Company registration number 02764757 (England and Wales)
HOME BUILDERS FEDERATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HOME BUILDERS FEDERATION LIMITED
COMPANY INFORMATION
Directors
S A Baseley
N Jefferson
M R Thackstone
D J O'Leary
S J Turner
J Daly
N Fitzsimmons
G Malton
S H Midgley
H Moore
(Appointed 1 January 2024)
D F Thomas
J F Tutte
Secretary
M R Thackstone
Company number
02764757
Registered office
HBF House
27 Broadwall
London
SE1 9PL
Auditor
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
HOME BUILDERS FEDERATION LIMITED
CONTENTS
Page
Directors' report
1 - 6
Independent auditor's report
7 - 9
Group statement of income and retained earnings
10
Group balance sheet
11
Company balance sheet
12
Notes to the financial statements
13 - 24
HOME BUILDERS FEDERATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Principal activities

The principal activity of the Company is the provision of services to the members of the Home Builders Federation.

 

Overview

Through 2024, HBF worked closely with its members across a wide range of both existing and new challenges and opportunities.

 

Housing policy was put right at the centre of the policy debate around the General Election, which, allied to a new Government with a clear commitment to increase housing supply, made for an extremely busy year. The new Government’s swift changes to planning policy were very welcome. However, planning reform - whilst vital - is not sufficient to increase home building to the level Government and industry want to achieve. HBF continues to urge Government of the need for further policy interventions, in particular on the demand and market side, and also to reduce the regulatory burden and delays in the planning process which are hampering members.

 

We continue to ensure members are kept updated on all relevant issues as they emerge through our various in-person and online channels as we robustly represent HBF members of all sizes from major quoted companies to SME developers on the issues that affect them.

 

Competition and Markets Authority (CMA)

The CMA published its Market Study in February. It was encouraging to see so much of the content of HBF’s extensive submissions to the CMA played back in its articulation of problems and operation of the market and, overall, the report will likely prove extremely useful when addressing future commentary about land banks, planning reform and estate management in particular.

 

Planning

Shortly after the General Election, the new Government confirmed that they would reverse many of the 2023 changes to the NPPF, restoring mandatory housing targets and five-year land supply requirements, along with a number of other changes that we had encouraged them to make. There will also be a shift to a stock-based standard method and a more pragmatic approach to development on the ‘Grey Belt’. These are changes HBF had urged ministers to make, and we worked with them on the detail as plans progressed.

 

Building safety

The operations of the under resourced Building Safety Regulator are now a significant and increasing impediment to the delivery of new homes and progressing the remediation of existing properties which are both key policies of the Government. It is essential that this issue is addressed as a priority.

 

The Remediation Acceleration Plan was published in November 2024, which followed extensive negotiations between the Government, HBF and its members to develop a joint plan to accelerate remediate buildings at pace. The plan includes target dates for signatories to the self-remediation contract to assess all their buildings and start or complete remedial works. It also included commitments we had pushed for from the Government on future messaging around progress, and around the capacity of the Building Safety Regulator, which as stated is proving to be a major block on progress for remediating buildings.

 

Alongside the publication of the Remediation Acceleration Plan the Government also, frustratingly, confirmed the introduction of the Building Safety Levy from Autumn 2025. First announced under the previous Government, the new tax will be charged on all new eligible residential buildings in England and will raise around £3.4 billion. HBF pressed for a delay to the introduction of the Levy and highlighted that there are still considerable funds remaining in the Building Safety Fund, and that the Government is still not sure exactly how many buildings need remediating. Subsequently, we welcomed the announcement by Government in March 2025 that the introduction of the Levy would be deferred until Autumn 2026. We will continue to press Government for the abandonment of the Levy as we do not feel it is justified and contributions from other sectors should be secured before yet another tax on UK house builders.

HOME BUILDERS FEDERATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Affordable Housing

HBF worked hard to draw attention to the growing difficulties members are experiencing in securing bids from Registered Providers (RPs) for Section 106 Affordable Housing units.

 

In addition to a series of meetings with Homes England and members, we published research highlighting the increasing number of Section 106 units that remain uncontracted and the associated impact of the delivery of homes for private sale. We appeared in front of the Housing Select Committee to give evidence on this issue. In collaboration with NHF and Savills, we published new research which found the Government is set to fall short of its ambition to build 1.5 million new homes over this Parliament by nearly half a million homes being almost a third of the target without significant government support for social housebuilding and first-time buyers. This was published alongside a joint letter to the Chancellor.

 

Nutrient neutrality

Shortly after the election, the Government confirmed in response to industry appeals that it would resolve the nutrient neutrality deadlock. While details continue to be developed on the ‘compensation’ rather than ‘mitigation’ scheme, we continue to push for a speedy solution to release the 160,000 homes we now estimate are held up.

 

Biodiversity net gain (BNG)

BNG has now become law for major planning applications and we continue to engage with all stakeholders on its implementation. This has included developing a list of asks of the new Government that, working with partner organisations via the Future Homes Hub, can improve the system as it continues to bed in. We held numerous webinars for members throughout the year to ensure a better understanding of the implementation of BNG.

 

Local plans

HBF made representations on Strategic and Local Plan consultations and examinations throughout the year. This vital work ensures the industry’s position on various issues is heard across the country as new plans are brought forward.

 

Devolution

In the King’s Speech the Government announced its intention to publish an English Devolution Bill. The Bill, which we engaged with officials on, will include the expansion of devolution via the creation of new mayors and additional powers for existing mayors, with new strategic planning powers likely to be included.

 

HBF has also engaged with the metro mayors throughout the year. This included arranging member meetings with the Mayors of Greater Manchester and the West Midlands to discuss their housing and other priorities such as public transport, adult skills training, and the regeneration of brownfield sites for residential

 

London

Ahead of the mayoral elections, HBF produced a manifesto for the London candidates, outlining the issues facing the industry and an overview of the housing crisis in London and the changes we need to see.

 

Retirement housing

HBF contributed to the final report of the Older People's Housing Taskforce, commissioned by the previous Government in 2023, which was submitted just before the General Election and published towards the end of the year.

 

Future Homes Standard

HBF responded to the Government’s consultation on the Future Homes Standard.

 

Following the election, the Government made clear that it intends to continue with the implementation of Part L. However, the Government’s response to the consultation was not, as planned, published in 2024, nor was the legislation laid.

 

Building Regulations

There were changes and updates to several Building Regulations throughout the year that HBF engaged with officials. These included proposals for second staircases to high rise buildings and Part G water efficiency.

HOME BUILDERS FEDERATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

Health and safety

HBF’s Health and Safety Group continued to report RIDDOR data via its partnership with Safety Services UK. This data provides a housebuilding-specific view of construction-related safety statistics on UK sites. HBF’s RIDDOR reports are produced quarterly, providing valuable information for members in direct relation to health and safety activities on house building sites.

 

New Homes Quality Board (NHQB)

In its response to the Competition and Markets Authority (CMA) report, the Government reaffirmed its commitment to a single mandatory code and ombudsman scheme. Whilst not providing any further details as to how that will be delivered or by when, it is supportive of the work of the NHQB.

 

HBF continues to engage with the Government and the NHQB to understand how it plans to put the arrangements on a statutory footing.

 

Customer Satisfaction Survey (CSS)

In March we published our annual star ratings and industry customer satisfaction scores. The annual results announced in March 2024 showed that 91% of new build home buyers would ‘recommend their builder to a friend’, the fourth successive year that the industry had upheld a score of 90% or above. In March 2025, the twentieth year of the CSS awards, the overall industry scores improved further and showed that 94% of new build home buyers would recommend their builder to a friend.

 

We also concluded member engagement on proposed changes to the scheme for the 25/26 year that will see star ratings based on a new metric of the quality and service questions from both the 8-week and 9-month surveys.

 

Diversity and inclusion

HBF’s Equality, Diversity and Inclusion (EDI) Group continues to work to increase the home building industry’s adoption of policies that promote, attract and sustain a diverse and inclusive workforce. In the Summer we held our first EDI conference which brought together over 70 industry colleagues from across a range of occupations and seniority levels.

 

Skills

HBF continued to work with Construction Industry Training Board (CITB) to develop the homebuilding sector plan. The strategy centres on three key areas: increasing the pipeline of new entrants, improving the efficiency of the skills system, and ensuring training provision meets demand.

 

CITB has invested £3m into funding projects identified in the Sector Plan over the next two years; the funding will be used to support the development of on-site multi-skilled hubs, on-site brickwork and roofing masterclasses, Partner a College pilot, extension of the New Entrant Support Team (NEST) to support the home building supply chain with apprenticeships and the creation of new competency frameworks.

 

The Masterclasses aim to rectify quality issues identified during inspections carried out by the National House Building Council (NHBC). 1,400 Masterclasses have delivered so far to over 12,800 bricklayers. The roofing Masterclasses began in early February, with 147 sessions delivered to 766 roofers.

 

The HBF Partner A College workstream was developed in response to the issues of attrition of Further Education (FE) full time students. CITB agreed to fund this pilot for up to two academic years.

 

HBF continued to deliver the Women into Home Building programme with our members. The fifth cohort of the Women into Home Building programme completed. 11 home builders offered 33 opportunities, with 25 women completing the programme.

 

The Future Talent Conference 2024 took place in March. 112 delegates attended the event that is aimed at helping to develop the industry leaders of tomorrow.

HOME BUILDERS FEDERATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

Political engagement

HBF undertook significant engagement with all parties in the run up to the election. Following the announcement of the General Election, we published Home building: An engine for growth, prosperity and opportunity – A blueprint for the next government. This document outlined industry’s key ‘asks’ of the next Government to see a meaningful increase in housing supply and economic growth and was formulated in consultation with members through a series of ‘call for views’.

 

The blueprint was shared with over 1,000 Prospective Parliamentary Candidates and received positive feedback from candidates of all parties.

 

HBF attended all three main party conferences, hosting events at Labour and Conservative.

 

We also continue to play an active role in the Construction Leadership Council.

 

Media coverage and social media

HBF represented home builders in the media to ensure the industry’s position was considered. This included references in almost 1,500 media stories.

 

We also continued to build our networks across social media platforms, increasing our LinkedIn community by 38%. This enables our messages to reach a broad audience, generating high levels of engagement and support – our LinkedIn posts alone were seen more than 2.2 million times in the last 12 months.

 

Reports and research

HBF has published numerous reports throughout the year, highlighting both the work of the industry and the difficulties faced by home building organisations. The reports have enjoyed widespread attention from national media and parliamentarians.

 

New Homes Week

HBF ran its New Homes Week campaign aimed at highlighting the benefits of new build homes. The theme of New Homes Week 2024 was ‘Tomorrow Awaits: Make it Yours’, tapping into the notion that moving home marks the beginning of a new chapter in people’s lives. The campaign included working with a range of stakeholders and celebrity influencers.

 

Membership

HBF remains the leading trade body representing private homebuilders in England and Wales. In 2024, our total membership stands at 431, including 267 full members spanning businesses of all sizes, from the largest quoted homebuilders delivering more than 10,000 homes per year to SME homebuilders, many delivering just a few new homes a year. This diverse membership is important in giving HBF the platform with Government, media and other stakeholders to effectively represent the industry. HBF would like to thank the membership for the proactive role played by very many homebuilders of all sizes in shaping policy and responses to the issues and challenges facing the industry.

 

HBF Board

Helen Moore, who was at the time Group Director of Orbit Homes, part of Orbit Group, the Midlands-based housing association, joined HBF as a non-executive director with effect from 1 January 2024. Her skills and experience across both private and affordable housing providers will supplement and enhance the skills of the existing board members.

 

With effect from 1 July 2024, Stewart Baseley took on the role of Chairman after 19 years as Executive Chairman. On the same date, Neil Jefferson was appointed as HBF’s Chief Executive, having served as Managing Director since January 2020.

 

After two years on the HBF board, Katy Jordan stepped down on 19 September 2024 due to her relocation overseas.

HOME BUILDERS FEDERATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

Housebuilder Media Ltd

Housebuilder Media Ltd is a wholly owned subsidiary of HBF and is the leading business media brand for UK residential development and regeneration. As well as publishing Housebuilder magazine and an online digital offering, Housebuilder Media runs industry events and awards.

 

2024 was a tougher year than 2023 for the housebuilding industry, and accordingly Housebuilder Media saw advertising sales decline slightly year on year.

 

Revenue for the events was satisfactory. The Housebuilder Awards and several conferences exceeded expectations but ticket sales were lower year on year for the Housing Market Intelligence Conference and Annual Report launch reflecting the tougher market.

 

There was upward pressure on costs, particularly of the events, although magazine production costs were well controlled.

 

Overall, given the concerns in the market, Housebuilder Media performed well delivering a profit after tax of £170,805 (2023: £243,210).

 

Finances - HBF Group

The Group reported a surplus after tax of £198,268 (2023: £191,319). Consequently, our reserves increased to £5,158,055 (2023: £4,959,787) with a cash balance increase to £5,293,404 (2023: £5,720,378). This includes member subscriptions for 2025 paid prior to the year end of £511,054 (2023: £544,407) as well as ringfenced funds provided by members to fund designated projects of £244,169 (2023: £188,741).

Results and dividends

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

Directors

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

S A Baseley
N Jefferson
M R Thackstone
D J O'Leary
S J Turner
J Daly
N Fitzsimmons
K S Jordan
(Resigned 19 September 2024)
G Malton
S H Midgley
H Moore
(Appointed 1 January 2024)
D F Thomas
J F Tutte
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

Goodman Jones LLP 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.

HOME BUILDERS FEDERATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
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:

 

 

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.

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.

Small companies exemption

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

On behalf of the board
S A Baseley
Director
9 April 2025
HOME BUILDERS FEDERATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOME BUILDERS FEDERATION LIMITED
- 7 -
Opinion

We have audited the financial statements of Home Builders Federation Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet 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:

HOME BUILDERS FEDERATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOME BUILDERS FEDERATION LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters where 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.

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

Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:

 

HOME BUILDERS FEDERATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOME BUILDERS FEDERATION LIMITED
- 9 -

 

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.

There are inherent limitations in the audit procedures described above. The further removed instances of non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

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.

Giuseppe Scozzaro (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP, Statutory Auditor
Chartered Accountants
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
9 April 2025
HOME BUILDERS FEDERATION LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
6,717,218
6,668,403
Cost of sales
(843,343)
(783,730)
Gross profit
5,873,875
5,884,673
Administrative expenses
(6,119,576)
(5,893,604)
Other operating income
366,080
183,118
Operating profit
120,379
174,187
Interest receivable and similar income
4
168,266
104,606
Profit before taxation
288,645
278,793
Tax on profit
(90,377)
(87,474)
Profit for the financial year
198,268
191,319
Retained earnings brought forward
4,959,787
4,768,468
Retained earnings carried forward
5,158,055
4,959,787
Profit for the financial year is all attributable to the owners of the parent company.
HOME BUILDERS FEDERATION LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
17,876
38,249
Tangible assets
6
1,132,505
1,177,999
1,150,381
1,216,248
Current assets
Debtors falling due after more than one year
9
83,334
250,000
Debtors falling due within one year
9
817,710
994,560
Cash at bank and in hand
10
5,293,404
5,720,378
6,194,448
6,964,938
Creditors: amounts falling due within one year
11
(2,100,831)
(2,995,456)
Net current assets
4,093,617
3,969,482
Total assets less current liabilities
5,243,998
5,185,730
Creditors: amounts falling due after more than one year
12
(70,000)
(210,000)
Deferred tax provision
13
(15,943)
(15,943)
Net assets
5,158,055
4,959,787
Capital and reserves
Called up share capital
-
0
-
0
Profit and loss reserves
5,158,055
4,959,787
Total equity
5,158,055
4,959,787

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
09 April 2025
S A Baseley
Director
Company registration number 02764757 (England and Wales)
HOME BUILDERS FEDERATION LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
17,876
38,249
Tangible assets
6
1,131,457
1,177,469
Investments
7
10
10
1,149,343
1,215,728
Current assets
Debtors falling due after more than one year
9
83,334
250,000
Debtors falling due within one year
9
502,380
434,149
Cash at bank and in hand
10
3,645,412
3,716,750
4,231,126
4,400,899
Creditors: amounts falling due within one year
11
(2,533,038)
(2,656,659)
Net current assets
1,698,088
1,744,240
Total assets less current liabilities
2,847,431
2,959,968
Creditors: amounts falling due after more than one year
12
(70,000)
(210,000)
Deferred tax provision
13
(13,116)
(13,116)
Net assets
2,764,315
2,736,852
Capital and reserves
Called up share capital
-
0
-
0
Profit and loss reserves
2,764,315
2,736,852
Total equity
2,764,315
2,736,852

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 £27,463 (2023 - £51,891 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
09 April 2025
S A Baseley
Director
Company registration number 02764757 (England and Wales)
HOME BUILDERS FEDERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Home Builders Federation Limited (“the company”) is a private company limited by guarantee, domiciled and incorporated in England and Wales. The registered office is HBF House, 27 Broadwall, London, England, SE1 9PL.

 

The group consists of Home Builders Federation 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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Home Builders Federation 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 December 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.

1.3
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.

HOME BUILDERS FEDERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Turnover

 

Home Builders Federation Limited

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Turnover represents subscription fees payable by members calculated on a subscription year basis (which coincides with the Company's financial year). Where a member joins part way through a year, the subscription is pro-rated.

 

Turnover is recognised in the year in which the membership services are provided. Where turnover is received in advance for a subsequent subscription year, a suitable adjustment to creditors is made to show this as deferred income.

 

Housebuilder Media Limited

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Company and value added taxes.

 

The Company recognises turnover when: (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Company retains no continuing involvement or control over the goods; (c) the amount of turnover can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the Company’s sales channels have been met, as described below:

 

(i) The Company publishes a magazine entitled Housebuilder 10 times each year. The magazine is made available free of charge to members of the Home Builders Federation and the National House Building Council and both these organisations pay subscriptions for this service. Individuals can also purchase subscriptions to the magazine.

 

(ii) In addition to subscription income, the Company also sells advertising space in the magazine.

 

Turnover from both subscriptions and advertising is recognised in the year in which the magazines are published. Any turnover received in advance of future subscriptions and advertising is deferred until the service is provided.

 

(iii) The Company also organises conferences and other events throughout the year and revenue is raised by the sale of tickets and via third party sponsorship.

 

Turnover from conferences and events is recognised in the year in which the event takes place.

 

(iv) Finally, the Company derives turnover from the sale of advertising on its website.

 

Turnover is recognised in the year in which the advertisement is placed. An appropriate adjustment is made for any turnover for advertising space that straddles the Company’s financial year end.

1.5
Intangible fixed assets other than goodwill

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

 

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

HOME BUILDERS FEDERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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:

Freehold property
Depreciation rate 2% per annum on cost
Office equipment
Depreciation rate 33.33% per annum on cost
Fixtures and fittings
Depreciation rate 16.67% per annum on cost

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.

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.

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.

 

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.

HOME BUILDERS FEDERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.9
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.

1.10
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.

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.

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.

HOME BUILDERS FEDERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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.

1.11
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.

1.12
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.

1.13
Retirement benefits

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

 

 

HOME BUILDERS FEDERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.14
Leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

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 leases asset are consumed.

1.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.17

Related party transactions

The group and company discloses transactions with related parties which are not wholly owned within the same group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transaction on the group financial statements

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.

It has been deemed by the directors that there are no judgements or key sources of estimation uncertainty recognised within the financial statements.

3
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
Total
42
42
35
35
HOME BUILDERS FEDERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
4
Interest receivable and similar income
2024
2023
£
£
Other interest receivable and similar income
168,266
104,606
5
Intangible fixed assets
Group
Software
Housing Market Intelligence
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
119,605
100,000
219,605
Amortisation and impairment
At 1 January 2024
81,356
100,000
181,356
Amortisation charged for the year
20,373
-
0
20,373
At 31 December 2024
101,729
100,000
201,729
Carrying amount
At 31 December 2024
17,876
-
0
17,876
At 31 December 2023
38,249
-
0
38,249
Company
Software
£
Cost
At 1 January 2024 and 31 December 2024
119,605
Amortisation and impairment
At 1 January 2024
81,356
Amortisation charged for the year
20,373
At 31 December 2024
101,729
Carrying amount
At 31 December 2024
17,876
At 31 December 2023
38,249
HOME BUILDERS FEDERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
6
Tangible fixed assets
Group
Freehold property
Office equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2024
1,405,270
204,747
407,007
2,017,024
Additions
-
0
20,690
-
0
20,690
Disposals
-
0
(5,820)
-
0
(5,820)
At 31 December 2024
1,405,270
219,617
407,007
2,031,894
Depreciation and impairment
At 1 January 2024
286,425
183,586
369,014
839,025
Depreciation charged in the year
29,298
16,643
20,243
66,184
Eliminated in respect of disposals
-
0
(5,820)
-
0
(5,820)
At 31 December 2024
315,723
194,409
389,257
899,389
Carrying amount
At 31 December 2024
1,089,547
25,208
17,750
1,132,505
At 31 December 2023
1,118,845
21,161
37,993
1,177,999
Company
Freehold property
Office equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2024
1,405,270
167,724
407,007
1,980,001
Additions
-
0
19,609
-
0
19,609
Disposals
-
0
(5,820)
-
0
(5,820)
At 31 December 2024
1,405,270
181,513
407,007
1,993,790
Depreciation and impairment
At 1 January 2024
286,425
147,093
369,014
802,532
Depreciation charged in the year
29,298
16,080
20,243
65,621
Eliminated in respect of disposals
-
0
(5,820)
-
0
(5,820)
At 31 December 2024
315,723
157,353
389,257
862,333
Carrying amount
At 31 December 2024
1,089,547
24,160
17,750
1,131,457
At 31 December 2023
1,118,845
20,631
37,993
1,177,469
HOME BUILDERS FEDERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
7
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Shares in group undertakings and participating interests
-
-
10
10
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
10
Carrying amount
At 31 December 2024
10
At 31 December 2023
10
8
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
House Builders Representatives Limited
England
Ordinary
100.00
-
Housebuilder Media Limited
England
Ordinary
100.00
-
House Builders Federation Limited
England
Ordinary
100.00
-
HBF Insurance PCC Limited
Guernsey
Core
100.00
-
Housebuilder Publications Limited
England
Ordinary
100.00
-
HB Media Limited
England
Ordinary
0
100.00

The registered office of HBF Insurance PCC Limited is Mill Court, La Charroterie, St Peter Port, GY1 4ET, Guernsey. HBF Insurance PCC Limited is currently in the process of being dissolved with the expectation being that this will be completed within the next twelve months.

 

The registered office of all other entities is HBF House, 27 Broadwall, London, SE1 9PL.

HOME BUILDERS FEDERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
9
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
339,454
397,377
123,544
197,177
Other debtors
99,172
328,303
83,692
2,389
Prepayments and accrued income
379,084
268,880
295,144
234,583
817,710
994,560
502,380
434,149
Amounts falling due after more than one year:
Other debtors
83,334
250,000
83,334
250,000
Total debtors
901,044
1,244,560
585,714
684,149
10
Cash and cash equivalents

Cash and cash equivalents at 31 December 2024 includes £220,337 (2023: £188,741) paid by members to fund specific projects and is therefore restricted in use.

 

This includes £nil (2023: £528,420) relating to HBF Insurance PCC Limited which was previously held as a restricted balance to pay the creditors of that entity, which had been settled in the year. As a consequence of HBF Insurance PCC Limited being in the process of being wound up, a ringfenced amount of £23,832 was transferred HBF.

11
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
215,428
412,593
143,304
156,768
Amounts owed to group undertakings
-
0
-
0
837,170
881,252
Corporation tax payable
90,524
87,623
33,944
11,959
Other taxation and social security
515,277
564,495
508,207
564,495
Other creditors
89,208
793,121
89,208
70,324
Accruals and deferred income
1,190,394
1,137,624
921,205
971,861
2,100,831
2,995,456
2,533,038
2,656,659
12
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Other creditors
70,000
210,000
70,000
210,000
HOME BUILDERS FEDERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
13
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
15,943
15,943
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
13,116
13,116
There were no deferred tax movements in the year.
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
284,168
259,326

The Group and the company operate a defined contribution pension scheme for certain employees. The assets of the scheme are held separately from those of the Group and the company, in an independently administered fund. The pension cost charges noted above represent contributions payable by the Group. The pension costs payable by the company amounted to £237,825 (2023: £217,509). Contributions totalling £29,599 (2023: £28,746) for the Group and company were payable to the fund at the balance sheet date.

15
Company status

The company is a private company limited by guarantee and consequently does not have share capital.

 

Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

HOME BUILDERS FEDERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
16
Related party transactions

Included within creditors at the balance sheet date is an outstanding balance of £19,208 (2023: £57,211) payable to an entity which has trustees in common with the directors.

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