| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Shropshire Homes Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Shropshire Homes Limited |
| Shropshire Homes Limited (Registered number: 01567991) |
| Contents of the Financial Statements |
| for the year ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 7 |
| Statement of Comprehensive Income | 11 |
| Statement of Financial Position | 12 |
| Statement of Changes in Equity | 14 |
| Notes to the Financial Statements | 15 |
| Shropshire Homes Limited |
| Company Information |
| for the year ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditor |
| Belmont House |
| Shrewsbury Business Park |
| Shrewsbury |
| Shropshire |
| SY2 6LG |
| BANKERS: |
| 44-46 Castle Street |
| Shrewsbury |
| Shropshire |
| SY1 2BU |
| Shropshire Homes Limited (Registered number: 01567991) |
| Strategic Report |
| for the year ended 31 December 2024 |
| The directors present their strategic report 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 Company 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 profits only increase 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 Company carried 30 reservations forward to 2025 |
| Key Performance Indicators ("KPIs") |
| 2024 | 2023 |
| Revenue | £50.49m | £43.06m |
| Pre Tax Profit | £3.23m | £3.14m |
| Plots Sold | 150 | 142 |
| Average Selling Price (£ 's) | 323 | 307 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| There are risks and uncertainties which could impact on the company'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 Company 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 Company 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 Company 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 Company. |
| Shropshire Homes Limited (Registered number: 01567991) |
| Strategic Report |
| for the year ended 31 December 2024 |
| ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
| The Company 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 Company 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 Company benefits from close relationships with a variety of suppliers and contractors, in which the Company 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 Shropshire Homes Limited. |
| STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS |
| The company is not required to make any disclosure. |
| BUSINESS DEVELOPMENTS |
| Shropshire Homes 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 Company 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 Company 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 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 Limited (Registered number: 01567991) |
| Strategic Report |
| for the year ended 31 December 2024 |
| RESEARCH AND 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: |
| Shropshire Homes Limited (Registered number: 01567991) |
| 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 housing developers. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31 December 2024 will be £ |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| 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 2024 to 31st December 2024. |
| Element | 2024 (CO2e) | 2023 (tCO2e) |
| Direct emissions (Scope 1) - LPG, refrigerant gases and company car fuel |
86 |
98 |
| Indirect emissions (Scope 2) - from purchased electricity |
34 |
40 |
| Indirect emissions (Scope 2) - from purchased gas | 38 | 31 |
| Total (tCO2e ) Scope 1 & 2 |
| Gross total emissions | 157 | 169 |
| Carbon offsetting purchased | - | - |
| Net total emissions | 157 | 169 |
| Tonnes CO2e per £100,000 sales revenue | 0.3101 | 0.3938 |
| Total (kWh) Scope 2 | 2023 (kWh) | 2023 (kWh) |
| Total consumption | 350,122 | 341,028 |
| DISCLOSURE IN THE STRATEGIC REPORT |
| Information where required is set out in the Strategic Report in accordance with s.414C(11) CA 2006. |
| Shropshire Homes Limited (Registered number: 01567991) |
| Report of the Directors |
| for the year ended 31 December 2024 |
| 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; |
| - | 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 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. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Shropshire Homes Limited |
| Opinion |
| We have audited the financial statements of Shropshire Homes Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, 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 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 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. |
| Report of the Independent Auditors to the Members of |
| Shropshire Homes 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 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. |
| 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. |
| Report of the Independent Auditors to the Members of |
| Shropshire Homes 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: |
| The extent to which the audit was considered capable of detecting irregularities including fraud. |
| 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 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. |
| for and on behalf of |
| Chartered Accountants and Statutory Auditor |
| Belmont House |
| Shrewsbury Business Park |
| Shrewsbury |
| Shropshire |
| SY2 6LG |
| Shropshire Homes Limited (Registered number: 01567991) |
| Statement of Comprehensive |
| Income |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| REVENUE | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 4,112,085 | 4,100,722 |
| Other operating income | 4 |
| OPERATING PROFIT | 6 |
| Interest receivable and similar income |
| 4,146,511 | 4,121,832 |
| Interest payable and similar expenses | 8 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 9 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME |
| Property revaluation |
| Income tax relating to other comprehensive income |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Shropshire Homes Limited (Registered number: 01567991) |
| Statement of Financial Position |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Property, plant and equipment | 12 |
| CURRENT ASSETS |
| Inventories | 13 |
| Debtors | 14 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Share premium | 22 |
| Revaluation reserve | 22 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| Shropshire Homes Limited (Registered number: 01567991) |
| Statement of Financial Position - continued |
| 31 December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Shropshire Homes Limited (Registered number: 01567991) |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - | ( |
) |
| Balance at 31 December 2024 |
| Shropshire Homes Limited (Registered number: 01567991) |
| Notes to the Financial Statements |
| for the year ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Shropshire Homes Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| Significant judgements and estimates |
| There are no judgements, apart from those involving estimations, made in the process of applying the entity's accounting policies that would have a significant effect on the amounts recognised in the financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on completion of the contract or on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of th transactions can be measured reliably. |
| 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. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Freehold property is valued annually by the directors. |
| Shropshire Homes Limited (Registered number: 01567991) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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 Statement of Comprehensive Income, 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 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. |
| Shropshire Homes Limited (Registered number: 01567991) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Government grants |
| A grant receivable as compensation for costs already incurred or for immediate financial support, with no future related costs are recognised as income in the period in which it is receivable. |
| 3. | REVENUE |
| The revenue and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of revenue by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| 4. | OTHER OPERATING INCOME |
| 2024 | 2023 |
| £ | £ |
| Management recharges |
| 5. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Production staff | 63 | 62 |
| Administrative staff | 49 | 53 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Shropshire Homes Limited (Registered number: 01567991) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 5. | EMPLOYEES AND DIRECTORS - continued |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| 7. | AUDITORS' REMUNERATION |
| 2024 | 2023 |
| £ | £ |
| Fees payable to the company's auditors and their associates for the audit of the company's financial statements |
16,534 |
17,193 |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest |
| Other interest |
| Interest payable |
| Hire purchase interest |
| Shropshire Homes Limited (Registered number: 01567991) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 9. | 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 |
| Tax refunds | (100,732 | ) | - |
| Total current tax |
| Deferred tax | ( |
) |
| Tax on profit |
| 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 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes | ( |
) |
| Depreciation in excess of capital allowances |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| Land remediation enhanced expenditure | (135,056 | ) | (13,888 | ) |
| Research and development relief | - | (300,000 | ) |
| Group relief | (114,838 | ) | (119,053 | ) |
| Deferred tax on property revaluation | - | 68,980 |
| Total tax charge | 867,332 | 318,346 |
| Tax effects relating to effects of other comprehensive income |
| There were no tax effects for the year ended 31 December 2024. |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Property revaluation | - | 275,920 |
| Shropshire Homes Limited (Registered number: 01567991) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 10. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Interim |
| 11. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 12. | PROPERTY, PLANT AND EQUIPMENT |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Reclassification/transfer |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Reclassification/transfer |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Shropshire Homes Limited (Registered number: 01567991) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 12. | PROPERTY, PLANT AND EQUIPMENT - continued |
| 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 |
| If The Old Workhouse, Cross House had not been revalued it would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 400,465 | 400,465 |
| Aggregate depreciation | 156,150 | 148,141 |
| Value of land in freehold land and buildings | 244,315 | 252,324 |
| The Old Workhorse, Cross House was valued on an open market basis on 31 December 2023 by the directors . |
| 13. | INVENTORIES |
| 2024 | 2023 |
| £ | £ |
| Work-in-progress |
| Shropshire Homes Limited (Registered number: 01567991) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Directors' loan accounts | 60,823 | 60,620 |
| Tax |
| VAT |
| Prepayments and accrued income |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 17) |
| Hire purchase contracts (see note 18) |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Directors' loan accounts | 1,270,105 | 1,322,803 |
| Accruals and deferred income |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 18) |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Bank loans |
| Shropshire Homes Limited (Registered number: 01567991) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| The bank loans, overdraft and director's accounts are secured by charges over the company's assets. |
| 20. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Other timing differences | 68,980 | 68,980 |
| 81,982 | 100,564 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Provided during year | ( |
) |
| Balance at 31 December 2024 |
| Shropshire Homes Limited (Registered number: 01567991) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 10,000 | 10,000 |
| 22. | RESERVES |
| Retained | Share | Revaluation |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 January 2024 | 20,119,065 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Other movements | 9,875 | - | (9,875 | ) | - |
| At 31 December 2024 | 21,264,637 |
| Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. |
| Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. |
| Profit and loss account - This reserve records retained earnings and accumulated losses. |
| 23. | ULTIMATE PARENT COMPANY |
| Shropshire Homes Group Limited is regarded by the directors as being the company's ultimate parent company. |
| The company is not under the control of any one individual party. |
| The address of the registered office of Shropshire Homes Group Limited is The Old Workhouse, The Chestnuts, Cross Houses, Shrewsbury, Shropshire, SY5 6JH. |
| A copy of the group accounts can be obtained from Companies House. |
| 24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| Included in creditors falling due within one year are amounts totalling £1,270105 (2023 £1,322,803) which are due to the directors of the company. During the year interest totalling £95,178 (2023 £90,246) was paid by the company to the directors on the outstanding balances. |
| Included in debtors falling due within one year are amounts totalling £60,823 (2023 £60,620) due from the directors of the company. During the year interest totalling £662 (2023 £286) was paid by the directors to the company on the outstanding balance. |
| Shropshire Homes Limited (Registered number: 01567991) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 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. |
| During the year dividends of £1,214,847 (2023 £1,433,607) were paid to Shropshire Homes Group Limited, the ultimate parent company. |
| At the year end Shropshire Homes Limited owed Shropshire Homes Group Limited £371,671 (2023 £374,316). No goods or services were provided to Shropshire Homes Group Limited during the year. |
| During the year Shropshire Homes Limited provided services and cash funding amounting to £49,439 (2023 £23,397) to Shropshire Homes Management Services Limited. At the year end £93,723 (2023 £67,872) was due from Shropshire Homes Management Services Limited. |