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Registration number: 12674433

Indevor Group Limited

Consolidated Financial Statements

for the Year Ended 31 December 2024

 

Indevor Group Limited

Contents

Company Information

1

Strategic Report

2 to 5

Consolidated Balance Sheet

6

Balance Sheet

7

Notes to the Financial Statements

8 to 17

 

Indevor Group Limited

Company Information

Directors

Mr L P Melly

Mr Daniel Bartos

Miss Jenna Bates

Mr Thomas Egerton

Registered office

10th Floor
3 Hardman Street
Spinningfields
Manchester
M3 3HF

 

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

Risk Area

Description

Mitigation Strategy

Market Suppression

Reduced housebuilder activity due to planning gridlock and economic factors

Diversified service lines and long-standing client relationships reduce exposure

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 Board on 6 August 2025 and signed on its behalf by:
 

.........................................
Mr L P Melly
Director

 

Indevor Group Limited

(Registration number: 12674433)
Consolidated Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

2,287

4,755

Tangible assets

6

47,670

2,761

 

49,957

7,516

Current assets

 

Stocks

8

483,188

289,950

Debtors

9

3,260,624

2,257,914

Cash at bank and in hand

 

1,441,451

844,681

 

5,185,263

3,392,545

Creditors: Amounts falling due within one year

10

(3,422,421)

(2,131,375)

Net current assets

 

1,762,842

1,261,170

Total assets less current liabilities

 

1,812,799

1,268,686

Creditors: Amounts falling due after more than one year

10

(25,959)

(31,413)

Net assets

 

1,786,840

1,237,273

Capital and reserves

 

Called up share capital

11

100

100

Retained earnings

1,786,740

1,237,173

Equity attributable to owners of the company

 

1,786,840

1,237,273

Shareholders' funds

 

1,786,840

1,237,273

Approved and authorised by the Board on 6 August 2025 and signed on its behalf by:
 

.........................................
Mr L P Melly
Director

   
     
 

Indevor Group Limited

(Registration number: 12674433)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

767

1,167

Investments

7

202

202

 

969

1,369

Current assets

 

Debtors

9

139,273

3,100

Cash at bank and in hand

 

500,036

-

 

639,309

3,100

Creditors: Amounts falling due within one year

10

(73,392)

(2,797)

Net current assets

 

565,917

303

Net assets

 

566,886

1,672

Capital and reserves

 

Called up share capital

11

100

100

Retained earnings

566,786

1,572

Shareholders' funds

 

566,886

1,672

Approved and authorised by the Board on 6 August 2025 and signed on its behalf by:
 

.........................................
Mr L P Melly
Director

   
     

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10th Floor
3 Hardman Street
Spinningfields
Manchester
M3 3HF

These financial statements were authorised for issue by the Board on 6 August 2025.

2

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:

Asset class

Depreciation method and rate

Office equipment

33% straight line

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:

Asset class

Amortisation method and rate

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.

3

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Government grants

500

-

4

Staff costs

The average number of persons employed by the group (including directors) during the year, was as follows:

2024
No.

2023
No.

All departments

55

9

55

9

 

Indevor Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

5

Intangible assets

Group

Trademarks, patents and licenses
 £

Computer software development costs
 £

Total
£

Cost or valuation

At 1 January 2024

1,520

9,771

11,291

At 31 December 2024

1,520

9,771

11,291

Amortisation

At 1 January 2024

-

6,536

6,536

Amortisation charge

-

2,468

2,468

At 31 December 2024

-

9,004

9,004

Carrying amount

At 31 December 2024

1,520

767

2,287

At 31 December 2023

1,520

3,235

4,755

Company

Computer software development costs
 £

Total
£

Cost or valuation

At 1 January 2024

1,200

1,200

At 31 December 2024

1,200

1,200

Amortisation

At 1 January 2024

33

33

Amortisation charge

400

400

At 31 December 2024

433

433

Carrying amount

At 31 December 2024

767

767

At 31 December 2023

1,167

1,167

 

Indevor Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Tangible assets

Group

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

2,904

-

2,904

Additions

1,485

46,475

47,960

At 31 December 2024

4,389

46,475

50,864

Depreciation

At 1 January 2024

143

-

143

Charge for the year

1,115

1,936

3,051

At 31 December 2024

1,258

1,936

3,194

Carrying amount

At 31 December 2024

3,131

44,539

47,670

At 31 December 2023

2,761

-

2,761

 

Indevor Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Investments

Company

2024
£

2023
£

Investments in subsidiaries

202

202

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:

Undertaking

Notes

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Indevor Bonds and Guarantees Ltd

(1)

Ordinary £1

100%

100%

RS Bonds Solutions Ltd

(2)

Ordinary £1

100%

100%

Indevor Land Ltd

(1)

Ordinary £1

100%

100%

Indevor Green Estates Ltd

(2)

Ordinary £1

100%

100%

E Estates Management Ltd

(2)

Ordinary £1

100%

100%

W Estates Management Ltd

(2)

Ordinary £1

100%

100%

S Estates Management Ltd

(2)

Ordinary £1

100%

100%

UK Land Authority Ltd

(2),(3)

Ordinary £1

100%

0%

Landtrepreneur Ltd

(2),(3)

Ordinary £1

100%

0%

Indevor Estates Ltd

(1)

Ordinary £1

100%

0%

Indevor Infra Estates Ltd

(2)

Ordinary £1

100%

0%

Network Highways Ltd

(2)

Ordinary £1

100%

0%

Indevor Water Ltd

(2)

Ordinary £1

100%

0%

Green Agent Management Ltd

(2)

Ordinary £1

100%

0%

(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

Subsidiary undertakings

Indevor Bonds and Guarantees Ltd

The principal activity of Indevor Bonds and Guarantees Ltd is that of sourcing bonds and guarantee solutions.

RS Bonds Solutions Ltd

The principal activity of RS Bonds Solutions Ltd is that of road and sewer bond managing agents and technical consultants.

Indevor Land Ltd

The principal activity of Indevor Land Ltd is that of land introducers and agents.

Indevor Green Estates Ltd

The principal activity of Indevor Green Estates Ltd is that of open space ownership and management.

E Estates Management Ltd

The principal activity of E Estates Management Ltd is that of open space ownership and management.

W Estates Management Ltd

The principal activity of W Estates Management Ltd is that of open space ownership and management.

S Estates Management Ltd

The principal activity of S Estates Management Ltd is that of open space ownership and management.

UK Land Authority Ltd

The principal activity of UK Land Authority Ltd is dormant/non-trading.

Landtrepreneur Ltd

The principal activity of Landtrepreneur Ltd is dormant/non-trading.

Indevor Estates Ltd

The principal activity of Indevor Estates Ltd is that of post development land and asset ownership and management solutions.

Indevor Infra Estates Ltd

The principal activity of Indevor Infra Estates Ltd is that of post development infrastructure ownership and management.

Network Highways Ltd

The principal activity of Network Highways Ltd is that of highway ownership and management.

Indevor Water Ltd

The principal activity of Indevor Water Ltd is that of sewerage network ownership and management.

Green Agent Management Ltd

The principal activity of Green Agent Management Ltd is that of cost effective open space ownership and management.

 

Indevor Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Work in progress

483,188

289,950

-

-

9

Debtors

 

Group

Company

Current

2024
£

2023
£

2024
£

2023
£

Trade debtors

1,898,663

1,302,815

-

-

Amounts owed by group undertakings

853,834

815,776

91,557

(1,200)

Other debtors

159,296

61,366

7,500

100

Prepayments

95,076

31,377

36,016

-

Accrued income

253,755

46,580

4,200

4,200

 

3,260,624

2,257,914

139,273

3,100

10

Creditors

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Due within one year

Loans and borrowings

5,635

5,639

-

-

Trade creditors

111,529

329,435

7,005

-

Amounts owed to group undertakings

-

270

8,785

-

Taxation and social security

31,513

306,625

-

95

Other payables

438,909

143,299

55,102

202

Accruals and deferred income

2,834,835

1,346,107

2,500

2,500

3,422,421

2,131,375

73,392

2,797

Due after one year

Loans and borrowings

25,959

31,413

-

-

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Indevor Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

12

Parent and ultimate parent undertaking

The company's immediate parent is Investasurge Holdings Ltd, incorporated in England and Wales.

 The ultimate controlling party is Liam Melly.