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Registered number: 10887284










REPTON PROPERTY DEVELOPMENTS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

COMPANY INFORMATION


Directors
A Collier 
S Hardwick 
G Peck 
M Spry 
T Adam 
J James 




Registered number
10887284



Registered office
County Hall
Martineau Lane

Norwich

Norfolk

NR1 2DW




Independent auditors
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Anglia House, 6 Central Avenue

St Andrews Business Park

Thorpe St Andrew

Norwich

Norfolk

NR7 0HR





 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditors' Report
6 - 9
Statement of Comprehensive Income
10
Balance Sheet
11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 20


 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025

Introduction
 
The directors present their strategic report for Repton Property Developments Limited for the year ended 31 March 2025.

Business review
 
Repton Property Developments Limited (“the Company”) was established in 2017 with the primary objective of undertaking direct property development to maximise financial returns (capital receipts and revenue) to Norfolk County Council. In July 2024, the shareholder set a specific target to maintain and deliver on a business plan which pays a dividend of £1m per annum and delivers 50-60 open market completions annually with affordable homes in addition.
The Company is performing well against its original objective and its current financial target. While sales completions were below target, the Company ended the year with 42 open market completions plus 16 open market units built and being actively sold. With development continuing at two active sites, target sales volumes are anticipated to be achieved in the forthcoming year. 
After two years of revenue exceeding £29m, this year's revenue has halved to £15m. This anticipated reduction has been due to the substantial completion of two major sites and three major affordable housing contracts in the year end 31 March 2024, leaving a smaller number of open market sales in the year to 31 March 2025.  Despite this reduction, profits have increased with losses on the affordable contracts all being accounted for in previous years.
The Company has completed its first two sites, representing 185 dwellings.  As well as its two active sites, the Company is working on a number of other sites throughout Norfolk to secure a development pipeline through to 2034.
Sales pace has been affected by nationwide factors including “first-time” buyer affordability.  This has resulted in more stock properties than in previous years. However, interest remains steady albeit with sales completions more affected by sales chains than in previous years. More positively, forecasts are trending upwards, and build costs inflation has settled.
Balance sheet at the reporting date
The balance sheet shows the Company had net assets of £5.1m, increasing from £4.3m. Due to on-site development at, Caister and Hunstanton, ongoing work at Hopton and the recognition of an element of contingent costs, the overall value of stock held has increased from £10.7m to £14.4m, while loan funding has remained static at £9m.

Page 1

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Principal risks and uncertainties
 
The Board continues to review a register of risks, triggers, and mitigations at every meeting. The major risks currently being managed are:
• Construction market factors causing increasing costs: the Company works closely with its development    service partners to manage and maintain the local supply chain, while operating robust benchmarking    and tender processes.
• A downturn in demand leading to slower sales pace: this impacts the value of stock held, finance, other    holding costs, and the timing of revenue. The Company’s sites provide a variety of housing locations,    types, and affordability which gives a degree of risk mitigation. Visitor numbers and quality are closely    monitored on a site-by-site basis, with contingencies in place to react to specific issues.
• Demand for affordable housing: there is a risk that developments will be stalled if affordable housing    providers are not willing or able to purchase S106 homes where this is required to meet planning     obligations. The Company is working with providers to address this potential concern at a strategic level.
• The planning process and the impact of Nutrient Neutrality: planning issues, in particular restrictions put in  place by Natural England across much of Norfolk, put on hold a number of sites. Two of these sites have   been unlocked through the purchase of environmental credits, and it is anticipated the pipeline will be    maintained through the purchase of further credits for affected sites. 
The Board formally considers these risks and reviews on a regular basis the processes in place to mitigate and manage potential risks which are identified.

Financial key performance indicators
 
The key financial performance indicators of the Company are turnover, and more importantly profit after taxation, distributable profits before dividends, and the level of dividend that can be supported.
The key financial performance indicators for the year ended 31 March 2025 are as follows:
Turnover: £15m (2024: £30m)
Profit after tax: £1.5m (2024: £1m)
Distributable profit before dividend: £2.3m (2024: £0.8m)
Sales of open market properties have generated sufficient profit to cover a dividend of £1m after accounting for administrative and running costs, losses on contracts with affordable housing providers, and a small number of cost write-offs where sites are considered unviable.   

Future developments
 
The Company’s main product remains residential dwellings for market sale. The site layout and home types are designed to meet the requirement of generating an acceptable rate of return from the developments within the context of compliance with planning policy, and other statutory and best practice requirements. The Company also takes into account secondary objectives which include a higher provision of affordable, starter or key worker housing and higher environmental or design standards where a more bespoke approach is appropriate on specific sites, whilst still pursuing financial objectives.
The Company intends to maintain its current business model of acting as a “lean” Company, partnering with development service providers appropriate to each scheme. As well as the two schemes on site and sales at a completed site, the Company is actively working on two large and four smaller schemes whilst actively pursuing longer term opportunities to maintain a land pipeline through to 2034.  

Page 2

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025


This report was approved by the board on 9 July 2025 and signed on its behalf.



T Adam
Director

Page 3

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,470,343 (2024 - £1,003,319).

Dividends paid in the year amounted to £735,000 (2024 - £ Nil).
The Directors' have proposed a dividend of £1m to be paid on 31 July 2025.

Directors

The directors who served during the year were:

A Collier 
S Hardwick 
G Peck 
M Spry 
T Adam 
J James 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 4

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Post balance sheet events

Post balance sheet events are set out in note 18 to the financial statements.

Auditors

Under section 487(2) of the Companies Act 2006Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 9 July 2025 and signed on its behalf.
 





T Adam
Director

Page 5

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REPTON PROPERTY DEVELOPMENTS LIMITED
 

Opinion


We have audited the financial statements of Repton Property Developments Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policiesThe 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 March 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 United Kingdom, 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.


Page 6

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REPTON PROPERTY DEVELOPMENTS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of 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 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:


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 Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 7

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REPTON PROPERTY DEVELOPMENTS LIMITED (CONTINUED)


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


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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements through:
• our knowledge and sector experience; and
• discussion with the directors.
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and after considering the risk of acts by the Company contrary to applicable laws and regulations, for instance through the imposition of fines or litigation. We concluded the following laws would most likely have a material effect on the financial statements: planning regulations, bribery act, companies act and UK tax legislation.
We also enquired with Management as to how they ensure the Company complies with the applicable legal & regulatory framework. The Company ensures compliance with the legal and regulatory framework through the use of third party experts, internal experts, and Government guidance.
We considered the opportunities and incentives that may exist within the organisation for fraud.
Our procedures to respond to the risk of fraud included:
• Reviewing systems and procedures to identify potential areas of management override risk. We carried    out reviews of journal entries and other adjustments for appropriateness and evaluated the business    rationale of significant or unusual transactions.
• Critically assessing significant estimates inherent in the financial statements. This involved considering    estimates considering our expectations which are formed based on experience and our knowledge of the   company and its industry.
• Discussing with management, to enquire whether they are aware of any instances of fraud and non-   compliance with laws and regulations.
• Reviewing legal expenses to identify any instances of non-compliance with laws and regulations.
• Reviewing board minutes to identify any instances of fraud and non-compliance with laws and regulations.
• Reviewing a sample of expenditure and ensured appropriate authorisation had taken place in line with the   Company’s policy.
• Obtaining confirmation directly from the company's bank, to confirm the accounts and balances held in    their name at the balance sheet date.
 
Page 8

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REPTON PROPERTY DEVELOPMENTS LIMITED (CONTINUED)


Following detailed team briefings, the responsible individual has assessed that the audit engagement team collectively has the appropriate competence and capabilities to identify or recognise fraud and non-compliance with applicable laws and regulation. Nonetheless because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' 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 2006Our 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 Auditors' 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.





Aaron Widdows ACA FCCA (Senior Statutory Auditor)
for and on behalf of
Price Bailey LLP
Chartered Accountants
Statutory Auditors
Anglia House, 6 Central Avenue
St Andrews Business Park
Thorpe St Andrew
Norwich
Norfolk
NR7 0HR

10 July 2025
Page 9

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
Note
£
£

  

Turnover
 4 
14,916,679
29,797,830

Cost of sales
  
(12,106,814)
(27,901,641)

Gross profit
  
2,809,865
1,896,189

Administrative expenses
  
(788,150)
(440,542)

Operating profit
  
2,021,715
1,455,647

Interest receivable
  
45,164
33,149

Interest payable
  
(106,421)
(151,038)

Profit before tax
  
1,960,458
1,337,758

Tax on profit
 8 
(490,115)
(334,439)

Profit for the financial year
  
1,470,343
1,003,319

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 13 to 20 form part of these financial statements.

Page 10

 
REPTON PROPERTY DEVELOPMENTS LIMITED
REGISTERED NUMBER: 10887284

BALANCE SHEET
AS AT 31 MARCH 2025

As restated
2025
2024
Note
£
£

  

Current assets
  

Stocks
 10 
14,418,997
10,749,889

Debtors
 11 
1,958,147
3,711,393

Cash at bank
  
1,004,929
1,409,578

  
17,382,073
15,870,860

Creditors: amounts falling due within one year
 12 
(1,408,612)
(2,536,742)

Net current assets
  
 
 
15,973,461
 
 
13,334,118

Total assets less current liabilities
  
15,973,461
13,334,118

Creditors: amounts falling due after more than one year
 13 
(10,904,000)
(9,000,000)

  

Net assets
  
5,069,461
4,334,118


Capital and reserves
  

Called up share capital 
 15 
3,500,000
3,500,000

Profit and loss account
 16 
1,569,461
834,118

  
5,069,461
4,334,118


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 July 2025.




T Adam
Director

The notes on pages 13 to 20 form part of these financial statements.

Page 11

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2023
3,500,000
(169,201)
3,330,799


Comprehensive income for the year

Profit for the year
-
1,003,319
1,003,319



At 1 April 2024 (as previously stated)
3,500,000
99,118
3,599,118

Prior year adjustment (Dividends paid)
-
735,000
735,000


At 1 April 2024 (as restated)
3,500,000
834,118
4,334,118


Comprehensive income for the year

Profit for the year
-
1,470,343
1,470,343


Contributions by and distributions to owners

Dividends paid
-
(735,000)
(735,000)


At 31 March 2025
3,500,000
1,569,461
5,069,461


The notes on pages 13 to 20 form part of these financial statements.

Page 12

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

Repton Property Developments Limited is a private company limited by shares and incorporated in England and Wales, registration number 10887284. The registered office address is County Hall, Martineau Lane, Norwich, Norfolk, United Kingdom, NR1 2DW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Norfolk County Council as at 31 March 2025 and these financial statements may be obtained from County Hall, Martineau Lane, Norwich, Norfolk, United Kingdom, NR1 2DW.

Page 13

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.3

Going concern

The Directors have considered the Company’s position at the time of signing the financial statements. Throughout the financial year the Company has continued to plan and develop sites in line with its original aims. Financial forecasts for the medium term have been produced and the Directors have considered the current assets of the Company, risks to cashflows, and profitability, together with the range of measures the Directors can take to mitigate ongoing costs should they need to. In addition the Company has agreed a significant loan facility available from its sole shareholder, Norfolk County Council.
Based on this, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future. Based on the current housing market and the wider economy, it is reasonable to anticipate that these resources will cover a period of at least twelve months from the date of signing these financial statements. 
They therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

 
2.4

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
The following criteria must also be met before revenue is recognised:
•  Open market sales are recognised on legal completion.
•  Affordable housing sales from Housing Associations are recognised when the Company     fulfils its obligations at each certifiable stage during the build process. For Housing      Association contracts,  the Company makes provision in full for expected future losses.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. 

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


Page 14

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.8

Work in progress

Work in progress is recognised at the value of purchase costs incurred on projects up to the balance sheet date, less any write-down for impairment. Work in progress includes borrowing costs that are directly attributable to the on going projects.

At each balance sheet date, work in progress is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

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

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

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

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 15

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates, and assumptions that effect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments have had the most significant effect on amounts recognised in the financial statements:
Assessment of work in progress
Management make judgments, estimates, and assumptions in applying the accounting policy for work in progress, which is as follows:
The total site costs for the lifespan of the project are estimated based on up to date expert forecasts, which in turn are independently reviewed by surveyors, and apportioned based on the percentage completion of the site. Included within total site costs are:
• Capitalised interest based on financial modelling which considers return on capital employed and    monthly site net gains and losses.
• Incentives, these are contractually agreed at the start of a project, based on variable conditions,    once it is reasonable these conditions are met, the amount is recognised in line with the percentage  completion.
• Estimated professional fees, these are calculated based on costs to date and expected future    costs.
• Expected project losses, are recognised in full at the earliest point it can be reasonably concluded.
Percentage completion is based on square foot of the site sold, which also considers open market and affordable housing in accordance with their revenue recognition policy.
These considerations are factored into work in progress at the year end being £14.4m (2024: £10.7m) and cost of sales £12.1m (2024: £27.9m).


4.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Open Market Sales
13,322,507
18,885,946

Affordable Housing Sales
1,594,172
10,911,884

14,916,679
29,797,830


All turnover arose within the United Kingdom.

Page 16

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2025
2024
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
19,750
18,500


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2025
2024
£
£

Wages and salaries
22,013
21,503


The average monthly number of employees, including the directors, during the year was as follows:


        2025
  As restated 2024
            No.
            No.







Directors
2
2

The prior year disclosure has been restated to only show the average number of employees with a contract of service with the Company.


7.


Directors' remuneration

As restated
2025
2024
£
£

Directors' emoluments
69,407
67,792


The prior year disclosure has been restated to also include the emoluments paid to the Parent Company for director services.


8.


Taxation


2025
2024
£
£

Corporation tax


Tax on profits
490,115
334,439


Page 17

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:

2025
2024
£
£


Profit before tax
1,960,458
1,337,758


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
490,115
334,439

Total tax charge for the year
490,115
334,439


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


9.


Dividends

As restated
2025
2024
£
£


Dividends paid
735,000
-


10.


Work in progress

2025
2024
£
£

Long-term contract balances
14,418,997
10,749,889


The carrying value of work in progress are stated net of impairment losses totalling £Nil (2024 - £296,725). Impairment losses totalling £Nil (2024 - £384,934) were recognised in profit and loss.

Page 18

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

11.


Debtors


2025
2024
£
£

Due after more than one year

Other debtors
739,368
1,288,123

Due within one year

Trade debtors
-
353,563

Other debtors
1,218,779
1,595,206

Prepayments and accrued income
-
474,501

1,958,147
3,711,393



12.


Creditors: Amounts falling due within one year

As restated
2025
2024
£
£

Payments received on account
-
296,725

Trade creditors
122,684
41,413

Corporation tax
-
280,224

Other creditors
250,675
218,619

Accruals and deferred income
1,035,253
1,699,761

1,408,612
2,536,742



13.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Other loans
9,000,000
9,000,000

Accruals and deferred income
1,904,000
-

10,904,000
9,000,000


Page 19

 
REPTON PROPERTY DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

14.


Loans


Analysis of the maturity of loans is given below:


2025
2024
£
£

Amounts falling due after more than 5 years

Other loans
9,000,000
9,000,000


The interest rate is 7.5% per annum.


15.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



3,500,000 (2024 - 3,500,000) Ordinary shares of £1.00 each
3,500,000
3,500,000



16.


Reserves

Profit and loss account

Profit and loss account represents cumulative profits or losses, net of dividends paid.


17.


Prior year adjustment

The financial statements have been restated to ensure dividends are recognised in line with their  accounting treatment. The adjustment has had the following impact on the financial statements: dividends paid (statement of changes in equity) and other creditors (balance sheet) have decreased by £735,000.


18.


Post balance sheet events

In June 2025, the Company drew down a further £500,000 on an existing loan facility.


19.


Controlling party

The ultimate controlling party is Norfolk County Council.


Page 20