Registration number:
Indevor Group Limited
for the Year Ended 31 December 2024
Indevor Group Limited
Contents
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Company Information |
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Strategic Report |
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Consolidated Balance Sheet |
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Balance Sheet |
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Notes to the Financial Statements |
Indevor Group Limited
Company Information
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Directors |
Mr L P Melly Mr Daniel Bartos Miss Jenna Bates Mr Thomas Egerton |
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Registered office |
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Indevor Group Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
1. Executive Summary
2024 represented another year of strategic progress and brand recognition for Indevor Group despite persistent macroeconomic challenges impacting the UK housebuilding sector. The Group maintained strong financial performance, achieved year-on-year growth, increased consolidated net worth, and upheld its commitment to reinvestment and long-term value creation.
Indevor Group sustained full financial independence throughout 2024, without recourse to external capital, while retaining access to substantial undrawn credit facilities to support future liquidity requirements. Strategic focus remains on deepening industry relationships, expanding market presence, and further maturing its key operational brands.
2. Group Overview and Core Principles
Indevor Group is a privately owned group of businesses with a 20+ year legacy of creating award-winning, innovative companies that serve the UK housebuilding industry.
All Indevor Group companies and brands share three core principles that are fundamental to our corporate identity:
Identify
Indevor Group is constantly identifying inefficiencies, challenges, and opportunities within the housebuilding industry, where tailored solutions are required.
Innovate
Indevor Group is proud to have launched and continue to develop some of the most innovative concepts and adaptations across our three core disciplines.
Implement
Indevor Group has an exceptional track record of delivering robust professional solutions with a significant focus on communication and performance. Our business models are built on systematic methodologies and protocols, designed to facilitate seamless scaling and growth.
3. Operational Structure and Disciplines
Indevor Group Limited provides strategic oversight and operational infrastructure support to three wholly owned divisions:
• Indevor Land
• Indevor Bonds
• Indevor Estates
Each division operates with a strong commitment to professional excellence and delivering added value to its UK housebuilder clients.
Indevor Group Limited
Strategic Report for the Year Ended 31 December 2024
4. Business Review and Performance Overview
4.1 Market Context
The UK housebuilding industry experienced a further contraction in 2024, with declines in all industry indicators being, planning permissions, site commencements, and new home completions. These issues were driven by systemic planning inefficiencies, elevated interest rates, and continued ongoing economic headwinds tied to the cost of living crisis.
Despite these conditions, Indevor Group achieved consolidated growth by:
• Deepening established client relationships
• Expanding market presence
• Progressing early-stage initiatives into new revenue-generating services
5. Divisional Performance
5.1 Indevor Land
Indevor Land remained intentionally subdued in 2024, with activity levels restricted by market conditions and strategic prioritisation of other growth areas within the Group. Idle land assets and innovative land-based concepts remain within the Group's portfolio for future activation.
Board Commentary: Continued resource allocation towards our other high-growth divisions has proven to be an effective strategic decision for the current market cycle.
5.2 Indevor Bonds
Indevor Bonds demonstrated strong performance and achieved outstanding results.
Indevor Bonds and Guarantees Limited, the Group`s FCA-authorised new bond brokerage, experienced another year of substantial growth, delivered through its two trading brands, CG Bonds Surety and RS Bonds Surety. This performance was achieved by, increasing value to its underwriting partners, enhancing marketing strategies and strengthening referrer relationships.
5.3 Indevor Estates
Indevor Estates maintained a positive trajectory, with a growing pipeline of complex high-value infrastructure ownership projects. The volume of asset handovers was lower than forecast, reflecting industry-wide caution decline in plot and site completions.
English Estates remains the most widely recognised brand within the Indevor Estates portfolio, having firmly established itself as the management partner of choice for housebuilders seeking to hand over strategic open spaces and sites of special conservation interest.
Indevor Estates wider operating brands continue to provide tailored, post-build asset management and ownership solutions.
Board Commentary: Although annual performance has been affected by restrained market conditions, this division continues to be a key and promising area of growth for the Group.
Indevor Group Limited
Strategic Report for the Year Ended 31 December 2024
6. Financial Position
The Group remained fully self-funded with no external borrowings.
An unused revolving credit facility remains in place and there is no anticipated need to draw upon it in 2025.
All annual profits have been retained to support reinvestment, continued internal strengthening and stability across the Group.
Board Commentary: The Group’s prudent financial management underpins its resilience and capacity for sustainable expansion.
7. Strategic Outlook - 2025 and Beyond
Indevor Group continues to be recognised as a trusted partner and multi-discipline support service provider to the UK housebuilding industry.
The Group intends to further build upon this standing, scaling operations while maintaining quality, innovation, and financial discipline.
Board Conclusion: The Group is exceptionally well-positioned to respond to market recovery with strength, credibility, and agility.
8. Our People
We are proud in our continued commitment to developing young talent, complemented by the growth of our experienced professional team. Staff welfare and career progression remain core priorities for the Group, supported through internal promotion pathways, dedicated staff events, and tailored recognition and reward programmes.
9. Key Risks and Mitigations
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Risk Area |
Description |
Mitigation Strategy |
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Market Suppression |
Reduced housebuilder activity due to planning gridlock and economic factors |
Diversified service lines and long-standing client relationships reduce exposure |
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Talent Retention |
Maintaining expertise in a competitive employment market |
Investment in culture, career development and leadership recruitment |
Indevor Group Limited
Strategic Report for the Year Ended 31 December 2024
10. Conclusion
Indevor Group continues to deliver against its strategic objectives, demonstrating resilience, innovation, and sound financial management.
As the UK Housebuilding Industry looks to move towards gradual recovery, Indevor Group is well placed to scale responsibly and reinforce its position as a leading multi discipline solutions provider to the sector.
Approved and authorised by the
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Indevor Group Limited
(Registration number: 12674433)
Consolidated Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
1,786,740 |
1,237,173 |
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Equity attributable to owners of the company |
1,786,840 |
1,237,273 |
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Shareholders' funds |
1,786,840 |
1,237,273 |
Approved and authorised by the
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Indevor Group Limited
(Registration number: 12674433)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
566,786 |
1,572 |
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Shareholders' funds |
566,886 |
1,672 |
Approved and authorised by the
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For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Indevor Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Indevor Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Indevor Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Office equipment |
33% straight line |
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Motor vehicles |
25% straight line |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Computer software |
3 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Indevor Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Other operating income |
The analysis of the group's other operating income for the year is as follows:
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2024 |
2023 |
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Government grants |
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- |
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Staff costs |
The average number of persons employed by the group (including directors) during the year, was as follows:
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2024 |
2023 |
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All departments |
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Indevor Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Intangible assets |
Group
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Trademarks, patents and licenses |
Computer software development costs |
Total |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
- |
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Amortisation charge |
- |
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At 31 December 2024 |
- |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Company
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Computer software development costs |
Total |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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Amortisation charge |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Indevor Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
Group
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Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2024 |
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- |
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Additions |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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- |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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- |
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Indevor Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Investments |
Company
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2024 |
2023 |
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Investments in subsidiaries |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Notes |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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(1) |
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(2) |
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(1) |
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(2) |
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(2) |
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(2) |
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(2) |
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(2),(3) |
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(2),(3) |
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(1) |
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(2) |
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(2) |
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(2) |
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(2) |
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(1) Held directly by Indevor Group Ltd
(2) Held indirectly by Indevor Group Ltd
(3) No financial transactions during the year-ending 31 December 2024
All subsidiaries are incorporated in England and Wales.
Indevor Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Subsidiary undertakings |
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Indevor Bonds and Guarantees Ltd The principal activity of Indevor Bonds and Guarantees Ltd is |
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RS Bonds Solutions Ltd The principal activity of RS Bonds Solutions Ltd is |
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Indevor Land Ltd The principal activity of Indevor Land Ltd is |
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Indevor Green Estates Ltd The principal activity of Indevor Green Estates Ltd is |
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E Estates Management Ltd The principal activity of E Estates Management Ltd is |
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W Estates Management Ltd The principal activity of W Estates Management Ltd is |
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S Estates Management Ltd The principal activity of S Estates Management Ltd is |
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UK Land Authority Ltd The principal activity of UK Land Authority Ltd is |
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Landtrepreneur Ltd The principal activity of Landtrepreneur Ltd is |
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Indevor Estates Ltd The principal activity of Indevor Estates Ltd is |
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Indevor Infra Estates Ltd The principal activity of Indevor Infra Estates Ltd is |
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Network Highways Ltd The principal activity of Network Highways Ltd is |
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Indevor Water Ltd The principal activity of Indevor Water Ltd is |
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Green Agent Management Ltd The principal activity of Green Agent Management Ltd is |
Indevor Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Stocks |
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Group |
Company |
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2024 |
2023 |
2024 |
2023 |
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Work in progress |
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- |
- |
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Debtors |
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Group |
Company |
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Current |
2024 |
2023 |
2024 |
2023 |
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Trade debtors |
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- |
- |
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Amounts owed by group undertakings |
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( |
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Other debtors |
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Prepayments |
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- |
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Accrued income |
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Creditors |
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Group |
Company |
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2024 |
2023 |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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- |
- |
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Trade creditors |
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- |
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Amounts owed to group undertakings |
- |
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- |
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Taxation and social security |
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- |
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Other payables |
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Accruals and deferred income |
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Due after one year |
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Loans and borrowings |
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- |
- |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Indevor Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is