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Registered number: 15267363
ALBION HOMES GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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ALBION HOMES GROUP LTD
COMPANY INFORMATION
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G M Hurd (appointed 7 November 2023)
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R M Hurd (appointed 10 July 2024, resigned 14 March 2025)
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A D Phillips (appointed 7 November 2023, resigned 25 October 2024)
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Prince of Wales Industrial Estate
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Chartered Accountants & Statutory Auditor
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ALBION HOMES GROUP LTD
CONTENTS
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Independent Auditors' Report
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Consolidated Statement of Comprehensive Income
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Consolidated Balance Sheet
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Consolidated Analysis of Net Debt
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Notes to the Financial Statements
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ALBION HOMES GROUP LTD
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
The directors present their strategic report for the period ended 30 September 2024.
The Company was established as part of a group refinancing and restructuring exercise and, on 9 February 2024, acquired Stately-Albion Limited, Pathfinder Park Homes Holdings Limited and Pathfinder Park Homes Limited. The transaction was primarily funded by a loan facility granted to Stately-Albion Limited, enabling the group to implement a more stable and sustainable financial structure to support the group’s ongoing operations and future growth.
Trading during the period was affected by a challenging macroeconomic backdrop. The global economy remained unsettled, influenced by ongoing geopolitical tensions, regional conflicts, and disruption across international supply chains. In the UK, businesses continued to face uncertainty due to volatile interest rates, with borrowing costs remaining elevated. These conditions placed pressure on operating margins and impacted customer affordability.
Additionally, the Company has operated within an environment of persistently high and unpredictable inflation, particularly affecting the cost of raw materials and energy. These inflationary pressures added complexity to pricing strategies and made margin management more challenging across the sector.
Furthermore, the UK property market has experienced a noticeable slowdown, with many buyers postponing major lifestyle and relocation decisions, leading to reduced demand for residential park homes. At the same time, the leisure market – which saw elevated demand during the COVID-19 staycation period – has since contracted. As inflation and cost-of-living pressures continue to affect consumer discretionary spending, some competitors in the leisure and holiday home sector have begun pivoting toward the residential market. This increase in competition in the residential space has further intensified market pressures.
Following a challenging trading period, the decision was made to sell the Pathfinder companies in order to stabilise the group’s financial position and allow management to focus on the core business at Stately-Albion Limited. The sale completed on 24 September 2024.
On 9 February 2024, Stately-Albion Limited, along with its sister company Pathfinder Park Homes Limited (Company Number: 02794691) and its parent Pathfinder Park Homes Holdings Limited (Company Number: 10044451), was acquired by Albion Homes Group Limited (Company Number: 15267363), a company controlled by Mr G M Hurd and Mr R M Hurd. The transaction formed part of a group refinancing process and was principally financed by a loan secured by Stately-Albion Limited from DF Capital Bank, providing the necessary capital base to support the Group's future operational requirements. As part of the terms of the sale, an intercompany loan balance of £272,051 previously owed to Stately-Albion Limited by its former parent company S.R. Holdco (UK) Limited, was written off before acquisition. Following this restructure, the Company's financial year end was extended to 30 September 2024 to align reporting with the new group structure. The restructure is now complete, and the business is operating from a more stable and focused platform going forward.
The Group is funded through a combination of loan facilities and working capital support arrangements, all of which are held in the name of Stately-Albion Limited. Appropriate security and cross-corporate guarantees are in place across the group to support these facilities.
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ALBION HOMES GROUP LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
On 24 September 2024 both Pathfinder Park Homes Limited and its parent company were sold by Albion Homes Group Limited. As part of the terms of the sale an exceptional inter-company loan impairment of £1,347,864 was recognised during the period. This impairment was a pre-condition of the sale, reflecting the commercial reality of the transaction and the restructuring of balances between entities within the former group. The board would like to formally record its appreciation for the hard work and dedication of the Pathfinder team and extend its best wishes for the Company's continued success under new ownership.
Acknowledgement of employees
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The directors would like to extend their sincere thanks to all staff across the business. Their continued dedication, flexibility and resilience have been vital in helping the Group respond to a fast-changing and difficult economic environment. The board recognises the hard work and commitment of the workforce as a key strength of the business and remains grateful for their contribution throughout this challenging period.
Key performance indicators
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11 month
period ended
30 September 2024
£
Turnover 20,937,287
Profit/(loss) before taxation (2,075,312)
Net liabilities 1,975,310
This report was approved by the board and signed on its behalf.
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ALBION HOMES GROUP LTD
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
The director presents his report and the financial statements for the period ended 30 September 2024.
Director's responsibilities statement
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The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the period, after taxation, amounted to £2,075,312.
No ordinary dividends were paid or proposed in the current period.
The directors who served during the period were:
G M Hurd (appointed 7 November 2023)
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R M Hurd (appointed 10 July 2024, resigned 14 March 2025)
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A D Phillips (appointed 7 November 2023, resigned 25 October 2024)
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ALBION HOMES GROUP LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
The group directors remain focused on maintaining oversight of the group’s financial position and ensuring that appropriate governance structures are in place.
The group directors are encouraged by recent improvements in the trading subsidiary’s performance and remain cautiously optimistic about future prospects. In addition, steps have been taken to pursue outstanding debts, which have already had a positive impact on liquidity and remain a key area of fucus in the short term.
The group also notes the UK Government’s pledge to build 1.5 million new homes over the next five years. Park homes have the potential to contribute meaningfully to this target by offering a high-quality, cost-effective and efficient housing solution. With the ability to manufacture a home in as little as five days, the group is well positioned to contribute to this agenda through its scale, experience and established reputation in the residential park home sector.
Disclosure of information to auditors
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The director at the time when this Director's Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
The Director has considered the Group’s financial position, recent performance, and future prospects in concluding that the going concern basis of preparation remains appropriate. On 1 July 2025 the Company’s subsidiary, Stately-Albion Limited, secured an extension of its financing facility with DF Capital Bank, which provides committed funding through to August 2026. DF Capital Bank also continues to support the subsidiary through a stocking facility, enhancing working capital flexibility.
The Group also maintains a strong and collaborative relationship with the Development Bank of Wales, who have continued to provide valuable support throughout a challenging trading period. Their ongoing engagement has been instrumental in enabling the business to navigate short-term pressures while focusing on long-term growth. The group restructuring completed during the year has now concluded, providing a more stable foundation for the business. Since January 2025, the Group has experienced a sustained upward trend in both financial and operational performance, supported by tighter cost control and a more commercial approach.
Although the subsidiary’s order book remains modest, it is notably stronger than during the reporting period and, alongside a return to cash-generative operations, provides a more encouraging outlook. The subsidiary continues to face external cost pressures – including increases to National Insurance contributions and rising raw material and supplier costs – but remains focused on managing these challenges carefully. Taking all these factors into account, the Director believes the Group is well placed to meet its liabilities as they fall due and continue trading for the foreseeable future and have therefore adopted the going concern basis in preparing the financial statements.
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ALBION HOMES GROUP LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Economic impact of global events
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UK businesses are currently facing many uncertainties, including environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
The company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
Post balance sheet events
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On 1 July 2025 the Company’s subsidiary, Stately-Albion Limited, secured an extension of its bridging loan facility from DF Capital Bank, securing funding through to August 2026. DF Capital Bank also continues to support the subsidiary with a stocking facility, helping to manage working capital and stock levels effectively.
The Development Bank of Wales has remained supportive throughout a challenging trading period, and the group continues to work closely with its lenders to maintain financial stability and support long-term resilience.
The auditors, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ALBION HOMES GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION HOMES GROUP LTD
Opinion
We have audited the financial statements of Albion Homes Group Ltd (the ‘Company’) and its subsidiaries (the 'Group') for the period ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated Statement of Cash Flows, the Consolidated Analysis of Net Debt 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 FRS 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 30 September 2024 and of the Group's loss for the period 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 Auditor’s 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 director's 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 director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Strategic Report and Directors' Report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information contained within the Strategic Report and Directors' Report. 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.
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ALBION HOMES GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION HOMES GROUP LTD
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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In 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 Director's Report.
We have nothing to report in respect of the following matters in relation to which 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 director's remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of Director
As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is 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 director determines is 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 director is 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 director intends either to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
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ALBION HOMES GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION HOMES GROUP LTD
Auditor's 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 an auditor’s report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
In addition, we evaluated the director's and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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ALBION HOMES GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION HOMES GROUP LTD
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 auditor’s report.
Use of the audit 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 an auditor's report 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.
Jonathan Marchant (Senior statutory auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
8th Floor
Assembly Building C
Cheese Lane
Bristol
BS2 0JJ
4 August 2025
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ALBION HOMES GROUP LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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Exceptional administrative expenses
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Profit on disposal of investments
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Interest payable and similar expenses
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(Loss)/profit before taxation
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(Loss)/profit for the financial period
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Total comprehensive income for the period
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(Loss) for the period attributable to:
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Owners of the parent Company
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Total comprehensive income for the period attributable to:
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Owners of the parent Company
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The notes on pages 18 to 45 form part of these financial statements.
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ALBION HOMES GROUP LTD
REGISTERED NUMBER: 15267363
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/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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Provisions for liabilities
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Equity attributable to owners of the parent Company
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 45 form part of these financial statements.
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ALBION HOMES GROUP LTD
REGISTERED NUMBER: 15267363
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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The Company has taken advantage of section 408 of the Companies Act 2006 and has not included its own income statement in these financial statements. The parent Company's loss for the period was £899,998.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 45 form part of these financial statements.
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ALBION HOMES GROUP LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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Comprehensive income for the 11 month period
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Loss for the 11 month period
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Total comprehensive income for the 11 month period
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Contributions by and distributions to owners
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Shares issued during the 11 month period
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Total transactions with owners
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The notes on pages 18 to 45 form part of these financial statements.
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ALBION HOMES GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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Comprehensive income for the 11 month period
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Loss for the 11 month period
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Contributions by and distributions to owners
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Shares issued during the 11 month period
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Total transactions with owners
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The notes on pages 18 to 45 form part of these financial statements.
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ALBION HOMES GROUP LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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11 month period ended 30 September 2024
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Cash flows from operating activities
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(Loss)/profit for the financial period
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Amortisation of intangible assets
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Depreciation of tangible assets
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Loss on disposal of tangible assets
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Loss on disposal of subsidiaries
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(Increase)/decrease in debtors
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(Decrease)/increase in provisions
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Acquisition of subsidiaries
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Net cash from investing activities
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ALBION HOMES GROUP LTD
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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Cash flows from financing activities
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at the end of period
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Cash and cash equivalents at the end of period comprise:
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The notes on pages 18 to 45 form part of these financial statements.
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ALBION HOMES GROUP LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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Acquisition and disposal of subsidiaries
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The notes on pages 18 to 45 form part of these financial statements.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Albion Homes Group Ltd (company number: 15267363) is a private company limited by shares incorporated in England and Wales. The registered office is Unit 20 Darren Drive, Prince of Wales Industrial Estate, Abercarn, Newport, NP11 5AR.
The principal activity of the company is that of a holding company and the principal activity of the Group is the manufacture of park homes.
These financial statements cover the period from incorporation on 7 November 2023 to 30 September 2024.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The Director has considered the Group’s financial position, recent performance, and future prospects in concluding that the going concern basis of preparation remains appropriate. On 1 July 2025 the Company’s subsidiary, Stately-Albion Limited, secured an extension of its financing facility with DF Capital Bank, which provides committed funding through to August 2026. DF Capital Bank also continues to support the subsidiary through a stocking facility, enhancing working capital flexibility.
The Group also maintains a strong and collaborative relationship with the Development Bank of Wales, who have continued to provide valuable support throughout a challenging trading period. Their ongoing engagement has been instrumental in enabling the business to navigate short-term pressures while focusing on long-term growth. The group restructuring completed during the year has now concluded, providing a more stable foundation for the business. Since January 2025, the Group has experienced a sustained upward trend in both financial and operational performance, supported by tighter cost control and a more commercial approach.
Although the subsidiary’s order book remains modest, it is notably stronger than during the reporting period and, alongside a return to cash-generative operations, provides a more encouraging outlook. The subsidiary continues to face external cost pressures – including increases to National Insurance contributions and rising raw material and supplier costs – but remains focused on managing these challenges carefully. Taking all these factors into account, the Director believes the Group is well placed to meet its liabilities as they fall due and continue trading for the foreseeable future and have therefore adopted the going concern basis in preparing the financial statements
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Group has transferred the significant risks and rewards of ownership to the buyer;
∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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Operating leases: the Group as lessee
|
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life of ten years.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The assets are amortised at 25% using the straight-line method.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method unless otherwise stated.
Depreciation is provided on the following basis:
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Long-term leasehold property
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Plant, machinery and other
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are charged to profit as incurred.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to the Statement of Comprehensive Income.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Tangible and Intangible Assets
The directors have considered whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration include the economic viability of the asset and expected future financial performance of the asset, and any financial unit of which it forms a part.
Goodwill
The Group establishes an estimate of the useful life of goodwill and intangible assets arising on business combinations. The estimate is based on a variety of factors such as: the expected use of the acquired business; the expected useful lives of the assets to which the goodwill is attributed; any legal, regulatory or contractual provisions that can limit useful life; and assumptions that market participants would consider in respect of similar businesses.
Debtor Recoverability
The directors have considered whether debtors are recoverable. Objective evidence of impairment of trade debtors or other factors which may also be evidence of impairment are taken into consideration by the directors in deciding if any impairment of any debt is considered appropriate.
Provision for costs arising on warranty obligations
The provision for warranty costs is made on the basis of the directors' estimate of future costs fulfilling obligations arising under the warranties on homes sold. The estimate is made on the evidence of past claims which are expected on average to indicate likely future costs.
Judgements in business combinations
Management are required to identify intangible assets arising on business combinations that meet all of the requirements for recognition under FRS 102. Judgement is applied in considering whether these criteria are met and that the identified asset is separable. In addition, management have made a judgement that it is not possible to reliably estimate the useful life of goodwill and as a result have elected to amortise it over 10 years.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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An analysis of turnover by class of business is as follows:
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11 month period ended 30 September 2024
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Analysis of turnover by country of destination:
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11 month period ended 30 September 2024
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The operating loss is stated after charging:
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11 month period ended 30 September 2024
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Amortisation of intangible fixed assets
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Depreciation of owned tangible fixed assets
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Loss on disposal of tangible fixed assets
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Other operating lease rentals
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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During the period, the Group obtained the following services from the Company's auditors:
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11 month period ended 30 September 2024
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Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
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Fees payable to the Company's auditors in respect of:
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Taxation compliance services
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Staff costs, including director's remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the director, during the period was as follows:
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The Company has no employees other than the directors, who did not receive any remuneration.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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The highest paid director received remuneration of £43,227.
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Interest payable and similar expenses
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11 month period ended 30 September 2024
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Other loan interest payable
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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11 month period ended 30 September 2024
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Factors affecting tax charge for the period
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The tax assessed for the period is the same as the standard rate of corporation tax in the UK of25% as set out below:
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11 month period ended 30 September 2024
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
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Expenses not deductible for tax purposes
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Movement in deferred tax not recognised
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Total tax charge for the period
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
10.Taxation (continued)
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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11 month period ended 30 September 2024
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The bad debt write off in the current period relates to £1,619,915 loan balance of Pathfinder Park Homes Limited.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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On acquisition of subsidiaries
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On disposal of subsidiary
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On acquisition of subsidiaries
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On disposal of subsidiary
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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Plant, machinery and other
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On acquisition of subsidiaries
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On disposal of subsidiary
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Charge for the period on owned assets
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On disposal of subsidiary
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On acquisition of subsidiaries
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The net book value of land and buildings may be further analysed as follows:
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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Unit 20 Darren Drive, Prince of Wales Industrial Estate, Abercarn, Newport, Gwent, NP11 5AR
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The aggregate of the share capital and reserves as at 30 September 2024 and the profit or loss for the period ended on that date for the subsidiary undertaking were as follows:
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Aggregate of share capital and reserves
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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Raw materials and consumables
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Work in progress (goods to be sold)
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Finished goods and goods for resale
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The difference between purchase price or production cost of stocks and their replacement cost is not material.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
|
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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On 13 February 2024, DF Capital Bank Limited provided a loan facility of £2,400,000 to the Group. This loan is secured with a fixed and floating charge over all Fixed and Current assets of the Company. Interest accrues at 1.02% per month. The loan was originally payable by September 2025 but has been extended to August 2026 since the year end.
On 30 September 2024, DBW provided a loan facility of £2,000,000 to the Group. This loan is secured with a fixed and floating charge over all Fixed and Current assets of the Company. Interest accrues at 11.50% per annum. The loan is payable on September 2026.
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Creditors: Amounts falling due after more than one year
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On 30 September 2024, DBW provided a loan facility of £2,000,000 to the Group. This loan is secured with a fixed and floating charge over all Fixed and Current assets of the Company. Interest accrues at 11.50% per annum. The loan is payable on September 2026.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Financial assets measured at amortised cost
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Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio
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Financial assets that are debt instruments measured at amortised cost comprise cash at bank, trade debtors, amounts owed by group undertakings, other debtors, and prepayments and accrued income.
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Financial liabilities measured at amortised cost comprise loans, trade creditors, amounts owed to group undertakings, other loans, other creditors and accruals and deferred income.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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Charged to profit or loss
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Arising on business combinations
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Arising on business combinations
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A provision is recognised for expected costs of extended warranty claims on products sold. The amount utilised in the period represents the movement to calculate the provision, to bring the estimate in line with the period end provision level.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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Allotted, called up and fully paid
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300 Ordinary shares of £0.01 each
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On incorporation, 2 ordinary shares were issued with a nominal value of £1.
On 10 July 2024, the existing share structure was changed. The existing 2 ordinary shares were sub-divided into 200 ordinary shares, each with a value of £0.01.
On 10 July 2024, a further 100 ordinary shares were issued with a nominal value of £0.01. The amount paid for each share was £1,000.
The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. The shares do not confer any rights of redemption.
Share premium account
This reserve represents amounts received in excess of the nominal value for ordinary shares.
Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.
Profit and loss account
This reserve represents the cumulative profits and losses retained by the Group and Company.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
On 9 February 2024 the group acquired both Stately-Albion Limited and Pathfinder Park Homes Holdings Limited.
On acquisition the value of freehold property was adjusted in line with fair value.
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Acquisition of Stately-Albion Limited
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Recognised amounts of identifiable assets acquired and liabilities assumed
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Provisions for liabilities
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Total Identifiable net assets
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Total purchase consideration
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Total purchase consideration
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
26.Business combinations (continued)
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Cash outflow on acquisition
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Purchase consideration settled in cash, as above
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Less: Cash and cash equivalents acquired
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Net cash outflow on acquisition
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The results of Stately-Albion Limited since acquisition are as follows:
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Current period since acquisition
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(Loss) for the period since acquisition
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
26.Business combinations (continued)
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Acquisition of Pathfinder Park Homes Holdings Limited
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Recognised amounts of identifiable assets acquired and liabilities assumed
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Provisions for liabilities
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Total Identifiable net assets
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Total purchase consideration
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Total purchase consideration
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
26.Business combinations (continued)
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Cash outflow on acquisition
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Purchase consideration settled in cash, as above
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Less: Cash and cash equivalents acquired
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Net cash outflow on acquisition
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The results of Pathfinder Park Homes Holdings Limited since acquisition are as follows:
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Current period since acquisition
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Profit for the period since acquisition
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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On 1 September 2024 Albion Homes Group sold Pathfinder Park Homes Holdings Limited to a third party.
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Profit on disposal before tax
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The net inflow of cash in respect of the sale of Pathfinder Park Homes Holdings Limited is as follows:
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On 13 February 2024, DF Capital Bank Limited provided a loan facility of £2,400,000 to the Group. This loan is secured with a fixed and floating charge over all Fixed and Current assets of the Company.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Company during the 11 month period to the fund and amounted to £119,837. Contributions totaling £32,229 were payable to the fund at the balance sheet date and are included in creditors.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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Commitments under operating leases
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At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Lease payments in the year recognised as an expense in the period amounted to £53,352.
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Related party transactions
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Phillips Reed Services Limited
The total value of goods purchased from Phillips Reed Services Ltd, a company with common directors, during the period, was £1,400,465 and the amount owed to the company at the period end was £476,385 which is included in trade creditors.
GAP Wholesale Limited
The total value of goods purchased from GAP Wholesale Ltd, a company with common directors, during the period, was £78,608 and the amount owed to the company at the period end was £4,874 which is included in trade creditors.
The total value of goods sold to GAP Wholesale Ltd, during the period, was £1,211. There was no outstanding balance at the period end.
Advanced Contracts Solutions Limited
The total value of goods purchased from Advanced Contracts Solutions Ltd, a company with common directors, during the period, was £841,803 and the amount owed to the company at the period end was £118,846 which is included in trade creditors.
Pathfinder Park Homes Limited
The total value of goods purchased from Pathfinder Park Homes Ltd, a company with common directors, during the period, was £139,939. There was no outstanding balance at the period end.
The total value of goods sold to Pathfinder Park Homes Ltd, during the period, was £847,638 and the amount owed by the company at the period end was £204,382, which is included in trade debtors. An amount due by the company of £1,347,864 was written off during the period.
At point of signing G M Hurd is the sole director and the outstanding Directors' loan is £399,999.
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ALBION HOMES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
|
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Post balance sheet events
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On 1 July 2025 the Company’s subsidiary, Stately-Albion Limited, secured an extension of its bridging loan facility from DF Capital Bank, securing funding through to August 2026. DF Capital Bank also continues to support the subsidiary with a stocking facility, helping to manage working capital and stock levels effectively.
The Development Bank of Wales has remained supportive throughout a challenging trading period, and the group continues to work closely with its lenders to maintain financial stability and support long-term resilience.
The Company is under the control of G M Hurd and R M Hurd by virtue of their joint and equal ownership of 100% of the allotted share capital.
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