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REGISTERED NUMBER: 01567991 (England and Wales)

















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: H T Thorne
R C F Bowler
G S Rogers
R W Shackleton
A Sheldon
R Perrins


SECRETARY: H T Thorne


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


REGISTERED NUMBER: 01567991 (England and Wales)


SENIOR STATUTORY AUDITOR: H M Pierce


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


BANKERS: Barclays Bank Plc
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:





R W Shackleton - Director


4 August 2025

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 £ 1,214,847 .

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

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

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:





R W Shackleton - Director


4 August 2025

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.




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 Limited (Registered number: 01567991)

Statement of Comprehensive
Income
for the year ended 31 December 2024

2024 2023
Notes £    £   

REVENUE 3 50,489,994 43,588,436

Cost of sales 42,388,422 35,253,040
GROSS PROFIT 8,101,572 8,335,396

Administrative expenses 3,989,487 4,234,674
4,112,085 4,100,722

Other operating income 4 26,045 15,820
OPERATING PROFIT 6 4,138,130 4,116,542

Interest receivable and similar income 8,381 5,290
4,146,511 4,121,832

Interest payable and similar expenses 8 918,760 977,043
PROFIT BEFORE TAXATION 3,227,751 3,144,789

Tax on profit 9 867,332 318,346
PROFIT FOR THE FINANCIAL YEAR 2,360,419 2,826,443

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

2,360,419

3,102,363

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 12 836,526 943,113
836,526 943,113

CURRENT ASSETS
Inventories 13 32,273,099 35,757,856
Debtors 14 790,256 2,581,441
Cash in hand 118 118
33,063,473 38,339,415
CREDITORS
Amounts falling due within one year 15 12,539,226 19,040,436
NET CURRENT ASSETS 20,524,247 19,298,979
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,360,773

20,242,092

CREDITORS
Amounts falling due after more than
one year

16

(4,154

)

(12,463

)

PROVISIONS FOR LIABILITIES 20 (81,982 ) (100,564 )
NET ASSETS 21,274,637 20,129,065

CAPITAL AND RESERVES
Called up share capital 21 10,000 10,000
Share premium 22 404,074 404,074
Revaluation reserve 22 403,776 413,651
Retained earnings 22 20,456,787 19,301,340
SHAREHOLDERS' FUNDS 21,274,637 20,129,065

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 4 August 2025 and were signed on its behalf by:





R W Shackleton - Director


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 10,000 17,898,629 404,074 147,606 18,460,309

Changes in equity
Dividends - (1,433,607 ) - - (1,433,607 )
Total comprehensive income - 2,836,318 - 266,045 3,102,363
Balance at 31 December 2023 10,000 19,301,340 404,074 413,651 20,129,065

Changes in equity
Dividends - (1,214,847 ) - - (1,214,847 )
Total comprehensive income - 2,370,294 - (9,875 ) 2,360,419
Balance at 31 December 2024 10,000 20,456,787 404,074 403,776 21,274,637

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 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. ACCOUNTING POLICIES

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

Financial Reporting Standard 102 - reduced disclosure exemptions
The 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.

Computer software is being amortised evenly over its estimated useful life of three 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

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
£    £   
House Sales 50,489,994 43,588,436
50,489,994 43,588,436

4. OTHER OPERATING INCOME
2024 2023
£    £   
Management recharges 26,045 15,820

5. 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

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

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 202,493 234,214

6. 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 )

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 708,623 815,994
Other interest 83,334 64,694
Interest payable 125,813 95,365
Hire purchase interest 990 990
918,760 977,043

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 986,646 262,188
Tax refunds (100,732 ) -
Total current tax 885,914 262,188

Deferred tax (18,582 ) 56,158
Tax on profit 867,332 318,346

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 3,227,751 3,144,789
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 23.521%)

806,938

739,686

Effects of:
Expenses not deductible for tax purposes 3,731 (13,593 )
Depreciation in excess of capital allowances 23,079 15,956
Adjustments to tax charge in respect of previous periods 283,478 (59,742 )
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 - 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 1,214,847 1,433,607

11. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2024
and 31 December 2024 5,500
AMORTISATION
At 1 January 2024
and 31 December 2024 5,500
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 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

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 32,273,099 35,757,856

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 160,877 377,566
Amounts owed by group undertakings 93,723 67,872
Other debtors 102,552 131,613
Directors' loan accounts 60,823 60,620
Tax - 39,062
VAT 159,982 1,657,030
Prepayments and accrued income 212,299 247,678
790,256 2,581,441

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 17) 2,462,680 12,994,578
Hire purchase contracts (see note 18) 8,309 8,308
Trade creditors 2,150,605 2,425,525
Amounts owed to group undertakings 371,671 374,316
Tax 452,948 -
Social security and other taxes 377,859 404,021
Other creditors 430,168 389,174
Directors' loan accounts 1,270,105 1,322,803
Accruals and deferred income 5,014,881 1,121,711
12,539,226 19,040,436

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 18) 4,154 12,463

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 1,462,680 494,578
Bank loans 1,000,000 12,500,000
2,462,680 12,994,578

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 8,309 8,308
Between one and five years 4,154 12,463
12,463 20,771

19. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 1,462,680 494,578
Bank loans 1,000,000 12,500,000
2,462,680 12,994,578

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 13,002 31,584
Other timing differences 68,980 68,980
81,982 100,564

Deferred
tax
£   
Balance at 1 January 2024 100,564
Provided during year (18,582 )
Balance at 31 December 2024 81,982

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: £    £   
10,000 Ordinary £1 10,000 10,000

22. RESERVES
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 January 2024 19,301,340 404,074 413,651 20,119,065
Profit for the year 2,360,419 2,360,419
Dividends (1,214,847 ) (1,214,847 )
Other movements 9,875 - (9,875 ) -
At 31 December 2024 20,456,787 404,074 403,776 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.