Company registration number 08983239 (England and Wales)
SNOWDON HOMES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
SNOWDON HOMES LTD
COMPANY INFORMATION
Directors
Mr J Lewis - Group Chairman
Mr J Leydon
Secretary
Mr G Pepper
Company number
08983239
Registered office
Artemis House
4a Bramley Road
Mount Farm
Milton Keynes
MK1 1PT
Auditor
Ellacotts Audit Services Limited
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
NN15 6XR
Bankers
Lloyds Bank plc
48 Market Street
Wellingborough
Northamptonshire
NN8 1AG
SNOWDON HOMES LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
SNOWDON HOMES LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 1 -
It is with great satisfaction that I present this year’s Annual Accounts Statement, which underscores Snowdon Homes’ sustained financial robustness, operational refinement, and strategic acumen within an increasingly complex economic landscape. Our capacity to navigate macroeconomic volatilities while driving sustained expansion serves as a testament to our methodological approach, financial prudence, and the unwavering commitment of our team.
Financial and Operational Performance
Amidst fluctuating interest rates, an evolving inflationary climate, and dynamic conditions in the housing association sector, Snowdon Homes has delivered exceptional financial outcomes. Our turnover increased by 11.8% to £28.5m (2023: £25.4m), and profit before tax at £1.48m (2023: £545k) demonstrated a substantial 172% increase. These results validate our disciplined approach to fiscal management, incorporating rigorous cost controls, proactive liability mitigation, and an overarching commitment to financial sustainability.
Our financial strategy is underpinned by a robust liquidity position, judicious resource allocation, and strategic investment in operational efficiencies, process automation, and human capital development. These elements collectively reinforce our competitive positioning, enabling us to enhance both resilience and growth trajectory.
A pivotal component of our long-term strategy is our meticulously structured approach to land acquisition. By strategically identifying and securing high-value land assets, we not only fortify our development pipeline but also deepen collaborative engagements with housing associations and local authorities. This ensures the consistent delivery of sustainable, high-quality, and affordable housing solutions aligned with evolving market needs.
Year in Review
Throughout the financial year, we have systematically reinforced the structural foundations of the business. We have broadened our asset base, augmented our organisational capacity, and cultivated strategic alliances with both longstanding and newly engaged partners. These measures have been instrumental in enhancing operational agility and market adaptability.
Our financial health remains robust, evidenced by a disciplined balance sheet and the execution of strategic initiatives, including share buybacks. Furthermore, our adherence to best-in-class industry standards is exemplified by our successful attainment of ISO 9001, 14001, and 45001 certifications, which reaffirm our unwavering commitment to quality assurance, environmental stewardship, and occupational health and safety excellence.
Beyond our corporate performance, we have deepened our engagement with the broader community, expanding our corporate social responsibility initiatives. Through philanthropic contributions, local partnerships, and direct investments in community-driven projects, we have reinforced our commitment to fostering meaningful societal impact beyond commercial success.
As a community led business we have continued to grow our investment in both local and national charities, specifically raising substantial funds for Dementia UK, local children’s oncology charities, providing an ambulance for local first responders, investment in local children’s sports teams and Northampton Town FC men’s, women’s and disability team’s sponsorship along with building a close relationship with the club in all of it’s community driven projects.
Strategic Outlook
As we commemorate our tenth anniversary, Snowdon Homes is strategically poised to capitalise on future growth opportunities. Our forward-looking development pipeline is structured to be capable of delivering in the region of 200 residential units annually across multiple sites.
Given the cyclical nature of the housebuilding sector, we remain acutely aware of the inherent risks and volatilities. Nevertheless, our structured investment philosophy, data-driven decision-making, and emphasis on operational efficiency position us advantageously to navigate economic fluctuations.
Our steadfast commitment to leveraging technological advancements, optimising supply chain efficiencies, and enhancing our client engagement frameworks will remain pivotal in sustaining long-term profitability and stakeholder value creation. This strategic orientation ensures that we not only sustain but continuously augment our market presence and industry leadership.
SNOWDON HOMES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 2 -
Acknowledgments
It is important to recognise the critical importance of all of our stakeholders - our clients, business partners, supply chain partners, and our investors for their unwavering support and trust. Furthermore, I would like to express profound gratitude to the entire Snowdon Homes team. Your dedication, professionalism, and collective pursuit of excellence have been instrumental in our achievements and will remain foundational to our continued success.
With a clearly articulated vision, a meticulously structured operational framework, and an unwavering commitment to excellence, Snowdon Homes is primed to navigate future challenges and seize emerging opportunities, reinforcing our trajectory towards sustained growth and industry prominence.
Mr J Lewis - Group Chairman
Director
14 February 2025
SNOWDON HOMES LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 3 -
The directors present their annual report and financial statements for the period ended 31 October 2024.
Principal activities
The principal activity of the company and group continued to be that of development of sites for housing.
Results and dividends
The results for the period are set out on page 8.
Ordinary dividends were paid amounting to £385,760. The directors do not recommend payment of a further dividend. In addition to this, £66,882 of dividends have been paid in the period to the non controlling interest.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr J Lewis - Group Chairman
Mr J Leydon
Mr M Lee
(Resigned 31 December 2023)
Auditor
The auditor, Ellacotts Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SNOWDON HOMES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
Mr J Lewis - Group Chairman
Director
14 February 2025
SNOWDON HOMES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SNOWDON HOMES LTD
- 5 -
Opinion
We have audited the financial statements of Snowdon Homes Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 October 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and 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 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 the parent company's affairs as at 31 October 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.
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's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual 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 our audit:
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
SNOWDON HOMES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SNOWDON HOMES LTD
- 6 -
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, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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. The risk is increased the more the 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 and misrepresentation.
The auditor’s explanation of its audit response will depend on the risks identified but may include:
- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing internal audit reports.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
SNOWDON HOMES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SNOWDON HOMES LTD
- 7 -
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.
Leigh Dudley FCCA
Senior Statutory Auditor
For and on behalf of Ellacotts Audit Services Limited
Chartered Accountants
Statutory Auditor
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
NN15 6XR
14 February 2025
SNOWDON HOMES LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 8 -
Period
Year
ended
ended
31 October
30 October
2024
2023
Notes
£
£
Turnover
3
28,449,622
25,440,999
Cost of sales
(23,443,406)
(21,148,073)
Gross profit
5,006,216
4,292,926
Administrative expenses
(4,059,820)
(3,401,608)
Other operating income
65,376
42,091
Operating profit
4
1,011,772
933,409
Interest receivable and similar income
8
1,296,563
51,303
Interest payable and similar expenses
9
(825,156)
(439,590)
Profit before taxation
1,483,179
545,122
Tax on profit
10
(187,974)
(310,147)
Profit for the financial period
1,295,205
234,975
Profit for the financial period is attributable to:
- Owners of the parent company
1,290,921
193,659
- Non-controlling interests
4,284
41,316
1,295,205
234,975
SNOWDON HOMES LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 9 -
Period
Year
ended
ended
31 October
30 October
2024
2023
£
£
Profit for the period
1,295,205
234,975
Other comprehensive income
Revaluation of tangible fixed assets
171,772
Total comprehensive income for the period
1,295,205
406,747
Total comprehensive income for the period is attributable to:
- Owners of the parent company
1,290,921
365,431
- Non-controlling interests
4,284
41,316
1,295,205
406,747
SNOWDON HOMES LTD
GROUP BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 10 -
31 October 2024
30 October 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,150,764
3,484,646
Current assets
Stocks
15
9,179,723
6,948,117
Debtors
16
3,764,869
6,028,659
Cash at bank and in hand
1,451,327
1,447,228
14,395,919
14,424,004
Creditors: amounts falling due within one year
17
(13,899,259)
(12,802,113)
Net current assets
496,660
1,621,891
Total assets less current liabilities
4,647,424
5,106,537
Creditors: amounts falling due after more than one year
18
(842,676)
(1,194,927)
Provisions for liabilities
Deferred tax liability
21
872,467
698,303
(872,467)
(698,303)
Net assets
2,932,281
3,213,307
Capital and reserves
Called up share capital
23
515
780
Revaluation reserve
171,772
171,772
Profit and loss reserves
2,957,813
3,175,976
Equity attributable to owners of the parent company
3,130,100
3,348,528
Non-controlling interests
(197,819)
(135,221)
2,932,281
3,213,307
The financial statements were approved by the board of directors and authorised for issue on 14 February 2025 and are signed on its behalf by:
14 February 2025
Mr J E Lewis
Director
Company registration number 08983239 (England and Wales)
SNOWDON HOMES LTD
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 11 -
31 October 2024
30 October 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,964,861
2,561,882
Investments
13
440
380
2,965,301
2,562,262
Current assets
Stocks
15
3,990,567
4,821,952
Debtors
16
4,697,083
5,277,467
Cash at bank and in hand
1,339,047
1,011,072
10,026,697
11,110,491
Creditors: amounts falling due within one year
17
(8,940,222)
(9,107,698)
Net current assets
1,086,475
2,002,793
Total assets less current liabilities
4,051,776
4,565,055
Creditors: amounts falling due after more than one year
18
(544,768)
(942,743)
Provisions for liabilities
Deferred tax liability
21
575,991
467,625
(575,991)
(467,625)
Net assets
2,931,017
3,154,687
Capital and reserves
Called up share capital
23
515
780
Revaluation reserve
171,772
171,772
Profit and loss reserves
2,758,730
2,982,135
Total equity
2,931,017
3,154,687
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,285,679 (2023 - £442,754 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 14 February 2025 and are signed on its behalf by:
14 February 2025
Mr J E Lewis
Director
Company registration number 08983239 (England and Wales)
SNOWDON HOMES LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 31 October 2022
780
3,144,457
3,145,237
(116,371)
3,028,866
Year ended 30 October 2023:
Profit for the year
-
-
193,659
193,659
41,316
234,975
Other comprehensive income:
Revaluation of tangible fixed assets
-
171,772
-
171,772
-
171,772
Total comprehensive income
-
171,772
193,659
365,431
41,316
406,747
Dividends
11
-
-
(162,140)
(162,140)
(60,166)
(222,306)
Balance at 30 October 2023
780
171,772
3,175,976
3,348,528
(135,221)
3,213,307
Period ended 31 October 2024:
Profit and total comprehensive income
-
-
1,290,921
1,290,921
4,284
1,295,205
Dividends
11
-
-
(385,760)
(385,760)
(66,882)
(452,642)
Own shares acquired
-
-
(1,123,324)
(1,123,324)
-
(1,123,324)
Redemption of shares
23
(265)
-
-
(265)
-
(265)
Balance at 31 October 2024
515
171,772
2,957,813
3,130,100
(197,819)
2,932,281
SNOWDON HOMES LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 31 October 2022
780
2,701,521
2,702,301
Year ended 30 October 2023:
Profit for the year
-
-
442,754
442,754
Other comprehensive income:
Revaluation of tangible fixed assets
-
171,772
-
171,772
Total comprehensive income
-
171,772
442,754
614,526
Dividends
11
-
-
(162,140)
(162,140)
Balance at 30 October 2023
780
171,772
2,982,135
3,154,687
Period ended 31 October 2024:
Profit and total comprehensive income
-
-
1,285,679
1,285,679
Dividends
11
-
-
(385,760)
(385,760)
Own shares acquired
-
-
(1,123,324)
(1,123,324)
Redemption of shares
23
(265)
-
-
(265)
Balance at 31 October 2024
515
171,772
2,758,730
2,931,017
SNOWDON HOMES LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
2,514,881
3,004,188
Interest paid
(825,156)
(439,590)
Income taxes paid
(99,336)
(211,440)
Net cash inflow from operating activities
1,590,389
2,353,158
Investing activities
Purchase of tangible fixed assets
(1,091,148)
(370,898)
Proceeds from disposal of tangible fixed assets
96,916
72,994
Repayment of loans
(213,791)
(183,752)
Interest received
2,480
51,303
Dividends received
1,294,083
Net cash generated from/(used in) investing activities
88,540
(430,353)
Financing activities
Redemption of shares
(265)
Purchase of treasury shares
(1,123,324)
Repayment of bank loans
(172,167)
(269,408)
Payment of finance leases obligations
73,568
(250,871)
Dividends paid to equity shareholders
(385,760)
(162,140)
Dividends paid to non-controlling interests
(66,882)
(60,166)
Net cash used in financing activities
(1,674,830)
(742,585)
Net increase in cash and cash equivalents
4,099
1,180,220
Cash and cash equivalents at beginning of period
1,447,228
267,008
Cash and cash equivalents at end of period
1,451,327
1,447,228
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 15 -
1
Accounting policies
Company information
Snowdon Homes Ltd ("the company") is a private limited company domiciled and incorporated in England and Wales. The registered office is Artemis House, 4a Bramley Road, Mount Farm, Milton Keynes, MK1 1PT.
The group consists of Snowdon Homes Ltd and all of its subsidiaries. All companies have the same registered office address.
1.1
Reporting period
The accounts have been prepared for the period ended 31 October 2024.
The prior years figures were prepared for the year ended 30 October 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.4
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Snowdon Homes Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.5
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
1.6
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated - subject to revaluation
Plant and equipment
20% reducing balance
Fixtures and fittings
25% straight line
Computers
25% straight line
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company 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.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 22 -
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the directors opinion there are no judgements or key sources of estimation uncertainty for disclosure.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction contracts
28,449,622
25,440,999
2024
2023
£
£
Other revenue
Interest income
2,480
51,303
Dividends received
1,294,083
-
The whole of the turnover is attributed to the principal activity of the group wholly undertaken in the United Kingdom.
4
Operating profit
2024
2023
£
£
Operating profit for the period is stated after charging:
Depreciation of owned tangible fixed assets
305,881
518,892
Loss on disposal of tangible fixed assets
22,233
1,655
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 23 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,375
11,250
Audit of the financial statements of the company's subsidiaries
18,150
16,500
30,525
27,750
For other services
Audit-related assurance services
5,225
4,750
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the period was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production staff
20
20
8
6
Administrative staff
22
20
22
20
Management staff
5
4
4
4
Total
47
44
34
30
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,748,721
2,029,953
1,937,500
1,508,577
Social security costs
337,713
222,826
230,622
163,633
Pension costs
67,991
52,558
49,381
40,800
3,154,425
2,305,337
2,217,503
1,713,010
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
10,500
24,000
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 24 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
2,480
51,303
Other income from investments
Dividends received
1,294,083
Total income
1,296,563
51,303
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
731,604
383,131
Other interest on financial liabilities
14,926
11,162
Interest on finance leases and hire purchase contracts
78,626
45,297
Total finance costs
825,156
439,590
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
66,743
144,889
Adjustments in respect of prior periods
5,095
Total current tax
66,743
149,984
Deferred tax
Origination and reversal of timing differences
121,231
160,163
Total tax charge
187,974
310,147
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
10
Taxation
(Continued)
- 25 -
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,483,179
545,122
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.50%)
370,795
122,652
Tax effect of expenses that are not deductible in determining taxable profit
25,941
59,625
Tax effect of income not taxable in determining taxable profit
(323,521)
Unutilised tax losses carried forward
78,383
Permanent capital allowances in excess of depreciation
(84,855)
(32,293)
Deferred taxation
121,231
160,163
Taxation charge
187,974
310,147
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
385,760
162,140
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 26 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 31 October 2023
650,000
2,419,374
103,775
28,701
1,740,101
4,941,951
Additions
705,042
1,150
384,956
1,091,148
Disposals
(175,750)
(107,897)
(283,647)
At 31 October 2024
650,000
2,948,666
103,775
29,851
2,017,160
5,749,452
Depreciation and impairment
At 31 October 2023
985,398
57,065
19,518
395,324
1,457,305
Depreciation charged in the period
167,626
25,758
5,797
106,700
305,881
Eliminated in respect of disposals
(115,197)
(49,301)
(164,498)
At 31 October 2024
1,037,827
82,823
25,315
452,723
1,598,688
Carrying amount
At 31 October 2024
650,000
1,910,839
20,952
4,536
1,564,437
4,150,764
At 30 October 2023
650,000
1,433,976
46,710
9,183
1,344,777
3,484,646
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 31 October 2023
650,000
822,308
103,775
28,701
1,591,623
3,196,407
Additions
229,361
1,150
384,956
615,467
Disposals
(97,522)
(97,522)
At 31 October 2024
650,000
1,051,669
103,775
29,851
1,879,057
3,714,352
Depreciation and impairment
At 31 October 2023
255,912
57,065
19,518
302,030
634,525
Depreciation charged in the period
35,680
25,758
5,797
96,137
163,372
Eliminated in respect of disposals
(48,406)
(48,406)
At 31 October 2024
291,592
82,823
25,315
349,761
749,491
Carrying amount
At 31 October 2024
650,000
760,077
20,952
4,536
1,529,296
2,964,861
At 30 October 2023
650,000
566,396
46,710
9,183
1,289,593
2,561,882
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
12
Tangible fixed assets
(Continued)
- 27 -
Freehold land and buildings shown within the above note has been revalued on 19 March 2024 by Duncan Woods MRICS, a RICS registered valuer acting for Berrys at the Company's request. The directors are confident that the valuation dated 19 March 2024 is materially representative of the land and buildings' valuation as at 31 October 2024.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
440
380
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 31 October 2023
380
Additions
60
At 31 October 2024
440
Carrying amount
At 31 October 2024
440
At 30 October 2023
380
14
Subsidiaries
Details of the company's subsidiaries at 31 October 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Snowdon Homes (Melton Mowbray) Limited
England and Wales
Ordinary
60.00
Foundry Brickworks Limited
England and Wales
Ordinary
100.00
Higham Groundworks & Civil Engineering Limited
England and Wales
Ordinary
80.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
233,754
305,994
150,882
268,285
Work in progress
8,945,969
6,642,123
3,839,685
4,553,667
9,179,723
6,948,117
3,990,567
4,821,952
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 28 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,671,582
1,444,524
1,663,781
1,509,924
Corporation tax recoverable
17,379
17,379
Amounts owed by group undertakings
-
-
1,302,930
-
Other debtors
1,758,215
3,974,565
1,395,300
3,157,973
Prepayments and accrued income
317,693
609,570
317,693
609,570
3,764,869
6,028,659
4,697,083
5,277,467
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
367,286
283,581
343,286
260,088
Obligations under finance leases
20
755,629
585,682
478,065
376,356
Trade creditors
2,860,874
4,595,622
1,837,995
2,422,204
Amounts owed to group undertakings
619,579
Corporation tax payable
15,234
83,381
25,723
Other taxation and social security
181,421
74,341
158,652
57,562
Other creditors
9,427,385
6,143,715
5,830,796
4,828,580
Accruals and deferred income
291,430
1,035,791
291,428
517,606
13,899,259
12,802,113
8,940,222
9,107,698
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
97,666
353,538
90,000
330,000
Obligations under finance leases
20
745,010
841,389
454,768
612,743
842,676
1,194,927
544,768
942,743
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 29 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
464,952
637,119
433,286
590,088
Payable within one year
367,286
283,581
343,286
260,088
Payable after one year
97,666
353,538
90,000
330,000
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
755,629
377,231
478,065
376,356
In two to five years
745,010
1,049,840
454,768
612,743
1,500,639
1,427,071
932,833
989,099
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
872,467
698,303
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
575,991
467,625
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
21
Deferred taxation
(Continued)
- 30 -
Group
Company
2024
2024
Movements in the period:
£
£
Liability at 31 October 2023
698,303
467,625
Charge to profit or loss
174,164
108,366
Liability at 31 October 2024
872,467
575,991
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
67,991
52,558
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
195
195
195
195
A Ordinary shares of £1 each
125
195
125
195
B Ordinary shares of £1 each
-
195
-
195
C Ordinary shares of £1 each
195
195
195
195
515
780
515
780
24
Directors' transactions
At 31 October 2024, the sum of £13,490 (2023: £183,752) was due from the directors by way of directors loan accounts. No interest is payable on these loan accounts, and the loan is repayable on demand. The maximum overdrawn amount during the year was £183,752 (2023: £183,752).
SNOWDON HOMES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 31 -
25
Cash generated from group operations
2024
2023
£
£
Profit for the period after tax
1,295,205
234,975
Adjustments for:
Taxation charged
187,974
310,147
Finance costs
825,156
439,590
Investment income
(1,296,563)
(51,303)
Loss on disposal of tangible fixed assets
22,233
1,655
Depreciation and impairment of tangible fixed assets
305,881
518,892
Decrease in provisions
-
(56,490)
Movements in working capital:
(Increase)/decrease in stocks
(2,231,606)
122,233
Decrease/(increase) in debtors
2,494,960
(2,201,114)
Increase in creditors
911,641
3,685,603
Cash generated from operations
2,514,881
3,004,188
26
Analysis of changes in net debt - group
31 October 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
1,447,228
4,099
1,451,327
Borrowings excluding overdrafts
(637,119)
172,167
(464,952)
Obligations under finance leases
(1,427,071)
(73,568)
(1,500,639)
(616,962)
102,698
(514,264)
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