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REGISTERED NUMBER: 08088487 (England and Wales)














Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 August 2024

for

Carpenter Investments Limited

Carpenter Investments Limited (Registered number: 08088487)






Contents of the Consolidated Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Carpenter Investments Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: A J Beer
D C Brewitt





REGISTERED OFFICE: Seymour Chambers
92 London Road
Liverpool
Merseyside
L3 5NW





REGISTERED NUMBER: 08088487 (England and Wales)





AUDITORS: Douglas Fairless Partnership
Chartered Certified Accountants
and Statutory Auditors
Seymour Chambers
92 London Road
Liverpool
Merseyside
L3 5NW

Carpenter Investments Limited (Registered number: 08088487)

Group Strategic Report
for the Year Ended 31 August 2024

The directors present their strategic report of the company and the group for the year ended 31 August 2024.

Carpenter Investments Ltd is the holding company for a group of companies specialising in property investment and development across the northwest of England. We focus on the creation, development, and management of new build to rent communities and purpose build student accommodation. We currently have over 2000 residents living in our PBSA and BTR communities and our average occupancy rate for the year was 98%. In addition we have a commercial portfolio of 85,000 ft2 This is also 97% let, primarily to high quality national retailers and institutions.
Our average tenancy length for our 569 BTR homes is now 30 months. We think this reflects our commitment to providing high quality housing at reasonable prices for our tenants. We work hard to ensure that all our tenants have safe, well maintained and well-designed homes.
At the heart of our success is that we reinvest from our own resources, control and manage our own construction and manage our completed buildings ourselves. This has allowed us to increase Shareholder Funds from £42.2m in 2019 to £101.9m in 2024. This 20% annual increase in assets is testament to the dedication and hard work of our staff, and the support of our banks as well as to the underlying common sense of our business model. The company now has gross fixed assets of £257million which is 9.46% increase of last year.

REVIEW OF BUSINESS
2024 was another challenging year for property and construction. The year began with interest at 5.25% and only decreased to 5% in the final month of the financial year. The group hedges a proportion of its debt, however despite this policy, interest costs in the investment portfolio increased over the year from £5.6 m to £7.4m. This 32% increase was simply the result of the interest rate environment. In addition, the company has had to deal, as with the rest of the economy with very high inflation. Utility costs, which formed a significant part of operating costs remained high for much of the year, only starting to reduce to more normal levels in the second half of the year.

During the year we have continued to build. This year we have continued with our Springmount Mill project in Stockport. This 202 home, £50 million development is expected to welcome its firsts residents in the second half of 2025.

In addition, we achieved a planning permission in January 2024 for 267 apartments at a freehold site in Kings Dock, Liverpool. This permission has been subsequently revised to 291 apartments and we are expecting to make a start on this extremely exciting development in Q3 2025.

Group income has increased by £0.675 million year on year, which is 4.9% increase to £14.6million, the increase has come about mainly by the stabilisation of the final phase of 72 apartments at Old Station Gardens. There has also been some underlying rental growth. We expect this growth to continue over the current financial year and demand for the secure, well appointed, energy efficient homes we offer continues to increase.

Cash generated from operations has remained steady at £9.86 million compared to £9.82m in 2023. The very high base rates throughout the year resulted in a significant increase in total interest payments over the year. The group has remained fully covenant compliant at all times and with the recent decrease in interest rates now, together with growth in income and continued tight control of operating costs we are expecting to see continued growth in operating income

PRINCIPAL RISKS AND UNCERTAINTIES
The greatest risk to the groups profitability is increases in The Bank of England base rate of interest. The continuous Bank Of England interest rate rises over the past couple of years have reduced our ability to obtain finance at an affordable rate, which has both slowed down construction on our sites and reduced profitability of completed sites. This will remain a risk and uncertainty to our business to a point where interest rates return to a more reasonable level, but it is clear that interest rates have now peaked and will start to reduce over the coming years which in turn improve our profitability. Construction material costs have been subject to unprecedented inflationary pressure over the past few years which increases our development costs, but there are signs that these pressures are now easing.

ON BEHALF OF THE BOARD:





A J Beer - Director


29 May 2025

Carpenter Investments Limited (Registered number: 08088487)

Report of the Directors
for the Year Ended 31 August 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024.

DIVIDENDS
Interim dividends per share were paid as follows:
£2,500 - 31 March 2024
£110,000 - 31 August 2024
£112,500

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 August 2024 will be £ 450,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

A J Beer
D C Brewitt

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Douglas Fairless Partnership, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D C Brewitt - Director


29 May 2025

Report of the Independent Auditors to the Members of
Carpenter Investments Limited

Opinion
We have audited the financial statements of Carpenter Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Carpenter Investments Limited


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Carpenter Investments Limited


Auditors' 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 a Report of the Auditors 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:

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.

In identifying and assessing risks of material misstatement in the financial statements in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, the control environment and the impact of business performance on Directors earnings.
- results of our enquiries of management and key finance persons about their own identification and assessment of the risks and irregularities.
- any matters we identified after obtaining and reviewing company policies and procedures relating to; identifying, evaluating and complying with laws and regulations. Detecting and responding to risks of fraud. The internal controls in place to mitigate the risks of fraud or non-compliance with laws and regulations.

From this assessment, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis of our opinion. Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance, reviewing correspondence with HMRC; and
- in addressing the risk of fraud through management override of controls; we have tested the operational effectiveness of internal controls relevant to the financial statements, tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not 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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.




Mr Gregory Newton FCCA (Senior Statutory Auditor)
for and on behalf of Douglas Fairless Partnership
Chartered Certified Accountants
and Statutory Auditors
Seymour Chambers
92 London Road
Liverpool
Merseyside
L3 5NW

29 May 2025

Carpenter Investments Limited (Registered number: 08088487)

Consolidated
Income Statement
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   

TURNOVER 3 14,597,353 13,920,808

Cost of sales 314,910 479,300
GROSS PROFIT 14,282,443 13,441,508

Administrative expenses 4,825,893 5,730,187
9,456,550 7,711,321

Other operating income 1,110 56,157
OPERATING PROFIT 5 9,457,660 7,767,478

Interest receivable and similar income 806,703 611,039
10,264,363 8,378,517
Gain/loss on revaluation of investment
property

6,597,915

16,939,899
16,862,278 25,318,416

Interest payable and similar expenses 6 9,219,396 6,918,439
PROFIT BEFORE TAXATION 7,642,882 18,399,977

Tax on profit 7 1,702,681 8,432,536
PROFIT FOR THE FINANCIAL YEAR 5,940,201 9,967,441
Profit attributable to:
Owners of the parent 5,950,780 9,967,441
Non-controlling interests (10,579 ) -
5,940,201 9,967,441

Carpenter Investments Limited (Registered number: 08088487)

Consolidated
Other Comprehensive Income
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   

PROFIT FOR THE YEAR 5,940,201 9,967,441


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

5,940,201

9,967,441

Total comprehensive income attributable to:
Owners of the parent 5,940,201 9,967,441

Carpenter Investments Limited (Registered number: 08088487)

Consolidated Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 491,665 -
Tangible assets 11 1,284,189 1,240,910
Investments 12
Interest in associate 10,580 1
Investment property 13 255,736,696 233,601,142
257,523,130 234,842,053

CURRENT ASSETS
Debtors 14 17,627,559 17,192,239
Cash at bank and in hand 610,246 867,385
18,237,805 18,059,624
CREDITORS
Amounts falling due within one year 15 37,814,061 26,805,833
NET CURRENT LIABILITIES (19,576,256 ) (8,746,209 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

237,946,874

226,095,844

CREDITORS
Amounts falling due after more than one year 16 (113,017,000 ) (108,398,036 )

PROVISIONS FOR LIABILITIES 19 (22,990,287 ) (21,287,606 )
NET ASSETS 101,939,587 96,410,202

CAPITAL AND RESERVES
Called up share capital 20 4 4
Non-Dist Reserves 73,246,347 68,297,912
Retained earnings 28,693,236 28,112,286
SHAREHOLDERS' FUNDS 101,939,587 96,410,202

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:




A J Beer - Director



D C Brewitt - Director


Carpenter Investments Limited (Registered number: 08088487)

Company Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 1,722 2,026
Investments 12 24 24
Investment property 13 - -
1,746 2,050

CURRENT ASSETS
Debtors 14 39,468,959 39,611,272
Cash at bank 191,638 643,026
39,660,597 40,254,298
CREDITORS
Amounts falling due within one year 15 6,461,514 8,396,322
NET CURRENT ASSETS 33,199,083 31,857,976
TOTAL ASSETS LESS CURRENT
LIABILITIES

33,200,829

31,860,026

CAPITAL AND RESERVES
Called up share capital 20 4 4
Retained earnings 33,200,825 31,860,022
SHAREHOLDERS' FUNDS 33,200,829 31,860,026

Company's profit for the financial year 1,790,803 2,420,715

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:




A J Beer - Director



D C Brewitt - Director


Carpenter Investments Limited (Registered number: 08088487)

Consolidated Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up
share Retained Non-Dist Total
capital earnings Reserves equity
£    £    £    £   
Balance at 1 September 2022 4 26,692,330 60,040,427 86,732,761

Changes in equity
Dividends - (290,000 ) - (290,000 )
Total comprehensive income - 1,709,956 8,257,485 9,967,441
Balance at 31 August 2023 4 28,112,286 68,297,912 96,410,202

Changes in equity
Dividends - (450,000 ) - (450,000 )
Total comprehensive income - 1,002,344 4,948,435 5,950,779
Balance at 31 August 2024 4 28,664,630 73,246,347 101,910,981

Carpenter Investments Limited (Registered number: 08088487)

Company Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2022 4 29,729,307 29,729,311

Changes in equity
Dividends - (290,000 ) (290,000 )
Total comprehensive income - 2,420,715 2,420,715
Balance at 31 August 2023 4 31,860,022 31,860,026

Changes in equity
Dividends - (450,000 ) (450,000 )
Total comprehensive income - 1,790,803 1,790,803
Balance at 31 August 2024 4 33,200,825 33,200,829

Carpenter Investments Limited (Registered number: 08088487)

Consolidated Cash Flow Statement
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 9,861,194 9,829,723
Interest paid (9,219,396 ) (6,918,439 )
Tax paid 3,451 -
Net cash from operating activities 645,249 2,911,284

Cash flows from investing activities
Purchase of intangible fixed assets (499,998 ) -
Purchase of tangible fixed assets (121,625 ) (85,820 )
Purchase of investment property (15,537,639 ) (11,072,844 )
Interest received 806,703 611,039
Net cash from investing activities (15,352,559 ) (10,547,625 )

Cash flows from financing activities
New loans in year 19,431,080 5,836,512
Loan repayments in year (4,458,498 ) (625,000 )
Amount withdrawn by directors (72,411 ) (9,599 )
Equity dividends paid (450,000 ) (290,000 )
Net cash from financing activities 14,450,171 4,911,913

Decrease in cash and cash equivalents (257,139 ) (2,724,428 )
Cash and cash equivalents at beginning of
year

2

867,385

3,591,813

Cash and cash equivalents at end of year 2 610,246 867,385

Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 August 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.8.24 31.8.23
£    £   
Profit before taxation 7,642,882 18,399,977
Depreciation charges 161,135 166,301
Loss on disposal of fixed assets 544 -
Gain on revaluation of fixed assets (6,597,915 ) (16,939,899 )
Finance costs 9,219,396 6,918,439
Finance income (806,703 ) (611,039 )
9,619,339 7,933,779
(Increase)/decrease in trade and other debtors (589,964 ) 800,006
Increase in trade and other creditors 831,819 1,095,938
Cash generated from operations 9,861,194 9,829,723

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 610,246 867,385
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 867,385 3,591,813


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 867,385 (257,139 ) 610,246
867,385 (257,139 ) 610,246
Debt
Debts falling due within 1 year (4,490,765 ) (10,353,618 ) (14,844,383 )
Debts falling due after 1 year (108,398,036 ) (4,618,964 ) (113,017,000 )
(112,888,801 ) (14,972,582 ) (127,861,383 )
Total (112,021,416 ) (15,229,721 ) (127,251,137 )

Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Carpenter Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements incorporate those of Carpenter Investments Ltd and all of its subsidiaries. Subsidiaries acquired during the year are consolidated using the purchase method.
Their results are incorporated from the date that control passes.

All financial statements are made up to 31st August each year. where necessary, adjustments are made to the financial statements of the subsidiaries to bring accounting policies in line with those used by the group.

All inter-group transactions and balances 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.

Associates
Investments in associates are carried on the group balance sheet using the equity method.

Turnover
Rental income - The turnover in the profit & loss account represents revenue recognised on rents charged on accrued rental periods during the period exclusive of value added tax.

Architect Income - The turnover in the profit & loss account represents revenue recognised on services fully delivered during the period exclusive of value added tax.

Car Park Income - The turnover in the profit & loss account represents revenue recognised on services fully delivered during the period exclusive of value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost and 25% on cost

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

In accordance with FRS 102 (s17.16) depreciation is not provided on the land held in freehold property as it is considered to have an unlimited useful life.

Investments in associates
Investments in associate undertakings are recognised at cost.

Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The Investment Property is initially recognised at cost; cost includes the purchase cost, costs of development to bring the site into use and any other directly attributable expenditure. Subsequently, it is measured at fair value at the reporting date. The surplus or deficit on revaluation is recognised in the profit & loss account.

The fair value surplus and deficits recognised in the profit loss account are non-distributable reserves and are shown separately on the face of the balance sheet as non-distributable retained earnings. The amounts held in non-distributable reserves for the fair value adjustments are shown after providing for deferred taxation.

Financial instruments
The company loan notes are charged out an average interest through the year of 4.8%

The group further enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and loans to and from related parties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31.8.24 31.8.23
£    £   
Services 917,102 1,325,359
Rents Received 13,680,251 12,595,449
14,597,353 13,920,808

Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

4. EMPLOYEES AND DIRECTORS
31.8.24 31.8.23
£    £   
Wages and salaries 1,203,278 1,085,648
Social security costs 111,781 105,540
Other pension costs 29,830 28,841
1,344,889 1,220,029

The average number of employees during the year was as follows:
31.8.24 31.8.23

Management 3 3
Administration 31 29
34 32

31.8.24 31.8.23
£    £   
Directors' remuneration 15,960 15,960

5. OPERATING PROFIT

The operating profit is stated after charging:

31.8.24 31.8.23
£    £   
Depreciation - owned assets 152,802 166,302
Loss on disposal of fixed assets 544 -
Goodwill amortisation 8,333 -
Auditors' remuneration 55,225 52,800
Other non- audit services 26,772 28,490
Formation costs - 155

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.8.24 31.8.23
£    £   
Bank loan interest 7,422,550 5,663,372
Loan interest 17,563 108,143
Development loan interest 1,779,283 1,146,924
9,219,396 6,918,439

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.8.24 31.8.23
£    £   
Current tax:
Corporation tax adjustment - (827 )

Deferred tax 1,702,681 8,433,363
Tax on profit 1,702,681 8,432,536

UK corporation tax has been charged at 25 % .

Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.8.24 31.8.23
£    £   
Profit before tax 7,642,882 18,399,977
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

1,910,721

4,599,994

Effects of:
Capital allowances in excess of depreciation (620,917 ) (836,517 )
Revaluation of investment property (1,649,479 ) (4,234,975 )
Group Relief Utilised 667,651 573,056
Group Relief Not Utilised (307,976 ) (102,385 )
Deferred Tax Movement 1,702,681 8,433,363
Total tax charge 1,702,681 8,432,536

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
31.8.24 31.8.23
£    £   
ordinary shares of £1 each
Interim 450,000 290,000

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
Additions 499,998
At 31 August 2024 499,998
AMORTISATION
Amortisation for year 8,333
At 31 August 2024 8,333
NET BOOK VALUE
At 31 August 2024 491,665

Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 379,750 7,056 1,668,148 43,314 2,098,268
Additions - 8,222 106,625 6,778 121,625
Disposals - (2,640 ) - (6,609 ) (9,249 )
At 31 August 2024 379,750 12,638 1,774,773 43,483 2,210,644
DEPRECIATION
At 1 September 2023 - 2,107 745,205 35,046 782,358
Charge for year - 2,634 141,697 8,471 152,802
Eliminated on disposal - (2,096 ) - (6,609 ) (8,705 )
At 31 August 2024 - 2,645 886,902 36,908 926,455
NET BOOK VALUE
At 31 August 2024 379,750 9,993 887,871 6,575 1,284,189
At 31 August 2023 379,750 4,949 922,943 8,268 1,315,910

Company
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 September 2023
and 31 August 2024 6,320 1,847 8,167
DEPRECIATION
At 1 September 2023 4,294 1,847 6,141
Charge for year 304 - 304
At 31 August 2024 4,598 1,847 6,445
NET BOOK VALUE
At 31 August 2024 1,722 - 1,722
At 31 August 2023 2,026 - 2,026

Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

12. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
At 1 September 2023 1
Share of profit/(loss) 10,579
At 31 August 2024 10,580
NET BOOK VALUE
At 31 August 2024 10,580
At 31 August 2023 1
Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 September 2023
and 31 August 2024 23 1 24
NET BOOK VALUE
At 31 August 2024 23 1 24
At 31 August 2023 23 1 24

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries


Carpenter Investments Brunswick Park Ltd
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 1,939 28,544
Loss for the year (26,605 ) (649 )

Carpenter Investments Brunswick Park Ltd has claimed exemption from audit in accordance with CA06 S480(1)(b) on the grounds that it has been dormant since its formation.

Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

12. FIXED ASSET INVESTMENTS - continued

Carpenter Investments Vine Street Ltd
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 10,412,291 9,554,180
Profit for the year 958,112 209,966

Carpenter Investments Brunswick Park 2 Ltd
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 5,858,326 5,306,800
Profit for the year 551,526 167,229

Oregon & Ratcliffe Ltd
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 5,277,885 4,764,394
Profit for the year 563,492 216,936

Liverpool Edge (Myrtle Street) Ltd
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 13,845,992 13,691,957
Profit for the year 484,035 740,915

Carpenter Investments 1 Kings Dock Ltd
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves (1,099,526 ) (592,430 )
Loss for the year (507,096 ) (371,637 )

Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

12. FIXED ASSET INVESTMENTS - continued

Carpenter Investments Stockport Ltd
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves (3,427,555 ) (2,114,166 )
Loss for the year (1,313,389 ) (814,342 )

Liverpool Edge Ltd
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 470 3,652
Profit for the year 14,818 28,758

Carpenter Investments Hawthorne Ltd
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 4,754,050 4,207,121
Profit for the year 605,930 238,447

Carpenter Investments Station Road Ltd
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 4,486,378 2,483,594
Profit for the year 2,002,784 1,239,562

Liverpool Edge (Hardman Street) Ltd
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 19,348,104 18,900,442
Profit for the year 1,137,662 4,435,823

Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

12. FIXED ASSET INVESTMENTS - continued

Carpenter Investments Vine Street B Limited
Registered office: Property Development
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 1,503,990 1,275,652
Profit for the year 238,338 177,111

Liverpool Edge (Copperas Hill) Ltd
Registered office: Property Development
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 7,772,836 6,908,600
Profit for the year 864,236 3,273,946

Simons Design Ltd
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Services
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 223 136,249
(Loss)/profit for the year (122,026 ) 128,547

Carpenter Design Ltd
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves (1,855 ) (1,009 )
Loss for the year (846 ) (49 )

Carpenter Design Ltd has claimed exemption from audit in accordance with CA06 S480(1)(a) on the grounds that it has been dormant since its formation.

Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

12. FIXED ASSET INVESTMENTS - continued

Carpenter Investments Brunswick Quay Ltd
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves (4,775 ) (2,880 )
Loss for the year (1,895 ) (2,083 )

Carpenter Old Station Gardens Limited
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves (579 ) (503 )
Loss for the year/period (76 ) (504 )

Carpenter Old Station Gardens Ltd has claimed exemption from audit in accordance with CA06 S480(1)(a) on the grounds that it has been dormant since its formation.

Pink Cloud Ltd
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 28,609 14,515
Profit for the period 14,094 14,513

Associated company

Term Engineering Ltd
Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW
Nature of business: Engineering
%
Class of shares: holding
ordinary 50.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 63,144 41,986
Profit for the year 21,158 259

Minority interest has been excluded from the accounts due to being non-material.


Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 September 2023 233,601,142
Additions 15,537,639
Revaluations 6,597,915
At 31 August 2024 255,736,696
NET BOOK VALUE
At 31 August 2024 255,736,696
At 31 August 2023 233,601,142

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2015 5,294,771
Valuation in 2016 3,414,086
Valuation in 2017 6,876,965
Valuation in 2018 13,006,762
Valuation in 2019 (10,081 )
Valuation in 2020 31,542,262
Valuation in 2021 8,650,675
Valuation in 2020 5,348,544
Valuation in 2023 16,939,899
Valuation in 2024 6,597,915
Cost 158,074,898
255,736,696

If investment property had not been revalued it would have been included at the following historical cost:

31.8.24 31.8.23
£    £   
Cost 142,537,259 142,537,259

Investment property was valued on an open market basis on 31 August 2024 by the directors. .

The directors have assessed the market value of the investment property at the end of the reporting period and compared it to the market value at the previous professional valuation. The market value of the investment property has been adjusted to reflect the directors assessment of the change in the fair value . The directors have extensive knowledge and experience in the local property market to enable them to be able to make this assessment.

Three of the properties were valued by professional valuers Avison Young on 15 December 2023.

Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

14. DEBTORS

Group Company
31.8.24 31.8.23 31.8.24 31.8.23
£    £    £    £   
Amounts falling due within one year:
Trade debtors 3,805,666 3,184,941 350 350
Other debtors 584,444 810,226 226,879 226,819
Inter-company - - 26,353,473 26,564,071
Directors' current accounts 134,616 62,205 134,666 62,257
VAT - 154,643 - -
Prepayments 352,833 230,224 3,591 7,775
4,877,559 4,442,239 26,718,959 26,861,272

Amounts falling due after more than one year:
Loan notes 12,750,000 12,750,000 12,750,000 12,750,000

Aggregate amounts 17,627,559 17,192,239 39,468,959 39,611,272

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.8.24 31.8.23 31.8.24 31.8.23
£    £    £    £   
Bank loans and overdrafts (see note 17) 14,844,383 3,289,532 - 5,631
Other loans (see note 17) - 1,201,233 - -
Payments on account 556,570 - - -
Trade creditors 4,073,654 2,078,443 180,498 142,659
Corporation taxation 3,451 - - -
Social security and other taxes 31,710 24,433 5,987 5,203
VAT 33,590 - - -
Other creditors 13,246,368 13,721,040 353,038 390,247
Inter-company - - 5,912,589 7,843,719
Accruals and deferred income 3,461,469 4,352,365 - -
Accrued expenses 1,562,866 2,138,787 9,402 8,863
37,814,061 26,805,833 6,461,514 8,396,322

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
31.8.24 31.8.23
£    £   
Bank loans (see note 17) 113,017,000 108,398,036

Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.8.24 31.8.23 31.8.24 31.8.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - - - 5,631
Bank loans 14,844,383 3,289,532 - -
Other loans - 1,201,233 - -
14,844,383 4,490,765 - 5,631
Amounts falling due between one and two years:
Bank loans - 1-2 years 56,835,000 55,216,036 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 56,182,000 53,182,000 - -

Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.8.24 31.8.23
£    £   
Bank loans 127,861,383 111,687,568

There are no loans due after more than 5 years.

Svenska Handelsbanken have a fixed charge over the property known as the freehold land edged red on plan 1 being land on the west side of grafton street liverpool comprising of all of the land registered under title number MS365750 and part of the land registered under title number MS365742 and registered at land registry under title number MS365750 and MS365742 (part).

Svenska Handelsbanken AB (Publ) have a charge over the freehold Land on the south side of Falkner Street,Liverpool edged red on the plan annexed and registered at Land Registry under title number MS582687.

Svenska Handelsbanken Ab (Publ) have a charge over the property known as the freehold land being on the north-east side of caryl street, liverpool and registered at land registry under title number MS623611.

Charles Street Commercial Investments Limited have a charge over 1 kings dock street liverpool L1 8JS. K Dock Developments Limited have a charge over the freehold property at 1 kings dock street, liverpool, L1 8JS, being the whole of the land registered at the land registry with title number MS267470.

Close Brothers have a charge over Freehold property known as land on the south side of brinksway, stockport,unit 11, springmount mill, northgate road, stockport and unit 18, northgate road, stockport. Leasehold property known as land and buildings on the south side of brinksway, and unit 11, springmount mill, northgate road, stockport.

Svenska Handelsbanken Ab (Publ) has a charge over the freehold land and buildings on the west side of grafton street, liverpool and registered at land registry under title number MS650077.

Handelsbanken PLC have a charge over that freehold property known as 1-3 station road, warrington and land and buildings on the south side (WA4 2AD), registered at land registry under the title number LA229489.

Svenska Handelsbaken have a fixed charge over the property known as Apartments 1-31, 6 Vine Street, Liverpool and a floating charge over all of the property of the company.

Lloyds Bank PLC have a fixed charge over the property known as Police Station, Copperas Hill, Liverpool L3 5LD and a floating charge over all of the property of the company.

Lloyds Bank PLC have a fixed charge over Land and buildings at hardman street, baltimore street, maryland street and south hunter street liverpool comprising the freehold land in title number MS226941(being land and buildings at 15 hardman street liverpool L1 9AS), the freehold land in title number MS666772 (being land and buildings on the south west side of maryland street liverpool), and the leasehold land in title number MS666774 (being land and buildings to the east of 2A maryland street liverpool)

Lloyds Bank PLC have a fixed charge over Freehold land and buildings known as myrtle parade, liverpool L7 7EL registered at the land registry with title number MS619063.

19. PROVISIONS FOR LIABILITIES

Group
31.8.24 31.8.23
£    £   
Deferred tax 22,990,287 21,287,606

Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 September 2023 21,287,606
Capital Allowance Timing Diffs 53,202
Revaluation of Property 1,649,479
Balance at 31 August 2024 22,990,287

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
4 ordinary £1 4 4

21. PENSION COMMITMENTS

The group operates a defined contributions pension scheme.The assets of the scheme are held separately from those of the company in an independently administered fund.The pension cost charge represents contributions payable by the company to the fund and amounted to £29,830 (2023 - £28,841). At the balance sheet date £5,865 (2023 - £1,020) was owing to the fund contained within other creditors.

22. CAPITAL COMMITMENTS
31.8.24 31.8.23
£    £   
Contracted but not provided for in the
financial statements 11,600,000 19,740,000

Carpenter Investments Stockport Ltd is budgeted to spend a further £11,600,000 on a property development currently contained withing investment property.

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

31.8.24 31.8.23
£    £   
A J Beer
Balance outstanding at start of year (5,557 ) (12,825 )
Amounts advanced 33,572 8,268
Amounts repaid (6,000 ) (1,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,015 (5,557 )

D C Brewitt
Balance outstanding at start of year 67,815 65,485
Amounts advanced 50,836 3,330
Amounts repaid (6,000 ) (1,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 112,651 67,815

Carpenter Investments Limited (Registered number: 08088487)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

The loans are unsecured, interest free and repayable on demand.

24. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
31.8.24 31.8.23
£    £   
Transfers to related parties 26,112,162 16,049,385
Transfers from related parties 25,626,566 14,705,966
Dividends received 1,271,000 2,122,250
Amount due from related party 26,353,473 26,565,071
Amount due to related party 5,912,589 7,843,719

Dividends and amounts due to and from subsidiary companies have been removed on consolidation.

Key management personnel of the entity or its parent (in the aggregate)
31.8.24 31.8.23
£    £   
Repairs 252,212 1,047,430
Build Costs 15,641,670 10,331,050
Consultancy, IT, Sundries, Rent & Management Fees 220,392 415,709
Rents Received 55,900 74,155
Interest Received 796,351 611,039
Interest Paid 861,963 820,541
Amount due from related party 12,903,819 14,127,617
Amount due to related party 16,194,010 16,557,165

Loans provided by Rittner Investments Ltd which is a company under common control are charged to the company with 8% interest, the loans are unsecured and repayable on demand. An average interest of 4.8% has been charged from Carpenter Investments Ltd to Rittner Investments Ltd through the year for loan notes outstanding.

Any loans for all other related parties are unsecured, interest free and repayable on demand.

Other related parties
31.8.24 31.8.23
£    £   
Loan - 400,000
Interest 17,594 3,934
Repayments 200,000 50,000
Amount due to related party 152,010 353,934

The loan has an interest rate of 1.5% over base for the first 12 months and then 3.25% over base for second year, the loan is unsecured and repayable on demand.

25. DIVIDENDS RECEIVED

Carpenter Investments Ltd received dividends of £1,271,000 (2023 - £2,121,250) from it's subsidiary companies.