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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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REPTON PROPERTY DEVELOPMENTS LIMITED
COMPANY INFORMATION
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REPTON PROPERTY DEVELOPMENTS LIMITED
CONTENTS
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REPTON PROPERTY DEVELOPMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their strategic report for Repton Property Developments Limited for the year ended 31 March 2025.
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.
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REPTON PROPERTY DEVELOPMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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.
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.
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.
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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.
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
The directors who served during the year were:
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REPTON PROPERTY DEVELOPMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Post balance sheet events are set out in note 18 to the financial statements.
Under section 487(2) of the Companies Act 2006, Price 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
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REPTON PROPERTY DEVELOPMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REPTON PROPERTY DEVELOPMENTS LIMITED
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 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).
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.
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.
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REPTON PROPERTY DEVELOPMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REPTON PROPERTY DEVELOPMENTS LIMITED (CONTINUED)
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 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.
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.
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.
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REPTON PROPERTY DEVELOPMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REPTON PROPERTY DEVELOPMENTS LIMITED (CONTINUED)
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.
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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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Anglia House, 6 Central Avenue
St Andrews Business Park
Thorpe St Andrew
Norfolk
NR7 0HR
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REPTON PROPERTY DEVELOPMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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REPTON PROPERTY DEVELOPMENTS LIMITED
REGISTERED NUMBER: 10887284
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 20 form part of these financial statements.
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REPTON PROPERTY DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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REPTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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
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:
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.
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REPTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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. 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.
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REPTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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REPTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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).
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REPTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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REPTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
8.Taxation (continued)
There were no factors that may affect future tax charges.
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REPTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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REPTON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Profit and loss account
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.
In June 2025, the Company drew down a further £500,000 on an existing loan facility.
The ultimate controlling party is Norfolk County Council.
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