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Registered number: 03567576
Edwards Homes Ltd
Strategic Report, Director's Report and
Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Company Information 1
Strategic Report 2
Director's Report 3
Independent Auditor's Report 4—7
Income Statement 8
Statement of Comprehensive Income 9
Statement of Financial Position 10—11
Statement of Changes in Equity 12
Statement of Cash Flows 13
Notes to the Statement of Cash Flows 14
Notes to the Financial Statements 15—21
Page 1
Company Information
Director Mr Neil Edwards
Company Number 03567576
Registered Office Edwards House Lakeside Business Village
St Davids Park
Ewloe
Flintshire
CH5 3XA
Accountants Christian & Co Ltd
The Old Police Station
Halkyn Street
Holywell
Flintshire
CH8 7TX
Auditors
CLA Evelyn Partners Limited
103 Colmore Row
Birmingham
B3 3AG
Page 1
Page 2
Strategic Report
The director presents his strategic report for the year ended 31 January 2024.
Principal Activity
The company's principal activity continues to be that of residential house building.
Review of the Business
Edwards Homes Ltd has continued to grow and establish itself as a premier residential house builder in the North West and North Wales.
The company results for the year show an increase in turnover to £19m 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 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 company 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 is hopeful that this proves to be the case.
Local development residential housing demand is an area the company 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 company will continue to develop the good relationships it has established with local housing associations.
Edwards Homes 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 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 2
Page 3
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 profit or loss of the company 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's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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'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'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 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Edwards Homes Ltd (the ‘company’) for the year ended 31 January 2024 which comprise the Income Statement, the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, 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 company’s affairs as at 31 January 2024 and of its profit for the year then ended;  
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.  Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 and the Directors' Report, other than the financial statements and our auditor’s report thereon.  The directors are responsible for the other information contained within the Strategic report and the Directors’ report.  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 4
Page 5
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records and returns; or
  • certain disclosures of directors’ remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the directors’ responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. 
Page 5
Page 6
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 entity’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance and how they identify, evaluate and account for any litigation claims that may arise. 
We understand that the entity 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 entity'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 entity:
  • 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 entity’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 6
Page 7
Use Of Our Report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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 company and the 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 7
Page 8
Income Statement
2024 2023
as restated
Notes £ £
TURNOVER 19,846,715 12,690,033
Cost of sales (16,882,970 ) (11,202,120 )
GROSS PROFIT 2,963,745 1,487,913
Administrative expenses (1,074,336 ) (604,789 )
Other operating income 20,594 6,910
OPERATING PROFIT 1,910,003 890,034
Loss on disposal of fixed assets (4,427 ) -
Other interest receivable and similar income 70,614 1,753
Interest payable and similar charges (141,582 ) (396,094 )
PROFIT BEFORE TAXATION 1,834,608 495,693
Tax on Profit 6 (242,840 ) 8,284
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 1,591,768 503,977
The notes on pages 14 to 21 form part of these financial statements.
Page 8
Page 9
Statement of Comprehensive Income
2024 2023
as restated
£ £
PROFIT FOR THE FINANCIAL YEAR 1,591,768 503,977
OTHER COMPREHENSIVE INCOME:
Loss on revaluation of investment properties (19,393 ) -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,572,375 503,977
Page 9
Page 10
Statement of Financial Position
Registered number: 03567576
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 8 889,144 1,379,226
Investment Properties 9 325,000 -
Investments 10 311 201
1,214,455 1,379,427
CURRENT ASSETS
Stocks 11 5,115,677 10,172,028
Debtors 12 819,416 762,346
Cash at bank and in hand 3,757,284 959,702
9,692,377 11,894,076
Creditors: Amounts Falling Due Within One Year 13 (2,834,012 ) (6,601,660 )
NET CURRENT ASSETS (LIABILITIES) 6,858,365 5,292,416
TOTAL ASSETS LESS CURRENT LIABILITIES 8,072,820 6,671,843
Creditors: Amounts Falling Due After More Than One Year 14 (274,204 ) (443,026 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 16 (95,317 ) (97,893 )
NET ASSETS 7,703,299 6,130,924
CAPITAL AND RESERVES
Called up share capital 17 2 2
Revaluation reserve 30,607 50,000
Capital redemption reserve 238,478 238,478
Income Statement 7,434,212 5,842,444
SHAREHOLDERS' FUNDS 7,703,299 6,130,924
Page 10
Page 11
On behalf of the board
Mr Neil Edwards
Director
30/01/2025
The notes on pages 14 to 21 form part of these financial statements.
Page 11
Page 12
Statement of Changes in Equity
Share Capital Revaluation reserve Capital Redemption Income Statement Total
£ £ £ £ £
As at 1 February 2022 2 50,000 238,478 5,738,467 6,026,947
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 2 50,000 238,478 5,842,444 6,130,924
Profit for year - - - 1,591,768 1,591,768
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) - 1,591,768 1,572,375
As at 31 January 2024 2 30,607 238,478 7,434,212 7,703,299
Prior Year Adjustment
At 1st February 2022 as originally stated
2
50,000
238,478
7,717,445
8,005,925
Prior Year Adjustment
-
image
-
image
-
image
(1,978,978)
image
(1,978,978)
image
As at 1st February 2022 restated
2
50,000
238,478
5,738,467
6,026,947
Page 12
Page 13
Statement of Cash Flows
2024 2023
as restated
Notes £ £
Cash flows from operating activities
Net cash generated from/(used in) operations 1 8,987,586 (823,312 )
Interest paid (141,582 ) (396,094 )
Tax paid (492,033 ) (223,657 )
Net cash generated from/(used in) operating activities 8,353,971 (1,443,063 )
Cash flows from investing activities
Purchase of tangible assets (164,753 ) (879 )
Proceeds from disposal of tangible assets 150,864 -
Purchase of investment in subsidiary undertaking (110 ) -
Interest received 70,614 1,753
Net cash generated from investing activities 56,615 874
Cash flows from financing activities
Equity dividends paid - (400,000 )
Repayment of bank borrowings (148,493 ) (94,320 )
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 - 16,442
Amount withdrawn by directors (789,196) -
Net cash (used in)/generated from financing activities (5,613,004 ) 1,134,711
Increase/(decrease) in cash and cash equivalents 2,797,582 (307,478 )
Cash and cash equivalents at beginning of year 2 959,702 1,267,180
Cash and cash equivalents at end of year 2 3,757,284 959,702
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from/(used in) operations
2024 2023
as restated
£ £
Profit for the financial year 1,591,768 503,977
Adjustments for:
Tax on profit 242,840 (8,284 )
Interest expense 141,582 396,094
Interest income (70,614 ) (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 5,056,351 (1,043,309 )
Decrease in trade and other debtors 686,447 495,928
Increase/(decrease) in trade and other creditors 1,179,634 (1,238,553 )
Net cash generated from/(used in) operations 8,987,586 (823,312 )
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 3,757,284 959,702
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 959,702 2,797,582 3,757,284
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)
(4,208,820) 7,621,390 3,412,570
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Notes to the Financial Statements
1. General Information
Edwards Homes Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03567576 . 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. Exemption From Preparing Consolidated Financial Statements
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
2.3. 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.
2.4. 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
2.5. 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.
2.6. 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.
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2.7. 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.
2.8. 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 company'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. 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 company's financial statements 56,825 -
4. 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
5. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 9)
9 9
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6. 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 1,834,608 495,693
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 ) (254 )
Research and Development tax credit - (107,720 )
Total tax charge for the period 242,840 -
7. Prior Period Adjustment
The financial 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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8. Tangible Assets
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 2,689 2,632 164,753
Disposals - (119,115 ) (33,831 ) (11,340 ) (164,286 )
Transfers (370,750 ) - - - (370,750 )
As at 31 January 2024 526,051 712,770 25,570 41,531 1,305,922
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 )
Transfers (26,357 ) - - - (26,357 )
As at 31 January 2024 18,684 372,891 6,415 18,788 416,778
Net Book Value
As at 31 January 2024 507,367 339,879 19,155 22,743 889,144
As at 1 February 2023 863,115 428,716 47,638 39,757 1,379,226
9. Investment Property
2024
£
Fair Value
As at 1 February 2023 -
Transfers 325,000
As at 31 January 2024 325,000
10. Investments
Subsidiaries
£
Cost
As at 1 February 2023 201
Additions 110
As at 31 January 2024 311
Provision
As at 1 February 2023 -
As at 31 January 2024 -
Net Book Value
As at 31 January 2024 311
As at 1 February 2023 201
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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 (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 (Mayfield) Ltd 100 -
Edwards Homes Developments Ltd 1 -
Mayfield Open Space Management Ltd (3,720 ) -
Canal Walk Christleton Ltd 100 -
Broad oak Open Space Management Ltd 10 -
Edwards Homes (Hollybrook Park) Ltd 200 -
11. Stocks
2024 2023
as restated
£ £
Stock 2,548,077 399,162
Work in progress 2,567,600 9,772,866
5,115,677 10,172,028
12. Debtors
2024 2023
as restated
£ £
Due within one year
Other debtors 5,500 500
VAT 68,979 172,773
Director's loan account 743,517 -
Amounts owed by group undertakings 1,420 820
819,416 174,093
Due after more than one year
Amounts owed by group undertakings - 588,253
819,416 762,346
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13. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 469,541 1,087,025
Bank loans and overdrafts 70,510 95,860
Other loans - 4,675,315
Corporation tax 74,654 321,271
Other taxes and social security 11,914 38,299
Other creditors 4,976 103,649
Retentions 7,221 7,221
Accruals and deferred income 2,195,196 9,456
Amounts owed to group undertakings - 263,564
2,834,012 6,601,660
14. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Bank loans 274,204 397,347
Other creditors - 45,679
274,204 443,026
15. Loans
An analysis of the maturity of loans is given below:
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
2024 2023
as restated
£ £
Amounts falling due between one and five years:
Bank loans 274,204 397,347
16. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
as restated
£ £
Other timing differences 95,317 97,893
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17. Share Capital
2024 2023
as restated
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1.00 each 2 2
18. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company 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.
19. 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.
20. Dividends
2024 2023
as restated
£ £
On equity shares:
Final dividend paid - 400,000
21. 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 company and paid an arm's length salary for services provided to the company. No amounts were outstanding at the end of the year.
22. Controlling Parties
The company's immediate parent undertaking is Edwards Homes Group Ltd .
The ultimate parent undertaking is Edwards Homes Group Ltd (incorporated in England & Wales). Its registered office is Edwards House, Lakeside Business Village, St David's Park, Ewloe, Flintshire, CH5 3XA .
Copies of the group accounts may be obtained from the company's registered office.
The company's ultimate controlling party is Neil Edwards by virtue of their interest in the share capital of the company.
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