Company registration number 04732485 (England and Wales)
OAKFORD HOMES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
OAKFORD HOMES LIMITED
COMPANY INFORMATION
Directors
C Coates
I Crawshay-Ralston
S Kemp
B Morrissey
I Twigden
D Twigden
Company number
04732485
Registered office
Hedsor Court Farm
Sheepcote Lane
Hedsor
Buckinghamshire
SL1 8PE
Auditor
Myers Clark
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
Business address
Hedsor Court Farm
Sheepcote Lane
Hedsor
Buckinghamshire
SL1 8PE
OAKFORD HOMES LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Profit and loss account
10
Group balance sheet
11 - 12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 35
OAKFORD HOMES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The directors present the strategic report for the year ended 31 October 2024.

 

Fair Review of the Business

Oakford Homes is a privately-owned homebuilder, one of the leading providers of high quality homes in its chosen operating areas of Buckinghamshire, Oxfordshire, Surrey, Sussex, and selected West London areas.

 

Our brand is highly regarded within the industry and is an aspirational one for many homebuyers. We build homes in locations where buyers wish to be and our homes are positioned as quality affordable homes with a generous and contemporary specification.

 

We are differentiated by our clear focus on building high quality, well designed, sustainable homes in prime locations without major competitors nearby.

Business model

Our business model is founded on either acquiring or contracting at an optimal price sufficient land in quality locations within our areas of operation. To secure appropriate planning permission, we then rely on the skills of our project consultant team.

 

We work with carefully selected sub-contractors to deliver a variety of high quality homes, from 1-bedroom apartments to large detached houses. We sell predominantly to owner occupiers but our customers also include investors and affordable housing providers. The majority of owner occupiers are either trade down buyers or professional young buyers.

 

We continue to carry out joint venture activities to share development risk, underpinning our costs and increasing the company’s profile in the market place.

 

Strategy

Oakford's core strategy is to continue the current level of activity of the company, to optimise the operational efficiency of our businesses, and underpin our premium market positioning.

 

We will ensure our strategy generates value for shareholders in a responsible and controlled manner by adopting key financial, cultural, and sustainable principles.

 

In the absence of a material adverse change in market conditions, the company is well placed to achieve its aims.

 

Market review

The latest figures from the UK Land Registry’s House Price Index showed that the average UK house price for the financial year was down 3% up until the spring of 2024 before bouncing back to show an increase of 3£ for the full year. While nominal house prices have shown resilience, the effects of recent inflation have led to a decline in real house prices, and combined with ongoing wage rises, this has helped offset some affordability pressures. Notwithstanding this, the effect of interest rate rises and political worries in the UK and the world have hit buyer confidence. This has resulted in a slowing of housing production and house builders carrying too much work in progress which will require detailed control in the months ahead, together with monitoring the market demand for homes in the next year.

 

The Bank of England’s interest rate decisions have a direct impact on mortgage affordability, which is a crucial ingredient for a healthy and sustainable housing market. While affordability has been helped, in part, by ongoing wage rises, this has been more than offset by the effect of rising mortgage interest rates. Consequently, while average mortgage payments as a percentage of take-home pay are currently within historical norms, they remain elevated compared to the levels over the last decade and we expect this to continue to weigh on housing demand in the near-term.

 

Business review and financial performance

The financial results for the Group show a profit on ordinary activities before taxation of £394,467 (2023 £378,790).

 

OAKFORD HOMES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Risk management

The operation of the Group is subject to a number of risks. The key business risks currently affecting the Group relate to:

 

·    Health and safety

·    Land supply

·    Skilled tradesmen

·    Planning permission

·    Premium brand and reputation

·    Growth management

·    Financial risk and treasury management

 

The management and mitigation of risks and uncertainties is performed at Board level and believe we have systems in place to control these risks so they are kept to a minimum. The Board has many years experience in the industry and are proactive in dealing with these risks rather than reactive. As an SME we are very close to market conditions and our suppliers and contractors.

 

Key performance indicators

The directors believe that analysis using Key Performance Indicators (KPIs) for the Group are the number of homes being built, the quality of customer service and financial performance indicators, these are monitored and reviewed by the Board on a regular basis, as compared with what we believe are appropriate benchmark competitors.

Sustainability

Oakford's approach to sustainability is encapsulated in the phrase "Building for today, planning for tomorrow". We recognise that in building new homes we are using a precious resource. What we build and how we do it has a long-term impact on local communities and we strive to make a positive contribution, not just now but for years to come.

 

Oakford is committed to the principle of delivering sustainable developments, maximising the use of land and natural resources, minimising our impact on the environment while we work and creating attractive, well designed homes.

 

How we behave shows a respect for the environment and communities in which we build, a commitment to design excellence, an investment in our people, and good corporate governance. It also shows an exemplary approach to health and safety and customer service.

 

Economic Environment

The UK economy is struggling to show any growth in keeping with most of Europe. While unemployment remains low by historical standards at only 4.4%, the near-term economic growth outlook remains relatively muted, partly due to the impact of ongoing wage inflationary pressures and uncertainty over interest rates affecting business longer term planning.

 

At the time of this report, we are active on 6 development sites, 2 are completed with finished stock to sell and 4 are active sites where development is underway in anticipation of future sales.

 

We continue to have pressure on build materials and subcontractor prices, but we remain confident that we can mitigate their effects out of our prudent approach to sales prices which remain a source of comfort despite some reduction in the previous 6 months and decreased demand currently for all house builders.

 

Staff costs have increased as a result of industry pressure as valuable staff attract higher salaries but industry volume reduction has meant staff are available for new sites when needed. Government increases in employment taxes will also add pressure at a time when sales are difficult to achieve.

 

Planning delays, an industry problem, continues to frustrate progress and hold back growth with poor political leadership and we have had to write off some site costs as a result in the year as decisions went against us.

 

 

OAKFORD HOMES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

On behalf of the board

C Coates
Director
4 February 2025
OAKFORD HOMES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 October 2024.

Principal activities

The principal activity of the company and group continued to be that of residential development.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

C Coates
I Crawshay-Ralston
S Greenwood
(Resigned 31 December 2023)
S Kemp
B Morrissey
I Twigden
D Twigden
Auditor

Myers Clark were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
C Coates
Director
4 February 2025
OAKFORD HOMES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -

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:

 

 

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.

OAKFORD HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OAKFORD HOMES LIMITED
- 6 -
Opinion

We have audited the financial statements of Oakford Homes Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group profit and loss account, 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, the company 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:

Basis for opinion

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

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group'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.

Other information

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:

OAKFORD HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OAKFORD HOMES LIMITED
- 7 -
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:

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.

OAKFORD HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OAKFORD HOMES LIMITED
- 8 -
Identifying and assessing potential risks related to irregularities

In identified and assessing risks of material misstatement in respect of irregularities, including fraud and

non-compliance with laws and regulations, we considered the following;

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included the Employment law and the Health and Safety Act.

Audit response to risks identified

As a result of performing the above, we identified the valuation of the investment property portfolio and the management override of controls as a key audit matter related to the potential risk of fraud. The key audit matters section of our report explains the matter in more detail and also describes the specific procedures we performed in response to that key audit matter.

 

Our procedures to respond to risks identified included the following:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

OAKFORD HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OAKFORD HOMES LIMITED
- 9 -

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.

Ian Meaburn (Senior Statutory Auditor)
For and on behalf of Myers Clark, Statutory Auditor
Chartered Accountants
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
20 February 2025
OAKFORD HOMES LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
2
27,048,740
12,636,375
Cost of sales
(24,265,007)
(10,876,787)
Gross profit
2,783,733
1,759,588
Administrative expenses
(1,715,088)
(1,443,129)
Other operating income
424,000
224,000
Operating profit
3
1,492,645
540,459
Share of profits of joint ventures
253,463
-
Interest receivable and similar income
6
34,725
14,984
Interest payable and similar expenses
7
(233,548)
(160,976)
Profit before taxation
1,547,285
394,467
Tax on profit
8
(388,749)
(22,500)
Profit for the financial year
1,158,536
371,967
Profit for the financial year is all attributable to the owners of the parent company.
OAKFORD HOMES LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
-
0
271,988
Tangible assets
11
206,607
114,237
Investments
12
1,259,972
839,008
1,466,579
1,225,233
Current assets
Stocks
15
13,504,804
12,291,124
Debtors
16
1,857,606
2,200,911
Cash at bank and in hand
3,132,390
3,314,085
18,494,800
17,806,120
Creditors: amounts falling due within one year
17
(7,701,538)
(5,405,032)
Net current assets
10,793,262
12,401,088
Total assets less current liabilities
12,259,841
13,626,321
Creditors: amounts falling due after more than one year
18
(403,023)
(1,885,308)
Provisions for liabilities
Deferred tax liability
21
51,500
28,500
(51,500)
(28,500)
Net assets
11,805,318
11,712,513
Capital and reserves
Called up share capital
23
503,023
553,023
Share premium account
1,168,402
1,168,402
Capital redemption reserve
50,000
-
0
Profit and loss reserves
10,090,835
9,998,030
Equity attributable to owners of the parent company
11,812,260
11,719,455
Non-controlling interests
(6,942)
(6,942)
Total equity
11,805,318
11,712,513
OAKFORD HOMES LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 12 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 4 February 2025 and are signed on its behalf by:
04 February 2025
C Coates
I Crawshay-Ralston
Director
Director
Company registration number 04732485 (England and Wales)
OAKFORD HOMES LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
206,607
114,237
Investments
12
597,871
1,525,370
804,478
1,639,607
Current assets
Stocks
15
13,504,804
9,025,456
Debtors
16
1,857,151
2,376,270
Cash at bank and in hand
3,128,642
3,304,085
18,490,597
14,705,811
Creditors: amounts falling due within one year
17
(7,697,871)
(3,398,207)
Net current assets
10,792,726
11,307,604
Total assets less current liabilities
11,597,204
12,947,211
Creditors: amounts falling due after more than one year
18
(403,023)
(1,885,308)
Provisions for liabilities
Deferred tax liability
21
51,500
28,500
(51,500)
(28,500)
Net assets
11,142,681
11,033,403
Capital and reserves
Called up share capital
23
503,023
553,023
Share premium account
1,168,402
1,168,402
Capital redemption reserve
50,000
-
0
Profit and loss reserves
9,421,256
9,311,978
Total equity
11,142,681
11,033,403

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 £1,175,009 (2023 - £418,314 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 4 February 2025 and are signed on its behalf by:
04 February 2025
C Coates
I Crawshay-Ralston
Director
Director
Company registration number 04732485 (England and Wales)
OAKFORD HOMES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 November 2022
553,023
1,168,402
-
0
9,626,063
11,347,488
(6,942)
11,340,546
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
-
371,967
371,967
-
371,967
Balance at 31 October 2023
553,023
1,168,402
-
0
9,998,030
11,719,455
(6,942)
11,712,513
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
1,158,536
1,158,536
-
1,158,536
Own shares acquired
-
-
-
(1,065,731)
(1,065,731)
-
(1,065,731)
Redemption of shares
23
-
-
50,000
-
50,000
-
50,000
Reduction of shares
23
(50,000)
-
-
-
(50,000)
-
(50,000)
Balance at 31 October 2024
503,023
1,168,402
50,000
10,090,835
11,812,260
(6,942)
11,805,318
OAKFORD HOMES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
553,023
1,168,402
-
0
8,893,664
10,615,089
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
-
418,314
418,314
Balance at 31 October 2023
553,023
1,168,402
-
0
9,311,978
11,033,403
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
1,175,009
1,175,009
Own shares acquired
-
-
-
(1,065,731)
(1,065,731)
Redemption of shares
23
-
-
50,000
-
50,000
Reduction of shares
23
(50,000)
-
-
-
(50,000)
Balance at 31 October 2024
503,023
1,168,402
50,000
9,421,256
11,142,681
OAKFORD HOMES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
247,418
1,228,060
Interest paid
(233,548)
(160,976)
Net cash inflow from operating activities
13,870
1,067,084
Investing activities
Purchase of tangible fixed assets
(7,474)
-
Proceeds from disposal of tangible fixed assets
11,300
2,083
Payments to joint ventures
(167,501)
-
Interest received
34,725
14,984
Net cash (used in)/generated from investing activities
(128,950)
17,067
Financing activities
Purchase of own shares
(1,065,731)
-
0
Proceeds from borrowings
2,229,636
1,500,000
Proceeds from new bank loans
-
1,644,030
Repayment of bank loans
(1,192,909)
(2,366,282)
Payment of finance leases obligations
(37,611)
(4,086)
Net cash (used in)/generated from financing activities
(66,615)
773,662
Net (decrease)/increase in cash and cash equivalents
(181,695)
1,857,813
Cash and cash equivalents at beginning of year
3,314,085
1,456,272
Cash and cash equivalents at end of year
3,132,390
3,314,085
OAKFORD HOMES LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(1,514,698)
(1,246,345)
Interest paid
(233,548)
(54,445)
Net cash outflow from operating activities
(1,748,246)
(1,300,790)
Investing activities
Purchase of tangible fixed assets
(7,474)
-
0
Proceeds from disposal of tangible fixed assets
11,300
2,083
Payments to joint ventures
(167,501)
-
0
Interest received
34,725
14,984
Dividends received
1,768,368
-
0
Net cash generated from investing activities
1,639,418
17,067
Financing activities
Purchase of own shares
(1,065,731)
-
0
Proceeds from borrowings
2,229,636
1,500,000
Proceeds from new bank loans
-
1,644,030
Repayment of bank loans
(1,192,909)
-
Payment of finance leases obligations
(37,611)
(4,086)
Net cash (used in)/generated from financing activities
(66,615)
3,139,944
Net (decrease)/increase in cash and cash equivalents
(175,443)
1,856,221
Cash and cash equivalents at beginning of year
3,304,085
1,447,864
Cash and cash equivalents at end of year
3,128,642
3,304,085
OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 18 -
1
Accounting policies
Company information

Oakford Homes Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Oakford Homes Limited and all of its subsidiaries.

1.1
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. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Oakford Homes Limited 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.

OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -

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.

1.4
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

Land and property sales are recognised on legal completion of the sale.

 

Project and consultancy income is recognised as the development or consultancy work is completed.

 

Site management charges are recognised as the site is developed to reflect the amount of management work which has been completed.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
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:

Fixtures and fittings
25% Reducing balance
Motor vehicles
25% 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.

1.7
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.

OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -

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.

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.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

1.9
Stocks

Work in progress and land stock is valued at the lower of cost and net realisable value. The cost of work in progress is valued at the purchase price of land and all direct development expenditure.

1.10
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.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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.

OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 21 -
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.

Derecognition of financial liabilities

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

1.12
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.

1.13
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.

OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 22 -
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.

1.14
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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.18

Jointly controlled entities

The company's capital investment in jointly controlled entities are included within fixed asset investments or current asset investments depending on the expected life of the investment.

 

The Company's share of the jointly controlled entity's profit and loss is recognised in the company's profit and loss account as they are generated. Any outstanding share of these profits or losses are included within current debtors or creditors as loans with undertakings in which the company has a participating interest.

OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Land and property sales
12,760,257
9,607,156
Project and consultancy income
14,283,381
3,008,492
Rent receivable
5,102
19,896
Other income
-
831
27,048,740
12,636,375
2024
2023
£
£
Other revenue
Interest income
34,725
14,984

The Group operates in one geographical location, the United Kingdom.

3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
16,538
15,750
Depreciation of owned tangible fixed assets
43,768
21,924
(Profit)/loss on disposal of tangible fixed assets
(2,488)
417
Amortisation of intangible assets
217,592
217,592
Impairment of intangible assets
54,396
-
0
Operating lease charges
51,602
48,000
4
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
4
4
4
4
Administration and finance
3
3
3
3
Operations
7
6
7
6
Total
14
13
14
13
OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
4
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
866,438
740,903
866,438
740,903
Social security costs
114,222
103,690
114,222
103,690
Pension costs
82,412
82,977
82,412
82,977
1,063,072
927,570
1,063,072
927,570
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
570,446
597,833
Company pension contributions to defined contribution schemes
49,494
73,067
619,940
670,900

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 5).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
222,255
182,016
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
34,525
14,984
Other interest income
200
-
Total income
34,725
14,984
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
34,525
14,984
OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
209,126
156,764
Other finance costs:
Interest on finance leases and hire purchase contracts
9,427
4,102
Other interest
14,995
110
Total finance costs
233,548
160,976
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
365,749
-
0
Deferred tax
Origination and reversal of timing differences
23,000
22,500
Total tax charge
388,749
22,500

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,547,285
394,467
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
386,821
98,617
Tax effect of expenses that are not deductible in determining taxable profit
70,495
56,671
Tax effect of income not taxable in determining taxable profit
(63,988)
-
0
Tax effect of utilisation of tax losses not previously recognised
(5,009)
(90,866)
Group relief
-
0
(42,811)
Permanent capital allowances in excess of depreciation
(22,570)
(21,611)
Deferred tax
23,000
22,500
Taxation charge
388,749
22,500
OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
9
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Goodwill
10
54,396
-
Recognised in:
Administrative expenses
54,396
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
1,087,958
Amortisation and impairment
At 1 November 2023
815,970
Amortisation charged for the year
217,592
Impairment losses
54,396
At 31 October 2024
1,087,958
Carrying amount
At 31 October 2024
-
0
At 31 October 2023
271,988
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.

 

OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
11
Tangible fixed assets
Group
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 November 2023
39,919
130,439
170,358
Additions
7,474
137,476
144,950
Disposals
(1,920)
(19,989)
(21,909)
At 31 October 2024
45,473
247,926
293,399
Depreciation and impairment
At 1 November 2023
30,802
25,319
56,121
Depreciation charged in the year
2,455
41,313
43,768
Eliminated in respect of disposals
(840)
(12,257)
(13,097)
At 31 October 2024
32,417
54,375
86,792
Carrying amount
At 31 October 2024
13,056
193,551
206,607
At 31 October 2023
9,117
105,120
114,237
Company
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 November 2023
39,919
130,439
170,358
Additions
7,474
137,476
144,950
Disposals
(1,920)
(19,989)
(21,909)
At 31 October 2024
45,473
247,926
293,399
Depreciation and impairment
At 1 November 2023
30,802
25,319
56,121
Depreciation charged in the year
2,455
41,313
43,768
Eliminated in respect of disposals
(840)
(12,257)
(13,097)
At 31 October 2024
32,417
54,375
86,792
Carrying amount
At 31 October 2024
13,056
193,551
206,607
At 31 October 2023
9,117
105,120
114,237
OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
11
Tangible fixed assets
(Continued)
- 28 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
193,551
96,685
193,551
96,685
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
-
0
1,095,000
Loans to joint ventures
14
1,259,972
839,008
597,871
430,370
1,259,972
839,008
597,871
1,525,370
Movements in fixed asset investments
Group
Loans to joint ventures
£
Cost or valuation
At 1 November 2023
839,008
Other movements
167,501
Share of profits
253,463
At 31 October 2024
1,259,972
Carrying amount
At 31 October 2024
1,259,972
At 31 October 2023
839,008
OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
12
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Loans to joint ventures
Total
£
£
£
Cost or valuation
At 1 November 2023
1,095,000
430,370
1,525,370
Valuation changes
(1,095,000)
-
(1,095,000)
Other movements
-
167,501
167,501
At 31 October 2024
-
597,871
597,871
Carrying amount
At 31 October 2024
-
597,871
597,871
At 31 October 2023
1,095,000
430,370
1,525,370
13
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
Oakford Homes Maidenhead Limited
England and Wales
Ordinary
100.00

 

14
Joint ventures

Details of joint ventures at 31 October 2024 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
Oakford Homes (West Sussex) LLP
England and Wales
Designated member
50.00
Oakford Homes (Bewick) Limited
England and Wlaes
Shareholder
49.00

The investment above relates to the capital invested in two joint ventures. The group also have two joint arrangements in place, one with Abingworth Homes Limited and the other with Bewick Homes Limited.

 

Oakford Homes (West Sussex) LLP has the year end 31 March 2024.

 

Oakford Homes (Bewick) Limited has the year end 31 March 2024.

OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 30 -
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
13,504,804
12,291,124
13,504,804
9,025,456
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
-
0
44,157
-
0
-
0
Amounts owed by group undertakings
-
-
-
223,710
Other debtors
1,430,896
77,246
1,430,441
73,052
Prepayments and accrued income
426,710
2,079,508
426,710
2,079,508
1,857,606
2,200,911
1,857,151
2,376,270
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
451,121
-
0
451,121
-
0
Obligations under finance leases
20
57,483
21,542
57,483
21,542
Other borrowings
19
3,729,636
1,500,000
3,729,636
1,500,000
Trade creditors
2,572,867
1,646,502
2,572,184
1,646,502
Amounts owed to group undertakings
-
0
-
0
225,000
-
0
Corporation tax payable
365,749
-
0
140,609
-
0
Other taxation and social security
57,062
46,928
57,062
46,928
Other creditors
185,533
6,405
185,533
6,405
Accruals and deferred income
282,087
2,183,655
279,243
176,830
7,701,538
5,405,032
7,697,871
3,398,207
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
-
0
1,644,030
-
0
1,644,030
Obligations under finance leases
20
148,746
84,822
148,746
84,822
Other creditors
254,277
156,456
254,277
156,456
403,023
1,885,308
403,023
1,885,308
OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 31 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
451,121
1,644,030
451,121
1,644,030
Other loans
3,729,636
1,500,000
3,729,636
1,500,000
4,180,757
3,144,030
4,180,757
3,144,030
Payable within one year
4,180,757
1,500,000
4,180,757
1,500,000
Payable after one year
-
0
1,644,030
-
0
1,644,030

 

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
57,483
21,542
57,483
21,542
In two to five years
148,746
84,822
148,746
84,822
206,229
106,364
206,229
106,364
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
51,500
28,500
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
51,500
28,500
OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
21
Deferred taxation
(Continued)
- 32 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
28,500
28,500
Charge to profit or loss
23,000
23,000
Liability at 31 October 2024
51,500
51,500
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
82,412
82,977

The group operates a defined contribution pension scheme 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 A shares of £1 each
159,000
159,000
159,000
159,000
Ordinary B Shares of £1 each
72,000
72,000
72,000
72,000
Ordinary C Shares of £1 each
50,000
50,000
50,000
50,000
Ordinary D Shares of £1 each
50,000
50,000
-
50,000
Ordinary E Shares of £1 each
222,023
222,023
222,023
222,023
553,023
553,023
503,023
553,023

The holders of the Ordinary shares are entitled to one vote per share.

The holder of the "A" shares is entitled to one vote per share.

The holders of the "B" shares are entitled to one vote per share.

The holders of the "C" shares are entitled to one vote per share.

The holders' of the "D" shares are entitled to one vote per share.

The holders' of the "E" shares are entitled to one vote per share.

 

OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 33 -
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
65,667
69,226
65,667
69,226
Between two and five years
23,667
89,333
23,667
89,333
89,334
158,559
89,334
158,559
25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
640,495
675,494
Other information

Transactions and balances with related parties

 

During the year the company entered into the following transactions with related parties:

 

The group made sales amounting to £4,123,055 (2023: £2,432,147) to Oakford Homes (Bewick) Limited in respect of the joint arrangement to develop residential properties in Arundel, St Albans, and Chalfont St Peter.

 

The group made sales amounting to £1,718,480 (2023: £0) to Eastmead Industries Limited in respect of the joint arrangement to develop residential properties in Lavant.

 

During the year, rent amounting to £51,602 (2023: £48,000) was paid to a directors personal pension fund, for the lease on the offices. The lease on the premises was negotiated on commercial terms.

26
Controlling party

The company has no ultimate controlling party.

OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 34 -
27
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,158,536
371,967
Adjustments for:
Share of results of associates and joint ventures
(253,463)
-
Taxation charged
388,749
22,500
Finance costs
233,548
160,976
Investment income
(34,725)
(14,984)
(Gain)/loss on disposal of tangible fixed assets
(2,488)
417
Amortisation and impairment of intangible assets
271,988
217,592
Depreciation and impairment of tangible fixed assets
43,768
21,924
Movements in working capital:
Increase in stocks
(1,213,680)
(458,608)
(Increase)/decrease in debtors
(1,655,405)
210,747
Increase in creditors
1,310,590
695,529
Cash generated from operations
247,418
1,228,060
28
Cash absorbed by operations - company
2024
2023
£
£
Profit after taxation
1,175,009
418,314
Adjustments for:
Taxation charged
163,609
22,500
Finance costs
233,548
54,445
Investment income
(1,803,093)
(14,984)
(Gain)/loss on disposal of tangible fixed assets
(2,488)
417
Depreciation and impairment of tangible fixed assets
43,768
21,924
Other gains and losses
1,095,000
-
Movements in working capital:
Increase in stocks
(4,479,348)
(4,663,426)
Decrease in debtors
519,119
2,188,531
Increase in creditors
1,540,178
725,934
Cash absorbed by operations
(1,514,698)
(1,246,345)
OAKFORD HOMES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 35 -
29
Analysis of changes in net funds/(debt) - group
1 November 2023
Cash flows
New finance leases
31 October 2024
£
£
£
£
Cash at bank and in hand
3,314,085
(181,695)
-
3,132,390
Borrowings excluding overdrafts
(3,144,030)
(1,036,727)
-
(4,180,757)
Obligations under finance leases
(106,364)
37,611
(137,476)
(206,229)
63,691
(1,180,811)
(137,476)
(1,254,596)
30
Analysis of changes in net funds/(debt) - company
1 November 2023
Cash flows
New finance leases
31 October 2024
£
£
£
£
Cash at bank and in hand
3,304,085
(175,443)
-
3,128,642
Borrowings excluding overdrafts
(3,144,030)
(1,036,727)
-
(4,180,757)
Obligations under finance leases
(106,364)
37,611
(137,476)
(206,229)
53,691
(1,174,559)
(137,476)
(1,258,344)
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