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Registered number: 12333352
Edwards Homes Group Ltd
Strategic Report, Director's Report and
Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Strategic Report 1
Director's Report 2
Independent Auditor's Report 3—6
Consolidated Income Statement 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
Company Statement of Changes in Equity 13
Consolidated Statement of Cash Flows 14
Notes to the Consolidated Statement of Cash Flows 15
Notes to the Financial Statements 16—25
Page 1
Strategic Report
The director presents his strategic report for the year ended 31 January 2024.
Principal Activity
The group's principal activity continues to be that of residential house building.
Review of the Business
Edwards Homes Group Ltd has continued to grow and establish itself as a premier residential house builder in the North West and North Wales.
The group's results for the year show an increase in turnover to £20m and increasing annual profits when prior year adjustments to work in progress are taken in to account.
The year saw the completion of two residential sites in St Helens and Wrexham, with sales numbers exceeding expectations. The company has experienced market volatility in costs for materials and labour, in common with the UK wide construction sector. Edwards Homes continues to manage these cost risks through maintaining good relationships with suppliers and subcontractors. The Edwards Homes management team is an experienced, well-established team, and the growth of the company is a result of exceptional team work and skill.
On the back of strong cash reserves the company has acquired new exciting sites for development, and anticipates acquiring further development sites in the near future.
Principal Risks and Uncertainties
The principal risks that Edwards Homes Group faces are; delays and uncertainty in planning approvals, local development residential housing demand, and cost inflation for materials and subcontractors.
The time delays and complications in obtaining planning approvals is currently the biggest hurdle to starting a development. The group continues to work with authorities and experienced professionals to reduce time delays and unnecessary complications in planning decisions. The UK government has suggested that there will be improvements made in this area and Edwards Homes Group is hopeful that this proves to be the case.
Local development residential housing demand is an area the group has always focused on when appraising sites prior to purchase and will continue to do so. A more active and better funded social and affordable housing sector is anticipated in future developments under the current UK Government and the group will continue to develop the good relationships it has established with local housing associations.
Edwards Homes Group is proud of its supplier and subcontractors relationships and will continue to place a high importance on communication and fixed price contracts to mitigate the risk of unexpected cost increases.
Edwards Homes Group will continue to monitor financial performance and develop further its reporting reviews.
The company will continue to:
• Acquire new land for residential development following a comprehensive appraisal process.
• Maintain and improve relationships with key funders, suppliers and subcontractors.
• Focus on our core products of traditionally built family homes and apartments.
On behalf of the board
Mr Neil Edwards
Director
30/01/2025
Page 1
Page 2
Director's Report
The director presents his report and the financial statements for the year ended 31 January 2024.
Directors
The director who held office during the year were as follows:
Mr Neil Edwards
Statement of Director's Responsibilities
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director 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 group and of the profit or loss of the group for that period. In preparing the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Director's Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Independent Auditors
The auditors, CLA Evelyn Partners Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Neil Edwards
Director
30/01/2025
Page 2
Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of Edwards Homes Group Ltd (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 January 2024 which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income Statement, the Consolidated and company Statement of financial position, the Consolidated and company Statement of Changes in Equity, Consolidated Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 January 2024 and of the group’s profit for the year then ended;  
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.  Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.  We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and 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 Strategic report, Directors’ report and financial statements, other than the financial statements and our auditor’s report thereon.  The directors are responsible for the other information contained within the Strategic report, Directors’ report and financial statements.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.  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. 
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the strategic report and the 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.
Page 3
Page 4
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 their 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 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 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 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 4
Page 5
Auditor's 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 auditor’s 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. 
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: 
We obtained a general understanding of the group’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the group’s policies and procedures regarding compliance and how they identify, evaluate and account for any claims that may arise. For significant components of the group we held discussions with the management.
We understand that the group complies with the framework through:
  • The director’s close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly;
  • Outsourcing accounting and tax compliance to qualified external experts. 
In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Group's ability to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and
regulations as being of significance in the context of the Group:
  • The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.
  • Health and Safety legislation
We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above: 
  • Review of the procedures management has implemented over compliance with relevant regulations. 
  • Obtaining written management representations that they disclosed to us all known instances of noncompliance or suspected non-compliance with laws and regulations and accounted for and disclosed all known actual or possible litigation and claims in the financial statements;
  • Inquired about the nature of any inquiries or correspondence with the Health & Safety Executive;
  • Review of legal expenditure accounts to understand the nature of expenditure incurred.
The senior statutory auditor led a discussion with all members of the engagement team regarding the susceptibility of the group’s financial statements to material misstatement, including how fraud might occur. The key areas identified as part of the discussion were:
  • Manipulation of the financial statements through posting of manual journals. 
We have rebutted a fraud risk over revenue recognition due to the straight-forward nature of recognising revenue based on the legal completion of house sales. 
Audit procedures performed by the engagement team on the areas where fraud might occur included:
  • Testing a sample of journal entries, selected based on specific risk assessments applied based on the company’s processes and controls surrounding manual journals.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities.  This description forms part of our auditor’s report.
Page 5
Page 6
Use Of Our Report
This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor’s 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Benjamin Stapleton (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited , Statutory Auditor
30/01/2025
Page 6
Page 7
Consolidated Income Statement
2024 2023
as restated
Notes £ £
TURNOVER 20,141,899 13,624,399
Cost of sales (17,174,916 ) (11,872,852 )
GROSS PROFIT 2,966,983 1,751,547
Administrative expenses (1,077,561 ) (606,033 )
Other operating income 20,594 6,910
OPERATING PROFIT 4 1,910,016 1,152,424
Loss on disposal of fixed assets (4,427 ) -
Other interest receivable and similar income 9 70,615 1,753
Interest payable and similar charges 10 (141,582 ) (658,484 )
PROFIT BEFORE TAXATION 1,834,622 495,693
Tax on Profit 11 (242,840 ) 8,284
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,591,782 503,977
The notes on pages 15 to 25 form part of these financial statements.
Page 7
Page 8
Consolidated Statement of Comprehensive Income
2024 2023
as restated
£ £
PROFIT FOR THE FINANCIAL YEAR 1,591,782 503,977
OTHER COMPREHENSIVE INCOME:
Loss on revaluation of investment properties (19,393 ) -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,572,389 503,977
Page 8
Page 9
Consolidated Statement of Financial Position
Registered number: 12333352
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 889,143 1,379,226
Investment Properties 14 325,000 -
1,214,143 1,379,226
CURRENT ASSETS
Stocks 16 5,115,677 10,449,337
Debtors 17 817,388 220,108
Cash at bank and in hand 3,757,610 960,999
9,690,675 11,630,444
Creditors: Amounts Falling Due Within One Year 18 (2,834,011 ) (6,338,096 )
NET CURRENT ASSETS (LIABILITIES) 6,856,664 5,292,348
TOTAL ASSETS LESS CURRENT LIABILITIES 8,070,807 6,671,574
Creditors: Amounts Falling Due After More Than One Year 19 (274,204 ) (444,784 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 21 (95,317 ) (97,893 )
NET ASSETS 7,701,286 6,128,897
CAPITAL AND RESERVES
Called up share capital 23 100 100
Revaluation reserve 30,607 50,000
Capital redemption reserve 238,478 238,478
Income Statement 7,432,101 5,840,319
SHAREHOLDERS' FUNDS 7,701,286 6,128,897
Page 9
Page 10
On behalf of the board
Mr Neil Edwards
Director
30/01/2025
The notes on pages 15 to 25 form part of these financial statements.
Page 10
Page 11
Company Statement of Financial Position
Registered number: 12333352
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Investments 15 4 4
4 4
CURRENT ASSETS
Cash at bank and in hand 96 96
96 96
NET CURRENT ASSETS (LIABILITIES) 96 96
TOTAL ASSETS LESS CURRENT LIABILITIES 100 100
NET ASSETS 100 100
CAPITAL AND RESERVES
Called up share capital 23 100 100
SHAREHOLDERS' FUNDS 100 100
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £Nil (2023: £ 400,000 profit).
On behalf of the board
Mr Neil Edwards
Director
30/01/2025
The notes on pages 15 to 25 form part of these financial statements.
Page 11
Page 12
Consolidated Statement of Changes in Equity
Share Capital Revaluation reserve Capital Redemption Income Statement Total
£ £ £ £ £
As at 1 February 2022 100 50,000 238,478 5,736,342 6,024,920
Profit for the year and total comprehensive income - - - 503,977 503,977
Dividends paid - - - (400,000) (400,000)
As at 31 January 2023 and 1 February 2023 as restated 100 50,000 238,478 5,840,319 6,128,897
Profit for year - - - 1,591,782 1,591,782
Deficit on revaluation - (19,393) - - (19,393)
Other comprehensive income for the year - (19,393 ) - - (19,393 )
Total comprehensive income for the year - (19,393) - 1,591,782 1,572,389
As at 31 January 2024 100 30,607 238,478 7,432,101 7,701,286
Prior Year Adjustment
As at 1st February 2022 originally stated
100
50,000
238,478
7,717,445
8,006,023
Prior Year Adjustment
-
image
-
image
-
image
(1,981,103)
image
(1,981,103)
image
As at 1st February 2022 restated
100
50,000
238,478
5,736,342
6,024,920

Page 12
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Company Statement of Changes in Equity
Share Capital Income Statement Total
£ £ £
As at 1 February 2022 100 - 100
Profit for the year and total comprehensive income - 400,000 400,000
Dividends paid - (400,000) (400,000)
As at 31 January 2023 and 1 February 2023 as restated 100 - 100
As at 31 January 2024 100 - 100
Page 13
Page 14
Consolidated Statement of Cash Flows
2024 2023
as restated
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 8,987,653 1,520,234
Interest paid (141,582 ) (658,484 )
Tax paid (492,033 ) (223,657 )
Net cash generated from operating activities 8,354,038 638,093
Cash flows from investing activities
Purchase of tangible assets (164,752 ) (879 )
Proceeds from disposal of tangible assets 150,864 -
Interest received 70,615 1,753
Net cash generated from investing activities 56,727 874
Cash flows from financing activities
Equity dividends paid - (400,000 )
Repayment of bank borrowings (148,493 ) (4,313,767 )
Proceeds from new other loans - 1,628,546
Repayment of other loans (4,675,315) -
Repayment of finance leases - (15,957 )
Amount introduced by directors - 16,073
Amount withdrawn by directors (790,346) -
Net cash used in financing activities (5,614,154 ) (3,085,105 )
Increase/(decrease) in cash and cash equivalents 2,796,611 (2,446,138 )
Cash and cash equivalents at beginning of year 2 960,999 3,407,137
Cash and cash equivalents at end of year 2 3,757,610 960,999
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
as restated
£ £
Profit for the financial year 1,591,782 503,977
Adjustments for:
Tax on profit 242,840 (8,284 )
Interest expense 141,582 658,484
Interest income (70,615 ) (1,753 )
Depreciation of tangible assets 155,151 72,588
Loss on disposal of tangible assets 4,427 -
Movements in working capital:
Decrease/(increase) in stocks 5,333,660 (401,049 )
Decrease in trade and other debtors 145,629 3,275,486
Increase/(decrease) in trade and other creditors 1,443,197 (2,579,215 )
Net cash generated from operations 8,987,653 1,520,234
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
as restated
£ £
Cash at bank and in hand 3,757,610 960,999
3. Analysis of changes in net (debt)/funds
As at 1 February 2023 Cash flows As at 31 January 2024
£ £ £
Cash at bank and in hand 960,999 2,796,611 3,757,610
Debts falling due within one year (4,771,175 ) 4,700,665 (70,510 )
Debts falling due after more than one year (397,347) 123,143 (274,204)
(4,207,523) 7,620,419 3,412,896
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Notes to the Financial Statements
1. General Information
Edwards Homes Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12333352 . The registered office is Edwards House Lakeside Business Village, St Davids Park, Ewloe, Flintshire, CH5 3XA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 January 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
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2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of houses and from the rendering of services.
Sale of goods
Turnover from the sale of houses is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the legal completion of the house sale.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Plant & Machinery 20% straight line
Motor Vehicles 20% straight line
Fixtures & Fittings 20% straight line
2.6. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the income statement.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Other Operating Income
2024 2023
as restated
£ £
Rental income 20,594 6,910
20,594 6,910
4. Operating Profit
The operating profit is stated after charging:
2024 2023
as restated
£ £
Depreciation of tangible fixed assets 155,151 72,588
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
as restated
£ £
Audit Services
Audit of the group and company's financial statements 56,825 -
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6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
as restated
£ £
Wages and salaries 487,747 493,106
Social security costs 53,537 59,035
Other pension costs 3,755 3,131
545,039 555,272
7. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 9 (2023: 9)
Company
Average number of employees, including directors, during the year was: 1 (2023: 1)
9 9
1 1
8. Director's remuneration
2024 2023
as restated
£ £
Emoluments 108,000 106,234
9. Interest Receivable and Similar Income
2024 2023
as restated
£ £
Bank interest receivable 70,615 1,753
10. Interest Payable and Similar Charges
2024 2023
as restated
£ £
Bank loans and overdrafts 134,600 639,751
Interest payable on other loans 4,746 1,134
Finance charges payable under finance leases and hire purchase contracts 2,236 17,599
141,582 658,484
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11. Tax on Profit
The tax charge/(credit) on the profit for the year was as follows:
Tax Rate 2024 2023
as restated
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.0% 245,416 232,342
Prior period adjustment - (232,342 )
245,416 -
Deferred Tax
Deferred taxation (2,576 ) (8,284 )
Total tax charge for the period 242,840 (8,284 )
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 1,834,622 495,693
Tax on profit at 25% (UK standard rate) 458,652 94,182
Goodwill/depreciation not allowed for tax 38,788 13,792
Expenses not deductible for tax purposes 8,380 -
Tax losses utilised (242,688 ) -
Capital allowances (20,292 ) (255 )
Tax incentives - (107,719 )
Total tax charge for the period 242,840 -
Tax incentives is Land Remediation Tax Relief
12. Prior Period Adjustment
The finaincial results for the years ended 31st January 2023 have been restated for a change in the method used for calculating the release of costs included in work in progress when a house is sold.
Year ended 31st January 2023
Decrease in opening work in progress £1,978,979
Decrease in closing work in progress £3,868,276
Decrease in gross profit £2,256,049
Decrease in profit before tax £2,152,861
Decrease in corporation tax charge £   232,342 
Decrease in net profit £1,920,519
Decrease in Net Assets £3,899,497
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13. Tangible Assets
Group
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 February 2023 896,801 672,453 56,712 50,239 1,676,205
Additions - 159,432 2,688 2,632 164,752
Disposals - (119,115 ) (33,831 ) (11,340 ) (164,286 )
Transfers (344,393 ) - - - (344,393 )
As at 31 January 2024 552,408 712,770 25,569 41,531 1,332,278
Depreciation
As at 1 February 2023 33,686 243,737 9,074 10,482 296,979
Provided during the period 11,355 129,154 3,614 11,028 155,151
Disposals - - (6,273 ) (2,722 ) (8,995 )
As at 31 January 2024 45,041 372,891 6,415 18,788 443,135
Net Book Value
As at 31 January 2024 507,367 339,879 19,154 22,743 889,143
As at 1 February 2023 863,115 428,716 47,638 39,757 1,379,226
Company
The company had no tangible fixed assets as at 31 January 2024 or 31 January 2023.
14. Investment Property
Group
2024
£
Fair Value
As at 1 February 2023 -
Transfers 325,000
As at 31 January 2024 325,000
Company
The company had no investment property as at 31 January 2024 or 31 January 2023.
15. Investments
Company
Subsidiaries
£
Cost
As at 1 February 2023 4
As at 31 January 2024 4
...CONTINUED
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Provision
As at 1 February 2023 -
As at 31 January 2024 -
Net Book Value
As at 31 January 2024 4
As at 1 February 2023 4
Subsidiaries
Details of the company's subsidiaries as at 31 January 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Edwards Homes Ltd Edwards House Ordinary 100.00% -
Oakley Grange Open Space Management Ltd Edwards House Ordinary 100.00% -
Edwards Homes (St Helens) Ltd Edwards House Ordinary 100.00% -
Edwards Homes (Mayfield) Ltd Edwards House Ordinary - 100.00%
Edwards Homes Developments Ltd Edwards House Ordinary - 100.00%
Mayfield Open Space Management Ltd Edwards House Ordinary - 100.00%
Canal Walk Christleton Ltd Edwards House Ordinary - 100.00%
Broad Oak Open Space Management Ltd Edwards House Ordinary - 100.00%
Edwards Homes (Hollybrook Park) Ltd Edwards House Ordinary A - 50.00%
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
Capital and Reserves Profit/(loss)
£ £
Edwards Homes Ltd 7,703,299 1,591,768
Oakley Grange Open Space Management Ltd 1 -
Edwards Homes (St Helens) Ltd 15 14
Edwards Homes (Mayfield) Ltd 100 -
Edwards Homes Developments Ltd 1 -
Mayfield Open Space Management Ltd 1 (3,720 )
Canal Walk Christleton Ltd 100 -
Broad Oak Open Space Management Ltd 10 -
Edwards Homes (Hollybrook Park) Ltd 200 -
Under section 479C of the Companies Act 2006, Edwards Homes Group Ltd , registration number 12333352 , being the parent undertaking has guaranteed the liabilities of the following subsidiaries in order that they qualify for the exemption from audit under section 479A of the Companies Act 2006 in respect of the year ended 31 January 2024:
Name of undertaking Registered Number
Oakley Grange Open Space Management Ltd 13937967
Edwards Homes (Mayfield) Ltd 10851453
Edwards Homes Developments Ltd 06757543
Mayfield Open Space Management Ltd 11019891
Canal Walk Christleton Ltd 10428997
Broad Oak Open Space Management Ltd 12137890
Edwards Homes (Hollybrook Park) Ltd 15059670
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16. Stocks
2024 2023
as restated
£ £
Stock 2,548,077 399,162
Work in progress 2,567,600 10,050,175
5,115,677 10,449,337
17. Debtors
Group Company
2024 2023
as restated
2024 2023
as restated
£ £ £ £
Due within one year
Trade debtors - 44,879 - -
Other debtors 817,388 175,229 - -
817,388 220,108 - -
18. Creditors: Amounts Falling Due Within One Year
Group
2024 2023
as restated
£ £
Trade creditors 469,540 1,087,025
Bank loans and overdrafts 70,510 95,860
Other loans - 4,675,315
Other creditors 12,197 110,870
Corporation tax 74,654 321,271
Taxation and social security 11,914 38,299
Accruals and deferred income 2,195,196 9,456
2,834,011 6,338,096
19. Creditors: Amounts Falling Due After More Than One Year
Group
2024 2023
as restated
£ £
Bank loans 274,204 397,347
Other creditors - 47,437
274,204 444,784
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20. Loans
An analysis of the maturity of loans is given below:
Group
2024 2023
as restated
£ £
Amounts falling due within one year or on demand:
Bank loans 70,510 95,860
Other loans - 4,675,315
70,510 4,771,175
Group
2024 2023
as restated
£ £
Amounts falling due between one and five years:
Bank loans 274,204 397,347
21. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
as restated
£ £
Other timing differences 95,317 97,893
22. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 February 2023 97,893 97,893
Utilised (2,576 ) (2,576)
Balance at 31 January 2024 95,317 95,317
23. Share Capital
2024 2023
as restated
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
24. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £3,755 (2023: £3,131).
At the statement of financial position date contributions of £NIL were due to the fund and are included in creditors.
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25. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 February 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Mr Neil Edwards (45,679 ) 789,198 - - 743,519
The above loan was unsecured, interest free and repaid on the 21st October 2024.
26. Dividends
2024 2023
as restated
£ £
On equity shares:
Final dividend paid - 400,000
27. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
During the year, a member of the close family of a member of key management personnel was employed by the group and paid an arm's length salary for services provided to the group. No amounts were outstanding atthe end of the year.
28. Controlling Parties
The company's ultimate controlling party is Mr Neil Edwards by virtue of their interest in the share capital of the company.
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