,519 26,062
Loss on disposal of fixed assets 590 357
Amortisation charges 69,553 125,460
Other provisions 259,537 13,900
Finance costs 1,625,486 1,048,400
Finance income (5,800 ) (3,769 )
(1,479,997 ) 1,264,594
Increase in stocks (14,535,243 ) (11,431,785 )
(Increase)/decrease in trade and other debtors (349,797 ) 622,333
Increase/(decrease) in trade and other creditors 680,903 (608,890 )
Cash generated from operations (15,684,134 ) (10,153,748 )

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2024
31.3.24 1.4.23
£ £
Cash and cash equivalents 430,420 1,400,211
Year ended 31 March 2023
31.3.23 1.4.22
£ £
Cash and cash equivalents 1,400,211 3,883,905


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£ £ £
Net cash
Cash at bank and in hand 1,400,211 (969,791 ) 430,420
1,400,211 (969,791 ) 430,420
Debt
Debts falling due within 1 year (5,189,341 ) (11,988,956 ) (17,178,297 )
Debts falling due after 1 year (8,138,292 ) 183,750 (7,954,542 )
(13,327,633 ) (11,805,206 ) (25,132,839 )
Total (11,927,422 ) (12,774,997 ) (24,702,419 )

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Basis of consolidation
The consolidated financial statements incorporate the results of Woodsford Homes Limited and all of its subsidiary and associated undertakings as at 31 March 2024 using the acquisition method. Where the acquisition method is used, the results of subsidiary undertakings are included from the date of acquisition, being the date on which the group obtained control. Control comprises of the ability to govern the financial and operating policies of the undertaking to obtain benefit from its activities. Upon disposal, the results of the subsidiary will be consolidated until the date of disposal and such control ceases.

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

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

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

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

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

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

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

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

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

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued

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

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

Plant and machinery etc - 20% on cost
Improvements to property - remaining length of lease

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

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

Depreciation is provided over the period of the lease.

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

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

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

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued

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

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

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

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

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

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

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

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

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

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued

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

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

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

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

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

3. SIGNIFICANT JUDGEMENTS AND ESTIMATES

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

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

Recoverability of intercompany balances
Management considers the recoverability of intercompany debts annually based on the related company performance and the balance sheet position as well as managements experience to determine whether a provision is required against any related party debt. It has been determined that a provision of £1,280,933 (2023: £1,874,747) is deemed appropriate and all remaining inter company debt included in the balance sheet is considered recoverable in full. The provision is removed on consolidation.

4. TURNOVER

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

5. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 1,602,440 1,231,008
Social security costs 200,976 168,985
Other pension costs 22,957 16,809
1,826,373 1,416,802

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Administration 28 22

2024 2023
£ £
Directors' remuneration - -

6. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024 2023
£ £
Other operating leases 67,723 60,033
Depreciation - owned assets 21,519 26,062
Loss on disposal of fixed assets 590 357
Goodwill amortisation 69,553 125,460
Auditor's remuneration (note 7) 102,083 82,662
Pension costs 22,957 16,809

7. AUDITORS' REMUNERATION

2024 2023
£ £
Fees payable to the company's auditor for the audit of the company's annual
accounts

41,403


40,300
Tax compliance services 7,200 7,000
Other non-audit services 53,480 35,362
102,083 82,662

8. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£ £
Deposit account interest 2,032 -
Loan interest 3,768 3,769
5,800 3,769

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


9. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Preference share interest 104,220 41,614
Loan interest payable 544,657 32,852
Preference share dividends 976,609 973,934
1,625,486 1,048,400

During the year, interest on amounts provided by related parties have been recognised within loan interest payable, instead of within cost of sales as per the prior year. The change of recognition is on the basis that the loans represent funding to the Group as a whole, rather than a direct cost of developments.

10. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 1,051 -

Deferred tax 149,820 37,580
Tax on (loss)/profit 150,871 37,580

UK corporation tax has been charged at 25 % (2023 - 19 %).

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

2024 2023
£ £
(Loss)/profit before tax (3,450,882 ) 54,184
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

(862,721

)

10,295

Effects of:
Expenses not deductible for tax purposes 282,524 211,787
Utilisation of tax losses (30,955 ) (241,552 )
Capital allowances in excess of depreciation 19,848 17,158
Tax losses carried forwards 591,238 155,142
Other short term timing differences 67 100
Change in tax rate - (115,350 )
Adjustments to tax charge in respect of previous periods 1,050 -
Deferred tax expense relating to the reversal of temporary timing differences 149,820 -
Total tax charge 150,871 37,580

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


11. INDIVIDUAL INCOME STATEMENT

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


12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
COST
At 1 April 2023
and 31 March 2024 1,478,227
AMORTISATION
At 1 April 2023 1,257,974
Amortisation for year 69,553
At 31 March 2024 1,327,527
NET BOOK VALUE
At 31 March 2024 150,700
At 31 March 2023 220,253

13. TANGIBLE FIXED ASSETS

Group
Ground Improvements Plant and
leases to property machinery Totals
£ £ £ £
COST
At 1 April 2023 78,300 - 125,969 204,269
Additions - 11,360 12,271 23,631
Disposals - - (3,977 ) (3,977 )
At 31 March 2024 78,300 11,360 134,263 223,923
DEPRECIATION
At 1 April 2023 1,725 - 97,707 99,432
Charge for year 523 3,901 17,095 21,519
Eliminated on disposal - - (3,387 ) (3,387 )
At 31 March 2024 2,248 3,901 111,415 117,564
NET BOOK VALUE
At 31 March 2024 76,052 7,459 22,848 106,359
At 31 March 2023 76,575 - 28,262 104,837

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


13. TANGIBLE FIXED ASSETS - continued

Group

There are fixed and floating charges provided as security for bank liabilities over the group's assets including all tangible fixed assets with a carrying amount of £106,359 (2023: £104,837).

Included within the carrying amount of plant and machinery there is an amount of £nil (2023: £7,173) relating to assets classified as finance leases.

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 April 2023
and 31 March 2024 16,934,228
NET BOOK VALUE
At 31 March 2024 16,934,228
At 31 March 2023 16,934,228

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

Subsidiaries

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

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

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

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


14. FIXED ASSET INVESTMENTS - continued

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

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

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

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

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

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

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

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


14. FIXED ASSET INVESTMENTS - continued

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

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

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

Associated company

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


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

15. STOCKS

Group
2024 2023
£ £
Work-in-progress 36,244,153 21,708,910

Finance costs of £1,321,506 were included in group work-in-progress (Company £nil) during the year (2023: Group £353,595, Company £nil). For properties that have been sold the relevant portion of these finance costs has been recognised in cost of sales, calculated by reference to sales proceeds realised.

There are fixed and floating charges over stock with a carrying amount of £36,244,153 (2023: £21,708,910) as security for the bank loans.

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


16. DEBTORS

Group
2024 2023
£ £
Amounts falling due within one year:
Trade debtors 352,225 765,953
Other debtors 284,780 733,885
Tax debtor - 1,050
VAT 223,324 264,792
Deferred tax asset 330,809 480,629
Prepayments and accrued income 1,249,435 111,785
2,440,573 2,358,094

Amounts falling due after more than one year:
Trade debtors 120,216 -

Aggregate amounts 2,560,789 2,358,094

Deferred tax asset
Group
2024 2023
£ £
Deferred tax 330,809 480,629

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans and overdrafts (see note 19) 17,178,297 5,189,341 - -
Trade creditors 574,864 1,096,794 - -
Social security and other taxes 69,606 56,127 - -
Other creditors 7,558,192 397,803 43,808 29,905
Accrued expenses 567,163 333,345 13,800 11,500
25,948,122 7,073,410 57,608 41,405

Included in other creditors is a loan from a related party amounting to £6,342,982 (2023: £nil) that is subject to interest at SONIA on drawdown plus 5% per annum.

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


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

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans (see note 19) 30,625 214,375 - -
Preference shares (see note 19) 7,923,917 7,923,917 7,923,917 7,923,917
Other creditors 412,723 3,142,181 - -
Accrued preference share dividends and
interest

2,746,716

1,665,887

2,746,716

1,665,887
11,113,981 12,946,360 10,670,633 9,589,804

Included in other creditors are subcontractor retentions that are payable in 1-2 years. No interest is charged on this amount.

Included in other creditors is a loan from a related party amounting to £nil (2023: £3,000,000) that is subject to interest at SONIA on drawdown plus 5% per annum.

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£ £ £ £
Amounts falling due within one year or on demand:
Bank loans 17,178,297 5,189,341 - -
Amounts falling due between one and two years:
Bank loans - 1-2 years 30,625 183,750 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years - 30,625 - -
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 7,923,917 7,923,917 7,923,917 7,923,917

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


19. LOANS - continued

Included in bank loans is an amount of £14,559,170 (2023: £4,067,290) due to Close Brothers Limited. The loan is secured by way of a fixed and floating charge over any properties and undertaking of the company. This bank loan is subject to interest rates from 4% to 4.75% over the official bank rate of interest which was 5.25% as at 31 March 2024. The amount borrowed will be repayable in full on demand.

Within bank loans for the group, there is a Coronavirus Business Interruption Loan Scheme for £214,375 (2023: £398,125) which attracts interest at 3.39% above base rate. The loan is secured by way of a fixed and floating charge over the assets of the company and repayable in May 2025.

Within bank loans is an amount of £2,435,377 (2023: £938,301) due to Lloyds Bank plc. This loan is secured by way of a fixed and floating charge over any properties and undertaking of Sigma Homes (Angmering) Limited. This bank loan is subject to interest at 5.69% over the official bank rate of interest which was 5.25% as at 31 March 2024. The amount is repayable on demand.

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

The liability element is made up of the following:
2024 2023
£ £

Perpetual cumulative preference shares A 384,001 384,001
Perpetual cumulative preference shares B 1,111,756 1,111,756
Perpetual cumulative preference shares C 6,428,160 6,428,160
Accrued preference share dividends 2,600,882 1,624,273
Accrued preference share interest 145,834 41,614
10,670,633 9,589,804

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

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

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

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable
operating leases
2024 2023
£ £
Within one year 35,650 35,650
Between one and five years 17,825 53,475
53,475 89,125

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


20. LEASING AGREEMENTS - continued

Lease payments of £36,731 (2023: £38,773) have been recognised as an expense during the period.

21. PROVISIONS FOR LIABILITIES

Group
2024 2023
£ £
Other provisions 273,437 13,900

Aggregate amounts 273,437 13,900

Group
Deferred Other
tax provisions
£ £
Balance at 1 April 2023 (480,629 ) 13,900
Provided during year - 259,537
Charge to Income Statement during year 149,820 -
Balance at 31 March 2024 (330,809 ) 273,437

Group
2024 2023
£ £

Development costs of unfulfilled sites 53,489 -
Legal and professional 219,948 -
Manufacturing defects - 13,900
273,437 13,900

Legal and professional fees relate to potential unpaid costs arising from the acquisition of land.

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


22. CALLED UP SHARE CAPITAL

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



2024 2023
£ £

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

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

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

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

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

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

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


23. RESERVES

Group
Retained Other
earnings reserves Totals
£ £ £

At 1 April 2023 (4,338,227 ) 7,328,204 2,989,977
Deficit for the year (3,427,882 ) - (3,427,882 )
At 31 March 2024 (7,766,109 ) 7,328,204 (437,905 )

Company
Retained Other
earnings reserves Totals
£ £ £

At 1 April 2023 (1,704,863 ) 7,328,204 5,623,341
Deficit for the year (1,097,032 ) - (1,097,032 )
At 31 March 2024 (2,801,895 ) 7,328,204 4,526,309

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

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

24. NON-CONTROLLING INTERESTS


Non-controlling
interest
£

Balance at 1 April 2023 1,082,658
Share of loss in the year (173,871 )
Transfer between equity -
Balance at 31 March 2024 908,787

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

25. PENSION COMMITMENTS

The group makes payments into a pension fund on behalf of employees. The assets of the schemes are held
separately from those of the company in independently administered funds. The pension cost charge of £22,957 (2023: £16,809) represents contributions payable by the company to the fund. There were outstanding contributions at the year end of £5,903 (2023: £5,081) included in the balance sheet.

WOODSFORD HOMES LIMITED (REGISTERED NUMBER: 10181754)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


26. RELATED PARTY DISCLOSURES

Company

In the Woodsford Homes Limited financial statements, included within other creditors is £43,808 (2023: £29,905) due from a subsidiary company. The balance is interest free and repayable on demand.

Group

At the year end, a director of one of the companies in the group owed the group £202,048 (2023: £198,280). This amount is shown within other debtors due within one year with interest charged at 2.25%.

Remuneration paid to key management personnel totalled £167,476 (2023: £164,580).

Consulting services rendered with a related party by means of directorship within the group amounted to £17,820, with no amounts outstanding at the year end. Other consulting services rendered provided by a company under common control amounted to £29,080 during the year. An amount of £7,920 was outstanding at the year end, no interest is charged on this balance.

27. POST BALANCE SHEET EVENTS

Included in bank loans falling due within one year, is an amount of £6,342,982 that was refinanced in July 2024 until October 2026.

28. ULTIMATE CONTROLLING PARTY

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