Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-30As explained more fully in the Directors' Responsibilities Statement set out on page 7, 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so. 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 the financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 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. Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; Inspecting correspondence, if any, with relevant licensing or regulatory authorities; Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to the recovery of debtor balances and warranty provisions, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; Gaining an understanding of the internal controls established to mitigate risks related to fraud; Discussing amongst the engagement team the risks of fraud; and Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. 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 auditor’s report.2024-09-30Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.The highest paid director received remuneration of £159,334 (Year ended 31 March 2023: £170,000). The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,302 (Year ended 31 March 2023: £1,834).48481816159851511Included within loans are the following two loans: On 13 February 2024, DF Capital Bank Limited provided a loan facility of £2,400,000 to the Group. This loan is secured with a fixed and floating charge over all Fixed and Current assets of the Company. Interest accrues at 1.02% per month. The loan was originally payable by September 2025 but has been extended to August 2026 since the year end. On 30 September 2024, DBW provided a loan facility of £2,000,000 to the Group. This loan is secured with a fixed and floating charge over all Fixed and Current assets of the Company. Interest accrues at 11.50% per annum. The loan is payable on September 2026. Included within loans is the following loan: On 30 September 2024, DBW provided a loan facility of £2,000,000 to the Group. This loan is secured with a fixed and floating charge over all Fixed and Current assets of the Company. Interest accrues at 11.50% per annum. The loan is payable on September 2026.The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Company during the 18 month period to the fund and amounted to £227,773 (Year ended 31 March 2023: £160,573). Contributions totalling £32,229 (31 March 2023: £71,751) were payable to the fund at the balance sheet date and are included in creditors. Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.2222023-10-01239falsefalseThe manufacture of park homes. Stately-Albion Limited (company number: 00790270) is a company limited by shares incorporated in England and Wales. The registered office is Unit 20 Darren Drive, Prince of Wales Industrial Estate, Abercarn, Newport, NP11 5AR. The principal activity of the company and group continued to be that of the manufacture of park homes. 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Registered number: 00790270










STATELY-ALBION LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

 
STATELY-ALBION LIMITED
 
 
COMPANY INFORMATION


Directors
Mr G M Hurd 
Mrs L J Hyde 
Mr D A Williams 
Mr R M Hurd (appointed 12 July 2024, resigned 14 March 2025)
Mr A D Phillips (resigned 25 October 2024)
Mr A Phillips (resigned 4 November 2024)




Registered number
00790270



Registered office
Unit 20 Darren Drive
Prince of Wales Industrial Est Abercarn

Newport

Gwent

NP11 5AR




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

Floor 8, Assembly Building C

Cheese Lane

Bristol

BS2 0JJ





 
STATELY-ALBION LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Directors' Responsibilities Statement
 
6
Independent Auditor's Report
 
7 - 10
Statement of Comprehensive Income
 
11
Balance Sheet
 
12 - 13
Statement of Changes in Equity
 
14
Statement of Cash Flows
 
15 - 16
Analysis of Net Debt
 
17
Notes to the Financial Statements
 
18 - 38


 
STATELY-ALBION LIMITED
 
 
STRATEGIC REPORT
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report for the 18-month period ended 30 September 2024.

Principal activity

The principal activity of the Company during the period continued to be the manufacture of park homes and lodges.

Business review
 
The Company experienced a period of significant transition and activity during the reporting period, marked by a change in ownership, group refinancing and a renewed focus on operational stability. These developments were undertaken to strengthen the Company’s financial position, ensuring continuity, and lay the groundwork for long-term resilience in a challenging economic environment.
Trading during the period was affected by a challenging macroeconomic backdrop. The global economy remained unsettled, influenced by ongoing geopolitical tensions, regional conflicts, and disruption across international supply chains. In the UK, businesses continued to face uncertainty due to volatile interest rates, with borrowing costs remaining elevated. These conditions placed pressure on operating margins and impacted customer affordability.
Additionally, the Company has operated within an environment of persistently high and unpredictable inflation, particularly affecting the cost of raw materials and energy. These inflationary pressures added complexity to pricing strategies and made margin management more challenging across the sector. 
Furthermore, the UK property market has experienced a noticeable slowdown, with many buyers postponing major lifestyle and relocation decisions, leading to reduced demand for residential park homes. At the same time, the leisure market – which saw elevated demand during the COVID-19 staycation period – has since contracted. As inflation and cost-of-living pressures continue to affect consumer discretionary spending, some competitors in the leisure and holiday home sector have begun pivoting toward the residential market. This increase in competition in the residential space has further intensified market pressures.
Despite the shift, Stately-Albion has continued to maintain its position as a well-established and trusted name in the residential park home sector. The Company remains focused on building and nurturing strong relationships with key customers and park operators, while leveraging its flexible manufacturing capability to respond to market conditions and navigate the operational challenges presented by inflation, interest rate volatility and supply chain disruption.

Group restructure

On 9 February 2024, Stately-Albion Limited, along with its sister company Pathfinder Park Homes Limited (Company Number: 02794691) and its parent Pathfinder Park Homes Holdings Limited (Company Number: 10044451), was acquired by Albion Homes Group Limited (Company Number: 15267363), a company controlled by Mr G M Hurd and Mr R M Hurd. The transaction formed part of a group refinancing process and was principally financed by a loan secured by Stately-Albion Limited from DF Capital Bank, providing the necessary capital base to support the Group’s future operational requirements. As part of the terms of the sale, an intercompany loan balance of £272,051 previously owed to Stately-Albion Limited by its former parent company S.R. Holdco (UK) Limited, was written off during the period. Following this restructure, the Company’s financial year end was extended to 30 September 2024 to align reporting with the new group structure. The restructure is now complete, and the business is operating from a more stable and focused platform going forward.

Page 1

 
STATELY-ALBION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

Financing

Following the restructure, in August 2024, the Company secured a loan facility from the Development Bank of Wales to strengthen its working capital position. The facility has provided valuable financial headroom, enabling the Company to maintain continuity of operations and manage its short-term cash flow requirements with greater confidence during a period of transition. 

Sale of Pathfinder

On 24 September 2024 both Pathfinder Park Homes Limited and its parent company were sold by Albion Homes Group Limited. As part of the terms of the sale an exceptional inter-company loan impairment of £1,347,864 was recognised during the period. This impairment was a pre-condition of the sale, reflecting the commercial reality of the transaction and the restructuring of balances between entities within the former group. The board would like to formally record its appreciation for the hard work and dedication of the Pathfinder team and extend its best wishes for the Company’s continued success under new ownership.

Acknowledgement of employees

The directors would like to extend their sincere thanks to all staff across the business. Their continued dedication, flexibility and resilience have been vital in helping the Company respond to a fast-changing and difficult economic environment. The board recognises the hard work and commitment of the workforce as a key strength of the business and remains grateful for their contribution throughout this challenging period.

Key performance indicators

               18 Month 
                   period   Year                      ended         ended
             2024            2023
                   £        £
Turnover            42,158,142    39,383,514 
(Loss) before taxation                     (5,482,707)  (3,461,572)
Exceptional loan impairment          1,619,915    5,546,472
Underlying trading profit/(loss) before taxation      (3,862,792)    2,084,900

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



Mrs L J Hyde
Director

Date: 10 July 2025

Page 2

 
STATELY-ALBION LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the 18 month period ended 30 September 2024.

Results and dividends

The loss for the 18 month period, after taxation, amounted to £5,482,707 (Year ended 31 March 2023: loss £3,461,572).

No ordinary dividends were paid or proposed in the current period or comparative year.

Directors

The directors who served during the 18 month period were:

Mr G M Hurd 
Mrs L J Hyde 
Mr D A Williams 
Mr R M Hurd (appointed 12 July 2024, resigned 14 March 2025)
Mr A D Phillips (resigned 25 October 2024)
Mr A Phillips (resigned 4 November 2024)

The directors would like to warmly welcome Mr R M Hurd, a member of the Company’s founding family, who became a shareholder in the parent company in July 2024. He remains a valued part of the Group’s long-term plans and vision.
 
The Board also extends its sincere thanks to Mr A D Phillips and Mr A Phillips for their many years of dedicated service. Mr A D Phillips has moved on to pursue other business interests outside the Group and Mr A Phillips has stepped down from the Board but continues to contribute to the business.
The Company continues to actively develop its management team and a key part of our strategy for FY24 is a focus on the training and development of our valued employees. 
 
Future developments

The directors remain committed to navigating ongoing trading challenges by strengthening key strategic relationships, focusing on core manufacturing capabilities, and maintaining close control over cash flow and working capital.
While the broader economic outlook remains uncertain, the directors are cautiously optimistic that stabilisation in interest rates and inflation could create a more supportive trading environment in the medium term. The Company will continue to monitor market developments closely and adapt its offering as needed to sustain competitiveness and meet evolving customer needs.
The directors also note the UK Government’s pledge to build 1.5 million new homes over the next 5 years. Park homes have the potential to play a meaningful role in meeting this target by offering a high-quality, cost-effective and efficient housing solution. With the ability to manufacture a home in as little as five days, the Company is well positioned to contribute to this agenda through its scale, experience and established reputation in the residential park home sector.
 
In addition, the board has taken proactive steps to pursue outstanding debt recoveries. These efforts have already yielded positive results and contributed to easing the Company’s short-term cash constraints.

Page 3

 
STATELY-ALBION LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

Financial instruments

Financial Instruments
The company and group operate using financial instruments, which include debtors, cash and bank balances and creditors. The main finance for the working capital and fixed assets of the company and group is derived from retained earnings.
The exposure of the company and group to the price of financial instruments, by their nature, means they are not subject to price or liquidity risk.
Credit Risk
The main credit risk the company faces is that customers fail to pay their debts. This is the usual credit and cash flow risk for businesses selling on credit. The company manages this through internal credit control procedures.

Engagement with employees

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing  in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Post balance sheet events

On 1 July 2025, the Company secured an extension of its bridging loan facility from DF Capital Bank, securing funding through to August 2026. DF Capital Bank also continues to support the business with a stocking facility, helping to manage working capital and stock levels effectively.
The Development Bank of Wales has remained supportive throughout a challenging trading period, and the Company continues to work closely with its lenders to maintain financial stability and support long-term resilience.

Page 4

 
STATELY-ALBION LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

Going concern

The Directors have considered the Company’s financial position, recent performance, and future prospects in concluding that the going concern basis of preparation remains appropriate. On 1 July 2025, the Company secured an extension of its financing facility with DF Capital Bank, which provides committed funding through to August 2026. DF Capital Bank also continues to support the business through a stocking facility, enhancing working capital flexibility.
The Company also maintains a strong and collaborative relationship with the Development Bank of Wales, who have continued to provide valuable support throughout a challenging trading period. Their ongoing engagement has been instrumental in enabling the business to navigate short-term pressures while focusing on long-term growth. The group restructuring completed during the year has now concluded, providing a more stable foundation for the business. Since January 2025, the Company has experienced a sustained upward trend in both financial and operational performance, supported by tighter cost control and a more commercial approach.
Although the order book remains modest, it is notably stronger than during the reporting period and, alongside a return to cash-generative operations, provides a more encouraging outlook. The Company continues to face external cost pressures – including increases to National Insurance contributions and rising raw material and supplier costs – but remains focused on managing these challenges carefully. Taking all these factors into account, the Directors believe the Company is well placed to meet its liabilities as they fall due and continue trading for the foreseeable future, and have therefore adopted the going concern basis in preparing the financial statements.

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





Mrs L J Hyde
Director

Date: 10 July 2025

Page 5

 
STATELY-ALBION LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

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 judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

Page 6

 
STATELY-ALBION LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STATELY-ALBION LIMITED
 

Opinion

We have audited the financial statements of Stately-Albion Limited (the ‘Company’) for the 18 month period ended 30 September 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows, the Analysis of Net Debt 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 FRS 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 30 September 2024 and of its loss for the 18 month period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our audit procedures to evaluate the directors’ assessment of the company’s ability to continue to adopt the going concern basis of accounting included but were not limited to:
• Undertaking an initial assessment at the planning stage of the audit to identify events or conditions that    may cast significant doubt on the company’s ability to continue as a going concern;
• Obtaining an understanding of the relevant controls relating to the directors’ going concern assessment;
• Evaluating the directors’ method to assess the company’s ability to continue as a going concern;
• Reviewing the directors’ going concern assessment, which incorporated severe but plausible scenarios;
• Evaluating the key assumptions used and judgements applied by the directors in forming their conclusions  on going concern; and
• Reviewing the appropriateness of the directors’ disclosures in the financial statements.
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 7

 
STATELY-ALBION LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STATELY-ALBION LIMITED
 

Other information

The other information comprises the information included in the directors 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 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 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 7, 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
 
Page 8

 
STATELY-ALBION LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STATELY-ALBION LIMITED
 

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

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 
 
In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to the recovery of debtor balances and warranty provisions, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
Page 9

 
STATELY-ALBION LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STATELY-ALBION LIMITED
 

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 auditor’s report.

Use of the audit 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.




Jonathan Marchant (Senior statutory auditor)  
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
Floor 8, Assembly Building C
Cheese Lane
Bristol
BS2 0JJ

11 July 2025
Page 10

 
STATELY-ALBION LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

18 month period ended
30 September 2024
Year ended
31 March 2023
Note
£
£

  

Turnover
 4 
42,158,142
39,383,514

Cost of sales
  
(35,042,951)
(29,073,840)

Gross profit
  
7,115,191
10,309,674

Administrative expenses
  
(11,188,056)
(8,479,229)

Exceptional items
  
(1,619,915)
(6,120,824)

Other operating income
 5 
12,152
16,000

Operating loss
 6 
(5,680,628)
(4,274,379)

Interest receivable and similar income
 10 
567,569
895,370

Interest payable and similar expenses
 11 
(369,648)
(82,563)

Loss before taxation
  
(5,482,707)
(3,461,572)

Tax on loss
 12 
-
-

Loss for the financial 18 month period
  
(5,482,707)
(3,461,572)

There were no recognised gains and losses for the 18 month period ended 30 September 2024 or the year ended 31 March 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for the 18 month period ended 30 September 2024 (Year ended 31 March 2023: £Nil).

The notes on pages 18 to 38 form part of these financial statements.

Page 11

 
STATELY-ALBION LIMITED
REGISTERED NUMBER: 00790270

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

30 September 2024
31 March 2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
8,581
26,417

Tangible assets
 15 
2,317,900
2,510,639

  
2,326,481
2,537,056

Current assets
  

Stocks
 16 
2,250,394
3,453,851

Debtors: amounts falling due within one year
 17 
7,643,847
5,082,922

Cash at bank and in hand
 18 
877,340
1,128,996

  
10,771,581
9,665,769

Creditors: amounts falling due within one year
 19 
(10,801,922)
(5,541,599)

Net current (liabilities)/assets
  
 
 
(30,341)
 
 
4,124,170

Total assets less current liabilities
  
2,296,140
6,661,226

Creditors: amounts falling due after more than one year
  
(1,365,197)
-

Provisions for liabilities
  

Other provisions
 23 
(513,501)
(761,077)

  
 
 
(513,501)
 
 
(761,077)

Net assets
  
417,442
5,900,149


Capital and reserves
  

Called up share capital 
 24 
14,500
14,500

Capital redemption reserve
 25 
5,500
5,500

Profit and loss account
 25 
397,442
5,880,149

  
417,442
5,900,149


Page 12

 
STATELY-ALBION LIMITED
REGISTERED NUMBER: 00790270
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Mrs L J Hyde
Director

Date: 10 July 2025

The notes on pages 18 to 38 form part of these financial statements.

Page 13

 
STATELY-ALBION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
14,500
5,500
9,341,721
9,361,721


Comprehensive income for the year

Loss for the year
-
-
(3,461,572)
(3,461,572)
Total comprehensive income for the year
-
-
(3,461,572)
(3,461,572)



At 1 April 2023
14,500
5,500
5,880,149
5,900,149


Comprehensive income for the 18 month period

Loss for the 18 month period
-
-
(5,482,707)
(5,482,707)
Total comprehensive income for the 18 month period
-
-
(5,482,707)
(5,482,707)


At 30 September 2024
14,500
5,500
397,442
417,442


The notes on pages 18 to 38 form part of these financial statements.

Page 14

 
STATELY-ALBION LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial 18 month period
(5,482,707)
(3,461,572)

Adjustments for:

Amortisation of intangible assets
24,321
82,525

Depreciation of tangible assets
445,368
404,018

Loss on disposal of tangible assets
8,684
2,626

Government grants
-
(16,000)

Interest paid
369,648
82,563

Interest received
(567,569)
(895,370)

Decrease/(increase) in stocks
1,203,457
(511,591)

Decrease in debtors
1,439,074
4,131,828

(Increase)/decrease in amounts owed by groups
(3,999,999)
-

Increase/(decrease) in creditors
2,440,030
(1,405,335)

(Decrease)/increase in amounts owed to groups
(285,938)
107,405

(Decrease)/increase in provisions
(247,576)
94,719

Net cash generated from operating activities

(4,653,207)
(1,384,184)


Cash flows from investing activities

Purchase of intangible fixed assets
(6,485)
(5,767)

Purchase of tangible fixed assets
(282,258)
(169,554)

Sale of tangible fixed assets
20,945
28,738

Government grants received
-
16,000

Interest received
567,569
895,370

HP interest paid
(1,402)
-

Net cash from investing activities

298,369
764,787
Page 15

 
STATELY-ALBION LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Other new loans
4,451,613
-

Repayment of/new finance leases
19,815
-

Interest paid
(368,246)
(82,563)

Net cash used in financing activities
4,103,182
(82,563)

Net (decrease) in cash and cash equivalents
(251,656)
(701,960)

Cash and cash equivalents at beginning of 18 month period
1,128,996
1,830,956

Cash and cash equivalents at the end of 18 month period
877,340
1,128,996


Cash and cash equivalents at the end of 18 month period comprise:

Cash at bank and in hand
877,340
1,128,996

877,340
1,128,996


The notes on pages 18 to 38 form part of these financial statements.

Page 16

 
STATELY-ALBION LIMITED
 

ANALYSIS OF NET DEBT
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024





At 1 April 2023
Cash flows
New finance leases
At 30 September 2024
£

£

£

£

Cash at bank and in hand

1,128,996

(251,656)

-

877,340

Debt due after 1 year

-

(1,365,197)

-

(1,365,197)

Debt due within 1 year

-

(3,086,416)

-

(3,086,416)

Finance leases

-

-

(19,815)

(19,815)


1,128,996
(4,703,269)
(19,815)
(3,594,088)

The notes on pages 18 to 38 form part of these financial statements.

Page 17

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

1.


General information

Stately-Albion Limited (company number: 00790270) is a company limited by shares incorporated in England and Wales. The registered office is Unit 20 Darren Drive, Prince of Wales Industrial Estate, Abercarn, Newport, NP11 5AR.

The principal activity of the company and group continued to be that of the manufacture of park homes. The company has one subsidiary company which is dormant.

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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The entity’s reporting period changed in the current year and the annual financial statements are presented for a period longer than one year (18 months), to align with other group companies. The prior year reporting period covered 12 months, therefore, comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

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

The following principal accounting policies have been applied:

  
2.2

Going concern

The Directors have considered the Company’s financial position, recent performance, and future prospects in concluding that the going concern basis of preparation remains appropriate. In June 2025, the Company secured an extension of its financing facility with DF Capital Bank, which provides committed funding through to August 2026. DF Capital Bank also continues to support the business through a stocking facility, enhancing working capital flexibility.
The Company also maintains a strong and collaborative relationship with the Development Bank of Wales, who have continued to provide valuable support throughout a challenging trading period. Their ongoing engagement has been instrumental in enabling the business to navigate short-term pressures while focusing on long-term growth. The group restructuring completed during the year has now concluded, providing a more stable foundation for the business. Since January 2025, the Company has experienced a sustained upward trend in both financial and operational performance, supported by tighter cost control and a more commercial approach.
Although the order book remains modest, it is notably stronger than during the reporting period and, alongside a return to cash-generative operations, provides a more encouraging outlook. The Company continues to face external cost pressures – including increases to National Insurance contributions and rising raw material and supplier costs – but remains focused on managing these challenges carefully. Taking all these factors into account, the Directors believe the Company is well placed to meet its liabilities as they fall due and continue trading for the foreseeable future, and have therefore adopted the going concern basis in preparing the financial statements.

Page 18

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using interest earned on loans recognised as earned and recoverable.

 
2.7

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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the 18 month period in which they are incurred.

Page 19

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.9

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.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

  
2.11

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 and the Group operate and generate income.

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The assets are amortised at 25% using the straight-line method.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 20

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method unless otherwise stated.

Depreciation is provided on the following basis:

Freehold property
-
2%
Long-term leasehold property
-
0.9 - 2.5%
Plant and machinery
-
15% straightline and 4% reducing balance
Motor vehicles
-
20 - 25%
Fixtures and fittings
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.15

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 
2.16

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.

 
2.17

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 21

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.18

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.

  
2.19

Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are charged to profit as incurred.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

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.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
 
Page 22

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)


Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 
Page 23

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)


Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


Judgements in applying accounting policies 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Tangible and Intangible Assets
The directors have considered whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration include the economic viability of the asset and expected future financial performance of the asset, and any financial unit of which it forms a part.
Debtor Recoverability
The directors have considered whether debtors are recoverable. Objective evidence of impairment of trade debtors or other factors which may also be evidence of impairment are taken into consideration by the directors in deciding if any impairment of any debt is considered appropriate.
Provision for costs arising on warranty obligations
The provision for warranty costs is made on the basis of the directors' estimate of future costs fulfilling obligations arising under the warranties on homes sold. The estimate is made on the evidence of past claims which are expected on average to indicate likely future costs.

Page 24

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

4.


Turnover

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


18 month period ended
30 September 2024
Year ended 31 March 2023
£
£

Park Home Sales
42,158,142
39,383,514

42,158,142
39,383,514


Analysis of turnover by country of destination:

18 month period ended
30 September 2024
Year ended 31 March 2023
£
£

United Kingdom
42,158,142
39,383,514

42,158,142
39,383,514



5.


Other operating income

18 month period ended
30 September 2024
Year ended 31 March 2023
£
£

Other operating income
12,152
-

Government grants receivable
-
16,000

12,152
16,000


Page 25

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

6.


Operating loss

The operating loss is stated after charging:

18 month period ended
30 September 2024
Year ended 31 March 2023
£
£

Depreciation of owned tangible fixed assets
445,368
404,018

Amortisation of intangible fixed assets
24,321
82,525

Loss on disposal of tangible fixed assets
8,684
2,626

Other operating lease rentals
82,801
-


7.


Auditor's remuneration

During the 18 month period, the Company obtained the following services from the Company's auditor:


18 month period ended
30 September 2024
Year ended 31 March 2023
£
£

Fees payable to the Company's auditor and its associates for the audit of
the Company's annual financial statements
27,245
26,400






Page 26

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

8.


Employees

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


2024
2023
£
£

Wages and salaries
11,170,080
7,997,876

Social security costs
964,989
803,907

Cost of defined contribution scheme
227,773
160,573

12,362,842
8,962,356


The average monthly number of employees, including the directors, during the 18 month period was as follows:


        2024
        2023
            No.
            No.







Production staff
168
186



Management and administration
54
53

222
239


9.


Directors' remuneration

18 month period ended
30 September 2024
Year ended 31 March 2023
£
£

Directors' emoluments
816,598
615,254

Company contributions to defined contribution pension schemes
13,759
6,237

830,357
621,491


During the 18 month period retirement benefits were accruing to 6 directors (Year ended 31 March 2023: 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £159,334 (Year ended 31 March 2023: £170,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,302 (Year ended 31 March 2023: £1,834).

Page 27

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

10.


Interest receivable

18 month period ended
30 September 2024
Year ended 31 March 2023
£
£


Other interest receivable
567,569
895,370

567,569
895,370


11.


Interest payable and similar expenses

18 month period ended
30 September 2024
Year ended 31 March 2023
£
£


Interest payable
319,765
82,563

Other loan interest payable
27,173
-

Finance leases and hire purchase contracts
1,402
-

Other interest payable
21,308
-

369,648
82,563

Page 28

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

12.


Taxation


18 month period ended
30 September 2024
Year ended 31 March 2023
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
-
-

Factors affecting tax charge for the 18 month period/year

The tax assessed for the 18 month period is higher than (Year ended 31 March 2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 19%). The differences are explained below:

18 month period ended
30 September 2024
Year ended 31 March 2023
£
£


Loss on ordinary activities before tax
(5,482,707)
(3,461,571)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(1,370,677)
(657,698)

Effects of:


Fixed asset differences
47,551
15,246

Expenses not deductible for tax purposes
554,518
4,781

Other permanent differences
-
577

Remeasurement of deferred tax for changes in tax rates
-
(200,565)

Deferred tax not recognised
768,608
835,688

Group relief surrendered/(claimed)
-
1,971

Total tax charge for the 18 month period/year
-
-

Page 29

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024
 
12.Taxation (continued)


Factors that may affect future tax charges

The Company has approximately £8,461,945 (2023: £5,267,852) of carry-forward tax losses which will significantly effect tax payments in future years.


13.


Exceptional items

18 month period ended
30 September 2024
Year ended 31 March 2023
£
£


Bad debt write off
1,619,915
6,120,824

1,619,915
6,120,824

The bad debt write off in the current period relates to £272,051 loan balance of S.R. Holdco (UK) Ltd and £1,347,864 loan balance of Pathfinder Park Homes Limited.
The bad debt write off in the prior year relates to the outstanding trade debt of Royale Parks Limited and the associated loan balance of Time GB Limited.

Page 30

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

14.


Intangible assets




Computer software

£



Cost


At 1 April 2023
445,579


Additions
6,485



At 30 September 2024

452,064



Amortisation


At 1 April 2023
419,162


Charge for the year
24,321



At 30 September 2024

443,483



Net book value



At 30 September 2024
8,581



At 31 March 2023
26,417



Page 31

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

15.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023 restated
2,460,982
1,495,573
566,428
471,940
4,994,923


Additions
-
117,968
82,953
81,337
282,258


Disposals
-
(49,634)
(110,225)
-
(159,859)



At 30 September 2024

2,460,982
1,563,907
539,156
553,277
5,117,322



Depreciation


At 1 October 2023 restated
470,829
1,325,948
283,576
403,931
2,484,284


Charge for the 18 month period
51,174
148,468
171,670
74,056
445,368


Disposals
-
(49,633)
(80,597)
-
(130,230)



At 30 September 2024

522,003
1,424,783
374,649
477,987
2,799,422



Net book value



At 30 September 2024
1,938,979
139,124
164,507
75,290
2,317,900



At 30 September 2023
1,990,153
169,625
282,852
68,009
2,510,639

An adjustment has been made to restate the brought forward cost and depreciation balances. The adjustment had no impact on the prior year net book value.

The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£



Freehold
1,938,979
1,990,153

1,938,979
1,990,153

Page 32

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

16.


Stocks

30 September 2024
31 March 2023
£
£

Raw materials and consumables
978,057
1,143,064

Work in progress (goods to be sold)
325,120
246,927

Finished goods and goods for resale
947,217
2,063,860

2,250,394
3,453,851



17.


Debtors

30 September 2024
31 March 2023
£
£


Trade debtors
3,083,916
3,659,970

Amounts owed by group undertakings
3,999,999
-

Other debtors
233,797
1,159,125

Prepayments and accrued income
326,135
263,827

7,643,847
5,082,922



18.


Cash and cash equivalents

30 September 2024
31 March 2023
£
£

Cash at bank and in hand
877,340
1,128,996

877,340
1,128,996


Page 33

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

19.


Creditors: Amounts falling due within one year

30 September 2024
31 March 2023
£
£

Loans
3,086,416
-

Trade creditors
4,652,300
4,036,445

Amounts owed to group undertakings
-
285,938

Other taxation and social security
282,029
338,803

Obligations under finance lease and hire purchase contracts
19,815
-

Directors loan account
500,000
-

Other creditors
863,586
183,706

Accruals and deferred income
1,397,776
696,707

10,801,922
5,541,599


Included within loans are the following two loans:
On 13 February 2024, DF Capital Bank Limited provided a loan facility of £2,400,000 to the Group. This loan is secured with a fixed and floating charge over all Fixed and Current assets of the Company. Interest accrues at 1.02% per month. The loan was originally payable by September 2025 but has been extended to August 2026 since the year end.
On 30 September 2024, DBW provided a loan facility of £2,000,000 to the Group. This loan is secured with a fixed and floating charge over all Fixed and Current assets of the Company. Interest accrues at 11.50% per annum. The loan is payable on September 2026. 


20.


Creditors: Amounts falling due after more than one year

30 September 2024
31 March 2023
£
£

Loans
1,365,197
-

1,365,197
-


Included within loans is the following loan:
On 30 September 2024, DBW provided a loan facility of £2,000,000 to the Group. This loan is secured with a fixed and floating charge over all Fixed and Current assets of the Company. Interest accrues at 11.50% per annum. The loan is payable on September 2026. 

Page 34

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

21.


Loans


Analysis of the maturity of loans is given below:


30 September
2024
31 March
2023
£
£

Amounts falling due within one year

Loans
3,086,416
-


3,086,416
-

Amounts falling due 1-2 years

Loans
1,365,197
-


1,365,197
-



4,451,613
-



22.


Financial instruments

30 September 2024
31 March 2023
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
8,521,187
6,211,918


Financial liabilities


Financial liabilities measured at amortised cost
(11,365,275)
(5,202,796)


Financial assets that are debt instruments measured at amortised cost comprise cash at bank, trade debtors, amounts owed by group undertakings, other debtors, and prepayments and accrued income. 


Financial liabilities measured at amortised cost comprise loans, trade creditors, amounts owed to group undertakings, other creditors and accruals and deferred income.

Page 35

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

23.


Provisions





Warranty provision

£





At 1 April 2023
761,077


Utilised in 18 month period
(247,576)



At 30 September 2024
513,501

A provision is recognised for expected costs of extended warranty claims on products sold. The amount utilised in the period represents the movement to calculate the provision, to bring the estimate in line with the period end provision level.


24.


Share capital

30 September 2024
31 March 2023
£
£
Allotted, called up and fully paid



14,500 (2023 - 14,500) Ordinary shares of £1.00 each
14,500
14,500



25.


Reserves

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Profit and loss account

The profit and loss account represents the accumulated profit and loss of the company.


26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Company during the 18 month period to the fund and amounted to £227,773 (Year ended 31 March 2023: £160,573). Contributions totalling £32,229 (31 March 2023: £71,751) were payable to the fund at the balance sheet date and are included in creditors.

Page 36

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

27.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 September 2024
31 March 2023
£
£


Not later than 1 year
90,654
415

Later than 1 year and not later than 5 years
278,658
1,245

369,312
1,660

Lease payments in the year recognised as an expense in the year amounted to £82,801 (2023: £415).


28.


Related party transactions

Remuneration of key management personnel
The remuneration of key management personnel during the 18 month period is as follows:
- Aggregate compensation £831,404 (year ended 31 March 2023: £621,491).
Transactions with related parties 
Phillips Reed Services Limited
The total value of goods purchased from Phillips Reed Services Ltd, a company with family connections, during the 18 month period, was £2,834,823 (year ended 31 March 2023: £2,083,264) and the amount owed to the company at the period end was £476,385 (2023: £320,133) which is included in trade creditors.
The total value of goods sold to Phillips Reed Services Ltd, during the 18 month period, was £Nil (year ended 31 March 2023: £1,009) and the amount owed from the company at the period end was £Nil (2023: £1,211).
GAP Wholesale Limited
The total value of goods purchased from GAP Wholesale Ltd, a company with common directors, during the 18 month period, was £178,926 (year ended 31 March 2023: £65,782) and the amount owed to the company at the period end was £4,874 (2023: £19,278) which is included in trade creditors.
The total value of goods sold to GAP Wholesale Ltd, during the 18 month period, was £1,211 (year ended 31 March 2023: £Nil). There was no outstanding balance at the period end.
Advanced Contracts Solutions Limited
The total value of goods purchased from Advanced Contracts Solutions Ltd, a company with common directors, during the 18 month period, was £1,813,313 (year ended 31 March 2023: £128,519) and the amount owed to the company at the period end was £118,846 (2023: £91,839) which is included in trade creditors.
 
Page 37

 
STATELY-ALBION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 30 SEPTEMBER 2024

28.Related party transactions (continued)



29.


Post balance sheet events

On 1 July 2025, the Company secured an extension of its bridging loan facility from DF Capital Bank, securing funding through to August 2026. DF Capital Bank also continues to support the business with a stocking facility, helping to manage working capital and stock levels effectively.
The Development Bank of Wales has remained supportive throughout a challenging trading period, and the Company continues to work closely with its lenders to maintain financial stability and support long-term resilience.


30.


Controlling party

During the period, 100% of the Company's share capital was acquired by Albion Homes Group Limited.
 
As a result Albion Homes Group Limited is the immediate and ultimate parent undertaking undertaking.
 
The company is under the control of G M Hurd and R M Hurd by virtue of their joint and equal ownership of Albion Homes Group Limited.

 
Page 38