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REGISTERED NUMBER: 13796972 (England and Wales)














Group Strategic Report, Report of the Director and

Consolidated Financial Statements

for the Year Ended 30 April 2024

for

Warwick UK Holdings Limited

Warwick UK Holdings Limited (Registered number: 13796972)






Contents of the Consolidated Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Consolidated Statement of Income and Retained Earnings 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 15


Warwick UK Holdings Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: M Warwick





REGISTERED OFFICE: Reedham House
31 King Street West
Manchester
Greater Manchester
M3 2PJ





BUSINESS ADDRESS: Unit 11
Quays Reach
Carolina Way
Salford
Greater Manchester
M50 2ZY





REGISTERED NUMBER: 13796972 (England and Wales)





AUDITORS: Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Warwick UK Holdings Limited (Registered number: 13796972)

Group Strategic Report
for the Year Ended 30 April 2024

The director presents his strategic report of the company and the group for the year ended 30 April 2024.

PRINCIPAL ACTIVITIES
Warwick UK Holdings Limited prides itself on investing with a social conscience to deliver exceptional developments throughout England.

By partnering with government and local authorities, the group addresses the urgent social housing shortage, creating secure, purpose-driven properties for individuals and families.

REVIEW OF THE BUSINESS
The group ended the financial year with a robust balance sheet and a solid cash position. It successfully deployed additional capital into projects and secured new development opportunities. With adequate funding and a promising acquisition pipeline, the business is well-positioned to expand its housing portfolio and continue delivering high-quality developments. The full financial results and position are detailed in the accompanying financial statements.

Development and Performance
The group has an all-inclusive approach and has enabled work across diverse developments creating suitable, long-term, housing solutions for the vulnerable and those in need. This is something the group are extremely proud of.

The group aims have always been to make a difference with each and every project that they work with.

For residents who are disabled, elderly or who have learning difficulties, the group can ensure that all the properties are not only fit for purpose but also create the perfect home to live, work and rest.

By partnering with governments and local authorities nationwide, the group can make a difference and help combat the UK's shortage of homes for the vulnerable and those in need.

Delivering sustainable housing options that address current needs and adapt to future demands allows us all to create a positive impact on communities around us.

PRINCIPAL RISKS AND UNCERTAINTIES
The group maintains ongoing oversight of key risks that could significantly impact its operations.

Regular reviews of both operational and financial metrics enable the director and team to identify emerging risks and respond accordingly. These reviews form a key part of internal governance and decision-making processes. In addition to addressing challenges, the business is committed to adopting industry best practices and maintaining full compliance with applicable regulations within its market segment.

Business Risk
Given the group's reliance on sectors such as construction, it remains alert to industry volatility. Rising material and labour costs, along with a national shortage of skilled workers, have contributed to cost escalations and delays across several active projects. Proactive monitoring and engagement with contractors help mitigate these issues where possible.

Financial Risk Management
The business is mindful of inflationary pressures affecting operational costs and the wider market.

Other financial risks include increased competition in property acquisition, driven by rising vendor price expectations. These challenges require strategic diligence and flexibility in deal structuring to ensure the viability of future acquisitions.

Interest rate risk
The decrease in interest rate recently and expected to continue decreasing mean that the group is likely to have a positive impact on the liquidity and profitability.



Warwick UK Holdings Limited (Registered number: 13796972)

Group Strategic Report
for the Year Ended 30 April 2024


Working Capital
The group's working capital requirements are primarily met through customer receipts and internal reserves. Inventory levels are monitored regularly to ensure accuracy and valuation in accordance with UK accounting standards. These controls support the group's ability to manage cash flow efficiently and maintain financial stability.

KEY PERFORMANCE INDICATORS
The group monitors performance through key indicators such as turnover and profitability. Turnover for the year was £53,668,062, compared to £35,128,611 in the previous year. Profit before tax declined from £1,451,955 in previous year to a loss of £442,477 in the current year mainly due to investment property impairment and a loss on one of the projects.

Despite this, the business has confidence in its strong pipeline of future projects. Continued collaboration with funders and strategic partners remains a core strength, enabling the business to secure new acquisitions and maintain momentum in delivering high-quality developments.

ON BEHALF OF THE BOARD:





M Warwick - Director


29 July 2025

Warwick UK Holdings Limited (Registered number: 13796972)

Report of the Director
for the Year Ended 30 April 2024

The director presents his report with the financial statements of the company and the group for the year ended 30 April 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £ 40,000 .

DIRECTOR
M Warwick held office during the whole of the period from 1 May 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M Warwick - Director


29 July 2025

Report of the Independent Auditors to the Members of
Warwick UK Holdings Limited

Opinion
We have audited the financial statements of Warwick UK Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

Other matters
The group and the parent company was not required to have a statutory audit for the year ended 30 April 2023 as it was entitled to exemption from the provision of the Companies Act 2006 relating to the audit of the financial statements for the period by virtue of section 477 and no member or members requested an audit pursuant to section 476 of the Act for that accounting period. Accordingly the corresponding figures for the year ended 30 April 2023 were unaudited.

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.

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

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

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Warwick UK Holdings Limited


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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Warwick UK Holdings Limited


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

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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

- the nature of the industry and sector, control environment and business performance;
- results of enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures
relating to:

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

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team and involving other internal specialists including tax
regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risks of management override.

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

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
- obtained an understanding of provisions and held discussions with management to understand the basis of
recognition or non-recognition of tax provisions; and
- in addressing the risks of fraud through management override of controls, testing the appropriateness of journal
entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative
of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the
normal course of business.We also communicated relevant identified laws and regulations and potential fraud risks
to all engagement team members, and remained alert to any indications of fraud or non compliance with laws and
regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Warwick UK Holdings Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Adam Caplan BSc (Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

29 July 2025

Warwick UK Holdings Limited (Registered number: 13796972)

Consolidated
Statement of Income and
Retained Earnings
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

TURNOVER 53,668,062 35,128,611

Cost of sales (51,759,042 ) (32,698,502 )
GROSS PROFIT 1,909,020 2,430,109

Administrative expenses (1,291,425 ) (1,002,697 )
617,595 1,427,412

Other operating income 3,082 188
GROUP OPERATING PROFIT 4 620,677 1,427,600

Share of operating (loss)/profit in
Joint ventures (20,000 ) 160,249

Interest receivable and similar income 9,794 392
610,471 1,588,241
Loss on property revaluation (744,891 ) -
(134,420 ) 1,588,241

Interest payable and similar expenses 5 (308,057 ) (136,286 )
(LOSS)/PROFIT BEFORE TAXATION (442,477 ) 1,451,955

Tax on (loss)/profit 6 (68,098 ) (303,093 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(510,575

)

1,148,862

Retained earnings at beginning of year 747,865 (300,997 )

Dividends 8 (40,000 ) (100,000 )

RETAINED EARNINGS FOR THE
GROUP AT END OF YEAR

197,290

747,865

(Loss)/profit attributable to:
Owners of the parent (510,575 ) 1,148,862

Warwick UK Holdings Limited (Registered number: 13796972)

Consolidated Balance Sheet
30 April 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 9 9,333 7,775
Investments 10
Interest in joint venture
Share of gross assets 3,969 123,030
Share of gross liabilities (18,419 ) (46,280 )
Investment property 11 1,400,000 1,536,365
1,394,883 1,620,890

CURRENT ASSETS
Stocks 12 574,000 2,510,359
Debtors 13 3,180,704 2,736,050
Cash at bank and in hand 1,308,546 2,524,077
5,063,250 7,770,486
CREDITORS
Amounts falling due within one year 14 (2,163,248 ) (4,497,160 )
NET CURRENT ASSETS 2,900,002 3,273,326
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,294,885

4,894,216

CREDITORS
Amounts falling due after more than one year 15 (906,244 ) (955,000 )

PROVISIONS FOR LIABILITIES 18 (1,701 ) (1,701 )
NET ASSETS 3,386,940 3,937,515

CAPITAL AND RESERVES
Called up share capital 19 100 100
Merger reserve 20 3,189,550 3,189,550
Retained earnings 20 197,290 747,865
SHAREHOLDERS' FUNDS 3,386,940 3,937,515

The financial statements were approved by the director and authorised for issue on 29 July 2025 and were signed by:





M Warwick - Director


Warwick UK Holdings Limited (Registered number: 13796972)

Company Balance Sheet
30 April 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 9 - -
Investments 10 453 354
Investment property 11 - -
453 354

CURRENT ASSETS
Debtors 13 95,328 17,162
Cash in hand 100 100
95,428 17,262
CREDITORS
Amounts falling due within one year 14 (5,100 ) (6,894 )
NET CURRENT ASSETS 90,328 10,368
TOTAL ASSETS LESS CURRENT
LIABILITIES

90,781

10,722

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 90,681 10,622
SHAREHOLDERS' FUNDS 90,781 10,722

Company's profit for the financial year 120,059 96,622

The financial statements were approved by the director and authorised for issue on 29 July 2025 and were signed by:





M Warwick - Director


Warwick UK Holdings Limited (Registered number: 13796972)

Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,983,367 2,390,288
Share of profit/(loss) in joint ventures 20,000 (141,871 )
Tax paid (92,816 ) (112,414 )
Net cash from operating activities 1,910,551 2,136,003

Cash flows from investing activities
Purchase of tangible fixed assets (4,405 ) (9,392 )
Purchase of investment property (608,526 ) (1,536,365 )
Interest received 9,794 392
Net cash from investing activities (603,137 ) (1,545,365 )

Cash flows from financing activities
New loans in year 341,290 1,090,745
Loan repayments in year (1,853,464 ) -
Amount withdrawn by directors (662,714 ) 6,623
Interest paid (308,057 ) (136,286 )
Equity dividends paid (40,000 ) (100,000 )
Net cash from financing activities (2,522,945 ) 861,082

(Decrease)/increase in cash and cash equivalents (1,215,531 ) 1,451,720
Cash and cash equivalents at beginning of
year

2

2,524,077

1,072,357

Cash and cash equivalents at end of year 2 1,308,546 2,524,077

Warwick UK Holdings Limited (Registered number: 13796972)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
(Loss)/profit before taxation (442,477 ) 1,451,955
Depreciation charges 2,846 2,168
Loss on revaluation of fixed assets 744,891 -
Finance costs 308,057 136,286
Finance income (9,794 ) (392 )
603,523 1,590,017
Decrease in stocks 1,936,359 79,482
Decrease/(increase) in trade and other debtors 211,367 (1,300,414 )
(Decrease)/increase in trade and other creditors (767,882 ) 2,021,203
Cash generated from operations 1,983,367 2,390,288

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 1,308,546 2,524,077
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 2,524,077 1,072,357


Warwick UK Holdings Limited (Registered number: 13796972)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 2,524,077 (1,215,531 ) 1,308,546
2,524,077 (1,215,531 ) 1,308,546
Debt
Debts falling due within 1 year (1,828,476 ) 1,463,419 (365,057 )
Debts falling due after 1 year (955,000 ) 48,756 (906,244 )
(2,783,476 ) 1,512,175 (1,271,301 )
Total (259,399 ) 296,644 37,245

Warwick UK Holdings Limited (Registered number: 13796972)

Notes to the Consolidated Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Warwick UK Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The parent company has taken exemption to prepare the Statement of Cash Flows.

Basis of consolidation
The group financial statements include the financial statements of the company, its subsidiary undertakings and joint venture.

Following a business restructuring subsidiary undertakings acquired were consolidated using merger accounting. The net assets acquired for the shares in subsidiary undertakings were recognised in the consolidated financial statements as merger reserve.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In applying the group's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Investment property

Investment property is shown at recent valuation. In assessing the valuation, the director has considered external sources of information such as market conditions and experience of recoverability.

Warwick UK Holdings Limited (Registered number: 13796972)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of consideration received or receivable from the sale of properties in the ordinary course of the group's activities.

Interest income
Interest income is recognised in the statement of retained earnings using the effective interest method.

Dividend income
Dividend income is recognised when the right to receive payment is established.

Tangible fixed assets
Tangible fixed assets are initially recorded at cost less any tax, discounts and rebates. Cost includes the original purchase price of the asset and costs attributable to bringing the asset into its working condition for its intended use. Subsequently they are recorded at cost less accumulated depreciation and impairment.

Depreciation is provided at the following annual rates on straight line basis in order to write off each asset over its estimated useful life.

Plant and machinery- 20% on cost
Fixtures and Fittings- 20% on reducing balance
Computer equipment- 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Impairment of fixed assets
Fixed assets are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Fixed assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Where indicators exist for a decrease in an impairment loss previously recognised for assets, the prior impairment loss is tested to determine whether all or part of the impairment loss should be reversed. An impairment loss is reversed on an individual impaired asset to the extent that it does not increase the carrying amount of the asset above the carrying amount that would have been determined (net of depreciation) had no impairment been recognised.

Stocks
Stocks are stated at the lower of cost and estimated selling price, less the costs required to complete and sell the properties. The cost includes materials, subcontractor costs and overheads incurred to prepare the property for sale.

As assessment for stock provision is made at each reporting date and any excess or reversals of the carrying amount of properties over its estimated selling price is recognised in profit or loss.


Warwick UK Holdings Limited (Registered number: 13796972)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis.

Finance costs
Finance costs are charged to profit or loss using the effective interest rate method.

Going concern
The group's financial statements for the year ended 30 April 2024 have been prepared on a going concern basis as, after making appropriate enquiries, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 390,798 474,897
Social security costs 35,007 53,540
Other pension costs 3,695 2,770
429,500 531,207

The average number of employees during the year was as follows:
2024 2023

Sales and administration 7 7

Warwick UK Holdings Limited (Registered number: 13796972)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees by undertakings that were proportionately consolidated during the year was 7 (2023 - 7 ) .


The amount of remuneration for the current year attributable to the highest paid director was £24,478.

4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 2,847 2,168
Auditors' remuneration 29,580 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Mortgage interest 263,195 120,857
Other interest 44,862 15,429
308,057 136,286

6. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 61,614 301,530
Annual Tax on Enveloped Dwellings 6,484 -
Total current tax 68,098 301,530

Deferred tax - 1,563
Tax on (loss)/profit 68,098 303,093

Warwick UK Holdings Limited (Registered number: 13796972)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
(Loss)/profit before tax (442,477 ) 1,451,955
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

(110,619

)

275,871

Effects of:
Expenses not deductible for tax purposes 18,997 16,211
Capital allowances in excess of depreciation - (1,628 )
Depreciation in excess of capital allowances 75 -
Utilisation of tax losses (36,438 ) (16,169 )
Losses carried forward 2,081 31,948
Loss on property revaluation 186,223 -
Change in tax rate (2,400 ) 6,743
Timing differences - (9,883 )
Losses carried back 3,695 -
Annual Tax on Enveloped Dwellings 6,484 -
Total tax charge 68,098 303,093

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
Interim 40,000 100,000

Warwick UK Holdings Limited (Registered number: 13796972)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 May 2023 4,000 6,021 18,995 29,016
Additions - 3,106 1,299 4,405
At 30 April 2024 4,000 9,127 20,294 33,421
DEPRECIATION
At 1 May 2023 4,000 793 16,448 21,241
Charge for year - 1,334 1,513 2,847
At 30 April 2024 4,000 2,127 17,961 24,088
NET BOOK VALUE
At 30 April 2024 - 7,000 2,333 9,333
At 30 April 2023 - 5,228 2,547 7,775

10. FIXED ASSET INVESTMENTS

Group
Interest
in joint
venture
£   
COST
At 1 May 2023 76,750
Share of profit/(loss) (16,200 )
Dividends received (75,000 )
At 30 April 2024 (14,450 )
NET BOOK VALUE
At 30 April 2024 (14,450 )
At 30 April 2023 76,750

Warwick UK Holdings Limited (Registered number: 13796972)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

10. FIXED ASSET INVESTMENTS - continued

Company
Shares in Interest
group in joint
undertakings venture Totals
£    £    £   
COST
At 1 May 2023 304 50 354
Additions 99 - 99
At 30 April 2024 403 50 453
NET BOOK VALUE
At 30 April 2024 403 50 453
At 30 April 2023 304 50 354

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Warwick Investments (UK) Limited
Registered office: Reedham House, 31 King Street West, Manchester, M3 2PJ
Nature of business: Property buying and selling
%
Class of shares: holding
Ordinary 100.00

Warwick Investments Management UK Ltd
Registered office: Reedham House, 31 King Street West, Manchester, M3 2PJ
Nature of business: Property sourcing and management
%
Class of shares: holding
Ordinary 100.00

Warwick Investments Construction UK Limited
Registered office: Reedham House, 31 King Street West, Manchester, M3 2PJ
Nature of business: Construction services
%
Class of shares: holding
Ordinary 100.00

W I Co 7 Limited
Registered office: Reedham House, 31 King Street West, Manchester, M3 2PJ
Nature of business: Property buying and selling
%
Class of shares: holding
Ordinary 100.00

Warwick UK Holdings Limited (Registered number: 13796972)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

10. FIXED ASSET INVESTMENTS - continued

W I Co 8 Limited
Registered office: Reedham House, 31 King Street West, Manchester, M3 2PJ
Nature of business: Property buying and selling
%
Class of shares: holding
Ordinary 100.00

WI Co 9 Limited
Registered office: Reedham House, 31 King Street West, Manchester, M3 2PJ
Nature of business: Property buying and selling
%
Class of shares: holding
Ordinary 100.00

WI Co 10 Limited
Registered office: Reedham House, 31 King Street West, Manchester, M3 2PJ
Nature of business: Property buying and selling
%
Class of shares: holding
Ordinary 100.00

Joint venture

MS Developments (Salford) Limited
Registered office: 3 Greengate Cardale Park, Harrogate, North Yorkshire, HG3 1GY
Nature of business: Property buying and selling
%
Class of shares: holding
Ordinary 50.00


11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 May 2023 1,536,365
Additions 608,526
Impairments (744,891 )
At 30 April 2024 1,400,000
NET BOOK VALUE
At 30 April 2024 1,400,000
At 30 April 2023 1,536,365

Warwick UK Holdings Limited (Registered number: 13796972)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

11. INVESTMENT PROPERTY - continued

Group

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2024 (744,891 )
Cost 2,144,891
1,400,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,144,891 1,536,365

Investment property was valued on an open market basis on 7 March 2024 by HSBC .

The director does not consider the market value of investment property to be materially different from the value stated in the financial statements as at 30 April 2024.

12. STOCKS

Group
2024 2023
£    £   
Properties for resale 574,000 2,510,359

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,289,841 187,223 - -
Amounts owed by group undertakings - - 20,328 17,162
Amounts owed by joint ventures - - 75,000 -
Other debtors 1,234,842 1,690,502 - -
Directors' current accounts 656,021 - - -
Prepayments and accrued income - 858,325 - -
3,180,704 2,736,050 95,328 17,162

Warwick UK Holdings Limited (Registered number: 13796972)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 365,057 1,828,476 - -
Trade creditors 148,857 106,594 - -
Amounts owed to group undertakings - - 300 201
Amounts owed to joint ventures 14,384 91,797 - -
Tax 394,968 415,886 - -
Social security and other taxes 405,013 167,045 - -
Other creditors 5,869 19,657 - -
Directors' current accounts - 6,693 - 6,693
Accruals and deferred income 829,100 1,861,012 4,800 -
2,163,248 4,497,160 5,100 6,894

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 16) 906,244 955,000

16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 365,057 1,828,476
Amounts falling due between one and two years:
Bank loans - 1-2 years 11,879 955,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 35,636 -
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 858,729 -

Warwick UK Holdings Limited (Registered number: 13796972)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 1,271,301 2,783,476

18. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 1,701 1,701

Group
Deferred
tax
£   
Balance at 1 May 2023 1,701
Balance at 30 April 2024 1,701

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

20. RESERVES

Group
Retained Merger
earnings reserve Totals
£    £    £   

At 1 May 2023 747,865 3,189,550 3,937,415
Deficit for the year (510,575 ) (510,575 )
Dividends (40,000 ) (40,000 )
At 30 April 2024 197,290 3,189,550 3,386,840

Warwick UK Holdings Limited (Registered number: 13796972)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

20. RESERVES - continued

Company
Retained
earnings
£   

At 1 May 2023 10,622
Profit for the year 120,059
Dividends (40,000 )
At 30 April 2024 90,681


21. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
M Warwick
Balance outstanding at start of year - -
Amounts advanced 656,021 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 656,021 -

Interest amounting to £9,794 has been charged to director's current account in respect of this overdrawn balance.

22. RELATED PARTY DISCLOSURES

Investment property is personally owned by the director and his spouse. A declaration of trust has assigned the beneficial ownership of the property to the group company resulting in group company being entitled to all economic benefits arising from the property.

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Sales 2,159 -
Purchases 1,196,271 -
Rents 19,796 22,186
Amounts due from related party 1,234,257 1,192,974

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Michael Warwick.