| Llanmoor Development Co Limited |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements for the Year Ended 31 January 2025 |
| Llanmoor Development Co Limited |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements for the Year Ended 31 January 2025 |
| Llanmoor Development Co Limited |
| Company Information |
| for the Year Ended 31 January 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| Radnor House |
| Greenwood Close |
| Cardiff Gate Business Park |
| Cardiff |
| CF23 8AA |
| BANKERS: |
| Dunraven Place |
| Bridgend |
| CF31 1JB |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Strategic Report |
| for the Year Ended 31 January 2025 |
| The Directors present their strategic report on Llanmoor Development Co Limited ("the Company") for the year ended 31st January 2025. |
| PRINCIPAL ACTIVITY |
| The principal activity of the Company remains house building and land development and there have been no significant changes to the Company's main activities during the year. |
| REVIEW OF BUSINESS |
| - Turnover increased 23.7% to £29.3m (2024: £23.7m). |
| - Total sales were 120 units in the year end to 31st January 2025 (2024: 100). |
| - Gross Margins increased by 30.5%. |
| We are pleased to report that the Financial Year ending 31st January 2025 saw a significant improvement in our total reservations and completed sales over the previous year. Whilst the bank base rate remained relatively high at 5.25% from August 2023 until August 2024, the reductions in base rate of 0.25% in August 2024 and November 2024 to 4.75% encouraged and enabled more potential home buyers to decide to move or buy their first home. |
| Over 30% of the total reservations taken over the year were supported by the Help to Buy Wales scheme. When looking at homes up to the £300,000 price threshold under the scheme, the percentage of total reservations taken who used the scheme was over 64%. These figures are strong evidence of the importance of the scheme (which is no longer available in England) as it enables a significant proportion of our new home buyers to enter the market. Our total reservations to year end this were up year on year by over 55%, whilst the cancellation rate was reduced from 18.1% to 12.4% over the same period. |
| Our developments at Parc Tondu, Tondu, Cae Sant Barrwg, Bedwas and Hawtin Meadows, Pontllanfraith produced encouraging numbers of both reservations and legal completions. Whilst trading for most of the year on three developments, rather than the four in the previous year, the total legal completions for the year were up by 20%. |
| The housing market over the financial year presented a variety of challenges and as ever consumer confidence has played a significant part in our results. Where the homes that we have available are purchased by those who already own a home, we worked very closely with those clients and numerous well respected Estate Agents via our Help to Sell scheme to assist them to market their existing home and this has resulted in numerous reservations and legal completions that would not have happened without our assistance. |
| Our reputation for professionalism, high levels of customer service and quality of construction continued to attract potential home buyers to our developments and include significant numbers of clients who have remained loyal to the Llanmoor Brand and purchased from us previously or known someone who has recommended Llanmoor. |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Strategic Report |
| for the Year Ended 31 January 2025 |
| STRATEGIC AND CONSENTED LAND |
| The Company continues to focus on securing and promoting strategic land as the Company continues to see this as the most efficient and cost effective way of securing future development opportunities. |
| At the year end the Company currently owns, or controls under option, 2,466 plots with planning permission, 850 plots allocated in LDP's and a further 1,300 plots being promoted through the LDP process. |
| During the year further pre-start planning, statutory highway and drainage progress was made on the site at Swansea bringing forward the large residential led development at Llangyfelach that will deliver over 1,950 new homes and associated infrastructure, school and public open space. It is intended that initial infrastructure works will be commenced during the forthcoming year. |
| It was extremely pleasing to have been able to work with NRW & DCWW relating to the development embargo in the River Usk catchment to enable development at Govilon to commence. Site progress has been excellent, and first occupations will take place in quarter two of Year End 2026. |
| Local Development Plans (LDP) in Caerphilly, RCT, Merthyr & Neath Port Talbot are under review, and we continue to promote sites in these planning authority areas. |
| In Bridgend CBC, where the LDP was formally adopted in the Spring of 2024, we have now moved forward with preparation of an application for 850 dwellings on the recently allocated strategic site at West Bridgend. It is anticipated that this application will be submited in the early summer of 2025. |
| Rhondda Cynon Taff Council carried out their LDP Preferred Strategy consultation in Spring 2024, and subsequently a number of sites we have under option agreements have been proposed to be included in the Draft Deposit Plan which will be published and consulted upon in early 2026. |
| Caerphilly County BC published their Revised Preferred Strategy in the first part of 2025, and we continue to promote and support several sites we have an interest in through the continued Plan process. It is anticipated that the Council will publish their Deposit Draft Plan in the latter part of 2025. |
| Merthyr Tydfil CBC have suffered delays in commencing their LDP Review and it is now not anticipated to be commenced before the Autumn of 2025. We continue to discuss our land interests in the Borough with the LDP Team. |
| The Company also continues to seek to secure consented sites through tender and private treaty, as well as to acquire and promote strategic land interests through Options and Conditional Contracts. |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Strategic Report |
| for the Year Ended 31 January 2025 |
| KEY PERFORMANCE INDICATORS (KPI'S) |
| The Company's KPI's and other financial indicators during the year were; |
| 2025 | 2024 |
| Total house sales completions | 120 | 100 |
| Percentage of completions sold as Affordable | 21.7% | 16.0% |
| Turnover | £29.3m | £23.7m |
| Operating Profit | £2.2m | £2.0m |
| Private forward sales* | £7.3m | £6.0m |
| *Private forward sales are those reserved or legally exchanged at 31st January 2025. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The Directors continue to consider the principal risks for the Company relate to market conditions in the UK and Worldwide economy. |
| Other risks, as identified earlier in this report are in relation to the continued planning and regulatory delays, and the effect this has on site commencement and the delivery of housing units as a result. |
| The current volatility of the world stock markets and increases in UK direct and indirect taxes are concerning and can play a huge part in potential home buyers decisions and ability to buy a home. It is however acknowledged by all political parties that there is a massive shortage of homes and as a consequence there is a need to implement legislative changes to increase delivery of both private and affordable homes. Regrettably whilst the shortfall is acknowledged by all, the measures to rectify this are not quick fixes and will take some time to be implemented before making a real difference. |
| The extension of the Help to Buy Wales scheme to September 2026 will continue to provide support for buyers who are unable to save a suitable deposit within the timescale that they need or wish to buy a home. The likely further reductions in bank rate and accordingly mortgage rates, will improve affordability and as a consequence there should be a relatively stable and perhaps improving housing market over the next financial year. |
| Currently the Company remains debt free with a considerable cash reserve in place to be used to secure further land opportunities, and to promote and secure further strategic land once allocations and/or consent has been obtained, including funding the considerable infrastructure these large sites require. |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Strategic Report |
| for the Year Ended 31 January 2025 |
| FUTURE DEVELOPMENTS |
| Whilst we continue to prepare to commence development at our Pentref Rhostir, Llangyfelach, Swansea development, we envisage a start during Summer/Autumn 2025 with a view to first occupations by Spring 2026. The first phase of 472 will provide a huge variety of home designs and price levels to cater for every need in the locality and the whole Swansea area. |
| We have recently commenced our new developments at Rossers Field, Govilon, Abergavenny and Saint Sannans Field, Aberbargoed. These developments will act as replacements for our Bedwas and Pontllanfraith developments which will be coming to build and sales completion in 2025. Both new developments will offer a good selection of home sizes and designs and will provide much needed quality new homes to these communities. We anticipate these developments will generate excellent sales results over this financial year. |
| THIS REPORT WAS APPROVED BY THE BOARD: |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Report of the Directors |
| for the Year Ended 31 January 2025 |
| The directors present their report with the financial statements of the company for the year ended 31 January 2025. |
| DIVIDENDS |
| The total distribution of ordinary dividends for the year ended 31 January 2025 of £0 (2024: £1,300,000) was paid. |
| The total distribution of preference dividends for the year ended 31 January 2025 of £112,573 (2024: £112,573) was also paid. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 February 2024 to the date of this report. |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the 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 of the profit or loss of the company 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 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. |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Report of the Directors |
| for the Year Ended 31 January 2025 |
| 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| THIS REPORT WAS APPROVED BY THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Llanmoor Development Co Limited |
| Opinion |
| We have audited the financial statements of Llanmoor Development Co Limited (the 'company') for the year ended 31 January 2025 which comprise the Profit & loss account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 January 2025 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 Auditors' 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 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. |
| Report of the Independent Auditors to the Members of |
| Llanmoor Development Co Limited |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the 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 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, 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 six, 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 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. |
| Report of the Independent Auditors to the Members of |
| Llanmoor Development Co 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: |
| We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. |
| The laws and regulations that we determined were most significant to the company were the Companies Act, UK Corporate Tax Laws, Employment Law, Health & Safety Law and Planning & Environmental Law. |
| We obtained an understanding of how the company is complying with those laws and regulations by making enquiries to the management, and corroborated these enquiries through our review of legal and professional spend for the year. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, and did not identify any key audit matters relating to irregularities, including fraud. We assessed the effectiveness of internal controls that management has in place to prevent and detect fraud, including testing of manual journals and evaluating the assumptions and judgements made by management in its significant accounting estimates. |
| 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. |
| Report of the Independent Auditors to the Members of |
| Llanmoor Development Co Limited |
| 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 a Report of the Auditors 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 |
| Chartered Accountants |
| Statutory Auditor |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Profit & loss account |
| for the Year Ended 31 January 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| 1,904,909 | 806,837 |
| Other operating income | 2 |
| OPERATING PROFIT | 4 |
| Profit/loss on sale of investments | 5 | ( |
) | ( |
) |
| 926,279 | 843,106 |
| Income from participating interests |
| Interest receivable & similar income |
| 2,363,991 | 2,101,377 |
| Interest payable and similar expenses | 6 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Other Comprehensive Income |
| for the Year Ended 31 January 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME |
| Freehold reversion revaluation |
| Freehold property revaluation | ( |
) |
| Income tax relating to components of other comprehensive income |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Balance Sheet |
| 31 January 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| Investments | 10 |
| CURRENT ASSETS |
| Stocks and work in progress | 11 |
| Debtors | 12 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Non distributable reserves | 20 |
| Retained earnings | 20 |
| SHAREHOLDERS' FUNDS |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Balance Sheet - continued |
| 31 January 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Statement of Changes in Equity |
| for the Year Ended 31 January 2025 |
| Called up | Non |
| share | Retained | distributable | Total |
| capital | earnings | reserves | equity |
| £ | £ | £ | £ |
| Balance at 1 February 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | ( |
) |
| Balance at 31 January 2024 |
| Changes in equity |
| Total comprehensive income | - | ( |
) |
| Balance at 31 January 2025 |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Cash Flow Statement |
| for the Year Ended 31 January 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Finance costs paid | (112,581 | ) | (112,572 | ) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Sale of fixed asset investments |
| Interest received |
| Dividends received |
| Net cash from investing activities |
| Cash flows from financing activities |
| Capital repayments in year | ( |
) | ( |
) |
| Equity dividends paid | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
34,691,574 |
| Cash and cash equivalents at end of year |
2 |
35,364,064 |
29,371,714 |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 January 2025 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2025 | 2024 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Finance costs | 116,269 | 114,979 |
| Finance income | (1,437,712 | ) | (1,258,271 | ) |
| 1,271,623 | 1,209,638 |
| Decrease/(increase) in stocks and work in progress | ( |
) |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations | ( |
) |
| 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 January 2025 |
| 31/1/25 | 1/2/24 |
| £ | £ |
| Cash and cash equivalents | 35,364,064 | 29,371,714 |
| Year ended 31 January 2024 |
| 31/1/24 | 1/2/23 |
| £ | £ |
| Cash and cash equivalents | 29,371,714 | 34,691,574 |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 January 2025 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1/2/24 | Cash flow | At 31/1/25 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 29,371,714 | 5,992,350 | 35,364,064 |
| 29,371,714 | 35,364,064 |
| Debt |
| Finance leases | (14,465 | ) | 14,465 | - |
| Debts falling due after 1 year | (1,726,098 | ) | 225,144 | (1,500,954 | ) |
| (1,740,563 | ) | 239,609 | (1,500,954 | ) |
| Total | 27,631,151 | 6,231,959 | 33,863,110 |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Notes to the Financial Statements |
| for the Year Ended 31 January 2025 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents sales of residential housing and land sales recognised on legal completion excluding value added tax. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible carried at revalued amounts are recorded at the fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
| An increase in the carrying amount of an asset as a result of a revaluation, is recognised and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised. A decrease in the carrying amount of an asset as a result of a revaluation, is recognised to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains in equity in respect of that asset, the excess shall be recognised in profit or loss. |
| Stocks and work in progress |
| Land stock with planning includes undeveloped land and land under development and is initially recorded at cost. |
| Work in progress is measured at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs, including site overheads, professional charges and other attributable overheads, incurred in bringing the work in progress to its present state of development. |
| Full provision is made for losses on all work in progress in the year in which the loss is first foreseen. |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 1. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & loss account, 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. |
| Hire purchase and leasing commitments |
| Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. |
| The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. |
| Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
| Pension costs |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Investments in associates/joint ventures |
| Investments in associates and joint ventures, accounted for in accordance with the cost model, are recorded at cost less any accumulated impairment losses. |
| Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after acquisition. |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 2. | OTHER OPERATING INCOME |
| 2025 | 2024 |
| £ | £ |
| Insurance commission | 3,150 | 4,300 |
| Rental income | 3,203 | 4,709 |
| Sundry income |
| Ground rent receivable |
| 27,718 | 36,270 |
| 3. | EMPLOYEES AND DIRECTORS |
| 2025 | 2024 |
| £ | £ |
| Wages and salaries | 3,490,875 | 3,667,641 |
| Social security costs | 403,350 | 397,076 |
| Pensions | 304,586 | 292,944 |
| 4,198,811 | 4,357,661 |
| Average number of employees during the year | Number | Number |
| Production | 52 | 61 |
| Office | 17 | 14 |
| Sales & marketing | 5 | 6 |
| 73 | 81 |
| 2025 | 2024 |
| £ | £ |
| Directors' remuneration |
| Information regarding the highest paid director is as follows: |
| 2025 | 2024 |
| £ | £ |
| Emoluments etc |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2025 | 2024 |
| £ | £ |
| Hire of plant & machinery |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Audit fees |
| Auditor fees - non audit work |
| Rent |
| 5. | EXCEPTIONAL ITEMS |
| 2025 | 2024 |
| £ | £ |
| Profit/loss on sale of investments | ( |
) | ( |
) |
| The investment in Ffos Las Limited was disposed of during the year ended 31 January 2025. |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2025 | 2024 |
| £ | £ |
| Other interest |
| Hire purchase |
| Preference dividend | 112,581 | 112,572 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2025 | 2024 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 7. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2025 | 2024 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) | ( |
) |
| Depreciation in excess of capital allowances |
| Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
| Chargeable gains | 23,757 | 23,257 |
| Deferred tax: accelerated capital allowances | (73,000 | ) | 5,000 |
| revaluation reserve |
| Preference dividend element treated as debt | 28,145 | 27,051 |
| Total tax charge | 860,573 | 534,613 |
| Tax effects relating to effects of other comprehensive income |
| 2025 |
| Gross | Tax | Net |
| £ | £ | £ |
| Freehold reversion revaluation | (6,000 | ) | 84,750 |
| Freehold property revaluation | ( |
) | 19,000 | (56,000 | ) |
| 15,750 | 13,000 | 28,750 |
| 2024 |
| Gross | Tax | Net |
| £ | £ | £ |
| Freehold reversion revaluation | 18,000 | 18,000 |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 8. | DIVIDENDS |
| 2025 | 2024 |
| £ | £ |
| Ordinary shares of £1 each |
| Paid |
| 9. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 February 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
| Revaluations |
| At 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| Cost or valuation at 31 January 2025 is represented by: |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2020 | 1,258,977 | - | - | - | 1,258,977 |
| Valuation in 2022 | 459,993 | - | - | - | 459,993 |
| Valuation in 2025 | 15,750 | - | - | - | 15,750 |
| Cost | 720,180 | 2,298,756 | 34,541 | 882,003 | 3,935,480 |
| 2,454,900 | 2,298,756 | 34,541 | 882,003 | 5,670,200 |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 9. | TANGIBLE FIXED ASSETS - continued |
| Included within Freehold property is a property that was revalued on an open marked basis by Birt & Co, on 3rd of October 2024. The property has been reassessed by the directors, with the assistance of professional property advisors, on an open market basis at 31st January 2025 and they believe there has not been a material change in the value. |
| Included in the carrying amounts of tangible fixed assets is £0 (2024: £208,472) relating to assets held under hire purchase agreements. |
| 10. | FIXED ASSET INVESTMENTS |
| Interest in |
| other |
| participating |
| interests |
| £ |
| COST |
| At 1 February 2024 | 1,015,352 |
| Disposals | (1,015,352 | ) |
| At 31 January 2025 | - |
| NET BOOK VALUE |
| At 31 January 2025 | - |
| At 31 January 2024 | 1,015,352 |
| 11. | STOCKS AND WORK IN PROGRESS |
| 2025 | 2024 |
| £ | £ |
| Land | 16,470,365 | 18,436,194 |
| Work-in-progress |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 12. | DEBTORS |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year: |
| Amounts owed by participating interests | 1,534,667 | 1,534,667 |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Hire purchase contracts (see note 16) |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Preference shares (see note 15) |
| 15. | LOANS |
| The cumulative preference shares have been treated as debt rather than equity. |
| The redeemable preference shares confer the right to a cumulative fixed rate dividend of 7.5% per annum and are therefore treated as debt under FRS102. |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase | contracts |
| 2025 | 2024 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Non-cancellable |
| operating leases |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| 17. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Hire purchase contracts | - | 14,465 |
| The hire purchase contracts are secured over the assets to which they relate. |
| 18. | PROVISIONS FOR LIABILITIES |
| 2025 | 2024 |
| £ | £ |
| Deferred tax | 534,000 | 620,000 |
| Deferred tax |
| £ |
| Balance at 1 February 2024 |
| Provided during year | ( |
) |
| Balance at 31 January 2025 |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 18. | PROVISIONS FOR LIABILITIES - continued |
| The deferred tax account consists of the tax effect of timing differences in respect of: |
| 2025 | 2024 |
| £ | £ |
| Accelerated capital allowances | 297,000 | 370,000 |
| Fair value adjustment of freehold properties | 237,000 | 250,000 |
| 534,000 | 620,000 |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| 2,749 | A Ordinary | £1 | 2,749 | 2,749 |
| 1 | B Ordinary | £1 | 1 | 1 |
| 250 | C Ordinary | £1 | 250 | 250 |
| 1,500 | D Ordinary | £1 | 1,500 | 1,500 |
| 250 | E Ordinary | £1 | 250 | 250 |
| 250 | F Ordinary | £1 | 250 | 250 |
| 5,000 | 5,000 |
| The A-F ordinary shares will rank pari passu except that a dividend can be declared on any class independently. |
| 20. | RESERVES |
| Non |
| Retained | distributable |
| earnings | reserves | Totals |
| £ | £ | £ |
| At 1 February 2024 | 55,572,128 |
| Profit for the year | - |
| Revaluation | 28,750 | - | 28,750 |
| Transfer Revaluation Increase | (28,750 | ) | 28,750 | - |
| Transfer Revaluation Disposal | 143,552 | (143,552 | ) | - |
| At 31 January 2025 | 56,988,027 |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 January 2025 and 31 January 2024: |
| 2025 | 2024 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| Llanmoor Development Co Limited (Registered number: 00870710) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 22. | RELATED PARTY DISCLOSURES |
| a) Related parties |
| i) Common control/directorship: |
| G & G Land Ltd |
| Ffos Las Ltd |
| ii) Other |
| Llanmoor Development Co. Ltd pension scheme |
| b) Loans to/(from) related parties | Interest | Debtor/ |
| Received | Paid | charged | (creditor | ) |
| in year | in year | in year | at year end |
| £ | £ | £ | £ |
| 2025 |
| G & G Land Ltd | - | - | - | 1,534,667 |
| 2024 |
| G & G Land Ltd | 25,000 | - | - | 1,534,667 |
| Llanmoor Development Co. Ltd pension scheme |
| During the year rent of £41,648 (2024: £41,648) was paid to the pension scheme of Llanmoor Development Co. Ltd.There were no balances outstanding at the year end. |
| Also included in rent was £12,000 paid to B Grey (2024: £12,000). |