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Company registration number: 13917147







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MAY 2024


IMPERIAL HOMES SOUTH GROUP LIMITED






































img6ba5.png                        

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
COMPANY INFORMATION


Directors
Mr R S Paine 
Mr J Dorrington 




Registered number
13917147



Registered office
Paddock View Calcot Lane
Curdridge

Southampton

Hampshire

SO32 2BN




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


IMPERIAL HOMES SOUTH GROUP LIMITED
 



CONTENTS



Page
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Statement of Financial Position
9 - 10
Company Statement of Financial Position
11
Consolidated Statement of Changes in Equity
12 - 13
Company Statement of Changes in Equity
14 - 15
Consolidated Statement of Cash Flows
16 - 17
Consolidated Analysis of Net Debt
18
Notes to the Financial Statements
19 - 39


 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MAY 2024

Introduction
 
The Directors present the strategic report of Imperial Homes South Group Limited for the period ended 31 May 2024.
The principal activity of the group is that of construction of residential properties.

Business review
 
The businesses experienced a good increase in turnover during the year, but the results were impacted by fluctuations seen in the costs of building materials and changes in the houses prices.
Post year end the business has an excellent pipeline of projects and is generating healthy levels of profits, which the directors foresee continuing into the future.

Principal risks and uncertainties
 
In terms of financial risk, the businesses are predominately exposed to the changes in housing market and costs of building materials and subcontractors.  The group must always consider and review its credit terms with major suppliers and funding facilities with lenders.
The other major risk the businesses are exposed to are planning rules and government decisions on planning permissions.  The directors have a significant amount of experience with planning legislation and work with expert consultants in this area to minimise these risks

Financial key performance indicators
 
The directors consider gross profit as a percentage of turnover to be the main key performance indicator when analysing business performance.  The gross profit percentage achieved in the year was 12.2%.


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



................................................
Mr R S Paine
Director

Date: 27 January 2025

Page 1

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MAY 2024

The directors present their report and the financial statements for the period ended 31 May 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 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 for the Group's financial statements 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £513,440 (2023 - loss £256,632).

Particulars of dividends paid are detailed in the notes to the financial statements. 

Directors

The directors who served during the period were:

Mr R S Paine 
Mr J Dorrington 

Future developments

The future developments are disclosed in the Strategic Report. 

Financial instruments

The company does not hold any complex financial instruments that are material for the assessment of the financial statements.

Page 2

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

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

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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





................................................
Mr R S Paine
Director

Date: 27 January 2025

Page 3

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IMPERIAL HOMES SOUTH GROUP LIMITED

Opinion


We have audited the financial statements of Imperial Homes South Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 May 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 May 2024 and of the Group's profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the 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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the 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 4

 


IMPERIAL HOMES SOUTH GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IMPERIAL HOMES SOUTH GROUP 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 Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 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 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 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.


Page 5

 


IMPERIAL HOMES SOUTH GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IMPERIAL HOMES SOUTH GROUP 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements.We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.
 
We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures.
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area. 
 
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions.
°Misappropriation of funds through fraudulent purchase ledger and payroll activity
°Manipulation of amounts subject to significant judgment or estimate.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 6

 


IMPERIAL HOMES SOUTH GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IMPERIAL HOMES SOUTH GROUP LIMITED (CONTINUED)

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.





Andrew Galliers FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

27 January 2025
Page 7

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MAY 2024

16 months ended
31 May
12 months ended
31 January
2024
2023
Note
£
£

  

Turnover
 4 
38,817,279
25,747,997

Cost of sales
  
(34,097,821)
(22,503,075)

Gross profit
  
4,719,458
3,244,922

Administrative expenses
  
(1,681,125)
(1,690,022)

Other operating income
 5 
8,619
-

Fair value movements
  
40,000
146,500

Operating profit
 6 
3,086,952
1,701,400

Income from fixed assets investments
  
-
170,000

Interest receivable and similar income
 10 
7,174
32,693

Interest payable and similar expenses
 11 
(2,416,904)
(2,181,773)

Profit/(loss) before taxation
  
677,222
(277,680)

Tax on profit/(loss)
 12 
(163,782)
21,048

Profit/(loss) for the financial period
  
513,440
(256,632)

  

Total comprehensive income for the period
  
513,440
(256,632)

Profit/(loss) for the period attributable to:
  

Owners of the parent Company
  
513,440
(256,632)

  
513,440
(256,632)

The notes on pages 19 to 39 form part of these financial statements.

Page 8

 


IMPERIAL HOMES SOUTH GROUP LIMITED
REGISTERED NUMBER:13917147



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

31 May
31 January
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
36,559
41,127

Tangible assets
 16 
190,349
232,985

Investment property
 18 
1,640,000
1,600,000

  
1,866,908
1,874,112

Current assets
  

Stocks
 19 
9,442,853
14,552,963

Debtors: amounts falling due within one year
 20 
1,503,090
1,173,932

Cash at bank and in hand
 21 
60,237
347,926

  
11,006,180
16,074,821

Creditors: amounts falling due within one year
 22 
(11,108,245)
(15,639,344)

Net current (liabilities)/assets
  
 
 
(102,065)
 
 
435,477

Total assets less current liabilities
  
1,764,843
2,309,589

Creditors: amounts falling due after more than one year
 23 
(2,398,351)
(3,086,610)

Provisions for liabilities
  

Deferred tax
 25 
(57,582)
(5,531)

  
 
 
(57,582)
 
 
(5,531)

Net liabilities
  
(691,090)
(782,552)

Page 9

 


IMPERIAL HOMES SOUTH GROUP LIMITED
REGISTERED NUMBER:13917147


    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

31 May
31 January
2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 26 
102
80

Profit and loss account
 27 
(691,192)
(782,632)

  
(691,090)
(782,552)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr R S Paine
Director

Date: 27 January 2025

The notes on pages 19 to 39 form part of these financial statements.

Page 10

 


IMPERIAL HOMES SOUTH GROUP LIMITED
REGISTERED NUMBER:13917147



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

31 May
31 January
2024
2023
Note
£
£

Fixed assets
  

Investments
 17 
700,124
700,080

  
700,124
700,080

Current assets
  

Debtors: amounts falling due within one year
 20 
439,655
272,142

  
439,655
272,142

Creditors: amounts falling due within one year
 22 
(1,121,771)
(983,403)

Net current liabilities
  
 
 
(682,116)
 
 
(711,261)

Total assets less current liabilities
  
18,008
(11,181)

  

  

Net assets excluding pension asset
  
18,008
(11,181)

Net assets/(liabilities)
  
18,008
(11,181)


Capital and reserves
  

Called up share capital 
 26 
102
80

Profit and loss account brought forward
  
(11,261)
-

Profit for the period
  
371,167
514,739

Dividends: Equity capital

  

(342,000)
(526,000)

Profit and loss account carried forward
  
17,906
(11,261)

  
18,008
(11,181)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
Mr R S Paine
Director

Date: 27 January 2025

The notes on pages 19 to 39 form part of these financial statements.

Page 11

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MAY 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 February 2023
80
(782,632)
(782,552)
(782,552)


Comprehensive income for the period

Profit for the period
-
513,440
513,440
513,440


Other comprehensive income for the period
-
-
-
-


Total comprehensive income for the period
-
513,440
513,440
513,440


Contributions by and distributions to owners

Dividends: Equity capital
-
(422,000)
(422,000)
(422,000)

Shares issued during the period
22
-
22
22


Total transactions with owners
22
(422,000)
(421,978)
(421,978)


At 31 May 2024
102
(691,192)
(691,090)
(691,090)


The notes on pages 19 to 39 form part of these financial statements.

Page 12

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


Comprehensive income for the period

Loss for the period
-
(256,632)
(256,632)
(256,632)


Other comprehensive income for the period
-
-
-
-


Total comprehensive income for the period
-
(256,632)
(256,632)
(256,632)


Contributions by and distributions to owners

Dividends: Equity capital
-
(526,000)
(526,000)
(526,000)

Shares issued during the period
80
-
80
80


Total transactions with owners
80
(526,000)
(525,920)
(525,920)


At 31 January 2023
80
(782,632)
(782,552)
(782,552)


The notes on pages 19 to 39 form part of these financial statements.

Page 13

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MAY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 February 2023
80
(11,261)
(11,181)


Comprehensive income for the period

Profit for the period
-
371,167
371,167


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
371,167
371,167


Contributions by and distributions to owners

Dividends: Equity capital
-
(342,000)
(342,000)

Shares issued during the period
22
-
22


Total transactions with owners
22
(342,000)
(341,978)


At 31 May 2024
102
17,906
18,008


The notes on pages 19 to 39 form part of these financial statements.

Page 14

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Profit for the period
-
514,739
514,739


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
514,739
514,739


Contributions by and distributions to owners

Dividends: Equity capital
-
(526,000)
(526,000)

Shares issued during the period
80
-
80


Total transactions with owners
80
(526,000)
(525,920)


At 31 January 2023
80
(11,261)
(11,181)


The notes on pages 19 to 39 form part of these financial statements.

Page 15

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MAY 2024

16 months ended
31 May
12 months ended
31 January
2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial period
513,440
(256,632)

Adjustments for:

Amortisation of intangible assets
4,570
4,570

Depreciation of tangible assets
68,624
86,524

Loss on disposal of tangible assets
(20,613)
(26,477)

Interest paid
2,416,904
2,173,392

Interest received
(7,174)
(32,693)

Taxation charge
163,780
(21,048)

Decrease/(increase) in stocks
5,110,110
(14,552,963)

(Increase) in debtors
(329,158)
(1,173,934)

(Decrease)/increase in creditors
(4,322,596)
16,093,921

Net fair value (gains) recognised in P&L
(40,000)
(146,500)

Corporation tax received
1,160
46,532

Net cash generated from operating activities

3,559,047
2,194,692


Cash flows from investing activities

Purchase of intangible fixed assets
-
(45,695)

Purchase of tangible fixed assets
(73,986)
(288,318)

Sale of tangible fixed assets
68,613
125,000

Purchase of investment properties
-
(1,453,500)

Fixed assets acquired on acquisition
-
(129,712)

Interest received
7,170
32,693

HP interest paid
(16,252)
(8,426)

Net cash from investing activities

(14,455)
(1,767,958)
Page 16

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024

16 months ended
31 May
12 months ended
31 January

2024
2023

£
£



Cash flows from financing activities

Issue of ordinary shares
22
80

New secured loans
712,528
927,569

Repayment of loans
(104,665)
(72,612)

Other new loans
-
4,073,151

Repayment of other loans
(1,635,861)
(2,469,288)

Repayment of/new finance leases
18,347
153,258

Dividends paid
(422,000)
(526,000)

Interest paid
(2,400,652)
(2,164,966)

Net cash used in financing activities
(3,832,281)
(78,808)

Net (decrease)/increase in cash and cash equivalents
(287,689)
347,926

Cash and cash equivalents at beginning of period
347,926
-

Cash and cash equivalents at the end of period
60,237
347,926


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
60,237
347,926

60,237
347,926


The notes on pages 19 to 39 form part of these financial statements.

Page 17

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MAY 2024




At 1 February 2023
Cash flows
At 31 May 2024
£

£

£

Cash at bank and in hand

347,926

(287,689)

60,237

Debt due after 1 year

(1,111,333)

314,865

(796,468)

Debt due within 1 year

(1,975,008)

1,300,798

(674,210)

Finance leases

(161,684)

(18,347)

(180,031)


(2,900,099)
1,309,627
(1,590,472)

The notes on pages 19 to 39 form part of these financial statements.

Page 18

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

1.


General information

Imperial Homes South Group Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page.
The accounts are presented for a 16 month period to 31 May 2024, therefore the prior year is not entirely comparable. The decision to extend the accounting period has been taken by management in order to ensure that financial statements are prepared in a timely manner. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

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

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 19

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Revenue on contracts recognised over time:
 
The Group considers all contracts with commercial customers and registered providers for affordable housing on a contract by contract basis and determines the appropriate revenue recognition based on the particular terms of that contract.
 
The Group recognises revenue over time in relation to certain contracts with registered providers only in circumstances in which control of the development is transferred to the customer before or during construction. Revenue is only recognised from the point at which control is transferred, considering the rights to economic benefit as well as legal title. Revenue is recognised because the construction activity enhances an asset that is controlled by the customer.
 
Where the outcome of a contract on which revenue is recognised over time can be estimated reliably, revenue is recognised by reference to the stage of completion of contract activity at the balance sheet date. This is normally measured by surveys of work performed to date. The Group is satisfied that it is appropriate to measure performance by reference to surveys of work performed to date, because these surveys identify the extent to which benefits have been transferred to the customer. Variations to, and claims arising in respect of, such contracts are included in revenue to the extent that they have been agreed with the customer. Where the outcome of a contract on which revenue is recognised over time cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred. When it is probable that the total costs on a contract will exceed total contract revenue, the expected loss is immediately recognised as an expense in the Income Statement.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 20

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in 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 Group in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the period 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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 21

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. 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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance

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.

 
2.11

Investment property

Investment property is carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 22

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

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.

 
2.15

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 Consolidated 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 Group's cash management.

 
2.16

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.

 
2.17

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.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Page 23

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.19

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 24

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements estimates and assumptions that affect the amounts reported. These judgements are continually reviewed and ae based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
Depreciation and residual values 
The director has reviewed the asset lives and associated residual values of all fixed asset classes, and has concluded that asset lives and residual values are appropriate. 
Valuation of property
The property valuation has been prepared by a surveyor with suitable experience and qualifications to carry out such work. The director has reviewed the underlying calculations and has concluded that the valuation is appropriate.
Revenue
 
The majority of contracts are either longer than a year, or span the period end. Revenue for long term contracts is based on internal valuations which occur each month and assess the value of the works performed to date for each project. These figures are than provided and reviewed by independent external valuers, who then confirm the valuation, or in rare circumstances amend the valuation. Revenue is then recognised in line with these confirmed or varied valuations.


4.


Turnover

An analysis of turnover by class of business is as follows:


16 months ended
31 May
12 months ended
31 January
2024
2023
£
£

Sales
38,730,532
25,661,988

Rent receivable
86,747
86,009

38,817,279
25,747,997


All turnover arose within the United Kingdom.

Page 25

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

5.


Other operating income

16 months ended
31 May
12 months ended
31 January
2024
2023
£
£

Insurance claims receivable
8,619
-

8,619
-



6.


Operating profit

The operating profit is stated after charging:

16 months ended
31 May
12 months ended
31 January
2024
2023
£
£

Depreciation of tangiable assets
68,624
86,524

Fair value movements
40,000
(146,500)


7.


Auditors' remuneration

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


16 months ended
31 May
12 months ended
31 January
2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
20,100
22,000

Page 26

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

8.


Employees

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


Group
31 May
Group
31 January
Company
31 May
Company
31 January
2024
2023
2024
2023
£
£
£
£


Wages and salaries
1,124,895
763,604
-
-

Social security costs
111,171
71,798
-
-

Cost of defined contribution scheme
32,046
26,474
-
-

1,268,112
861,876
-
-


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



Group
Group
Company
Company
  16 months ended
        31 May
   12 months ended
       31 January
  16 months ended
        31 May
   12 months ended
       31 January
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Administrative
22
22
-
-

24
24
2
2


9.


Directors' remuneration

16 months ended
31 May
12 months ended
31 January
2024
2023
£
£

Directors' emoluments
25,333
19,000

Group contributions to defined contribution pension schemes
-
119

25,333
19,119


Page 27

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

10.


Interest receivable

16 months ended
31 May
12 months ended
31 January
2024
2023
£
£


Other interest receivable
7,174
32,693

7,174
32,693


11.


Interest payable and similar expenses

16 months ended
31 May
12 months ended
31 January
2024
2023
£
£


Bank interest payable
2,398,736
2,171,160

Finance leases and hire purchase contracts
16,252
10,130

Other interest payable
1,916
483

2,416,904
2,181,773

Page 28

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

12.


Taxation


16 months ended
31 May
12 months ended
31 January
2024
2023
£
£

Corporation tax


Current tax on profits for the year
112,891
(21,048)

Adjustments in respect of previous periods
(1,160)
-


111,731
(21,048)


Total current tax
111,731
(21,048)

Deferred tax


Origination and reversal of timing differences
(58,339)
-

Changes to tax rates
137,136
-

Impact of change in tax rates
(26,746)
-

Total deferred tax
52,051
-


Tax on profit/(loss)
163,782
(21,048)
Page 29

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
 
12.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 24.27% (2023 - 19%). The differences are explained below:

16 months ended
31 May
12 months ended
31 January
2024
2023
£
£


Profit/(loss) on ordinary activities before tax
677,222
(277,680)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.27% (2023 - 19%)
165,470
(52,759)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
1,939
(868)

Adjustments to tax charge in respect of prior periods
136,903
(21,048)

Short-term timing difference leading to an increase (decrease) in taxation
(94,918)
-

Capital gains
7,600
-

Unrelieved tax losses carried forward
(2,149)
53,627

Other differences leading to an increase (decrease) in the tax charge
(42,424)
-

Deferred tax not recognised
(8,793)
-

Tax credit
154
-

Total tax charge for the period
163,782
(21,048)


Factors that may affect future tax charges

A change in the main UK corporation tax rate from 19% to 25% on profits over £250,000 took effect from 1 April
2023. The rate for small profits under £50,000 is to remain at 19% and where the company’s profits fall between
£50,000 and £250,000, the lower and upper limits marginal relief rules will apply.


13.


Dividends

31 May
31 January
2024
2023
£
£


Dividends
422,000
526,000

422,000
526,000

Page 30

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the period was £371,167 (2023 - £514,739).


15.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 February 2023
45,697



At 31 May 2024

45,697



Amortisation


At 1 February 2023
4,570


Charge for the period on owned assets
4,570



At 31 May 2024

9,140



Net book value



At 31 May 2024
36,557



Page 31

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

16.


Tangible fixed assets

Group








Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 February 2023
210,150
143,756
353,906


Additions
-
73,986
73,986


Disposals
(20,000)
(44,000)
(64,000)



At 31 May 2024

190,150
173,742
363,892



Depreciation


At 1 February 2023
59,914
61,007
120,921


Charge for the period on owned assets
47,536
21,086
68,622


Disposals
(5,000)
(11,000)
(16,000)



At 31 May 2024

102,450
71,093
173,543



Net book value



At 31 May 2024
87,700
102,649
190,349



At 31 January 2023
150,236
82,749
232,985

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


31 May
31 January
2024
2023
£
£



Plant and machinery
67,325
185,867

Motor vehicles
73,989
-

141,314
185,867

Page 32

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

17.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 1 February 2023
700,080


Additions
44



At 31 May 2024
700,124





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Imperial Homes Southern Counties Limited
Paddock View Calcot Lane, Curdridge, Southampton, England, SO32 2BN
Ordinary
100%
Imperial Homes South Limited
Paddock View Calcot Lane, Curdridge, Southampton, England, SO32 2BN
Ordinary
100%

Page 33

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

18.


Investment property

Group





Freehold investment property

£



Valuation


At 1 February 2023
1,600,000


Surplus on revaluation
40,000



At 31 May 2024
1,640,000

The 2024 valuations were made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

31 May
2024
£


Historic cost
1,453,500

1,453,500



19.


Stocks

Group
31 May
Group
31 January
2024
2023
£
£

Work in progress
9,442,853
14,552,963

9,442,853
14,552,963


Page 34

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

20.


Debtors

Group
31 May
Group
31 January
Company
31 May
Company
31 January
2024
2023
2024
2023
£
£
£
£


Trade debtors
342,945
255,617
-
-

Amounts owed by group undertakings
-
-
319,655
272,142

Other debtors
1,112,072
762,879
120,000
-

Prepayments and accrued income
48,073
155,436
-
-

1,503,090
1,173,932
439,655
272,142



21.


Cash and cash equivalents

Group
31 May
Group
31 January
2024
2023
£
£

Cash at bank and in hand
60,237
347,926

60,237
347,926



22.


Creditors: Amounts falling due within one year

Group
31 May
Group
31 January
Company
31 May
Company
31 January
2024
2023
2024
2023
£
£
£
£

Bank loans
67,879
72,614
-
-

Other loans
578,000
1,286,398
-
-

Trade creditors
1,487,885
960,165
-
-

Amounts owed to group undertakings
-
-
1,103,154
388,495

Corporation tax
112,891
-
-
-

Other taxation and social security
96,643
32,417
-
-

Obligations under finance lease and hire purchase contracts
52,491
38,221
-
-

Other creditors
8,275,619
12,818,355
18,617
594,908

Accruals and deferred income
436,837
431,174
-
-

11,108,245
15,639,344
1,121,771
983,403


A subsidary in the group  has provided security, by the way of a fixed and floating charge that covers all the property or undertaking of the company.

Page 35

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

23.


Creditors: Amounts falling due after more than one year

Group
31 May
Group
31 January
2024
2023
£
£

Bank loans
796,468
183,870

Other loans
-
927,463

Net obligations under finance leases and hire purchase contracts
127,540
123,463

Other creditors
1,474,343
1,851,814

2,398,351
3,086,610





24.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
31 May
Group
31 January
2024
2023
£
£

Within one year
84,479
32,100

Between 1-5 years
95,552
131,918

180,031
164,018


25.


Deferred taxation


Group



2024


£






At beginning of year
(5,531)


Charged to profit or loss
(52,051)



At end of year
(57,582)

Page 36

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
 
25.Deferred taxation (continued)

Company


2024






At end of year
-


Group
31 May
Group
31 January
2024
2023
£
£

Accelerated capital allowances
(57,582)
(5,531)

(57,582)
(5,531)


26.


Share capital

31 May
31 January
2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 80) Ordinary shares of £1.00 each
100
80
2 (2023 - ) Ordinary B shares of £1.00 each
2
-

102

80


Each Ordinary share carries equal voting and dividend rights.


27.


Reserves

Profit and loss account

This reserve records the retained earnings and accumulated losses.

Page 37

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

28.


Capital commitments




At 31 May 2024 the Group and Company had capital commitments as follows:


Group
31 May
Group
31 January
2024
2023
£
£

Contracted for but not provided in these financial statements
-
71,140

-
71,140


29.


Commitments under operating leases

At 31 May 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
31 May
Group
31 January
2024
2023
£
£

Not later than 1 year
29,831
28,380

Later than 1 year and not later than 5 years
8,372
48,260

38,203
76,640

The total lease payments relating to operating lese recognised as an expense in the financial year amounts to £8,209  (2023: £11,093)

Page 38

 


IMPERIAL HOMES SOUTH GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

30.


Related party transactions

Group
Dorrington Homes (UK) Limited
Dorrington Homes (UK) Limited is owned by J Dorrington. During the period, Imperial Homes South Group paid expenses to Dorrington Homes (UK) Limited of £4,027,951 (2023 - £2,294,000) and provided services to the Imperial Homes South Group of £34,136 (2023 - £45,361).
At the year end, Dorrington Homes (UK) Limited was owed £333,027 (2023 - £34,838).
Imperial Homes Commercial  Limited
Imperial Homes Commercial Limited is owned by J Dorrington and R Paine. Imperial Homes South Group Limited paid expenses to the company of £Nil  (2023 -  £500,000). 
Imperial Homes South Group has provided total services to Imperial Commerical for £543 (2023 - £Nil).
At the year end, the company was owed £4,442 (2023 - £125,000).
Streetscene Addiction Recovery Limited
Streetscene Addiction Recovery is a company in which J Dorrington is appointed as director. 
Imperial Homes South Group has provided total services to Streetscene Addiction Recovery for £8,692 (2023 - £Nil).
PDL Southern Contracts Limited 
PDL Southern Contracts Limited is a company in which L Hollamby is appointed as director.
Imperial Homes South group has made total purchases of 33,150 (2023- £Nil). 
Refine Southern Limited
Refine Southern Limited is a company in which J Dorrington is appointed as director. 
Imperial Homes South Group has provided total services to Refine Southern Limited for £126 (2023- £Nil).
 


31.


Controlling party

There is no ultimate controlling party.

 
Page 39