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Registered number: 10421422
















AUTOGRAPH HOMES LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

































AUTOGRAPH HOMES LIMITED

 
COMPANY INFORMATION


DIRECTORS
P Abson 
M A Cooper 
S A Cooper 
D L Devlin 
S J Devlin 
S M Taylor 




COMPANY SECRETARY
B J Daintith



REGISTERED NUMBER
10421422



REGISTERED OFFICE
Unit 3 The Stables
Says Court Farm Badminton Road

Frampton Cotterell

Bristol

BS36 2NY




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL




BANKERS
Lloyds Bank PLC
44-45 George White Street

Bristol

BS1 3BA




SOLICITORS
Pinsent Masons LLP
55 Colmore Row

Birmingham

B3 2FG






AUTOGRAPH HOMES LIMITED


CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4
Directors' Responsibilities Statement
 
5
Independent Auditors' Report
 
6 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Statement of Financial Position
 
11
Company Statement of Financial Position
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15
Consolidated Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 37



AUTOGRAPH HOMES LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

INTRODUCTION
 
The company was incorporated on 11 October 2016. Its principal activity is in delivering open market homes and our purpose is to meet customer demand for considered, high quality, well designed, highly specified homes in a defined geographical area within the South West of England.

BUSINESS REVIEW
 
The business had another profitable year and delivered several objectives, including:
 
Completed our open market flagship site at Haw Wood, delivering 30 low-carbon homes.
Completed our Partnerships site in Stanton, handing over 12 affordable homes to Sovereign Housing Group.
Commenced work on our site in East Brent where we are building 9 low carbon homes
Secured several pipeline options and subject to planning deals for sites in Bristol and the surrounding area.
 
We continue to pursue our ambition to become a leading, low volume, housing developer with a reputation for distinctive design and outstanding specification, capable of securing attractive new development sites within the South-West.
We believe that an excellent opportunity exists to deliver on both an Open Market and Partnership brand and the business will pursue a broad strategy of securing revenues from both sectors. We are encouraged by the interest shown in our large sites and are considering offers to sell these with planning permission. This allows the business to benefit from secured cashflows, providing additional funds to be invested into more profitable Open Market sites.
Whilst this plan provides an appropriate framework for growth, the Directors firmly believe that priority must be given to the quality of opportunity and available margin of each project, alongside the availability of finance and the maturity of the operational teams to deliver. The Directors will retain the flexibility to adjust this plan to exercise prudence and control.
A strong emphasis is placed on understanding and forecasting cashflows within the business and a rolling 12-month model is reviewed each month.
Our business model relies on strong management to procure and manage sub-contractors and suppliers to deliver operational performance across our sites. It is therefore important that we build and maintain strong and appropriate supply chain relationships.
 

Page 1


AUTOGRAPH HOMES LIMITED


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

FINANCIAL PERFORMANCE
 
Revenue in the period reflects sales achieved at Haw Wood, Stanton, Midland Road & Rode. Out-turn build costs and overheads in the period were in line with expectations and a solid net business margin has been achieved. 
Ongoing construction works across our sites are held as WIP, along with on-going planning costs on formal Options. There were no completed units held as WIP at the end of November 2024.
Our forecast for the period ending November 2025 is positive, although revenue in the period will be lower this year as the business will be starting several sites that will produce sales in the following year.
BUSINESS ENVIRONMENT
Competitive landscape – there is a wide and diverse range of quality competitors in our region, many of whom have a track record of delivering schemes. It is therefore important that we continue to strive to differentiate ourselves and build a brand that is attractive to customers and other stakeholders. 
Local & Regional Market – house prices in Bristol and the immediate vicinity continue to hold up favourably when compared with other areas of the UK. 
The demographics of the city continue to evolve and the continued incidence of postgraduate students deciding to stay in Bristol is providing demand for more homes in the region. Demand for “low carbon” family housing is strong in certain areas and the city centre provides opportunities for further development.
Partnerships – there is strong demand from local Registered Providers for working in a joint venture with developers who have the skills and capability to deliver. 
Planning reforms – we are encouraged by the Government’s messaging in connection with planning reform and are hopeful that these will bring some relief to SME’s that are frustrated by the current planning environment.
PRINCIPAL RISKS AND UNCERTAINTIES
There are a number of economic risks that the business needs to be mindful of over the coming period and beyond. These include:
 
The volatility in the domestic economy, with the new Government seeking to rebalance the country’s finances.
The uncertainty surrounding the global economy and the UK’s reliance upon it to maintain growth.
Interest rates continue to be uncertain. The correlation between interest rates and housing demand has historically impacted the housing market.
The ability of the Government to move the economy towards a low-carbon future, without frustrating development.
Introduction of more purchase taxes, in an attempt by Government to reduce the fiscal deficit that has been created.

Notwithstanding these risks, there continues to be a genuine need for providing more homes across the UK and the new Government is openly promoting more house building. There is continued focus on supporting SMEs to deliver stock and we should be able to take advantage of this by being agile and open-minded in respect of funding options.
In addition, our single-minded focus on delivering low-carbon homes is gaining traction and we are building a reputation for delivering homes which are fit for the future.
We have taken a strategic decision to pursue larger sites to secure planning and then sell to either an RP or a large developer. This enables us to forward fund schemes and use our planning and development expertise to guarantee an exit position. 

 
Page 2


AUTOGRAPH HOMES LIMITED


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

In terms of operational business risks, the Directors meet monthly to consider the likelihood and possible impact of risks facing the business and where necessary take action to mitigate these.
We are committed to building strong operational teams to protect shareholder investment on our sites. Our teams are empowered to procure appropriate sub-contractors and suppliers, although robust sign-off procedures exist to ensure budgetary controls are in place and cost assumptions are adhered to.
In addition, the business recognises its responsibility for the safety and welfare of employees, sub-contractors and the public who come into contact with our sites. Building a strong culture and promoting low-tolerance behaviour on our sites is fundamental to achieving positive outcomes. The Managing Director receives independent audits and feedback from Safety Form, an independent H&S consultant, across all sites monthly.

CONCLUSION
 
In conclusion, we are pleased with our year’s results, producing a solid net financial return and positive cashflows. We have also delivered on our project objectives, secured a healthy pipeline and continued to invest in the management team.
Our focus will continue to be on ensuring that we control the operational performance of our sites and manage the sales process effectively. We will also be introducing sustainable technology in all our homes as we continue to pursue our “low-carbon living” approach in all we do.
We will continue to focus on securing consent on the sites we have under Option to enhance our medium-term pipeline. We will also consider purchasing sites with existing consents if we believe we can add value to the opportunity. Delivering turn-key sites to our RP partners will remain an ambition, along with targeting longer-term opportunities by obtaining options and conditional contracts on strategic land.


This report was approved by the board and signed on its behalf.


S M Taylor
Director

Date: 18 July 2025

Page 3

1
AUTOGRAPH HOMES LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The directors present their report and the financial statements for the year ended 30 November 2024.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,337,864 (2023: £1,307,819).

DIRECTORS

The directors who served during the year were:

P Abson 
M A Cooper 
S A Cooper 
D L Devlin 
S J Devlin 
S M Taylor 


DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' 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.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Group since the year end.

AUDITORS

The auditorsBishop Fleming LLPwill 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.
 






S M Taylor
Director

Date: 18 July 2025

Unit 3 The Stables
Says Court Farm Badminton Road
Frampton Cotterell
Bristol
BS36 2NY

Page 4


AUTOGRAPH HOMES LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are 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;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Page 5


AUTOGRAPH HOMES LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTOGRAPH HOMES LIMITED
OPINION


We have audited the financial statements of Autograph Homes Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies.The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 November 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Group Strategic Report and Directors Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Group Strategic Report and Directors ReportOur 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. 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.


Page 6


AUTOGRAPH HOMES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTOGRAPH HOMES LIMITED (CONTINUED)

OPINION 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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 directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7


AUTOGRAPH HOMES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTOGRAPH HOMES LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group financial statements.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
 
The nature of the industry and sector, control environment and business performance;
Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Group and Company; and
any matters we identified having obtained and reviewed the Group and Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in accounting for revenue relating to long term construction contracts.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Group and Company  operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material  amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation. In additions we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Company’s ability to operate or avoid a material penalty. These included building regulation laws, health and safety legislation, environmental legislation and employment legislation.
Our audit procedures performed to respond to the risks identified included, but were not limited to:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
Challenging assumptions and judgments made by management in their significant accounting estimates;
Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Review of board meeting minutes; and
Reviewing key correspondence with external building surveyors;

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
Page 8


AUTOGRAPH HOMES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTOGRAPH HOMES LIMITED (CONTINUED)

members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


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 Auditors' Report.


USE OF OUR REPORT
 

This report is made solely to the Group and Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Group and Company's members those matters we are required to state to them in an Auditors' 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 Group and Company and the Group and Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






David Butler FCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

18 July 2025
Page 9


AUTOGRAPH HOMES LIMITED

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
15,105,420
10,211,528

Cost of sales
  
(12,195,107)
(7,845,524)

Gross profit
  
2,910,313
2,366,004

Administrative expenses
  
(874,533)
(728,026)

Operating profit
  
2,035,780
1,637,978

Interest payable and similar expenses
 8 
(204,219)
(305,925)

Profit before taxation
  
1,831,561
1,332,053

Tax on profit
 9 
(493,697)
(1,765)

Profit for the financial year
  
1,337,864
1,330,288

Profit for the year attributable to:
  

Non-controlling interests
  
-
22,469

Owners of the parent Company
  
1,337,864
1,307,819

  
1,337,864
1,330,288

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 17 to 37 form part of these financial statements.

Page 10


AUTOGRAPH HOMES LIMITED
REGISTERED NUMBER:10421422

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
24,634
25,887

  
24,634
25,887

Current assets
  

Stocks
 14 
2,594,376
7,938,367

Debtors: amounts falling due within one year
 15 
640,191
1,224,727

Cash at bank and in hand
 16 
1,499,994
2,456,269

  
4,734,561
11,619,363

Creditors: amounts falling due within one year
 17 
(2,271,748)
(8,133,550)

Net current assets
  
 
 
2,462,813
 
 
3,485,813

Total assets less current liabilities
  
2,487,447
3,511,700

Creditors: amounts falling due after more than one year
 18 
(608,741)
(1,970,858)

  

Net assets
  
1,878,706
1,540,842


Capital and reserves
  

Called up share capital 
 22 
208
1,000,208

Other reserves
 23 
505,787
505,787

Profit and loss account
 23 
1,372,711
34,847

  
1,878,706
1,540,842


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





S M Taylor
Director

Date: 18 July 2025

The notes on pages 17 to 37 form part of these financial statements.

Page 11


AUTOGRAPH HOMES LIMITED
REGISTERED NUMBER:10421422

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
24,634
25,887

Investments
 13 
730,495
251,243

  
755,129
277,130

Current assets
  

Stocks
 14 
1,263,961
3

Debtors: amounts falling due within one year
 15 
2,301,421
5,673,317

Cash at bank and in hand
 16 
1,453,327
757,831

  
5,018,709
6,431,151

Creditors: amounts falling due within one year
 17 
(6,524,108)
(5,146,951)

Net current (liabilities)/assets
  
 
 
(1,505,399)
 
 
1,284,200

Total assets less current liabilities
  
(750,270)
1,561,330

  

Creditors: amounts falling due after more than one year
 18 
-
(1,840,000)

  

Net liabilities
  
(750,270)
(278,670)


Capital and reserves
  

Called up share capital 
 22 
207
1,000,207

Profit and loss account
 23 
(750,477)
(1,278,877)

  
(750,270)
(278,670)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





S M Taylor
Director

Date: 18 July 2025

The notes on pages 17 to 37 form part of these financial statements.

Page 12
 

AUTOGRAPH HOMES LIMITED
 
 
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024



Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£



At 1 December 2022 (as previously stated)
1,000,208
505,787
(1,813,333)
(307,338)
517,927
210,589


Prior year adjustment - correction of error
-
-
251,000
251,000
-
251,000



At 1 December 2022 (as restated)
1,000,208
505,787
(1,562,333)
(56,338)
517,927
461,589



Comprehensive income for the year


Profit for the year
-
-
1,307,819
1,307,819
22,469
1,330,288



Contributions by and distributions to owners


Non-controlling interests on incorporation
-
-
289,361
289,361
(540,396)
(251,035)





At 1 December 2023
1,000,208
505,787
34,847
1,540,842
-
1,540,842



Comprehensive income for the year


Profit for the year
-
-
1,337,864
1,337,864
-
1,337,864


Redemption of preference shares
(1,000,000)
-
-
(1,000,000)
-
(1,000,000)



At 30 November 2024
208
505,787
1,372,711
1,878,706
-
1,878,706



The notes on pages 17 to 37 form part of these financial statements.

Page 13

AUTOGRAPH HOMES LIMITED


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 December 2022
1,000,207
(861,871)
138,336


Comprehensive income for the year

Loss for the year
-
(417,006)
(417,006)



At 1 December 2023
1,000,207
(1,278,877)
(278,670)


Comprehensive income for the year

Profit for the year
-
528,400
528,400

Redemption of preference shares
(1,000,000)
-
(1,000,000)


At 30 November 2024
207
(750,477)
(750,270)


The notes on pages 17 to 37 form part of these financial statements.

Page 14


AUTOGRAPH HOMES LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,337,864
1,330,288

Adjustments for:

Depreciation of tangible assets
6,107
7,971

Interest paid
204,219
305,925

Taxation charge
479,867
1,765

Decrease/(increase) in stocks
5,343,991
(2,572,496)

Decrease/(increase) in debtors
1,699,826
(191,009)

(Decrease)/increase in creditors
(898,229)
919,386

Corporation tax received
-
59,330

Net cash generated from operating activities

8,173,645
(138,840)


Cash flows from investing activities

Purchase of tangible fixed assets
(4,854)
(690)

Acquisition of Subsidiary
(730,352)
-

Acquisition of NCI
-
(251,035)

Net cash from investing activities

(735,206)
(251,725)

Cash flows from financing activities

Redemption of preference shares
(1,000,000)
-

New secured loans
-
6,644,440

Purchase of debenture loans
-
140,000

Repayment of other loans
(7,190,495)
(4,208,809)

Interest paid
(204,219)
(305,925)

Net cash used in financing activities
(8,394,714)
2,269,706

Net (decrease)/increase in cash and cash equivalents
(956,275)
1,879,141

Cash and cash equivalents at beginning of year
2,456,269
577,128

Cash and cash equivalents at the end of year
1,499,994
2,456,269


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,499,994
2,456,269

1,499,994
2,456,269


The notes on pages 17 to 37 form part of these financial statements.

Page 15


AUTOGRAPH HOMES LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2024




At 1 December 2023
Cash flows
At 30 November 2024
£

£

£

Cash at bank and in hand

2,456,269

(956,275)

1,499,994

Debt due after 1 year

(1,970,858)

1,362,117

(608,741)

Debt due within 1 year

(5,850,494)

5,208,168

(642,326)



(5,365,083)
5,614,010
248,927

The notes on pages 17 to 37 form part of these financial statements.

Page 16


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


GENERAL INFORMATION

Autograph Homes Limited is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. It's registered office is located at Unit 3 The Stables, Says Court Farm Badminton Road, Frampton Cotterell, Bristol, England, BS36 2NY.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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:

  
2.2

BASIS OF CONSOLIDATION

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 Statement of financial position, 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.

 
2.3

GOING CONCERN

The directors have reviewed the business plans and profit and loss forecasts of Autograph Homes Limited and it's subsidiaries. As a result, the directors believe that the Group has adequate resources to continue operations for the foreseeable future being a period of not less than twelve months from the date of signing the financial statements. 
The group is dependent on the continued financial support of its parent company to enable it to continue operations. The parent company and the Directors have expressed a willingness to continue to provide financial support to the trading subsidiaries for the foreseeable future and these financial statements have therefore been prepared on the going concern basis.

Page 17


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

REVENUE

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.

 
2.5

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss 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.

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss 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.

 
2.7

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

PENSIONS

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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 18


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the year 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 reporting 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 reporting 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 reporting date.


 
2.10

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.

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.

Page 19


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

TANGIBLE FIXED ASSETS

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 both the straight-line and reducing balance method. .

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
reducing balance
Office equipment
-
20%
straight line

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 profit or loss.

 
2.12

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.13

WORK IN PROGRESS

Work in progress is stated at the lower of cost and net realisable value. Land held for development and the costs of development are initially recognised at transactions cost. The company allocates site-wide development costs between units on a site by site basis. These costs are carried at transactional cost until turnover in respect of the unit is recognised.
At each reporting date, work in progress is assessed for impairment. If it is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

DEBTORS

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.

 
2.15

CASH AND CASH EQUIVALENTS

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.

Page 20


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.16

CREDITORS

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.

 
2.17

PROVISIONS FOR LIABILITIES

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 profit or loss.

 
2.18

FINANCIAL INSTRUMENTS

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 Statement of Financial Position 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.

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.
Page 21


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.18
FINANCIAL INSTRUMENTS (CONTINUED)


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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.19

DIVIDENDS

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Page 22


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Carrying value of work in progress
Work in progress is carried at the lower of cost and net realisable value. A full review of net realisable value of work in progress was undertaken at year end. Reasonable foreseeable changes in the assumptions used would not have a significant impact on the net realisable value. 


4.


TURNOVER

The whole of the turnover is attributable to the principal activity of the group.

All turnover arose within the United Kingdom.


5.


AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
30,000
30,975


6.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
489,133
469,587
489,133
469,587

Social security costs
23,941
41,254
23,941
41,254

Cost of defined contribution scheme
31,063
13,492
31,063
13,492

544,137
524,333
544,137
524,333


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









7
11
7
11

Page 23


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

7.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
189,566
177,362

Group contributions to defined contribution pension schemes
18,157
4,312

207,723
181,674


During the year retirement benefits were accruing to 1 director (2023: 1) in respect of defined contribution pension schemes.


8.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
127,129
193,646

Preference share dividends
66,849
101,147

Other interest payable
10,241
11,132

204,219
305,925


9.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
364,624
(267,540)

Adjustments in respect of previous periods
-
84,268


364,624
(183,272)


TOTAL CURRENT TAX
364,624
(183,272)

DEFERRED TAX


Origination and reversal of timing differences
129,073
(54,055)

Losses and other deductions
-
239,092

TOTAL DEFERRED TAX
129,073
185,037


493,697
1,765
Page 24


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
9.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 23.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,831,561
1,831,561


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.01%)
457,890
306,505

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
309,544
25,902

Remeasurement of deferred tax for changes in tax rates
141,831
28,727

Deferred tax not recognised
54,781
(415,199)

Adjustment in respect of prior periods
-
84,268

Adjustment in respect of prior periods (deferred tax)
(10,455)
239,092

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(141,527)

Other differences leading to an increase (decrease) in the tax charge
(459,894)
(126,003)

TOTAL TAX CHARGE FOR THE YEAR
493,697
1,765


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There are no expected future tax changes.


10.


PARENT COMPANY PROFIT FOR THE YEAR

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 profit after tax of the parent Company for the year was £528,400 (2023: loss £417,006).

Page 25


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

11.


INTANGIBLE ASSETS

Group and Company





Branding

£



COST


At 1 December 2023
10,438



At 30 November 2024

10,438



AMORTISATION


At 1 December 2023
10,438



At 30 November 2024

10,438



NET BOOK VALUE



At 30 November 2024
-



At 30 November 2023
-


All of the Group's intangible fixed assets are held in the Parent company.



Page 26


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

12.


TANGIBLE FIXED ASSETS

Group and Company






Fixtures and fittings
Office equipment
Total

£
£
£



COST OR VALUATION


At 1 December 2023
24,806
29,837
54,643


Additions
-
4,854
4,854



At 30 November 2024

24,806
34,691
59,497



DEPRECIATION


At 1 December 2023
7,456
21,300
28,756


Charge for the year on owned assets
2,169
3,938
6,107



At 30 November 2024

9,625
25,238
34,863



NET BOOK VALUE



At 30 November 2024
15,181
9,453
24,634



At 30 November 2023
17,350
8,537
25,887

Page 27


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

13.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST OR VALUATION


At 1 December 2023
251,243


Additions
730,352



IMPAIRMENT


Charge for the period
251,100



At 30 November 2024

251,100



NET BOOK VALUE



At 30 November 2024
730,495



At 30 November 2023
251,243


SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Autograph Homes (Hambrook) Limited
Ordinary
100%
Autograph Homes (Rode) Limited
Ordinary
100%
Autograph Homes (Meare) Limited
Ordinary
100%
Autograph Homes (Totterdown) Limited
Ordinary
100%
Goolden Street (Totterdown) Limited
Ordinary
100%
Totterdown (Bathwell) Development Limited
Ordinary
100%
Radipole Homes Limited *
Ordinary
100%
Autograph Homes (Midland Road) Limited
Ordinary
100%
Autograph Homes (Dudbridge) Limited
Ordinary
100%
Autograph Homes (Stanton) Limited
Ordinary
100%
Autograph (Midland Road) Limited
Ordinary
100%
Autograph Homes (Bridge Farm) Limited
Ordinary
100%
Autograph Homes (Scots Lawn) Limited
Ordinary
100%

* Dormant

Page 28


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

14.


WORK IN PROGRESS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Work in progress (goods to be sold)
2,594,376
7,938,367
1,263,961
3

2,594,376
7,938,367
1,263,961
3


No impairment loss was recognised in the cost of sales against work in progress during the year.

Page 29


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

15.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
5,000
306,013
-
1,512

Amounts owed by group undertakings
-
-
1,882,547
5,031,401

Other debtors
294,665
156,996
101,192
130,254

Prepayments and accrued income
121,496
427,445
99,575
351,158

Tax recoverable
-
141,527
-
141,527

Deferred taxation
219,030
192,746
218,107
17,465

640,191
1,224,727
2,301,421
5,673,317


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


16.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,499,994
2,456,269
1,453,327
757,831

1,499,994
2,456,269
1,453,327
757,831


Page 30


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

17.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£ 
£
£ 

Bank loans
22,116
5,850,494
-
-

Trade creditors
443,831
1,342,612
409,322
1,042,612

Amounts owed to group undertakings
-
-
5,853,791
3,761,920

Corporation tax
364,624
-
-
-

Other taxation and social security
60,012
115,643
60,012
115,643

Other creditors
631,924
109,989
11,714
64,041

Accruals and deferred income
749,241
714,812
189,269
162,735

2,271,748
8,133,550
6,524,108
5,146,951


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Bank Loans
£620,088 of the bank loans relate to sums payable to Octopus Administrative Services Limited for the development of sites that were live as at year end. The total facility available to the company is £10,101,154. The debt is repayable on demand 26 months after the first drawing is made under the facility. The company incurs interest at 7.5% and is due on the drawdown balance.
The remaining balance relates to bounce back loans which were secured on 1 October 2020 to mitigate the impact of Covid-19 on the business. The loan is over a 10 year period. Nothing was due for repayment for the first 12 months of the loan, with repayments due on the 13th month. Interest of 2.5% is due on the outstanding capital balance each month.
Loan Notes
The loan notes were held by shareholders. The loan notes were repaid on 25 July 2024 and accrued interest at 10% per annum. 


18.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Loan Note
-
1,840,000
-
1,840,000

Bank loans
608,741
130,858
-
-

608,741
1,970,858
-
1,840,000




Page 31


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

19.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
22,116
5,850,494
-
-


22,116
5,850,494
-
-

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
22,116
22,117
-
-

Loan note
-
1,840,000
-
1,840,000


22,116
1,862,117
-
1,840,000

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
586,625
108,741
-
-


586,625
108,741
-
-


630,857
7,821,352
-
1,840,000


Page 32


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

20.


FINANCIAL INSTRUMENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

FINANCIAL ASSETS

Financial assets measured at fair value through profit or loss
1,499,994
2,456,269
1,453,327
757,831

Financial assets that are debt instruments measured at amortised cost
321,586
539,296
1,983,739
5,163,167

1,821,580
2,995,565
3,437,066
5,920,998


FINANCIAL LIABILITIES

Financial liabilities measured at amortised cost
(2,378,590)
(9,555,748)
(6,459,756)
(6,986,951)


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand. 


Financial assets that are debt instruments measured at amortised cost comprise of amounts owed to group undertakings and other debtors. 


Financial liabilities measured at amortised cost comprise of trade and other creditors, bank loans, development loans, loan notes and amounts owed to related party undertakings. 


21.


DEFERRED TAXATION


Group



2024


£






At beginning of year
192,746


Charged to profit or loss
26,284



AT END OF YEAR
219,030

Page 33


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
21.DEFERRED TAXATION (CONTINUED)

Company


2024


£






At beginning of year
17,465


Charged to profit or loss
200,642



AT END OF YEAR
218,107

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
-
(6,472)
-
(6,472)

Tax losses carried forward
219,030
198,749
218,107
23,468

Short term timing differences
-
469
-
469

219,030
192,746
218,107
17,465

Page 34


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

22.


SHARE CAPITAL

2024
2023
£
£
SHARES CLASSIFIED AS EQUITY

ALLOTTED, CALLED UP AND FULLY PAID



12,700 (2023: 12,700) Ordinary A shares of £0.01 each
127
127
800 (2023: 800) Ordinary B shares of £0.10 each
80
80
Nil (2023: 1,000,000) Preference shares of £1.00 each
-
1,000,000
1 (2023: 1) Ordinary share of £1.00
1
1

208

1,000,208

Ordinary A shares entitle shareholders to one vote at a general meeting per share. These shares are entitled to 80% of the total voting rights. 
Ordinary B shares entitle shareholders to one vote at a general meeting per share. These shares are entitled to 20% of the total voting rights. 
On 31 July 2024, 1,000,000 preference shares of £1.00 each were redeemed.



23.


RESERVES

Other reserves

Includes the difference between the nominal value and fair value of loans received on off market terms as part of a shareholder transaction, this is transferred to the profit and loss account once repaid. 

Profit and loss account

Includes all recognised residual profits and losses less any dividend paid or declared before the year end.

Page 35


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

24.
 

BUSINESS COMBINATIONS

On 1 May 2024, Autograph Homes Limited acquired 100% of the share capital of Autograph Homes Scotts Lawn Limited, a company registered in England and Wales. The company has used the acquisition method of accounting for this business combination. 

ACQUISITION OF AUTOGRAPH HOMES SCOTTS LAWN LIMITED

RECOGNISED AMOUNTS OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED

Book value
Fair value
£
£

CURRENT ASSETS

Debtors
1,230,532
1,230,532

TOTAL ASSETS
1,230,532
1,230,532

CREDITORS

Due within one year
(500,180)
(500,180)

TOTAL IDENTIFIABLE NET ASSETS
730,352
730,352


CONSIDERATION

£


Cash
730,352

CASH OUTFLOW ON ACQUISITION

£


Purchase consideration settled in cash, as above
730,352

The results of Autograph Homes Scotts Lawn Limited  since acquisition are as follows:

Current period since acquisition
£

(Loss) for the period since acquisition
(100,284)


25.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £31,063 (2023: £13,492). Contributions totaling £4,340 (2023: £3,859) were payable to the fund at the reporting date. 

Page 36


AUTOGRAPH HOMES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

26.


COMMITMENTS UNDER OPERATING LEASES

At 30 November 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
30,353
33,832
30,353
33,832

Later than 1 year and not later than 5 years
37,769
33,549
37,769
33,548

68,122
67,381
68,122
67,380


27.


RELATED PARTY TRANSACTIONS

Avode Limited is a company controlled by P Abson. The Group made purchases of £62,618 (2023: £62,258 from Avode Limited during the year. As at 30 November 2024, £Nil (2023: £Nil) was owed to Avode Limited. 


28.


CONTROLLING PARTY

The Company has no controlling shareholders. 

 
Page 37