IRIS Accounts Production v25.1.4.42 08378877 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh083788772023-12-31083788772024-12-31083788772024-01-012024-12-31083788772022-12-31083788772023-01-012023-12-31083788772023-12-3108378877ns15:EnglandWales2024-01-012024-12-3108378877ns14:PoundSterling2024-01-012024-12-3108378877ns10:Director12024-01-012024-12-3108378877ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3108378877ns10:MediumEntities2024-01-012024-12-3108378877ns10:Audited2024-01-012024-12-3108378877ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3108378877ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3108378877ns10:FullAccounts2024-01-012024-12-3108378877ns10:OrdinaryShareClass12024-01-012024-12-3108378877ns10:Director22024-01-012024-12-3108378877ns10:RegisteredOffice2024-01-012024-12-3108378877ns5:CurrentFinancialInstruments2024-12-3108378877ns5:CurrentFinancialInstruments2023-12-3108378877ns5:ShareCapital2024-12-3108378877ns5:ShareCapital2023-12-3108378877ns5:RetainedEarningsAccumulatedLosses2024-12-3108378877ns5:RetainedEarningsAccumulatedLosses2023-12-3108378877ns5:ShareCapital2022-12-3108378877ns5:RetainedEarningsAccumulatedLosses2022-12-3108378877ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3108378877ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-3108378877ns5:PlantMachinery2024-01-012024-12-3108378877ns5:FurnitureFittings2024-01-012024-12-3108378877ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2024-01-012024-12-3108378877ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-01-012023-12-3108378877ns5:OwnedAssets2024-01-012024-12-3108378877ns5:OwnedAssets2023-01-012023-12-310837887712024-01-012024-12-310837887712023-01-012023-12-3108378877ns5:PlantMachinery2023-12-3108378877ns5:FurnitureFittings2023-12-3108378877ns5:PlantMachinery2024-12-3108378877ns5:FurnitureFittings2024-12-3108378877ns5:PlantMachinery2023-12-3108378877ns5:FurnitureFittings2023-12-3108378877ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3108378877ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3108378877ns5:Secured2024-12-3108378877ns5:Secured2023-12-3108378877ns10:OrdinaryShareClass12024-12-3108378877ns5:RetainedEarningsAccumulatedLosses2023-12-31
REGISTERED NUMBER: 08378877 (England and Wales)












Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Peter James Homes Limited

Peter James Homes Limited (Registered number: 08378877)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 7

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Peter James Homes Limited

Company Information
for the year ended 31 December 2024







DIRECTORS: J J McCann
S D F Gardiner



REGISTERED OFFICE: McCann House
110 Nottingham Road
Chilwell
Nottinghamshire
NG9 6DQ



REGISTERED NUMBER: 08378877 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Doug Perry FCA



AUDITORS: Clayton & Brewill
Statutory Auditors and
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

Peter James Homes Limited (Registered number: 08378877)

Strategic Report
for the year ended 31 December 2024

1. Impact of the Ransomware Attack
Since the previous year-end, Peter James Homes Ltd experienced a significant ransomware attack on our central servers, leading to the loss of critical accounting and payroll data. This created substantial challenges in maintaining financial reporting and day-to-day operational efficiency. Despite proactive security measures, the attack resulted in the need for extensive data reconstruction, which placed additional strain on internal resources.

Following the swift notification and action of our IT support systems, the impact was minimised to the Servers but to prevent any latent malware being activated, a wholesale review and upgrade to storage and operating systems was undertaken immediately to enable all of our remote sites to remain operational.
Due to the professionalism and commitment of our Finance Department Team, we were able to maintain supplier payments and Payroll throughout the period.
Ultimately, we were able to recover all of the data that had been encrypted, without recourse to the attackers, which ultimately provides testament to the existing processes that were in place at the time.

We have now fully recovered from the event and have emerged with a new fully operational system that has recently been accredited to an industry recognised standard.

2. Response and Recovery Efforts
In response to the attack, the company took was able to mitigate the impact by:
- Data Reconstruction:
We have been able to fully recover all encrypted date and restore this to new financial and payroll systems that were upgraded at the time. This was done by leveraging available backups, historical records, and external verification sources where necessary.
- IT and Cybersecurity Expertise :
We engaged cybersecurity specialists to assess the breach, advise on security modifications and restore date to more secure environments, along with additional security measures prevent further incidents.
- Operational Adjustments:
Temporary measures were put in place to ensure that payroll processing and financial reporting continued, uninterrupted. This ensured that minimal financial disruption was experienced by staff, suppliers and stakeholders both during and after the event.

3. Risk Management and Future Mitigation
Recognising the severity of cybersecurity threats, the company is implementing robust measures to prevent similar incidents in the future, including:
- Enhanced Cybersecurity Infrastructure:
Strengthening IT security protocols, increasing system monitoring, and implementing advanced threat detection software.
- Data Backup and Redundancy:
Establishing more frequent and secure backup procedures, ensuring critical data is stored in multiple locations.
- Employee Training and Awareness:
Conducting regular cybersecurity training for employees to recognise and prevent potential threats.
- Strategic Investment in IT Security:
Allocating resources to enhance data protection and business continuity planning.

Despite these challenges, Peter James Homes Ltd remains committed to financial transparency and operational resilience. By addressing the vulnerabilities exposed by this incident, the Company is now stronger and better prepared for future risks.


Peter James Homes Limited (Registered number: 08378877)

Strategic Report
for the year ended 31 December 2024

REVIEW OF BUSINESS
Peter James Homes Ltd remains committed to delivering high-quality residential developments, maintaining its strong reputation in the UK housing market. Despite a challenging economic environment, the company continued to progress with its development pipeline while adapting to market conditions.

Financial Performance
Revenue: Sales for the year totalled £11.6 million, reflecting steady demand for the company’s high-quality homes.

Profitability: The company reported a loss of £262k, primarily due to rising construction costs, supply chain challenges, and market conditions affecting pricing and sales rates.

Stock Position: At the year-end, stock was held at £13.7 million (cost), ensuring a strong development pipeline for future sales.

Cash Flow & Investment: The company maintained a stable financial position, continuing to invest in land and future developments despite short-term profitability pressures.

Operational Highlights
Project Completions: Key developments were successfully completed and delivered to buyers, demonstrating the company’s ability to execute projects efficiently.

Land & Development Pipeline: Strategic land acquisitions and planning progress secured future development opportunities, strengthening the business’s long-term outlook.

Sustainability & Innovation: The company continued to invest in energy-efficient housing and modern construction methods to align with environmental regulations and buyer expectations.

Market Conditions & Challenges
Housing Demand: While demand for new homes remained steady, affordability concerns, driven by higher mortgage rates and cost-of-living pressures, affected buyer confidence.

Cost & Supply Chain Management: Rising material and labour costs, coupled with supply chain disruptions, impacted project margins. The company implemented tighter cost controls and procurement strategies to mitigate these pressures.

Regulatory Compliance: Compliance with evolving building regulations and environmental standards remained a priority, ensuring that all developments meet high-quality and sustainability benchmarks.

Future Outlook
Looking ahead, Peter James Homes Ltd remains focused on:

Enhancing Profitability – Improving cost efficiencies and project management to strengthen margins.

Expanding Development Pipeline – Continuing strategic land acquisitions to support future growth.

Meeting Market Demand – Adapting to changing buyer trends by offering high-quality, energy-efficient homes in desirable locations.

Sustainability & Innovation – Further investment in sustainable building methods and technology to enhance long-term business resilience.

Despite industry-wide challenges, Peter James Homes Ltd remains well-positioned for future growth and confident in its ability to generate long-term value for stakeholders.


Peter James Homes Limited (Registered number: 08378877)

Strategic Report
for the year ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Peter James Homes Ltd operates in a dynamic market influenced by economic conditions, regulatory changes, and industry-specific risks. The Board actively monitors risks and implements mitigation strategies to ensure long-term resilience and business sustainability.

1. Market and Economic Risks
Housing Market Conditions – Demand for new homes is influenced by economic factors, including interest rates, mortgage availability, and consumer confidence. A slowdown in the property market could impact sales and pricing.

Inflation and Cost Pressures – Rising material and labour costs have affected profitability. The company continues to focus on cost control, supply chain management, and value engineering to mitigate margin pressures.

2. Financial Risks
Profitability and Cash Flow – The company reported a loss of £282k for the year, highlighting the need for careful financial management. Future losses or liquidity constraints could affect operations and investment plans.

Stock Management – At year-end, stock was valued at £13.7 million at cost. Managing stock levels efficiently is critical to ensure smooth cash flow and avoid excess capital being tied up in unsold developments.

Access to Funding – The availability and cost of financing for land acquisition and development remain key risks. The company maintains strong banking relationships and explores alternative funding options where necessary.

3. Construction and Supply Chain Risks
Material Shortages and Price Volatility – Ongoing supply chain disruptions could impact project timelines and costs. The company actively engages with suppliers and contractors to secure materials and negotiate stable pricing.

Labour Availability – Skilled labour shortages in the construction sector could lead to project delays and increased costs. Investment in workforce planning and contractor relationships helps to mitigate this risk.

4. Regulatory and Compliance Risks
Planning and Development Regulations – Changes in planning policies or delays in obtaining approvals could impact the company’s ability to deliver projects on time. The company works closely with local authorities to manage planning risks.

Environmental and Sustainability Requirements – Stricter regulations on energy efficiency, carbon emissions, and building materials could increase development costs. The company continues to invest in sustainable construction practices to ensure compliance.

5. Cybersecurity and IT Risks
Data Security and System Reliability – The increasing reliance on digital systems exposes the company to cybersecurity threats. Measures are in place to enhance IT security, data protection, and business continuity planning.

Risk Mitigation and Strategic Response
The Board takes a proactive approach to risk management by:

Conducting regular financial and operational reviews.

Strengthening relationships with suppliers and contractors to ensure supply chain stability.

Implementing robust cost controls and financial planning to manage economic uncertainties.

Adopting sustainable construction methods to align with evolving regulatory requirements.

Investing in technology and security measures to protect business operations.

While the company faces challenges in the current economic climate, its proactive risk management strategies and commitment to quality and sustainability position it well for long-term success.

Peter James Homes Limited (Registered number: 08378877)

Strategic Report
for the year ended 31 December 2024


STRATEGY
The company continues to keep customer satisfaction as a main priority. The improvement to efficiency, pursuing excellence, delivering projects safely and efficiently is key to achieving this.

We continue to invest in the business when appropriate, and to identify and invest in developments when opportunities arise.

ON BEHALF OF THE BOARD:





J J McCann - Director


31 July 2025

Peter James Homes Limited (Registered number: 08378877)

Report of the Directors
for the year ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of house building and property developers.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J J McCann
S D F Gardiner

POLITICAL DONATIONS AND EXPENDITURE
All donations made during the year were non-political charitable donations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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 company's auditors are aware of that information.

AUDITORS
The auditors, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J J McCann - Director


31 July 2025

Report of the Independent Auditors to the Members of
Peter James Homes Limited

Opinion
We have audited the financial statements of Peter James Homes Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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.

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

Report of the Independent Auditors to the Members of
Peter James Homes Limited


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

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, 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 Statement of Directors' Responsibilities set out on page six, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

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
Peter James Homes 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.




Doug Perry FCA (Senior Statutory Auditor)
for and on behalf of Clayton & Brewill
Statutory Auditors and
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

31 July 2025

Peter James Homes Limited (Registered number: 08378877)

Statement of Comprehensive
Income
for the year ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 11,652,895 15,160,132

Cost of sales 10,904,636 14,067,067
GROSS PROFIT 748,259 1,093,065

Administrative expenses 746,059 966,723
2,200 126,342

Other operating income 105,647 47,167
OPERATING PROFIT 5 107,847 173,509

Interest receivable and similar income 18,499 10,459
126,346 183,968
Gain/loss on revaluation of investment
property

-

160,865
126,346 344,833

Interest payable and similar expenses 6 388,966 751,554
LOSS BEFORE TAXATION (262,620 ) (406,721 )

Tax on loss 7 (123,763 ) -
LOSS FOR THE FINANCIAL YEAR (138,857 ) (406,721 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(138,857

)

(406,721

)

Peter James Homes Limited (Registered number: 08378877)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 628 837
Investment property 9 - 2,885,000
628 2,885,837

CURRENT ASSETS
Stocks 10 13,673,491 16,311,971
Debtors 11 2,900,867 133,253
Cash at bank 1,720,803 203,321
18,295,161 16,648,545
CREDITORS
Amounts falling due within one year 12 16,725,770 17,825,506
NET CURRENT ASSETS/(LIABILITIES) 1,569,391 (1,176,961 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,570,019

1,708,876

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 16 1,569,919 1,708,776
SHAREHOLDERS' FUNDS 1,570,019 1,708,876

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2025 and were signed on its behalf by:





J J McCann - Director


Peter James Homes Limited (Registered number: 08378877)

Statement of Changes in Equity
for the year ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 100 2,115,497 2,115,597

Changes in equity
Total comprehensive income - (406,721 ) (406,721 )
Balance at 31 December 2023 100 1,708,776 1,708,876

Changes in equity
Total comprehensive income - (138,857 ) (138,857 )
Balance at 31 December 2024 100 1,569,919 1,570,019

Peter James Homes Limited (Registered number: 08378877)

Notes to the Financial Statements
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Peter James Homes 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 Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

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.

Turnover
Turnover is recognised at legal completion in respect of the total proceeds of building and development. An appropriate proportion of turnover from construction contracts is recognised by reference to the stage of completion of contract activity. Turnover is measured at the fair value of consideration received or receivable and represents the amounts receivable for the property, net of discounts and VAT. The sale proceeds of part-exchange properties are not included in turnover.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% reducing balance
Fixtures and fittings - 33% on cost and 20% 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.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Peter James Homes Limited (Registered number: 08378877)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 603,478 645,203
Social security costs 75,387 77,167
Other pension costs 10,113 10,163
688,978 732,533

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

Admin 8 9
Director 1 1
9 10

2024 2023
£    £   
Directors' remuneration 165,000 167,043
Directors' pension contributions to money purchase schemes 1,321 1,321

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Equipment Hire 172,115 202,896
Depreciation - owned assets 209 304
Auditors' remuneration 15,750 13,900

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 163 269
Bank loan interest 388,803 751,130
HMRC interest - 155
388,966 751,554

7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
Prior year (123,763 ) -
Tax on loss (123,763 ) -

Peter James Homes Limited (Registered number: 08378877)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

7. TAXATION - continued

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

2024 2023
£    £   
Loss before tax (262,620 ) (406,721 )
Loss multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 25%)

(65,655

)

(101,680

)

Effects of:
Expenses not deductible for tax purposes 1,184 85
Depreciation in excess of capital allowances 52 76
Utilisation of tax losses (31,036 ) -
Adjustments to tax charge in respect of previous periods (123,763 ) -
Group relief 95,455 45,499
Losses carried forward - 56,020
Total tax credit (123,763 ) -

8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 10,505 1,445 11,950
DEPRECIATION
At 1 January 2024 9,668 1,445 11,113
Charge for year 209 - 209
At 31 December 2024 9,877 1,445 11,322
NET BOOK VALUE
At 31 December 2024 628 - 628
At 31 December 2023 837 - 837

9. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024 2,885,000
Disposals (2,885,000 )
At 31 December 2024 -
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 2,885,000

Peter James Homes Limited (Registered number: 08378877)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

10. STOCKS
2024 2023
£    £   
Work-in-progress 13,673,491 16,311,971

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 11,568 23,268
Amounts owed by group undertakings 2,845,102 -
Other debtors 8,120 8,120
VAT 26,701 54,162
Prepayments and accrued income 9,376 47,703
2,900,867 133,253

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13)
1,681,728

4,738,383
Trade creditors 1,290,845 1,127,688
Amounts owed to group undertakings 13,312,237 11,279,121
Tax - 123,763
Social security and other taxes 20,617 21,860
Other creditors 73,184 18,535
Accrued expenses 347,159 516,156
16,725,770 17,825,506

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 486 -
Bank loans 1,681,242 4,738,383
1,681,728 4,738,383

14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,681,242 4,738,383

On 26th June 2018 a debenture with United Trust Bank Limited was created, placing a fixed and floating charge over the land off The Garage, Drovers Way, Ambergate, Belper, DE56 2EZ.

On 5th February 2021 a debenture with United Trust Bank Limited was created, placing a fixed and floating charge over the land off Bullbridge Hill, Ambergate, DE26 2EW.

On 22nd September 2022 a debenture with United Trust Bank Limited was created, placing a fixed and floating charge over the land known as Coventry Lane, Bramcote, Nottingham, NG9 3GJ.

Peter James Homes Limited (Registered number: 08378877)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

15. CALLED UP SHARE CAPITAL

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

16. RESERVES
Retained
earnings
£   

At 1 January 2024 1,708,776
Deficit for the year (138,857 )
At 31 December 2024 1,569,919

17. ULTIMATE PARENT COMPANY

McCann Holdings Limited is regarded by the directors as being the company's ultimate parent company.

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J J McCann.