Registration number:
Cotswold Homes Limited
for the Year Ended 31 December 2024
Cotswold Homes Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Cotswold Homes Limited
Company Information
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Directors |
M Glen L J Rinn P C Rinn S Hawkins |
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Registered office |
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Auditors |
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Cotswold Homes Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is house building.
Fair review of the business
In the year ended 31st December 2024 both turnover and net profit after tax have decreased versus 2023, driven by a reduction in the volume of homes delivered in the year. Legal completions during the year were predominantly from one site, the final phase of Chipping Sodbury development, due to the timings of other sites finishing and replacement sites starting. These new sites will deliver in 2025.
The company continues to enjoy the support of its funding providers who have indicated that this will continue in the foreseeable future.
The company's key financial and other performance indicators during the year were as follows:
|
Unit |
2024 |
2023 |
|
|
Turnover |
£ |
22,584,880 |
32,024,144 |
|
Gross profit margin |
% |
23 |
19 |
|
Net Profit after tax |
£ |
1,390,247 |
2,054,524 |
Principal risks and uncertainties
As a housebuilder, the company is exposed to the uncertainties of the UK economy, including fluctuating interest rates, inflationary pressures and geopolitical events that may impact consumer confidence and the overall housing market. We mitigate these risks by maintaining a diverse land portfolio and a flexible business model. We will continue to monitor market conditions closely and adapt to any changes in the economic landscape.
Market and Outlook
Ongoing global supply chain challenges have led to price volatility and delays. To mitigate this, we continue to build strong relationships with our suppliers and subcontractors and closely manage stock levels. As a result, any ongoing impact of this is expected to be minimal.
The Labour Government’s commitment to housing delivery continues to support the sector, with policies aimed at easing the housing shortage. The company is well positioned with it’s land strategy to capitalise on this.
Despite all the considerations above, the directors have taken steps to assess the potential impacts on the company by stress testing budgets and forecasts.
Following a review of the company's performance for the 2025 year to date, the directors believe that there will be little impact on the financial performance arising from market considerations and are confident that, notwithstanding this, it is sufficiently robust to withstand any reasonably foreseeable challenges.
Approved and authorised by the
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......................................... |
Cotswold Homes Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
The company has procedures to identify risk and protect and manage the company from events that may hinder its financial performance objectives. The objectives aim to limit counterparty exposure, ensure sufficient working capital exists and monitor and manage risk. The company does not consider it necessary to employ derivatives such as forward currency contracts to manage risk based on the current activities of the company.
Objectives and policies
The company currently utilises bank borrowings to fund its activities. In order to ensure that it remains within its facility limits the directors monitor the cash position actively. Forward projections are prepared on a monthly basis as part of this monitoring process and also to enable the directors to request facilities from funding providers as opportunities rise.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk - the company is exposed to price risk as a result of its operations. However, sales prices are constantly reviewed and agreed by management to ensure they reflect any fluctuations within the market place.
Liquidity and cash flow risk - the company has minimal exposure to liquidity risk and tightly monitors and controls its cash flow.
The company seeks to manage its exposure to interest rate risk by arranging finance on a project by project basis, and fixing at rates available in the market at that point.
Results
The results for the year are set out on page 10.
The directors consider these results satisfactory and consider the underlying financial position of the company to be sufficient for planned future activities.
During the year the company declared ordinary dividends amounting to £400,000 (2023 - £600,000). The directors do not recommend payment of a final dividend (2023 - £Nil).
Future developments
The directors are not currently contemplating any changes in the way the company operates.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Cotswold Homes Limited
Directors' Report for the Year Ended 31 December 2024
Reappointment of auditors
The auditors ML Audit LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
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Cotswold Homes Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Cotswold Homes Limited
Independent Auditor's Report to the Members of Cotswold Homes Limited
Opinion
We have audited the financial statements of Cotswold Homes Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Cotswold Homes Limited
Independent Auditor's Report to the Members of Cotswold Homes Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and 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:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
In planning and designing our audit tests, we identify and assess the risks of material mis-statements, whether due to fraud or error. Our assessment of these risks includes the following:
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the nature of the industry and sector, control environment and business performance including the key drivers for directors’ remuneration, bonus levels and performance targets; |
Cotswold Homes Limited
Independent Auditor's Report to the Members of Cotswold Homes Limited
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results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
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any matters we identified having made enquiries of management about their policies and procedures relating to: |
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identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
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detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
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the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
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the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with the directors, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statement or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
As a result of performing the above, our procedures to respond to the risks identified included the following:
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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; |
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enquiring of management concerning actual and potential litigation and claims; |
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reviewing correspondence with HMRC, and the company's legal advisors; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
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obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
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in addressing the risk of fraud through management override of controls, testing 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. |
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 noncompliance with laws and regulations throughout the audit.
Cotswold Homes Limited
Independent Auditor's Report to the Members of Cotswold Homes Limited
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involved deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at: http://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.
......................................
For and on behalf of
Freshford House
Redcliffe Way
BS1 6NL
Cotswold Homes Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
2,625,564 |
3,492,806 |
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|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
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(763,278) |
(786,129) |
||
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Profit before tax |
|
|
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results for the current and preceding year were derived from the company's continuing operations.
The company has no recognised gains or losses for the year other than the results above. Accordingly, a separate Statement of Other Comprehensive Income has not been presented.
Cotswold Homes Limited
(Registration number: 04377358)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
|||
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Stocks |
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Debtors |
|
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Cash at bank and in hand |
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
|
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Approved and authorised by the
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Cotswold Homes Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Share premium |
Retained earnings |
Total |
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At 1 January 2024 |
|
|
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
Share capital |
Share premium |
Retained earnings |
Total |
|
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At 1 January 2023 |
|
|
|
|
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Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2023 |
891,258 |
2,356,120 |
14,183,247 |
17,430,625 |
Cotswold Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Summary of disclosure exemptions
The financial statements contain information about Cotswold Homes Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Peter Rinn Holdings Limited. The company has also adopted the exemption from requirement to present certain financial instrument disclosures and a statement of cashflows and related notes.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue operating for the foreseeable future. The directors have been mindful of potential future impacts from events such as the impact of inflationary pressures and have reviewed the sales pipeline and expected cash needs. From this review, the directors consider that the company is unlikely to be significantly affected and thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Cotswold Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Key sources of estimation uncertainty
In the application of the company'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.
During the year management have made an estimate for work in progress. The basis for this estimate is formed from considering expected total costs, expected total sales and the percentage completion of sites in progress. An estimate is then made which is based on the lower of cost and net realisable value. The carrying amount is £28,505,563 (2023 - £20,001,504).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the construction and subsequent sale of residential properties as well as the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Revenue is recognised on the legal completion of the sale of properties.
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except for items previously as other comprehensive income, for which tax is recognised in the statement of other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current or deferred taxation assets and liabilities are not discounted.
Cotswold Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Leasehold land and buildings |
30 years straight line |
|
Furniture, fittings and equipment |
10-25% straight line |
|
Motor vehicles |
10-25% straight line |
Investments
Investments in equity shares are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for properties sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Work in progress
The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. Land is recognised in stock when the significant risks and rewards of ownership have been transferred to the company.
Profit on long-term contracts is taken as the work is carried out if the final outcome has been assessed with reasonable certainty. The profit is included on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs (as defined above) as contract activity progresses. Percentage complete at the year end is normally measured by surveys of work performed to date.
Cotswold Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Cotswold Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Recognition and measurement
Financial assets and liabilities are offset, with 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.
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Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of residential properties |
|
|
100% of revenue was generated in the UK (2023 - 100%).
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Profit on disposal of tangible fixed assets |
( |
- |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
Cotswold Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest expense on other finance liabilities |
- |
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Staff |
|
|
|
Management |
|
|
|
|
|
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Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
613,791 |
611,296 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
Cotswold Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit-related assurance services |
|
|
|
Taxation |
Tax charged in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the profit and loss account |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit |
|
|
|
Deferred tax expense/(credit) relating to changes in tax rates or laws |
|
( |
|
Tax increase from effect of capital allowances and depreciation |
- |
|
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
- |
( |
|
Total tax charge |
|
|
Cotswold Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Fixed asset timing differences |
- |
|
|
- |
|
|
2023 |
Asset |
Liability |
|
Fixed asset timing differences |
- |
|
|
- |
|
|
Tangible assets |
|
Leasehold land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
- |
( |
- |
( |
|
At 31 December 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
|
At 31 December 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2024 |
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
Included within the net book value of land and buildings above is £500,261 (2023 - 532,985) in respect of long leasehold land and buildings.
Cotswold Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Investments |
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 and 31 December 2024 |
|
|
Provision |
|
|
At 1 January 2024 and 31 December 2024 |
- |
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
West House Armstrong Way, Yate, Bristol, BS37 5NG |
Ordinary |
|
|
|
|
West House Armstrong Way, Yate, Bristol, BS37 5NG |
Ordinary |
|
|
At the year-end, the company had control over a number of management companies which were set up in relation to development sites.These entities are non-trading, have a nil carrying value, and are intended to be transferred to property owners upon completion of the development and sale of all units.
For the period ending 31 December 2024, Horwood Decorating Limited (12052777), was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
|
Stocks |
|
2024 |
2023 |
|
|
Work in progress |
|
|
Cotswold Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Work in progress is stated after provisions for impairment of £172,002 (2023: £172,002).
|
Debtors |
|
Current |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
|
|
No provision for impairment has been recognised in the current or preceding year in respect of trade debtors.
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank |
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax liability |
89,116 |
229,279 |
|
|
|
|
Bank loans and borrowings are secured, further details of which are given in note 20.
Cotswold Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Deferred tax and other provisions |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
( |
( |
|
Additional provisions |
( |
( |
|
At 31 December 2024 |
( |
( |
|
|
||
The deferred tax provision relates to accelerated capital allowances and other temporary timing differences.
|
Pension and other schemes |
Defined contribution pension scheme
The company participates in a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
882,820 |
|
882,820 |
|
|
|
1 |
|
1 |
|
|
|
1 |
|
1 |
|
|
|
8,436 |
|
8,436 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Ordinary shares of £1 and £0.01 each have the following rights, preferences and restrictions: |
|
Ordinary A and B shares of £1 each have the following rights, preferences and restrictions: |
Cotswold Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Loans and borrowings |
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
Bank loans are demoninated in GBP and are repayable in accordance with repayment terms at a nominal rate of interest plus the prevailing base rate.
The borrowings are secured by debentures as well as fixed and floating charges including first legal charges over the developments to which they relate.
At the year end, a first legal charge was held over the property at Chipping Sodbury, Broadfield Farm, Rooktree Farm and Duke's Field, Selman Drive, Malmesbury.
Long leasehold land and buildings with a carrying amount of £500,261 (2023 - £532,985) have been pledged as security for a bank loan taken out to facilitate the construction of the property.
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Cotswold Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Dividends |
Interim dividends declared
|
2024 |
2023 |
|||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
|
|
|
Related party transactions |
Summary of transactions with other related parties
Income and receivables from related parties
|
2024 |
Parent |
Subsidiaries |
Other related parties |
|
Recharged expenditure |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
|
|||
|
2023 |
Parent |
Subsidiaries |
Other related parties |
|
Recharged expenditure |
|
|
|
|
Amounts owed by related parties |
- |
|
|
|
|
|||
Amounts owed by related parties are interest free and repayable on demand.
Expenditure with and payables to related parties
|
2024 |
Parent |
Subsidiaries |
Key management |
Other related parties |
|
Rendering of services |
|
|
- |
|
|
Amounts due to related parties |
- |
|
|
- |
|
|
||||
|
2023 |
Parent |
Subsidiaries |
|
Rendering of services |
- |
|
|
Amounts due to related parties |
|
|
|
|
||
Amounts due to related parties are interest free and repayable on demand.
Cotswold Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Loans to related parties
|
2024 |
Parent |
Subsidiary |
Other related parties |
Total |
|
At start of period |
- |
|
|
|
|
Advanced |
|
|
|
|
|
Repaid |
- |
( |
( |
( |
|
At end of period |
|
|
|
|
|
Provision for doubtful debts |
- |
( |
- |
( |
|
10,384 |
7,306 |
114,332 |
132,022 |
|
|
|
||||
|
2023 |
Subsidiary |
Other related parties |
Total |
|
At start of period |
|
|
|
|
Advanced |
|
|
|
|
Repaid |
( |
( |
( |
|
At end of period |
|
|
|
|
|
|||
Loans from related parties
|
2024 |
Parent |
Subsidiary |
Key management |
Total |
|
At start of period |
|
|
- |
|
|
Advanced |
- |
- |
|
|
|
Repaid |
( |
- |
( |
( |
|
At end of period |
- |
|
|
|
|
|
||||
|
2023 |
Parent |
Subsidiary |
Total |
|
At start of period |
|
|
|
|
Advanced |
|
- |
|
|
Repaid |
( |
- |
( |
|
At end of period |
|
|
|
|
|
|||
Terms of loans from related parties
Cotswold Homes Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Parent and ultimate parent undertaking |
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is