Company registration number 04538848 (England and Wales)
POCKET LIVING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
POCKET LIVING LIMITED
COMPANY INFORMATION
Directors
Mr M Vlessing
Mr K Wong
Mr P Rickard
(Appointed 1 April 2024)
Company number
04538848
Registered office
Tower House
10 Southampton Street
London
WC2E 7HA
Auditor
King & King
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
POCKET LIVING LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group statement of financial position
12
Company statement of financial position
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 37
POCKET LIVING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Fair review of the business

2024 was another challenging year for the residential development sector, especially SME developers. This included a difficult macro-economic environment spanning a sticky inflationary outlook, interest rates remaining relatively high and not reducing as quickly as expected, the cost-of-living crisis and weak GDP growth. These challenges have been compounded by new fire safety regulations which have further contributed to scheme viability challenges for sites in planning and pre-procurement and placed further pressure on land values.

 

Looking forward, we are optimistic around the raft of policy and regulatory changes being proposed by the Labour government and the positive impact this could have on housing delivery in the medium term.

 

In this context, the financial performance of the business has been in line with expectations.

Financial Performance

Turnover for the year was £39.3m (2023: £75.9m).

 

The operating profit/(loss) before tax & interest was £1.1m (2023: (£17.6m)).

 

Gross profit on sold stock during the year was £5.2m (2023: £0.5m)

Financial Position

Despite the challenging operating environment, the Company’s financial position has improved from a net deficit of £25.8m to a net asset position of £4.8m. This has been driven by a capital restructure, increasing the level of equity in the business and illustrating the shareholders’ support in Pocket.

 

Principal risks and uncertainties

The group's operations expose it to a variety of financial risks that include changes in liquidity risk and interest rate risk.

 

Exchange rate risk

The group currently operates entirely in the United Kingdom and in £ sterling, therefore it is not exposed to currency exchange rate risk

 

Interest rate cash flow risk

The group has various interest-bearing loans. The interest rate risk is managed by having a mixture of fixed and floating interest rates on these loans.

 

Liquidity risk

Pocket actively manages cash, bank, and overdraft balances to ensure that the company has sufficient funds for operations and any planned expansion.

 

Economic environment

Changes in the UK macroeconomics environment impact on both the supply and demand for new build homes. Adverse external shocks or movements can result in reduced sales volumes and affect growth and profitability.

 

We continue to monitor the market leading to amendments in the group’s forecast and planning as necessary. We continue to set out comprehensive sales policies and regular reviews of pricing in local markets. We focus on disciplined operating framework with an appropriate capital structure which is supported by the ultimate parent company.

 

POCKET LIVING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Development and performance

The group's principal focus during the financial year was to deliver existing and future affordable homes within a challenging operating environment.

 

The Group continues to focus on its pipeline of Pocket homes, with 2 schemes completed in Q1 of 2025. Pocket is also continuing to actively look for land opportunities, including a diversification into sites with the potential for alternative tenures alongside traditional Pocket homes both in and out of London.

 

Pocket is proceeding with a scheme of 90 units (191 beds) comprising of Pocket Sharer and Pocket Discount Market Rent (DMR) homes with several other site opportunities under review.

 

Equity Structure

 

A large element of project and working capital investment is advanced from the Company’s majority shareholder, Related London Pocket Holdings Limited. This has previously been via a coupon bearing shareholder loan however during 2024, £35.4m of this debt was converted to equity.

Other shareholder loans are classified as debt and recognised as a liability on the Company and Group Balance Sheet. As at 31 December 2024 the principal was £12.2m and accrued interest of £1.4m.

These loans and interest are fully subordinated to all debt in the Group. Recognising the characteristics of this debt, if this were to be recognised as equity the Net Assets of the group would be £18.4m as illustrated in the table below:

 

Balance Sheet (Reclassifying Shareholder Loans to Equity)

 

 

 

2024 (£m)

2023 (£m)

 

Restated

Restated

Fixed Assets

3.70

4.10

Current Assets

101.60

95.90

Current Liabilities

(39.70)

(25.30)

Net Current Assets

65.60

74.70

Long Term Liabilities

(47.20)

(64.80)

Net Assets

18.40

9.9

 

 

POCKET LIVING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Other performance indicators

The directors have identified the following Key Performance Indicators to help understand and measure the performance of the company:

 

 

 

2024

2023

 

 

Restated

 

£m

£m

Revenue

39.3

75.9

Gross Profit

5.2

0.5

Gros Profit Margin (%)

13%

0.6%

Impairment

3.5

(10.3)

Other Income

1.4

0.5

Administrative Expenses*

(9.0)

(8.3)

Operating Profit (Loss)

1.1

(17.6)

Operating Margin (%)

3%

-23%

Homes under construction

197

447

*Includes £2.2m of project related costs (2023: £810k)

 

Other information and explanations

Environmental, Social, and Governance (ESG)

Pocket was founded in 2005 to work with local and national government and help solve the affordable housing crisis in London through the delivery of well-designed and sustainable affordable homes for Londoners. We have delivered over 1,700 affordable homes with 123 currently in development.

 

Pocket is focused on influencing positive change though its constant commitment to ESG through the delivery of social infrastructure in London. This includes careful carbon monitoring and management, the use of cradle-to-cradle certified products and working with carbon-neutral supply chain partners where possible.

POCKET LIVING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

 

Statement of engagement with suppliers, customers and others in a business relationship with the group

 

Our strategy promotes growth, driven by developing affordable homes. To do this, we need to develop and maintain strong relationships with local authorities in London boroughs. We have specialist teams who work with the London boroughs to develop new projects, as well as our potential customers. We also have a team who help us prepare tenders and price our projects.

 

Our suppliers and subcontractors are fundamental to our business success and we value all of our relationships with them. We expect all of our suppliers and subcontractors to adhere to our standards, such as those relating to environmental responsibility, data protection and ethics.

 

Post Balance Sheet Events

 

On 9 May 2025, Paul Harbard, a minority shareholder in the company, transferred 10,000 A1 shares to Related London Pocket Holdings Limited. On the same day, and following the transfer, said A1 shares were re-designated to A2 shares.

 

On 15 May 2025, Marc Vlessing, a minority shareholder in the company, transferred 20,000 A1 shares to Related London Pocket Holdings Limited. On the same day, and following the transfer, said A1 shares were re-designated to A2 shares.

 

Following the above transfers and re-designation, Related London Pocket Holdings Limited holds 100,000 A2 shares which forms 100% of the voting rights in the company and as such a 100% subsidiary of Related London Pocket Holdings Limited which is ultimately owned and controlled by The Related Companies L.P.

 

On 17th October 2024, Pocket exchanged to sell two sites in Southwark for £6.5m. The sale is expected to complete on 31st July 2025.

Directors Statement of Compliance with duty to promote the sucess of the group - Section 172(1) Statement
Our People

The Group is dedicated to being a responsible business. Our business strategy is aligned with the expectation of our staff, clients, communities, and society. For our business to succeed we aim to manage our people's performance by providing appropriate training and coaching while ensuring we operate as efficiently as possible.

Business Relationships

The Group is operating for the benefit of the shareholders having regard to the stakeholders in the business.

 

We recognise the social, environmental and governance impact on the people and resources we work with and we are constantly updating, managing and reviewing our processes to ensure the needs of our staff, suppliers and clients on which our business depends, are met. We always try to be reasonable in our dealings and we take all feedback seriously.

Environmental liabilities

The company conducts its operations in such a manner as to ensure compliance with environmental laws and regulations. If events occur where actions are necessary to maintain compliance, the Group will devote suitable resources to the issue in order to remedy the situations.

POCKET LIVING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

On behalf of the board

Mr P Rickard
Director
27 June 2025
POCKET LIVING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

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

Principal activities

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

Results and dividends

The results for the year are set out on page 11.

No interim dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr P Harbard
(Resigned 1 April 2024)
Mr M Vlessing
Mr K Wong
Mr P Rickard
(Appointed 1 April 2024)
Qualifying third party indemnity provisions

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

Future developments

The group has chosen to set out the group future development details in the strategic report.

Auditor

The auditor, King & King, Chartered Accountants & Statutory Auditor is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the group is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the group is aware of that information.

On behalf of the board
Mr P Rickard
Director
27 June 2025
POCKET LIVING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -

The directors are responsible for preparing the Annual Report and the group financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

POCKET LIVING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF POCKET LIVING LIMITED
- 8 -
Opinion

We have audited the financial statements of Pocket Living Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

POCKET LIVING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF POCKET LIVING LIMITED
- 9 -
Matters on which we are required to report by exception

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

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Identifying and assessing potential risks related to irregularities

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

 

 

 

 

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

 

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 of controls.

POCKET LIVING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF POCKET LIVING LIMITED
- 10 -

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

 

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

Audit response to the risk identified

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.

 

In addition to the above, our procedures to respond to risks identified included the following:

 

 

 

 

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Milankumar Patel (Senior Statutory Auditor)
For and on behalf of King & King, Statutory Auditor
Chartered Accountants
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
27 June 2025
POCKET LIVING LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
as restated
Notes
£
£
Turnover
3
39,304,200
75,878,028
Cost of sales
(34,108,239)
(75,389,761)
Gross profit
5,195,961
488,267
Administrative expenses
(8,960,430)
(8,290,847)
Other operating income
1,392,679
532,958
Impairment of Inventory
4
3,455,554
(10,299,688)
Operating profit/(loss)
5
1,083,764
(17,569,310)
Share of profits of joint ventures
56,310
-
Interest receivable and similar income
9
13,679
1,760
Interest payable and similar expenses
10
(6,092,179)
(7,884,977)
Amounts written off investments
11
66,697
-
Loss before taxation
(4,871,729)
(25,452,527)
Tax on loss
12
3,927
(4,996,261)
Loss for the financial year
24
(4,867,802)
(30,448,788)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
POCKET LIVING LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
708,078
759,618
Investment property
-
0
450,000
Investments
14
2,985,625
2,929,315
3,693,703
4,138,933
Current assets
Stocks
17
94,537,599
86,796,111
Debtors
18
5,667,591
4,727,389
Cash at bank and in hand
1,425,189
4,416,545
101,630,379
95,940,045
Creditors: amounts falling due within one year
19
(53,881,799)
(61,021,656)
Net current assets
47,748,580
34,918,389
Total assets less current liabilities
51,442,283
39,057,322
Creditors: amounts falling due after more than one year
20
(46,665,975)
(64,838,233)
Net assets/(liabilities)
4,776,308
(25,780,911)
Capital and reserves
Called up share capital
23
1,172
1,138
Share premium account
24
74,290,301
38,865,314
Profit and loss reserves
24
(69,515,165)
(64,647,363)
Total equity
4,776,308
(25,780,911)
The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
27 June 2025
Mr  P Rickard
Director
Company registration number 04538848 (England and Wales)
POCKET LIVING LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
708,078
759,618
Investments
14
2,943,222
2,942,421
3,651,300
3,702,039
Current assets
Debtors
18
63,195,944
70,186,789
Cash at bank and in hand
461,135
1,182,039
63,657,079
71,368,828
Creditors: amounts falling due within one year
19
(24,949,285)
(45,737,315)
Net current assets
38,707,794
25,631,513
Total assets less current liabilities
42,359,094
29,333,552
Creditors: amounts falling due after more than one year
20
(640,000)
(978,750)
Net assets
41,719,094
28,354,802
Capital and reserves
Called up share capital
23
1,172
1,138
Share premium account
24
74,290,301
38,865,314
Profit and loss reserves
24
(32,572,379)
(10,511,650)
Total equity
41,719,094
28,354,802

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The Company's loss for the year was £22,060,729 (2023: £7,423,512).

The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
27 June 2025
Mr  P Rickard
Director
Company registration number 04538848 (England and Wales)
POCKET LIVING LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
1,101
4,998
(34,198,575)
(34,192,476)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(30,448,788)
(30,448,788)
Issue of share capital
23
37
-
0
-
37
Other movements
-
38,860,316
-
38,860,316
Balance at 31 December 2023
1,138
38,865,314
(64,647,363)
(25,780,911)
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(4,867,802)
(4,867,802)
Issue of share capital
23
34
-
0
-
34
Other movements
-
35,424,987
-
35,424,987
Balance at 31 December 2024
1,172
74,290,301
(69,515,165)
4,776,308
POCKET LIVING LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
1,101
4,998
(3,088,138)
(3,082,039)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(7,423,512)
(7,423,512)
Issue of share capital
23
37
-
0
-
37
Other movements
-
38,860,316
-
38,860,316
Balance at 31 December 2023
1,138
38,865,314
(10,511,650)
28,354,802
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
(22,060,729)
(22,060,729)
Issue of share capital
23
34
-
0
-
34
Other movements
-
35,424,987
-
35,424,987
Balance at 31 December 2024
1,172
74,290,301
(32,572,379)
41,719,094
POCKET LIVING LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(5,615,912)
12,622,714
Interest paid
(4,902,856)
(1,157,103)
Income taxes refunded/(paid)
3,927
(171,628)
Net cash (outflow)/inflow from operating activities
(10,514,841)
11,293,983
Investing activities
Purchase of tangible fixed assets
(20,721)
(55,130)
Proceeds from disposal of subsidiaries, net of cash disposed
1,275,266
-
Proceeds from disposal of joint ventures
-
(50)
Interest received
13,679
1,760
Net cash generated from/(used in) investing activities
1,268,224
(53,420)
Financing activities
Proceeds from borrowings
43,508,859
66,881,256
Repayment of borrowings
(37,252,288)
(77,211,693)
Net cash generated from/(used in) financing activities
6,256,571
(10,330,437)
Net (decrease)/increase in cash and cash equivalents
(2,990,046)
910,126
Cash and cash equivalents at beginning of year
4,415,235
3,505,109
Cash and cash equivalents at end of year
1,425,189
4,415,235
Relating to:
Cash at bank and in hand
1,425,189
4,416,545
Bank overdrafts included in creditors payable within one year
-
(1,310)
POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
1
Accounting policies
Company information

Pocket Living Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Tower House, 10 Southampton Street, London, WC2E 7HA.

 

The group consists of Pocket Living Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Pocket Living Limited together with all subsidiary undertakings made up to 31 December controlled by the parent company and the group’s share of its interests in joint ventures and associates.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.3
Going concern

The Group generated an operating profit of £1,083,764 (2023: £17,569,310) during the year and the statement of financial position shows a net asset of £4,776,308 (2023: Net deficit of £25,780,911)

 

The Directors have prepared detailed Group financial projections for the period ending 31 December 2026 which were approved by the Group’s ultimate parent The Related Companies LP. The forecasts take into account challenging market conditions due to events that have occurred around the world. The Group’s ultimate parent The Related Companies LP has given assurance of financial support in form of a letter of support to the Group that it will provide necessary financial support to ensure that the Group and the company continues to operate as a going concern in the foreseeable future.

 

After considering the above matters and current trading levels, the directors believe that the Group will have adequate resources to meet its liabilities as they fall due so as to operate as a going concern for at least twelve months following the date of approval of these financial statements. The Directors therefore continue to adopt the going concern basis in preparing the Group and Company financial statements.

1.4
Turnover

Revenue from the sale of residential properties is recognised at legal completion in respect of total proceeds of building and development. Revenue is measured at fair value of consideration received or receivable and represents amounts receivable for property, net of discounts and VAT.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Cost includes the original purchase price, cost directly attributable to bringing the assets' to it's working condition for its intended use, dismantling and restoration costs.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold Property
Not depreciated
Leasehold improvements
Straight line over the life of the lease
Plant and equipment
3 years straight line
Fixtures and fittings
3 years straight line

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any changes is accounted for prospectively.

 

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.7
Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Inventories are valued at the lower of cost and net realisable value. Cost of work in progress comprises of land held for development, direct materials, direct labour costs, finance costs and those overheads that have been incurred in bringing the inventories to their present location and condition. The group also has to estimate costs to complete on such developments. In making these assessments, there is a degree of uncertainty. The group has developed internal controls to assess and review carrying values and appropriateness of estimates made.

 

The group's principal activity is housebuilding. The group's internal controls are designed to identify any developments where the balance sheet value of land and work in progress is more than the projected net realisable value. During the year, the group has conducted quarterly reviews of the net realisable value of specific sites identified as at high risk of impairment, based upon a number of criteria including low site profit margins and sites with no forecast completions. Where the estimated net realisable value of a site was less than its current carrying value the group has impaired the land and work in progress value.

 

During the year, due to performance variations, changes in assumptions and changes to viability of individual sites, there were gross impairment charge of £Nil (2023: £10,299,688) and gross impairment reversals of £3,455,554 (2023: £Nil) included within profit from operations.

 

The key estimates in these reviews are those used to estimate the realisable value of a site, which is determined by forecast sales rates, expected sales prices and estimated cost to complete.

 

The directors consider all inventories to be essentially current in nature, although the group's operational cycle is such that a proportion of inventories will not be realised within 12 months. It is not possible to determine with accuracy when specific inventory will be realised, as this will be subject to a number of variables such as consumer demand and planning permission delays.

POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16
Leases

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

1.17
Foreign exchange

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

1.18

Annual bonus plan

The group operates a discretionary annual bonus plan for employees. An expense is recognised in profit and loss account when the group has legal or constructive obligation to make payments under the plan as a result of past events and a reliable estimate of the obligation can be made.

1.19

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the costs of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.20

Investments - Company

(i) Investments in subsidiary company

Investment in a subsidiary company is held at cost less accumulated impairment losses.

 

(ii) Investment in Joint Ventures

Investment in a joint venture is held at cost less accumulated impairment losses.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
Key sources of estimation uncertainty
Impairment of investment in group undertakings

The company makes an estimate of the recoverable value of investment in group undertakings. When assessing impairment of group undertaking investments, management considers whether there is objective evidence of the impairment including:

  1. economic or legal reasons relating to the group undertaking's financial difficulty; and

  2. observable data indicating that there has been a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those assets.

Stock Provisioning

The company's stock is carried in the statement of financial position at the lower of cost and estimated selling price less costs to complete and sell. Provision is made to write down stock to fair value if this is below cost.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of flats
11,846,693
75,763,267
Sale of lands
27,009,022
-
Rental income
448,485
114,761
39,304,200
75,878,028
2024
2023
£
£
Other revenue
Interest income
13,679
1,760

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

4
Exceptional item
2024
2023
£
£
Expenditure
Impairment charge
(3,455,554)
10,299,688
(3,455,554)
10,299,688
5
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging:
Research and development costs
5,134
-
Depreciation of owned tangible fixed assets
72,261
83,639
Operating lease charges
403,805
369,398
POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Operating profit/(loss)
(Continued)
- 24 -
Included within administrative expenses is £2.2m of project expenditure, which cannot be capitalised (2023: £810k)
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
24,100
20,000
Audit of the financial statements of the company's subsidiaries
103,300
93,000
127,400
113,000
For other services
Taxation compliance services
15,000
15,000
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administrative staff
32
42
32
42
Management staff
6
4
6
4
Total
38
46
38
46

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,811,802
4,353,007
3,811,802
4,353,007
Social security costs
451,326
529,893
451,326
529,893
Pension costs
151,694
168,121
151,694
168,121
4,414,822
5,051,021
4,414,822
5,051,021
POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
541,866
445,100
Company pension contributions to defined contribution schemes
21,228
10,000
563,094
455,100
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
343,807
409,099
Company pension contributions to defined contribution schemes
10,000
10,000
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
13,679
1,760
10
Interest payable and similar expenses
2024
2023
£
£
Interest payable on loans from shareholders
2,045,864
5,394,666
Interest payable on loans from third parties
4,046,315
2,490,311
Total finance costs
6,092,179
7,884,977
11
Amounts written off investments
2024
2023
£
£
Amount written off group undertakings
66,697
-
12
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
44,222
Adjustments in respect of prior periods
(3,927)
-
0
Total current tax
(3,927)
44,222
POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Taxation
2024
2023
£
£
(Continued)
- 26 -
Deferred tax
Origination and reversal of timing differences
-
0
4,952,039
Total tax (credit)/charge
(3,927)
4,996,261

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

2024
2023
£
£
Loss before taxation
(4,871,729)
(25,452,527)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(1,217,932)
(4,835,980)
Tax effect of expenses that are not deductible in determining taxable profit
(18,065)
(12,538)
Unutilised tax losses carried forward
1,217,992
5,020,146
Deferred Tax
-
0
4,824,633
Share on profit on Joint Ventures
14,078
-
0
Taxation (credit)/charge
(3,927)
4,996,261

In the spring budget 2021, the UK government announced that from 1 April 2023, the corporation tax rate would increase to 25%. (A small profit rate of 19% was also announced for companies with profits of £50,000 or less.) This new law was substantially enacted on 24th May 2021. In the autumn statement in November 2022, the government confirmed the increase in corporation tax rate to 25% from April 2023 will go ahead.

POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
13
Tangible fixed assets
Group
Leasehold Property
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 January 2024
382,000
698,793
238,189
118,813
1,437,795
Additions
-
0
20,721
-
0
-
0
20,721
At 31 December 2024
382,000
719,514
238,189
118,813
1,458,516
Depreciation and impairment
At 1 January 2024
-
0
372,453
191,611
114,113
678,177
Depreciation charged in the year
-
0
52,807
17,604
1,850
72,261
At 31 December 2024
-
0
425,260
209,215
115,963
750,438
Carrying amount
At 31 December 2024
382,000
294,254
28,974
2,850
708,078
At 31 December 2023
382,000
326,340
46,578
4,700
759,618
Company
Leasehold Property
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 January 2024
382,000
698,793
238,189
118,813
1,437,795
Additions
-
0
20,721
-
0
-
0
20,721
At 31 December 2024
382,000
719,514
238,189
118,813
1,458,516
Depreciation and impairment
At 1 January 2024
-
0
372,453
191,611
114,113
678,177
Depreciation charged in the year
-
0
52,807
17,604
1,850
72,261
At 31 December 2024
-
0
425,260
209,215
115,963
750,438
Carrying amount
At 31 December 2024
382,000
294,254
28,974
2,850
708,078
At 31 December 2023
382,000
326,340
46,578
4,700
759,618
POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
13,907
13,106
Investments in joint ventures
16
2,985,625
2,929,315
2,929,315
2,929,315
2,985,625
2,929,315
2,943,222
2,942,421

 

 

Movements in fixed asset investments
Group
Shares in joint ventures
£
Cost or valuation
At 1 January 2024
2,929,315
Joint Venture share of profit
56,310
At 31 December 2024
2,985,625
Carrying amount
At 31 December 2024
2,985,625
At 31 December 2023
2,929,315
Movements in fixed asset investments
Company
Shares in subsidiaries and joint ventures
£
Cost or valuation
At 1 January 2024
2,942,421
Additions
801
At 31 December 2024
2,943,222
Carrying amount
At 31 December 2024
2,943,222
At 31 December 2023
2,942,421
15
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Subsidiaries
(Continued)
- 29 -
shares held
Direct
Pocket Living (Q1 2015) Plc
UK
Property development
Ordinary
100.00
Pocket Living Mapleton Limited
UK
Property development
Ordinary
100.00
Pocket Living (Addiscombe Grove) Ltd
UK
Property development
Ordinary
100.00
Pocket Living Gainsford Road Ltd
UK
Property development
Ordinary
100.00
Pocket Living The Heights Ltd
UK
Property development
Ordinary
100.00
Pocket Leigham Court Ltd
UK
Property development
Ordinary
100.00
Pocket Living West Green Place Ltd
UK
Property development
Ordinary
100.00
Credon House Ltd
UK
Property development
Ordinary
100.00
Pocket Living Osier Way Ltd
UK
Property development
Ordinary
100.00
Pocket Living Bollo Lane Ltd
UK
Property development
Ordinary
100.00
Pocket Living Gardner Close Ltd
UK
Property development
Ordinary
100.00
Pocket Living Varcoe Road Ltd
UK
Property development
Ordinary
100.00
Pocket Living Whiting Avenue Ltd
UK
Property development
Ordinary
100.00
Pocket Living 2017 Ltd
UK
Holding company
Ordinary
100.00
Pocket Living 2017 Holdco Ltd
UK
Holding company
Ordinary
100.00
Pocket Living Mezzanine Holdings Ltd
UK
Holding company
Ordinary
100.00
Pocket Living Kerswell Close Ltd
UK
Property development
Ordinary
100.00
Pocket Living KX Ltd
UK
Property development
Ordinary
100.00
Pocket Living Sudbury Ltd
UK
Property development
Ordinary
100.00
Pocket Living Woodside Ltd
UK
Property development
Ordinary
100.00
Pocket Living Ossory Road Ltd
UK
Property development
Ordinary
100.00
Pocket Living Sheepcote Road Ltd
UK
Property development
Ordinary
100.00
Pocket Money Ltd
UK
Dormant
Ordinary
100.00
Pocket Living Snaresbrook Ltd
UK
Property development
Ordinary
100.00
Pocket Living Bollo Commercial Ltd
UK
Property development
Ordinary
100.00
Pocket Living Church Lane Limited
UK
Dormant
Ordinary
100.00
Pocket Living (2013) LLP
UK
Holding company
Ordinary
100.00
Pocket Living Mandeville Street Ltd
UK
Property development
Ordinary
100.00
Pocket Living Blanmerle Road Ltd
UK
Property development
Ordinary
100.00
Pocket Living Atlas Road Limited
UK
Property development
Ordinary
100.00
Pocket Living Development Management Limited
UK
Holding company
Ordinary
100.00
Pocket Living Holdco Pledgeco 2 Limited
UK
Holding company
Ordinary
100.00
Pocket Living Pledgeco 2 Limited
UK
Holding company
Ordinary
100.00
Pocket Living Woodside Borrower Limited
UK
Holding company
Ordinary
100.00
Pocket Living 2021 Holdco Limited
UK
Holding company
Ordinary
100.00
POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Subsidiaries
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
(Continued)
- 30 -
Pocket Living Heights Borrower Limited
UK
Holding company
Ordinary
100.00
Evamore Homes Limited
UK
Property development
Ordinary
100.00
Pocket Living Addiscombe Grove Rent Limited
UK
Property development
Ordinary
100.00
Pocket Living Sheepcote Road Nominee Limited
UK
Property development
Ordinary
100.00
Pocket Living Sheepcote Road Blocker Limited
UK
Property development
Ordinary
100.00
Pocket Living Sheepcote Road Management Company Limited
UK
Property development
Ordinary
100.00
Pocket Living Woodside Block 4 Limited
UK
Property development
Ordinary
100.00
Pocket Living LCR Limited
UK
Property development
Ordinary
100.00

All subsidiaries are registered in England and Wales. The registered office address of all subsidiary companies is Tower House, 10 Southampton Street, London, WC2E 7HA.

 

Pocket Living Dolman Close Limited (name changed to Dolman Close Limited on 16th January 2024) was a 100% owned subsidiary and was disposed off on 28th March 2024.

 

Pocket Living School Road Limited changed name to Pocket Living LCR Limited on 3rd March 2025

 

Pocket Living Keston Depot Limited changed name to Pocket Living Church Lane Limited on 18th June 2025.

All the above subsidiaries are included in the consolidation.

16
Joint ventures

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

Name of undertaking
Registered office
Nature of business
Interest
% Held
held
Direct
PL & HGP Limited
UK
Property Development
Ordinary
50.00
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
94,537,599
86,796,111
-
-

Work in progress is stated after provision for impairment reversal of £3,455,554 (2023: Impairment charge £10,299,688). Included in work in progress is interest capitalised of £2,386,793 (2023: £5,025,454).

 

Company

The company had no impairment at 31 December 2024 (2023: £ Nil)

POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
18,824
118,231
15,538
37,083
Amounts owed by group undertakings
-
-
58,842,093
66,382,286
Amounts owed by undertakings in which the company has a participating interest
3,173,133
-
3,173,133
-
Other debtors
2,079,117
4,345,492
773,705
3,503,754
Prepayments and accrued income
396,517
263,666
391,475
263,666
5,667,591
4,727,389
63,195,944
70,186,789

Amounts due from group undertaking are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
-
0
1,310
-
0
-
0
Other borrowings
21
47,298,431
52,084,582
13,642,973
36,727,897
Trade creditors
1,536,440
1,454,781
477,376
352,705
Amounts owed to group undertakings
-
0
-
0
9,646,495
7,620,503
Other taxation and social security
200,879
122,573
195,548
122,573
Other creditors
2,656,482
5,046,099
23,303
18,673
Accruals and deferred income
2,189,567
2,312,311
963,590
894,964
53,881,799
61,021,656
24,949,285
45,737,315

Amounts owed to group undertakings are unsecured, interest free have no fixed date of repayments and are repayable on demand.

20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
21
46,665,975
64,838,233
640,000
978,750
POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
-
0
1,310
-
0
-
0
Loans from group undertakings
13,642,973
35,659,830
13,642,973
35,659,830
Other loans
80,321,433
81,262,985
640,000
2,046,817
93,964,406
116,924,125
14,282,973
37,706,647
Payable within one year
47,298,431
52,085,892
13,642,973
36,727,897
Payable after one year
46,665,975
64,838,233
640,000
978,750

Bank overdrafts are secured by way of a fixed and a floating charge over all the assets of the respective company and are repayable on demand.

 

Other loans includes a unsecured loan of £640,000 (2023: £978,750) from Crowdcube. The loan accrues interest on a monthly basis at 10% pa. The loan is repayable on demand.

 

Other loans includes a unsecured loan of £540,000 (2023: £620,500) from Crowdcube. The loan accrues interest on a monthly basis at 7.5% pa. The loan is repayable on demand.

 

Other loans includes a secured loan of £8,699,379 (2023: £14,236,651) from Pluto Finance. The loan accrues interest on a monthly basis at 11.22% pa. The loan is secured by a fixed and a floating charge over all the assets of the Pocket Living (Addiscombe Grove) Limited. The loan is due for repayment in full on 31 March 2026.

 

Other loans includes a secured loans of £28,410,473 (2023: £36,186,491) from the Greater London Authority. The loans accrues interest on a monthly basis at 0% to 11.93% pa. The loans are secured by a fixed and a floating charge over certain assets within the group. The loans are due for repayment in full on 31 March 2028.

 

Other loans includes a secured loan of £4,479,165 (2023: £nil) from Shawbrook Bank. The loan accrues interest on a monthly basis at 9.3% pa. The loan is secured by a fixed and a floating charge over all the assets of the Pocket Living Woodside Limited. The loan is due for repayment in full on 20 December 2025.

 

Other loans includes a secured loan of £8,916,100 (2023: £nil) from United Trust Bank. The loan accrues interest on a monthly basis at 6% pa. The loan is secured by a fixed and a floating charge over all the assets of the Pocket Living Woodside Block 4 Limited. The loan is due for repayment in full on 20 December 2026.

 

Other loans includes a secured loan of £6,551,804 (2023: £2,698,981) from Octopus Real Estates. The loan accrues interest on a monthly basis at 6.35% pa. The loan is secured by a fixed and a floating charge over all the assets of the Pocket Living Heights Borrower Limited. The loan is due for repayment in full on 30 June 2025.

 

Other loans includes a secured loan of £18,897,630 (2023: £7,325,457) from Lloyds Bank. The loan accrues interest on a monthly basis at 3.52% p.a. over SONIA. The loan is secured by a fixed and a floating charge over all the assets of the Pocket Living Sheepcote Road Limited. The loan is due for repayment in full on 20 July 2025.

POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Loans and overdrafts
(Continued)
- 33 -

Other loans includes a unsecured loan of £2,978,767 (2023: £2,728,082) from Legendre. The tranche A loan accrues interest on a monthly basis at 10% p.a. The loan is due for repayment in full on 30 September 2025.

 

Other loans includes a unsecured loan of £208,094 (2023: £63,298) from Legendre. The tranche B loan accrues interest on a monthly basis at 8% p.a. The loan is due for repayment in full on 30 September 2025.

 

Other borrowings includes a loans from directors of £nil (2023: £533,334) payable to Mr M Vlessing and £Nil (2023: £534,160) payable to Mr P Harbard. As per the settlement agreement a sum of £450,992 payable to P Harbard was written off. Amounts payable to directors was unsecured and repayable on demand. Loans from directors accrue interest on a monthly basis at 10% pa. The total amount of interest paid during the year was £nil (2023: £80,000).

 

Loans from Group undertaking is owed to the immediate parent company Related London Pocket Holdings Limited. Amounts payable to parent company are unsecured and repayable on demand as there is no fixed date of repayment. Loans from parent company accrue interest on a monthly basis at 10% pa. The balance is made up principal of £12,198,619 (2023: £32,564,133) and accrued interest of £1,444,354 (2023: £3,095,697).

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
151,694
168,121

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary B Shares of 1p each
240
240
2
2
Ordinary A1 Shares of 1p each
30,000
30,000
300
300
Ordinary A2 Shares of 1p each
70,000
70,000
700
700
Deferred Shares of 1p each
1
1
-
-
Ordinary C Shares of 1p each
9,900
9,900
99
99
Ordinary D Shares of 1p each
7,042
3,684
71
37
117,183
113,825
1,172
1,138

Ordinary A1 and A2 shares have full rights in the company with respect to voting, dividends and distributions.

 

Ordinary B shares, C shares, D shares and Deferred shares do not have rights to vote.

 

During the year 3,358 D Shares (2023: 3,684) were issued to the immediate parent company by capitalising a loan amounting to £35,425,021 (2023: £38,860,353). Accordingly £35,424,987 (2023: £38,860,316) was recognised as share premium.

POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
24
Reserves
Share premium

This reserve records the amount above the nominal value received for shares issued, less transaction costs.

Profit and loss reserves

This reserve records retained earnings and accumulated losses.

25
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
388,646
388,646
388,646
388,646
Between two and five years
842,066
1,230,712
842,066
1,230,712
1,230,712
1,619,358
1,230,712
1,619,358
26
Related party transactions

Company

 

The Company has taken advantage of the exemption available in FRS102 S.33 1A, whereby it has not disclosed transactions with its wholly owned subsidiaries.

 

During the year the company received loans from its immediate parent company Related London Pocket Holdings Limited, 70% shareholder of the company, amounting to £13,784,557 including principal and interest (2023: £19,252,086). The total loan payable as at year end was £13,642,973 (2023: £35,659,830). The loan is payable on demand and interest applicable to this loan is 10% per annum (2023: 10% per annum).

27
Controlling party

The immediate parent company is Related London Pocket Holdings Limited, a company incorporated in England and Wales. The registered office address is 31 Hill Street, London,W1J 5LS.

The largest and smallest groups in which the results are consolidated are headed by Related London Pocket Holdings Limited. The financial statements are publicly available at Companies House, Crownway, Cardiff, CF14 3UZ

The ultimate parent company is Related L.P, an entity registered in the US, and is controlled by Mr Stephen Ross. 

POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
28
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Loss after taxation
(4,867,802)
(30,448,788)
Adjustments for:
Share of results of associates and joint ventures
(56,310)
-
Taxation (credited)/charged
(3,927)
4,996,261
Finance costs
6,092,179
7,884,977
Investment income
(13,679)
(1,760)
Depreciation and impairment of tangible fixed assets
72,261
83,639
Other gains and losses
(66,697)
-
Movements in working capital:
(Increase)/decrease in stocks
(7,741,488)
25,140,500
Increase in debtors
(940,202)
(51,533)
Increase in creditors
1,909,753
5,019,418
Cash (absorbed by)/generated from operations
(5,615,912)
12,622,714
29
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
4,416,545
(2,991,356)
1,425,189
Bank overdrafts
(1,310)
1,310
-
0
4,415,235
(2,990,046)
1,425,189
Borrowings excluding overdrafts
(116,922,815)
22,958,409
(93,964,406)
(112,507,580)
19,968,363
(92,539,217)
30
Prior period adjustment
POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
30
Prior period adjustment
(Continued)
- 36 -
Changes to the statement of financial position - group
As previously reported
Adjustment at 1 Jan 2023
Adjustment at 31 Dec 2023
As restated at 31 Dec 2023
£
£
£
£
Fixed assets
Investment properties
4,450,000
-
(4,000,000)
450,000
Investments
3,820,329
(392,684)
(498,330)
2,929,315
Current assets
Stocks
82,796,111
-
4,000,000
86,796,111
Debtors due within one year
4,693,579
392,684
(354,559)
4,731,704
Creditors due within one year
Other creditors
(8,775,066)
-
(38,125)
(8,813,191)
Net assets
(24,889,897)
-
(891,014)
(25,780,911)
Capital and reserves
Profit and loss reserves
(63,756,349)
-
(891,014)
(64,647,363)
Changes to the income statement - group
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Interest payable and similar expenses
(6,993,963)
(891,014)
(7,884,977)
Changes to the statement of financial position - company
As previously reported
Adjustment at 1 Jan 2023
Adjustment at 31 Dec 2023
As restated at 31 Dec 2023
£
£
£
£
Fixed assets
Investments
3,833,435
(392,684)
(498,330)
2,942,421
Current assets
Debtors due within one year
70,186,789
392,684
(392,684)
70,186,789
Net assets
29,245,816
-
(891,014)
28,354,802
Capital and reserves
Profit and loss reserves
(9,620,636)
-
(891,014)
(10,511,650)
Changes to the income statement - company
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Interest payable and similar expenses
(5,098,977)
(891,014)
(5,989,991)
POCKET LIVING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
30
Prior period adjustment
(Continued)
- 37 -
Notes to reconciliation

During the year ended 31/12/2023, flats were temporarily rented out and incorrectly recognised as Investment properties. The policy is to sell flats once the temporary rental period has come to a end, hence reclassed as stock as at 31/12/2024.

Notes to reconciliation

During previous years interest payable on initial Joint venture investments was incorrectly capitalised. As per the contractual terms interest is borne by Pocket Living Limited, hence released to Income statement. Interest charge for the year £ 553,339 (2023: £891,014)

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