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REGISTERED NUMBER: 12467881 (England and Wales)

















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

Shropshire Homes Group Limited

Shropshire Homes Group Limited (Registered number: 12467881)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 8

Consolidated Income Statement 12

Consolidated Other Comprehensive Income 13

Consolidated Balance Sheet 14

Company Balance Sheet 16

Consolidated Statement of Changes in Equity 17

Company Statement of Changes in Equity 18

Consolidated Cash Flow Statement 19

Notes to the Consolidated Cash Flow Statement 20

Notes to the Consolidated Financial Statements 22


Shropshire Homes Group Limited

Company Information
for the year ended 31 December 2024







DIRECTORS: R C F Bowler
G S Rogers
R W Shackleton
H T Thorne





REGISTERED OFFICE: The Old Workhouse
Cross Houses
SHREWSBURY
Shropshire
SY5 6JH





REGISTERED NUMBER: 12467881 (England and Wales)





AUDITORS: WR Partners
Chartered Accountants and Statutory Auditor
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

Shropshire Homes Group Limited (Registered number: 12467881)

Group Strategic Report
for the year ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS
Although showing signs of improvement the housing market continued to be subdued in 2024 as a result of continued high interest rates and economic and political uncertainty. However the Group increased sales by 17% to £50.5 million.

Profits were impacted by increased production costs and flat selling prices which squeezed margins. Despite higher revenues trading profits only increased slightly to £3.23m

The number of completions was 150 and the average selling price was £323,300 an increase from £306,980 in 2023 was as result of changes in the mix of dwellings sold.

The Group carried 30 reservations forward to 2025.

Key Performance Indicators ("KPIs")
2024 2023
Revenue £50.5m £43.6m
Pre Tax Profit £924k £789k

Plots Sold 150 142
Average Selling Price (£   's) 323 307

PRINCIPAL RISKS AND UNCERTAINTIES
There are risks and uncertainties which could impact on the group's performance in the longer term. The board of directors have carried out a risk assessment to identify, manage and mitigate business risk.

SECTION 172(1) STATEMENT
The directors believe that they have effectively implemented their duties under section 172(1) of the Companies Act 2006. The Group has considered the long term strategy of the business and consider that this strategy will continue to deliver long term success to the business and it's stakeholders.

The Group is committed to maintaining an excellent reputation and strives to achieve high standards. We are highly selective about which contractors are used to deliver best value while maintaining an awareness of the environmental impact of the work undertaken and strive to reduce our carbon footprint.

The directors recognize the importance of wider stakeholders in delivering their strategy and achieving sustainability within the business. The main stakeholders in the Group are considered to be the employees, suppliers and customers. Their importance to the business is considered below.

In ensuring that all our stakeholders are considered as part of every decision process we believe we act fairly between all members of the Group.


Shropshire Homes Group Limited (Registered number: 12467881)

Group Strategic Report
for the year ended 31 December 2024

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The Group agrees terms and conditions for its business transactions with suppliers before orders are placed. Payments are then made in accordance with these obligations.

As a Group we believe it is important to pay our suppliers promptly and on time for the service they provide.The average time taken to pay invoices is 19 days which is significantly ahead of the industry norm.

The Group benefits from close relationships with a variety of suppliers and contractors, in which the Group has developed a high level of trust over the years. These relationships help the company to engineer cost effective solutions to individual project challenges for the mutual benefit of the supplier, customer and the Group.

BUSINESS DEVELOPMENT
Shropshire Homes Group Limited have identified profitable opportunities in working in partnership with other organisations, principally Registered Providers, to develop in appropriate locations. We have recruited an experienced leader in this field and plan to launch a specialist partnerships division, Shropshire Homes Partnerships, later this year

The Group has strengthened its senior management over recent years and has now recruited a strong technical and managerial team and invested in new software systems. This together with the strong land pipeline and our partnership business puts the Company in a strong position to move forward.

FUTURE BUSINESS PROSPECTS
The Group has experienced an upturn in demand in the first part of 2025 and we are confident that political stability, underlying demand for housing and falling interest rates will enable Shropshire Homes Group Limited to return to a profitable growth path in coming years.

We continued to experience very frustrating planning delays in 2024 although these are beginning to ease and we expect to receive consent for over 700 homes in the first half of 2025.

The new planning regime introduced by the Labour government should ensure that planning becomes less of an obstacle to growth than it has been in recent years.

We have been successful in replenishing our short and medium-term land bank and control sufficient land to generate around £500m of market sales. This will fuel growth over coming years and provides a great deal more certainty than many SME housebuilders

The directors continue to believe that underlying demand within the housing market will continue to generate a strong demand for new homes in the medium term and we are well positioned to benefit from this. We anticipate sales in the region of £100m in 2027.


Shropshire Homes Group Limited (Registered number: 12467881)

Group Strategic Report
for the year ended 31 December 2024

RESEARCH & DEVELOPMENT
To ensure Shropshire Homes Limited can continue to provide prestigious developments it is continually looking develop new processes and seeking to innovate with new solutions to improve it's existing processes. Historic R&D projects have included methodologies to reduce waste material transportation, develop gas venting solutions and provide retaining structures in restricted access locations, using our internal skilled workforce as well as external consultants with the relevant experience to assist in the design and delivery of these developments.

ON BEHALF OF THE BOARD:





R W Shackleton - Director


4 August 2025

Shropshire Homes Group Limited (Registered number: 12467881)

Report of the Directors
for the year ended 31 December 2024

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

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of a holding company.

DIVIDENDS
An interim dividend of 0.0375p per share on the Preference £1 shares was paid on 30 June 2024. The directors recommend a final dividend of 0.0375p per share, making a total of 0.075p per share for the year ended 31 December 2024.

No interim dividend was paid on the Ordinary A £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2024 will be £ 23,626 .

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

R C F Bowler
G S Rogers
R W Shackleton
H T Thorne

BUSINESS DEVELOPMENT
Shropshire Homes Group Limited have identified profitable opportunities in working in partnership with other organisations, principally Registered Providers, to develop in appropriate locations. We have recruited an experienced leader in this field and plan to launch a specialist partnerships division, Shropshire Homes Partnerships, later this year.

The Group has strengthened its senior management over recent years and has now recruited a strong technical and managerial team and invested in new software systems. This together with the strong land pipeline and our partnership business puts the Group in a strong position to move forward.

STREAMLINED ENERGY AND CARBON REPORTING
In accordance with SECR requirements, this provides a summary of GHG emissions and energy data for Shropshire Homes Limited during the reporting year 1st January 2023 to 31st December 2023.

Element 2023 (tCO2e) 2022 (tCO2e)
Direct emissions (Scope 1) - LPG, refrigerant gases
and company car fuel

98

93
Indirect emissions (Scope 2) - from purchased
electricity

40

40

Indirect emissions (Scope 2) - from purchased gas 31 43


Total (tCO2e ) Scope 1 & 2
Gross total emissions 169 176

Shropshire Homes Group Limited (Registered number: 12467881)

Report of the Directors
for the year ended 31 December 2024

Carbon offsetting purchased - -
Net total emissions 169 176


Tonnes CO2e per £100,000 sales revenue 0.3938 0.3533

Total (kWh) Scope 2 2023 (kWh) 2022 (kWh)
Total consumption 341,028 404,246

DISCLOSURE IN THE STRATEGIC REPORT
Information on the future developments of the business, employee communication and financial risk management is shown in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Shropshire Homes Group Limited (Registered number: 12467881)

Report of the Directors
for the year ended 31 December 2024


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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





R W Shackleton - Director


4 August 2025

Report of the Independent Auditors to the Members of
Shropshire Homes Group Limited

Opinion
We have audited the financial statements of Shropshire Homes Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, 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 31 December 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

Report of the Independent Auditors to the Members of
Shropshire Homes Group Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group Strategic Report and the Report of the Directors 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 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 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 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Shropshire Homes Group 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:

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognize non-compliance with applicable laws and regulations; and
- we identified the laws and regulations applicable to the company through discussion with directors and other senior management, and from our commercial knowledge and experience of the housing development sector; and
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection and employment; and
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships.
- tested journal entries to identify unusual transactions.
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation.
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.


Report of the Independent Auditors to the Members of
Shropshire Homes Group Limited

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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.

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.




H M Pierce (Senior Statutory Auditor)
for and on behalf of WR Partners
Chartered Accountants and Statutory Auditor
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

4 August 2025

Shropshire Homes Group Limited (Registered number: 12467881)

Consolidated
Income Statement
for the year ended 31 December 2024

2024 2023
Notes £    £   

REVENUE 3 50,509,604 43,599,998

Cost of sales 42,388,422 35,253,040
GROSS PROFIT 8,121,182 8,346,958

Administrative expenses 5,845,567 6,094,937
OPERATING PROFIT 5 2,275,615 2,252,021

Interest receivable and similar income 8,381 5,290
2,283,996 2,257,311

Interest payable and similar expenses 7 1,359,982 1,468,762
PROFIT BEFORE TAXATION 924,014 788,549

Tax on profit 8 868,232 318,346
PROFIT FOR THE FINANCIAL YEAR 55,782 470,203
Profit attributable to:
Owners of the parent 55,782 470,203

Shropshire Homes Group Limited (Registered number: 12467881)

Consolidated
Other Comprehensive Income
for the year ended 31 December 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 55,782 470,203


OTHER COMPREHENSIVE INCOME
Property Revaluation - 275,920
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

275,920
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

55,782

746,123

Total comprehensive income attributable to:
Owners of the parent 55,782 746,123

Shropshire Homes Group Limited (Registered number: 12467881)

Consolidated Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 3,600 1,847,986
Property, plant and equipment 12 836,526 943,113
Investments 13 - -
840,126 2,791,099

CURRENT ASSETS
Inventories 14 32,273,099 35,757,856
Debtors 15 690,686 2,514,450
Cash at bank and in hand 64,266 40,996
33,028,051 38,313,302
CREDITORS
Amounts falling due within one year 16 15,528,767 18,685,174
NET CURRENT ASSETS 17,499,284 19,628,128
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,339,410

22,419,227

CREDITORS
Amounts falling due after more than
one year

17

(2,204,374

)

(6,298,665

)

PROVISIONS FOR LIABILITIES 21 (82,882 ) (100,564 )
NET ASSETS 16,052,154 16,019,998

Shropshire Homes Group Limited (Registered number: 12467881)

Consolidated Balance Sheet - continued
31 December 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 22 322,332 322,332
Share premium 23 8,231,132 8,231,132
Revaluation reserve 23 264,882 270,401
Retained earnings 23 7,233,808 7,196,133
SHAREHOLDERS' FUNDS 16,052,154 16,019,998


The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2025 and were signed on its behalf by:





R W Shackleton - Director


Shropshire Homes Group Limited (Registered number: 12467881)

Company Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Property, plant and equipment 12 - -
Investments 13 26,632,624 26,632,624
26,632,624 26,632,624

CURRENT ASSETS
Debtors 15 371,671 374,316
Cash at bank 21,083 23,250
392,754 397,566
CREDITORS
Amounts falling due within one year 16 3,359,764 25,849
NET CURRENT (LIABILITIES)/ASSETS (2,967,010 ) 371,717
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,665,614

27,004,341

CREDITORS
Amounts falling due after more than
one year

17

2,200,220

6,286,202
NET ASSETS 21,465,394 20,718,139

CAPITAL AND RESERVES
Called up share capital 22 322,332 322,332
Share premium 23 8,231,132 8,231,132
Retained earnings 23 12,911,930 12,164,675
SHAREHOLDERS' FUNDS 21,465,394 20,718,139

Company's profit for the financial year 770,881 936,594

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2025 and were signed on its behalf by:



R W Shackleton - Director


Shropshire Homes Group Limited (Registered number: 12467881)

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

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2023 322,519 6,951,961 8,441,284 - 15,715,764

Changes in equity
Reduction in share capital (187 ) (207,924 ) (210,152 ) - (418,263 )
Dividends - (23,626 ) - - (23,626 )
Total comprehensive income - 475,722 - 270,401 746,123
Balance at 31 December 2023 322,332 7,196,133 8,231,132 270,401 16,019,998

Changes in equity
Dividends - (23,626 ) - - (23,626 )
Total comprehensive income - 61,301 - (5,519 ) 55,782
Balance at 31 December 2024 322,332 7,233,808 8,231,132 264,882 16,052,154

Shropshire Homes Group Limited (Registered number: 12467881)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2023 322,519 11,459,631 8,441,284 20,223,434

Changes in equity
Reduction in share capital (187 ) (207,924 ) (210,152 ) (418,263 )
Dividends - (23,626 ) - (23,626 )
Total comprehensive income - 936,594 - 936,594
Balance at 31 December 2023 322,332 12,164,675 8,231,132 20,718,139

Changes in equity
Dividends - (23,626 ) - (23,626 )
Total comprehensive income - 770,881 - 770,881
Balance at 31 December 2024 322,332 12,911,930 8,231,132 21,465,394

Shropshire Homes Group Limited (Registered number: 12467881)

Consolidated Cash Flow Statement
for the year ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 9,099,899 (8,697,315 )
Interest paid (1,358,992 ) (1,467,772 )
Interest element of hire purchase
payments paid

(990

)

(990

)
Tax paid (393,904 ) (495,470 )
Net cash from operating activities 7,346,013 (10,661,547 )

Cash flows from investing activities
Purchase of intangible fixed assets (3,600 ) -
Purchase of tangible fixed assets (56,849 ) (43,819 )
Sale of tangible fixed assets 22,178 24,297
Interest received 8,381 5,290
Net cash from investing activities (29,890 ) (14,232 )

Cash flows from financing activities
New loans in year - 11,500,000
Loan repayments in year (11,500,000 ) -
Capital repayments in year (8,308 ) (8,310 )
Amount introduced by directors 3,335,982 413,472
Amount withdrawn by directors (52,901 ) (373,925 )
Cancellation of shares - (187 )
Share buyback - (210,024 )
Share premium - (210,152 )
Equity dividends paid (23,626 ) (23,626 )
Net cash from financing activities (8,248,853 ) 11,087,248

(Decrease)/increase in cash and cash equivalents (932,730 ) 411,469
Cash and cash equivalents at beginning
of year

2

(417,500

)

(828,969

)

Cash and cash equivalents at end of
year

2

(1,350,230

)

(417,500

)

Shropshire Homes Group Limited (Registered number: 12467881)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 924,014 788,549
Depreciation charges 1,994,406 2,029,054
Profit on disposal of fixed assets (5,162 ) (7,047 )
Finance costs 1,359,982 1,468,762
Finance income (8,381 ) (5,290 )
4,264,859 4,274,028
Decrease/(increase) in inventories 3,484,757 (8,824,610 )
Decrease/(increase) in trade and other debtors 1,784,702 (1,396,767 )
Decrease in trade and other creditors (434,419 ) (2,749,966 )
Cash generated from operations 9,099,899 (8,697,315 )

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 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 64,266 40,996
Bank overdrafts (1,414,496 ) (458,496 )
(1,350,230 ) (417,500 )
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 40,996 30,619
Bank overdrafts (458,496 ) (859,588 )
(417,500 ) (828,969 )


Shropshire Homes Group Limited (Registered number: 12467881)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 December 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 40,996 23,270 64,266
Bank overdrafts (458,496 ) (956,000 ) (1,414,496 )
(417,500 ) (932,730 ) (1,350,230 )
Debt
Finance leases (20,771 ) 8,308 (12,463 )
Debts falling due within 1 year (12,500,000 ) 11,500,000 (1,000,000 )
(12,520,771 ) 11,508,308 (1,012,463 )
Total (12,938,271 ) 10,575,578 (2,362,693 )

Shropshire Homes Group Limited (Registered number: 12467881)

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

1. STATUTORY INFORMATION

Shropshire Homes Group 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.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Fixed assets are assessed at each reporting date to determine whether there is any indication of impairment. Gains or losses on impairment are recognised though a revaluation reserve on the balance sheet.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Shropshire Homes Group Limited (Registered number: 12467881)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit and loss.
Financial assets are derecognised when (a) a contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party.

Basic financial liabilities including trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Shropshire Homes Group Limited (Registered number: 12467881)

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

3. REVENUE

The revenue and profit before taxation are attributable to the principal activities of the group.

An analysis of revenue by class of business is given below:

2024 2023
£    £   
House sales 50,489,994 43,588,436
Service charges 19,610 11,562
50,509,604 43,599,998

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,498,031 2,547,182
Social security costs 307,990 328,206
Other pension costs 72,330 51,394
2,878,351 2,926,782

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

Production staff 63 62
Administrative staff 49 53
112 115

The average number of employees by undertakings that were proportionately consolidated during the year was 112 (2023 - 115 ) .

2024 2023
£    £   
Directors' remuneration 818,885 851,039

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 202,493 234,214

Shropshire Homes Group Limited (Registered number: 12467881)

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

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 146,420 181,071
Profit on disposal of fixed assets (5,162 ) (7,047 )
Goodwill amortisation 1,847,986 1,847,983

6. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors and their associates for
the audit of the company's financial statements

20,833

22,434

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 708,623 815,994
Other interest 83,334 64,694
Interest payable 125,813 95,365
Loan interest payable 441,222 491,719
Hire purchase interest 990 990
1,359,982 1,468,762

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 986,646 262,188
Tax refunds (100,732 ) -
Total current tax 885,914 262,188

Deferred tax (17,682 ) 56,158
Tax on profit 868,232 318,346

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2024.

Shropshire Homes Group Limited (Registered number: 12467881)

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

8. TAXATION - continued

2023
Gross Tax Net
£    £    £   
Property Revaluation 275,920 - 275,920

9. 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.


10. DIVIDENDS
2024 2023
£    £   
Preference shares of £1 each
Final 11,813 11,813
Interim 11,813 11,813
23,626 23,626

11. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 January 2024 9,239,919 5,500 9,245,419
Additions - 3,600 3,600
At 31 December 2024 9,239,919 9,100 9,249,019
AMORTISATION
At 1 January 2024 7,391,933 5,500 7,397,433
Amortisation for year 1,847,986 - 1,847,986
At 31 December 2024 9,239,919 5,500 9,245,419
NET BOOK VALUE
At 31 December 2024 - 3,600 3,600
At 31 December 2023 1,847,986 - 1,847,986

Goodwill has been acquired on consolidation. The carrying amount as at 31 December 2024 is £Nil (2023: £1,847,986).

Shropshire Homes Group Limited (Registered number: 12467881)

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

12. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2024 894,210 274,236 237,150 372,932 1,778,528
Additions - - 17,150 39,699 56,849
Disposals - - - (46,575 ) (46,575 )
Reclassification/transfer - - - 28,090 28,090
At 31 December 2024 894,210 274,236 254,300 394,146 1,816,892
DEPRECIATION
At 1 January 2024 220,597 237,267 150,202 227,349 835,415
Charge for year 17,884 17,266 38,636 72,634 146,420
Eliminated on disposal - - - (29,559 ) (29,559 )
Reclassification/transfer - - - 28,090 28,090
At 31 December 2024 238,481 254,533 188,838 298,514 980,366
NET BOOK VALUE
At 31 December 2024 655,729 19,703 65,462 95,632 836,526
At 31 December 2023 673,613 36,969 86,948 145,583 943,113

Cost or valuation at 31 December 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2005 175,351 - - - 175,351
Valuation in 2008 4,450 - - - 4,450
Valuation in 2013 38,024 - - - 38,024
Valuation in 2024 275,920 - - - 275,920
Cost 400,465 274,236 254,300 394,146 1,323,147
894,210 274,236 254,300 394,146 1,816,892

Shropshire Homes Group Limited (Registered number: 12467881)

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

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 26,632,624
NET BOOK VALUE
At 31 December 2024 26,632,624
At 31 December 2023 26,632,624

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

Subsidiaries

Shropshire Homes Limited
Registered office: The Old Workhouse, Cross Houses, Shrewsbury, Shropshire, SY5 6JH
Nature of business: Housing developer
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 21,274,637 20,129,065
Profit for the year 2,360,419 2,826,443

Shropshire Homes Management Services Limited
Registered office: The Old Workhouse, Cross Houses, Shrewsbury, Shropshire, SY5 6JH
Nature of business: Property services
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (55,254 ) (42,568 )
Loss for the year (12,686 ) (11,243 )


Shropshire Homes Group Limited (Registered number: 12467881)

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

14. STOCKS

Group
2024 2023
£    £   
Work-in-progress 32,273,099 35,757,856

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 166,558 377,566 - -
Amounts owed by group undertakings - - 371,671 374,316
Other debtors 102,552 131,613 - -
Directors' loan accounts 60,620 60,620 - -
Tax - 39,062 - -
VAT 160,863 1,657,911 - -
Prepayments and accrued income 200,093 247,678 - -
690,686 2,514,450 371,671 374,316

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 2,414,496 12,958,496 - -
Hire purchase contracts (see note 19) 8,309 8,308 - -
Trade creditors 2,150,604 2,425,525 - -
Amounts owed to group undertakings - - 100 100
Tax 452,948 - - -
Social security and other taxes 377,859 404,020 - -
Other creditors 474,854 416,241 99 99
Directors' loan accounts 4,605,884 1,322,803 3,335,982 -
Accruals and deferred income 5,043,813 1,149,781 23,583 25,650
15,528,767 18,685,174 3,359,764 25,849

Shropshire Homes Group Limited (Registered number: 12467881)

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

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 19) 4,154 12,463 - -
Other creditors 2,200,220 6,286,202 2,200,220 6,286,202
2,204,374 6,298,665 2,200,220 6,286,202

18. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,414,496 458,496
Bank loans 1,000,000 12,500,000
2,414,496 12,958,496

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 8,309 8,308
Between one and five years 4,154 12,463
12,463 20,771

Shropshire Homes Group Limited (Registered number: 12467881)

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

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank overdrafts 1,414,496 458,496
Bank loans 1,000,000 12,500,000
2,414,496 12,958,496

The bank loans, overdraft and director's accounts are secured by charges over the company's assets.

21. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 13,902 31,584
Other timing differences 68,980 68,980
82,882 100,564

Group
Deferred
tax
£   
Balance at 1 January 2024 100,564
Provided during year (17,682 )
Balance at 31 December 2024 82,882

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
7,332 Ordinary A £1 7,332 7,332
315,000 Preference £1 315,000 315,000
322,332 322,332

Shropshire Homes Group Limited (Registered number: 12467881)

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

23. RESERVES

Group
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 January 2024 7,196,133 8,231,132 270,401 15,697,666
Profit for the year 55,782 55,782
Dividends (23,626 ) (23,626 )
Other movements 5,519 - (5,519 ) -
At 31 December 2024 7,233,808 8,231,132 264,882 15,729,822

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2024 12,164,675 8,231,132 20,395,807
Profit for the year 770,881 770,881
Dividends (23,626 ) (23,626 )
At 31 December 2024 12,911,930 8,231,132 21,143,062


24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year loan notes payable to Mr H T Thorne, a director of the company, were cancelled and replaced by a directors loan account.

25. RELATED PARTY DISCLOSURES

Included in creditors falling due within one year are amounts totalling £341,956 (2023 £341,956) owing to Mrs M A Thorne, wife of Mr H T Thorne a company director. During the year interest totalling £30,638 (2023 £25,596) was paid to Mrs Thorne on the outstanding balance.