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Registered number: 04676886








THOMAS HOMES LIMITED








ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
THOMAS HOMES LIMITED
 

COMPANY INFORMATION


Directors
C A S Brotherton 
H M Thomas 
J S Thomas 
P L Foxley (resigned 27 November 2023)
D P Skeet (resigned 27 November 2023)




Company secretary
James Simon Thomas



Registered number
04676886



Registered office
Peake House
Warnford

Southampton

Hampshire

SO32 3LA




Independent auditors
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Communications Road

Greenham Business Park

Greenham

Newbury

Berkshire

RG19 6AB





 
THOMAS HOMES LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Statement of Cash Flows
11 - 12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 28


 
THOMAS HOMES LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their strategic report together with the audited financial statements for the year ended September 2024.

Review of the business and future developments
 
The Company is principally engaged in house building involving the development, building and selling of property.  This is predominantly new build and conversion residential property, but may include some commercial property as part of mixed used development where required. Opportunities are sought from Berkshire and surrounding counties, although the Company will look further afield if new opportunities arise.  

Some of the key financial performance indicators in the year were as follows:


2024
2023
Movement
Turnover



- Residential
£11,724,600
£11,815,984
(£91,384)
- Freehold
£7,011,970
£205,000
£6,806,970
Gross profit
£1,532,759
£247,586
£1,285,173
Operating profit/(loss)
£821,364
(£976,024)
£1,797,387
Gross profit margin
8.2%
2.1%
6.1%
Operating profit/(loss) margin
4.4%
(8.1%)
12.5%
Residential completions
20
19
1

Turnover increased due to an increase in development of existing and new developments with 20 residential plot completions (2023: 19) and sales of freehold land and buildings increasing to £7,011,970 (2023: £205,000). The average selling price increased to £586,230 (2023: £445,529) due to higher value houses being completed. This increase reflects the phasing of current sites with more larger plots being completed and sold, and is in line with the build programme and sales expectations, reflecting the fluctuating demand for new homes and developments. The developments completed and sold during the year were more profitable, which led to an increase in gross profit margin and operating profit margin. In light of the current industry challenges, the directors regard this performance to be satisfactory, and having reassessed the strategic options for future developments commenced a restructuring and consolidation process of the business.

The Company is planning for a softening in demand in the current year. Interest rates remain high as central banks tackle inflation and energy prices remain high following the conflict in Ukraine, both putting pressure on the cost of living. Changing policies by the UK government together with the end of the Help to Buy scheme have also had an impact on mortgage availability, interest rates and the affordability of new homes. This will ultimately affect consumer confidence, demand and pricing, with expectations the current year will be a more challenging operating environment. However, the directors are confident the developments in the pipeline are of high quality in desirable locations, with sales remaining as forecast at slower rates without prices being significantly affected by these factors.
The land market has become less competitive as a consequence of the challenging operating environment. The Company’s disciplined approach to land buying and access to funds presents an opportunity to purchase new development sites at realistic land values providing opportunity and continuity for the future. The financial position and balance sheet of the Company remains strong with net current assets of £37,044,870 (2023: £37,151,905) of which £26,521,767 was cash at bank and in hand (2023: £10,271,716). This places the Company in a strong position to fund current developments and explore new land opportunities as they are identified. 
There remain many challenges in obtaining implementable planning consents at the local level. Central government recognise the need for more new housing but their housing policy remains uncertain. In recognition of these political issues the Company continues to work with local communities to pursue planning applications for high quality sustainable housing that satisfies local demand.

 
Page 1

 
THOMAS HOMES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Objectives and Strategy
 
The Company's business objective is to maintain sustainable and profitable business growth in order to provide:
 
Quality, well-designed product. 
Growth in shareholder value.
Rewarding careers for the Company's employees.

To achieve this business objective the Company's strategy is to:
 
Develop and maintain a reputation for identifying and producing a wide range of innovatively designed developments suited to their location and with a well finished product. 
Reinvest profits into land for future development.
Invest in employees to ensure they remain well trained and motivated. 
Work with existing subcontractors and source suitable additional experienced subcontractors to increase capacity.  

Principal risks and uncertainties

House building is affected by a number of economic factors such as changes in the general economic conditions and market confidence. These risks are managed or mitigated wherever possible; for example, by building properties in line with sales demand so as to reduce the risk of unsold properties and selling homes at an early stage in the development cycle in order to secure an early commitment from customers and thus enhance the quality of future income. 

Interest rate exposure is reduced through the use of derivative financial instruments when required and cash flow management.

Another key risk within the sector is achieving planning consent for future developments. Professional planning consultants are used to improve the quality of planning applications and the majority of land is contracted on a conditional subject to planning basis, so that the major land expense is only committed once a satisfactory planning consent is achieved. Changes in government regulations, planning and environmental policy and taxation are closely monitored to ensure action can be taken to minimise potential future operational and cost implications. 

The directors pay particular attention to their responsibilities for health and safety in the operations of the company's development sites with comprehensive health and safety training being undertaken by staff and inspections by independent, professional health and safety organisations carried out on all sites on a regular basis. 

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




J S Thomas
Director

Date: 7 January 2025

Page 2

 
THOMAS HOMES LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors

The directors who served during the year were:

C A S Brotherton 
H M Thomas 
J S Thomas 
P L Foxley (resigned 27 November 2023)
D P Skeet (resigned 27 November 2023)

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

Results and dividends

The profit for the year, after taxation, amounted to £1,268,788 (2023 - loss £690,571).

Dividends of £49,873 (2023 - £66,906) were paid to the preference shareholders during the year. 
Dividends of £8,000 (2023 - £8,000) were paid to the equity shareholders during the year. 

Future developments

The directors are reassessing the strategic options for future developments given the industry challenges and have commenced a restructuring and consolidation process of the business as a result of a decreased number of sites under construction.

Page 3

 
THOMAS HOMES LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

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

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsJames Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





J S Thomas
Director

Date: 7 January 2025

Page 4

 
THOMAS HOMES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THOMAS HOMES LIMITED
 

Opinion


We have audited the financial statements of Thomas Homes Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.
Page 5

 
THOMAS HOMES LIMITED
 

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

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Page 6

 
THOMAS HOMES LIMITED
 

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

Auditors' responsibilities for the audit of the financial statements
 

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


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. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
 
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of noncompliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.


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


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 2006Our 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 an Auditors' Report 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.




Jonathan Baillie BA (Hons) ACA FCCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB

7 January 2025
Page 7

 
THOMAS HOMES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023
Note
£
£

  

Turnover
 4 
18,736,570
12,020,984

Cost of sales
  
(17,203,811)
(11,773,398)

Gross profit
  
1,532,759
247,586

Administrative expenses
  
(916,561)
(1,432,940)

Other operating income
  
205,166
209,330

Operating profit/(loss)
 5 
821,364
(976,024)

Interest receivable and similar income
 9 
936,886
232,008

Interest payable and similar expenses
 10 
(49,873)
(91,287)

Profit/(loss) before tax
  
1,708,377
(835,303)

Tax on profit/(loss)
 11 
(439,589)
144,732

Profit/(loss) for the financial year
  
1,268,788
(690,571)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 28 form part of these financial statements.

Page 8

 
THOMAS HOMES LIMITED
REGISTERED NUMBER:04676886

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
9,605
15,714

Investments
 14 
1
2

  
9,606
15,716

Current assets
  

Stocks
 15 
11,046,062
26,406,299

Debtors: amounts falling due within one year
 16 
137,394
2,078,472

Cash at bank and in hand
 17 
26,521,767
10,271,716

  
37,705,223
38,756,487

Creditors: amounts falling due within one year
 18 
(660,353)
(1,604,582)

Net current assets
  
 
 
37,044,870
 
 
37,151,905

Total assets less current liabilities
  
37,054,476
37,167,621

Creditors: amounts falling due after more than one year
 19 
(400,000)
(1,454,080)

Provisions for liabilities
  

Deferred tax
 21 
-
(3,929)

Other provisions
 22 
(371,910)
(687,834)

  
 
 
(371,910)
 
 
(691,763)

Net assets
  
36,282,566
35,021,778


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account
 24 
36,282,466
35,021,678

  
36,282,566
35,021,778


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 January 2025.



J S Thomas
Director

The notes on pages 14 to 28 form part of these financial statements.

Page 9

 
THOMAS HOMES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2023
100
35,021,678
35,021,778



Profit for the year
-
1,268,788
1,268,788

Dividends: Equity capital
-
(8,000)
(8,000)


At 30 September 2024
100
36,282,466
36,282,566


The notes on pages 14 to 28 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2022
100
35,720,249
35,720,349



Loss for the year
-
(690,571)
(690,571)

Dividends: Equity capital
-
(8,000)
(8,000)


At 30 September 2023
100
35,021,678
35,021,778


The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
THOMAS HOMES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
1,268,788
(690,571)

Adjustments for:

Depreciation of tangible assets
6,109
7,686

Loss on disposal of tangible assets
(6,600)
-

Interest paid
48,998
91,287

Interest received
(936,011)
(232,008)

Taxation charge
439,589
(144,732)

Decrease/(increase) in stocks
15,360,237
(6,538,946)

Decrease/(increase) in debtors
1,931,827
(1,190,118)

(Decrease)/increase in creditors
(1,178,495)
77,249

(Decrease)/increase in provisions
(315,924)
-

Corporation tax received/(paid)
-
(84,332)

Net cash generated from operating activities

16,618,518
(8,704,485)


Cash flows from investing activities

Purchase of tangible fixed assets
-
(8,118)

Sale of tangible fixed assets
6,600
-

Interest received
936,011
232,008

Net cash from investing activities

942,611
223,890

Cash flows from financing activities

Shares treated as debt - redeemed
(1,254,080)
(36,900)

Dividends paid
(8,000)
(8,000)

Interest paid
(48,998)
(91,287)

Amounts repaid to directors
-
(138,391)

Net cash used in financing activities
(1,311,078)
(274,578)

Net increase/(decrease) in cash and cash equivalents
16,250,051
(8,755,173)
Page 11

 
THOMAS HOMES LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£



Cash and cash equivalents at beginning of year
10,271,716
19,026,889

Cash and cash equivalents at the end of year
26,521,767
10,271,716


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
26,521,767
10,271,716

26,521,767
10,271,716


The notes on pages 14 to 28 form part of these financial statements.

Page 12

 
THOMAS HOMES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

10,271,716

15,850,051

26,121,767

Redeemable preference shares - due in greater than 1 year

(1,454,080)

1,454,080

-

Redeemable preference shares - due within 1 year

(200,000)

200,000

-

Non redeemable preferences shares

(400,000)

-

(400,000)


8,217,636
17,504,131
25,721,767

The notes on pages 14 to 28 form part of these financial statements.

Page 13

 
THOMAS HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Thomas Homes Limited is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the Company information page and the nature of the Company's operations and its principal activities are set out in the strategic report. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The presentational and functional currency of these financial statements is GBP, Values are rounded to the nearest pound. 

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

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company made a profit before tax of £1,708,377 for the year and at the balance sheet date had net current assets of £37,044,870 and net assets of £36,282,566. Cash increased from £10,271,716 at the end of 2023 to £26,521,767 at the end of 2024. 
Management have prepared and the directors have approved the budget and considered the cash flow requirements of the Company for a period of at least twelve months from approval of the financial statements. Management's assessment includes considerations of the industry, current challenges and principal risks and uncertainties faced by the Company and reflects on the wider macroeconomic factors relevant. The budget and cash flow projection for 2025 and 2026 have been prepared on a prudent basis assuming the business executes its current strategy. Management have considered the phase of completion of building at current projects, anticipated progress with new projects as well as the current projected financial position, including available additional financing if required. 
As a result of the above considerations and assessment, the directors do not consider there to be any material uncertainty relating to the Company's ability to continue as a going concern and have prepared the financial statements on a going concern basis. 

  
2.3

Consolidated financial statements

The Company is exempt under section 405 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as the directors consider that the Company's subsidiary may be excluded from consolidation for the reason set out in note 14. These financial statements therefore present information about the Company as an individual undertaking and not about its group. 
Page 14

 
THOMAS HOMES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.4

Turnover

Turnover on the sale of properties represents the fair value of consideration received and receivable, net of value added tax, during the year.
Turnover in respect of private residential house building and commercial property activities is recognised once construction of the property has been completed, an exchange of contracts has occured and legal completion of the sale is confirmed. 
Turnover in respect of social housing is recognised on the basis of percentage completion in accordance with the phases agreed with a Housing Association surveyor. 
Turnover does not include the value of the onward sale of part exchange properties, for which the net gain or loss is recognised in cost of sales. 

  
2.5

Gross profit

Gross profit is recognised by applying the forecast margin on development sites to all elements of turnover of that site. The margin recognised in the current year is calculated on the overall margin for the full development site, which is forecasted on the cumulative turnover for the current and future years, including prior years. No revision is made to profit already recognised in prior years. The Company recognises foreseeable losses in full in the year the losses are identified. 

 
2.6

Operating leases: the Company as lessee

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

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.9

Borrowing costs

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset, being development stock, is capitalised as it forms part of the cost of an asset. Other borrowing costs are recognised in the statement of comprehensive income in the year in which they are incurred. 

 
2.10

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
THOMAS HOMES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
per annum
Office equipment
-
33%
per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.
Page 16

 
THOMAS HOMES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.15

Stocks of properties under development

Stocks of properties under development are valued at the lower of cost and net realisable value. Cost includes initial purchase price, materials, labour and appropriate amount of overheads. Net realisable value is based on the estimated selling price less additional costs of completion and disposal. 
Interest costs incurred in bringing stocks of properties under development to a state where they are ready to be used or sold, are capitalised as part of the cost of the developments. 
The cost released from development stock at the end of the period, is determined by the sales revenue recognised to date, as a proportion of the total projected revenue for that individual project. The percentage derived, is applied to the estimate of the total cost to complete that project, thereby releasing the corresponding percentage of cost to the statement of comprehensive income, excluding costs released in prior years. 
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of the stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in the profit or loss. 

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.18

Creditors

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

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
 
2.20

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried
Page 17

 
THOMAS HOMES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 18

 
THOMAS HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

IIn preparing these financial statements, the directors have made the following judgements:
 
Determine whether leases entered into by the Company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. 
 
Other key sources of estimation uncertainty:
 
Development stock (see note 15) 
 
Stock represents property acquired for development together with work in progress on those properties. These assets are included at the lower of cost and net realisable value. Cost for this prupose comprises the land and buildings and development expenditure. NRV in respect of inventory property under construction is assessed with reference to market prices at the reporting date for similar completed property, less estimated costs to complete construction. Where the NRV of the site falls below the cost incurred, a provision is included to impair the value.  
 
Interest arising on bank loans is capitalised and allocated to the development stock on a basis consistent with the directors' best estimate of how the loans have been utilised across individual development sites.  
Freehold held within stocks is held at a value based on gross margins of the overall site and a multiple of ground rent currently being charged. The multiples applied are the directors' best estimate based on their knowledge of the inudstry and historic freehold sales values achieved. 
 
The margin recognised on plots sold in the current year is calculated on the overall margin of the site using the directors' best estimate of forecasted cumulative turnover for the current and future years based on their knowledge of the industry and historic sales values achieved. No revision is made to profit already recognised in prior years. 
 
Revenue recognised in relation to social housing is calculated by reference to the percentage of completion as defined in the sale agreement and in accordance with the phases agreed with a Housing Association surveyor. The phases, as defined in the sale agreement, are based on the directors' best estimate percentage of costs incurred in relation to social housing at each phase of completion. 


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Company and arises solely within the United Kingdom. 


5.


Operating profit/(loss)

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

2024
2023
£
£

Depreciation of tangible fixed assets
2,339
7,686

Operating lease expenditure
24,150
31,000
Page 19

 
THOMAS HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
21,400
24,000


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
877,369
1,282,584

Social security costs
91,002
146,577

Cost of defined contribution scheme
12,769
21,520

981,140
1,450,681


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


        2024
        2023
            No.
            No.







Land and Sales staff
5
5



Building staff
3
7



Design staff
3
6



Finance and administrative staff
2
3

13
21
Page 20

 
THOMAS HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
209,411
360,562

Company contributions to defined contribution pension schemes
2,982
5,091

212,393
365,653


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £65,625 (2023 - £96,339).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,211).

Key management of the Company are considered to comprise only the directors who have authority and responsibility for the planning, directing and controlling of the activities of the Company. 


9.


Interest receivable

2024
2023
£
£


Other interest receivable
936,886
232,008


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
331,794

Interest costs capitalised as development costs
-
(307,413)

Non-redeemable preference share dividend (4p per share)
15,996
15,996

Redeemable preference share dividend (4p per share)
33,877
50,910

49,873
91,287
Page 21

 
THOMAS HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
444,343
-

Adjustments in respect of previous periods
-
(145,481)


Total current tax
444,343
(145,481)

Deferred tax


Origination and reversal of timing differences
(4,754)
327

Changes to tax rates
-
422

Total deferred tax
(4,754)
749


Tax on profit/(loss)
439,589
(144,732)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,708,377
(835,303)


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
427,094
(183,835)

Effects of:


Expenses not deductible for tax purposes
12,495
14,775

Adjustments to tax charge in respect of prior periods
-
(145,059)

Losses carried back
-
168,515

Short-term timing differences
-
833

Effect of tax rate charge
-
39

Total tax charge for the year
439,589
(144,732)

12.


Dividends

2024
2023
£
£


Interim ordinary dividend paid of £80 per share (2023 - £80 per share)
8,000
8,000

Page 22

 
THOMAS HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 October 2023
51,433
53,548
104,981


Disposals
(36,833)
(21,424)
(58,257)



At 30 September 2024

14,600
32,124
46,724



Depreciation


At 1 October 2023
42,673
46,594
89,267


Charge for the year
2,920
3,189
6,109


Disposals
(36,833)
(21,424)
(58,257)



At 30 September 2024

8,760
28,359
37,119



Net book value



At 30 September 2024
5,840
3,765
9,605



At 30 September 2023
8,760
6,954
15,714

Page 23

 
THOMAS HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Fixed asset investments





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 October 2023
1
1
2



At 30 September 2024

1
1
2



Impairment


Charge for the period
-
1
1



At 30 September 2024

-
1
1



Net book value



At 30 September 2024
1
-
1



At 30 September 2023
1
1
2

Subsidiary undertakings
The Company owns 100% of the share of Thomas Limited, a dormant subsidiary.
The directors have taken the exemption not to consolidate subsidiary financial statements because the net assets would not be material to the financial statements. 
The registered office of the above subsidiary undertaking is Peake House, Warnford, Southampton, Hampshire, SO32 3LA.



15.


Stocks

2024
2023
£
£

Purchase of land and development work
11,046,062
26,406,299


The total capitalised interest costs in the year was £Nil (2023 -  £307,413).
The total capitalised interest within stock at year end was £28,037 (2023- £493,755). 

Page 24

 
THOMAS HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Debtors

2024
2023
£
£


Trade debtors
19,044
1,278,388

Other debtors
117,525
800,084

Deferred taxation
825
-

137,394
2,078,472



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
26,521,767
10,271,716



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
106,504
1,192,266

Amounts owed to group undertakings
1
1

Corporation tax
434,588
-

Other taxation and social security
19,763
48,073

Other creditors
1,755
-

Accruals and deferred income
97,742
164,242

Share capital treated as debt
-
200,000

660,353
1,604,582


Disclosure of the terms and conditions attached to the non-equity shares is made in note 23.

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Share capital treated as debt
400,000
1,454,080


Page 25

 
THOMAS HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at amortised cost
26,668,412
11,550,104


Financial liabilities


Financial liabilities measured at amortised cost
625,765
3,584,274


Financial assets measured at amortised cost comprise cash at bank and in hand, trade debtors and other debtors. 


Financial liabilities measured at amortised cost comprise trade creditors, other creditors, accruals, loans, non-redeemable preference shares and redeemable preference shares. 


21.


Deferred taxation




2024


£






At beginning of year
(3,929)


Charged to profit or loss
4,754



At end of year
825

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fixed asset timing differences
825
(3,180)

Short term timing differences
-
(749)

825
(3,929)
Page 26

 
THOMAS HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Provisions




Remedial costs

£





At 1 October 2023
687,834


Charged to profit or loss
(17,846)


Utilised in year
(298,078)



At 30 September 2024
371,910

A remedial cost provision has been created for future costs on plots sold. 


23.


Share capital

2024
2023
£
£
Shares classified as equity

Authorised, allotted, called up and fully paid



100 (2023 - 100) Ordinary share capital shares of £1.00 each
100
100

2024
2023
£
£
Shares classified as debt

Authorised, allotted, called up and fully paid



400,000 (2023 - 400,000) Non-redeemable preference shares of £1.00 each
400,000
400,000
Nil (2023 - 1,254,080) Redeemable preference shares of £1.00 each
-
1,254,080

400,000

1,654,080


In accordance with Section 22 of FRS 102, the £Nil (2023: £1,254,080) of redeemable preference shares and the £400,000 of non-redeemable preference shares of £1 each are represented as liabilities in the balance sheet. 


24.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments. 


25.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £12,769 (2023: £21,250). 
Page 27

 
THOMAS HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

26.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
4,698

Later than 1 year and not later than 5 years
-
3,749

Later than 5 years
-
306

-
8,753


27.


Related party transactions

Arlington House is rented from the pension fund of H M Thomas, director, with rental paid in the year amounting to £15,500 (2023: £31,000). The amount due at the balance sheet date was £Nil (2023: £Nil).
Loans and transactions concerning directors and officers of the Company
As at 30 September the following balances were owed by the company to directors:


2024
2023
£
£

Balance at 1 October
-
138,391
Amounts repaid by the Company
-
(138,391)
-
-

During the year dividends were declared on preference shares held by the directors and their family totalling £66,906 (2023 - £68,136) and paid totalling £83,748 (2023 - £51,294). Redeemable preference shares amounting to £1,254,080 were redeemed by the Company in the year. 
During the year dividends were declared and paid on ordinary shares held by the directors and their family totalling £8,000 (2023 - £8,000).
Included within payroll are the costs in respect of 5 family members of the directors (2023 - 5). Family members of the directors who are also employees of the Company were remunerated £234,169 for their services in the year (2023 - £203,752). 
Briel Design Limited is related to the company by common directors. During the year the Company made purchases from Briel Design Limited of £20,643 (2023: £14,454).


28.


Controlling party

The ultimate controlling party are the directors by virtue of their shareholding in the Company. There is not deemed to be a single ultimate controlling party as no director individually holds a controlling interest in the Company. 

Page 28