Registration number:
for the
Year Ended 31 March 2025
Lioncourt Homes Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Lioncourt Homes Limited
Company Information
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Directors |
D Andrews C J Cole R W Atterbury D Clarke S G Hughes |
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Company secretary |
S G Hughes |
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Registered office |
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Solicitors |
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Bankers |
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Auditors |
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Lioncourt Homes Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the Group is house building and land promotion.
Fair review of the business
Despite the challenges and uncertainties of the 2024/25 financial year the Group has achieved an improvement in its overall profit before tax whilst carefully planning for an increase in the number of outlets for the year ahead.
Group turnover for the year increased by 19.4% from £38.9 million to £46.4 million and EBIT increased by 30.6% from £4.6 million to £6.0 million, whilst operating margin improved from 11.7% to 12.8%.
During the year we were also delighted to retain our HBF status as a 5 Star Quality Home Builder, for the eleventh successive year, based on independent customer ratings.
Affordability and low consumer confidence together with the slow and under resourced planning system and persistent high interest rates were key issues for the industry which impacted on the Groups performance during the year. However, we were able to maximise our sales prices and margins, from reduced home sales, whilst also bringing forward the sale of our land holding at Kingston Bagpuize.
The Group legally completed 130 home sales at an average sales price of £323,000 during the financial year. In the previous financial year, the Group sold 140 new homes at an average sales price of £277,000.
The key reason for the reduction in sales was a shortfall in new outlets caused by planning delays together with slow responses by service authorities with offsite service connections. We are now operational on all of these outlets and we have carefully increased our work in progress to improve sales levels in the new financial year. As a consequence, our net debt at the year end has increased to £13.3 million.
Net assets stood at £65.5 million at the year end compared to £61.9 million the previous financial year.
The Group continued to be selective with new land acquisitions during the year due to the uncertainties in the market and the high prices being paid for new land. However, with land prices beginning to moderate we are now generating and securing a number of new opportunities.
The Strategic Land Division made further progress during the year. The key highlight was the completion of the land sale at Kingston Bagpuize in the open market. In addition, we acquired the strategic land holding at Gotherington during the year and transferred this to the Homes Business.
Within the Strategic Land Division we now have over 390 net acres of land under our control, representing approximately 5,500 plots. We are project managing all these sites through the planning system and the portfolio is at an advanced stage of delivery. We are now focused on replacing these successes in the current period.
The group's key financial and other performance indicators during the year were as follows:
|
Unit |
2025 |
2024 |
|
|
Units sold |
130 |
140 |
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|
Turnover |
£'000 |
46,432 |
38,884 |
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Operating profit |
£'000 |
5,960 |
4,563 |
|
Profit before tax |
£'000 |
4,838 |
4,638 |
|
(Net debt)/cash |
£'000 |
(13,307) |
(1,033) |
|
Net assets |
£'000 |
65,533 |
61,947 |
Lioncourt Homes Limited
Strategic Report for the Year Ended 31 March 2025
Future developments
The wellbeing of the Groups workforce, customers and local communities remain a key priority for the Group. The Board and Management continue to regularly review trading activity and market conditions in order to adapt as soon as possible to any changing circumstances. Supply chains are closely monitored to ensure adequate stock levels are maintained to enable continued delivery of new homes to customers. The shortages of skilled labour and materials and significant rising costs continue to be key issues for the business and the industry.
The business continued to focus on 3 key areas during the year and for future years.
1. Managing the Balance Sheet and ensuring we balance risk with opportunity.
2. Maintaining control over sales price and cost increases whilst monitoring inflation and interest rates.
3. Carefully selecting land opportunities to ensure targeted returns are maximised.
Whilst there remains uncertainty in the market demand has remained positive, albeit softening in recent times. Customers remain relatively active in the market at the current time but site visitors have reduced and there is increasing pressure on sales volumes, sales prices and incentives. We continue to closely monitor the economy and buyer behaviour in both the housing and land markets and to carefully manage our activities to limit exposure in the slower sales environment.
The key challenges are replacing the land bank at levels that comply with our financial and geographical parameters, minimising timescales to achieve planning consent, controlling labour costs and material price increases and minimising disruption from the increasing lead times.
Section 172 statement
The Directors of the Group must act in accordance with the duties detailed in section 172 of the Companies Act 2006 which is summarised as follows:
A Director of a Group must act in the way he considers, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
a) The likely consequences of any decision in the long term.
Lioncourt Homes is headed by an effective Board of Directors which brings a wide range of commercial, housebuilding and financial experience and is collectively responsible for the long-term success of the Group and overall leadership. The Group's future strategy is designed to have a long-term beneficial impact on the Group and to contribute to its success in delivering quality homes for our customers, achieved by carefully selecting new sites, delivering high quality workmanship, providing excellent customer service and maintaining the ‘Lioncourt culture’ which is the core to the business. The Group continues to operate in a prudent manner in line with market conditions.
b) The interests of the Group’s employees.
Our employees are a key resource, dedicated to building and selling homes that our customers value. Our employees actively pursue opportunities for personal development and career progression with the support from: management; a culture of inclusion and diversity; compensation and benefits; and the ability to make a difference. We undertake various activities and operate many forums to foster participation in group events, invite opinions, questions, and ideas.
c) The need to foster the Group’s business relationships with contractors, suppliers, customers, and others.
Our contractors and suppliers are key stakeholders in the business and facilitate our delivery of the homes that our customers want. They allow us to position and represent our brand in the market. Without the support of our contractors and suppliers we would not be able to create and bring our homes to life. We seek to ensure we engage with all of our contractors and suppliers in a partnership manner and follow various principles in our engagement with them. These include:
- operating tender processes for orders above set limits;
- agreeing an open and transparent commercial basis of operation;
- paying to terms on agreed invoices and agreed certificates; and
- having clear codes of conduct and policies covering the way in which we engage with contractors and suppliers.
Lioncourt Homes Limited
Strategic Report for the Year Ended 31 March 2025
We have several valuable long-term contractor and supplier partnerships which have been built by following our culture and values and embedding them in the relationships we build.
The Group is committed to maintaining good customer relations and has spent considerable time and effort this year and in previous years to enhance customer satisfaction. This is independently verified and we strive to maintain these high standards. This has helped to support an eleventh consecutive 5-Star Quality Rating from the Home Builders Federation.
d) The impact of the Group’s operations on the community and the environment.
We demonstrate Lioncourt Homes culture and values through the way we engage with our communities. Our aim is always to enhance the locations and communities in which we develop. We take a holistic approach to site planning and focus on delivering public open spaces and amenities to enhance the built environments we deliver. We aim to minimise and mitigate our impact on the environment. We have robust policies in place to address issues around ecology, resource use and biodiversity which see us manage environmental impacts throughout the build environment development life cycle. Further we work actively with contractors and suppliers to adopt the most energy efficient design for our houses covering both the construction fabric, equipment, and appliances. We also support local schemes and charities in the regions where we develop.
e) The desirability of the Group maintaining a reputation for high standards of business conduct.
As a Board of Directors, we strive to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for our business and in doing so, will contribute to the delivery of our plan. The intention is to nurture our reputation through both the construction and delivery of quality value for money homes. We have also won the 5-Star Quality Home Builder Award for the past 11 years, which further demonstrates the quality of our homes.
f) The need to act fairly between members of the Company.
As the Board of Directors, our intention is to behave responsibly toward our shareholders and treat them fairly and equally. Annually the wider group holds a meeting of shareholders to update them with the Group's results and future plans.
Other major stakeholder groups include the Group’s insurers, suppliers, bankers, advisors, auditors, regulators, contractors, suppliers and HMRC. With all these stakeholder groups, the directors maintain regular and open dialogue to ensure that all parties are kept informed. The directors believe this is essential to building strong working relationships.
Principal risks and uncertainties
The directors consider that the most significant risks and uncertainties for the Group relate to conditions in the UK economy and the subsequent impact on the housing market. Significant macro-economic headwinds, most notably persistent inflation, and the higher interest rate environment, have impacted UK economic growth, employment, consumer confidence and spending.
Other key risks include the availability and affordability of land, continued delays in the planning system, the impact of skills and material shortages, general price increases, shortage of funding for affordable homes and the impact of delays in sales levels.
The Group aims to mitigate these risks as far as is reasonable with the following actions:
The land market remains highly competitive, however, in recent times prices have started to normalise. The availability of affordable land is key to the future performance of the group along with timely processing of planning applications. The group has taken a cautious approach to land acquisition and work closely with local planning authorities to best secure viable land agreements.
The executive directors continue to hold weekly and quarterly operational meetings to review sales activity on each site and review the economic outlook. Individual homes are authorised to be released for build in line with progress on sales. The Directors regularly review the short term cash flow forecast in detail and agree actions to mitigate any shortfall in sales receipts by strict control of work in progress, deferring of expenditure and controlling land expenditure. The Directors consider that the sales income within the cash flow forecasts are prudent, both in the projected rate of sale and the level of sales prices used to reflect the level of customer demand and availability of mortgage funding.
Lioncourt Homes Limited
Strategic Report for the Year Ended 31 March 2025
Approved by the
Director
Lioncourt Homes Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Matters covered in the Strategic Report
Information on the engagement with contractors, suppliers, customers and others is included in the Strategic Report in the s172(1) statement. The Group's business environment and risks, together with details of monitoring undertaken by the Directors and future developments are dealt with elsewhere in the Strategic Report.
Financial instruments
Objectives and policies
The Group's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.
Price risk, credit risk, liquidity risk and cash flow risk
The Group's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.
Cash flow risk
Active management of working capital is the key control used by management to manage cash flow risk.
Credit risk
The Group has no significant concentration of credit risk. As explained in the statement of accounting policies, turnover is recognised on legal completion for each individual home sold, at which point sale proceeds are received in cash and in full. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed annually. The Group is also exposed to credit risk on bank balances although this risk is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
Liquidity risk
The Group held cash of £3.7 million at the end of the period and debt of £17 million. The Group has a revolving credit facility with Barclays Bank of £35 million. During the year the facility was extended to December 2027. As such, the directors consider that the Group has sufficient liquid resources to meet its operational requirements.
Interest rate risk
The Group’s borrowings bear interest at rates linked to SONIA. The directors consider the Group is well placed to cope with the current interest rates and continue to explore further interest protection instruments to assist in mitigating interest rate increases.
Energy and emissions report
Under the Streamlined Energy and Carbon Reporting regulations the group must report annually on greenhouse gas emissions from scope 1 and scope 2 electricity, gas and transport. Scope 3 emissions from employee owned vehicles has been voluntarily disclosed.
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2025 |
2024 |
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|
Energy consumption used to calculate emissions |
KwH |
1,725,717 |
1,633,105 |
|
|
Scope 1 emissions |
tonnes CO2e |
231.14 |
156.04 |
|
|
Scope 2 emissions |
tonnes CO2e |
70.21 |
69.30 |
|
|
Scope 3 emissions |
tonnes CO2e |
80.75 |
81.41 |
|
|
Total greenhouse gas emissions |
tonnes CO2e |
382.11 |
306.75 |
|
|
Greenhouse gas emissions per 100 metres squared of home sold |
tonnes CO2e |
2.82 |
2.46 |
Lioncourt Homes Limited
Directors' Report for the Year Ended 31 March 2025
Data is provided as tonnes of carbon dioxide equivalent (CO2e) for all operations. Scope 1 and 2 emissions are from our sites, offices, show homes and sales areas and homes before sale. Scope 1 emissions include gas and fuel for Group owned vehicles and scope 2 emissions comprise purchased electricity. Scope 3 emissions are from non-company owned vehicles. The Group's chosen intensity measure is emissions per 100m² of sold home.
In 2025, the Group emitted 2.82 tonnes of CO²e per 100m² of sold home. As the energy used is not sales volume related, we have seen an increase in the intensity ratio from 2.46 tonnes of CO²e per 100m² of sold home in the prior year. This is a consequence of fewer legal completions, whilst building work has continued on current active sites and significant infrastructure has been committed to the six new sites we have opened this year. Although our emissions have increased overall, we have marginally reduced our scope 3 emissions from 81.41 tonnes of CO²e per 100m² to 80.75. This is a result of increased use of electric vehicles.
Whereas CO²e per 100m² of sold home has increased, we remain focused on reducing our carbon footprint which is evident from our internal sustainability metrics. With the introduction of improved building fabric, enhanced technologies and renewable energy, all new build homes built in 2025 achieve an A or B Energy Performance Certificate rating (EPC).
The report data has been collated internally. The data used to establish the emissions reported was obtained from average prices per kwh of energy and price per litre of fuel taken from supplier invoices. CO²e has been calculated using the National Energy Foundation Carbon Calculator. We do not consider refrigerant losses on our air conditioning units to be material and as such these are not reported in our emissions data.
We have reported on the emissions sources required under the Companies Act 2006 (Strategic Report and Directors' Reports) Regulations 2013 apart from the exclusions noted. The reported sources fall within our Consolidated Financial Statements and are for emissions over which we have financial control. We do not have responsibility for any emissions sources that are not included in our consolidated statements.
The above report includes Lioncourt Homes Holdings Limited consolidated emissions as it is not practical to reasonably split the emissions per entity.
Going concern
The financial statements have been prepared on the going concern basis which assumes that the group will continue in operational existence for the foreseeable future.
Estimates of future performance based on changes in the economic environment have been prepared. These forecasts indicate that the group will continue to operate within their existing facilities. As of 31 March 2025, £17 million (2024 - £4 million) had been drawn down under the wider groups £35 million (2024 - £25 million) revolving facility. The group also has access to cash reserves of £3.7 million (2024 - £3 million),
Based on forecasts prepared and the funds available, sufficient resources are available for the group to conduct business for at least 12 months post signing of the financial statements. As such, the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
Directors' Indemnity
The Group has indemnified, by means of directors’ and officers’ liability insurance, the Directors of the Group against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act. Such qualifying third party indemnity provision was in force during the year and is in force at the date of approving the Directors’ Report.
Disclosure of information to the auditor
Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Lioncourt Homes Limited
Directors' Report for the Year Ended 31 March 2025
Reappointment of auditors
The auditors Hazlewoods LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
Director
Lioncourt Homes Limited
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the group and company for that period. In preparing these financial statements, the directors are required to:
• | select suitable accounting policies and 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 company and group will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Lioncourt Homes Limited
Independent Auditor's Report to the Members of Lioncourt Homes Limited
Opinion
We have audited the financial statements of Lioncourt Homes Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 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 auditor 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the groups' ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and 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 our 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 and the Directors' Report.
Lioncourt Homes Limited
Independent Auditor's Report to the Members of Lioncourt Homes Limited
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page 9, 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.
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.
Extent to which the audit was capable of detecting irregularities, including fraud
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:
We considered the nature of the group’s industry and its control environment and reviewed the groups’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, building regulations, including fire and building safety legislation, health and safety legislation and environmental laws, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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• |
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
|
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
|
• |
enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
Lioncourt Homes Limited
Independent Auditor's Report to the Members of Lioncourt Homes Limited
|
• |
reading minutes of meetings of those charged with governance. |
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 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 are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.
.....................................
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Lioncourt Homes Limited
Consolidated Profit and Loss Account for the Year Ended 31 March 2025
|
Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Exceptional expenses |
(55,089) |
- |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar charges |
( |
( |
|
|
Share of loss of equity accounted joint ventures |
( |
( |
|
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Profit attributable to: |
|||
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Owners of the company |
|
|
The above results were derived from continuing operations.
The group has no other comprehensive income for the year.
Lioncourt Homes Limited
(Registration number: 05733989)
Consolidated Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
|
|
|
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Profit and loss account |
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Equity attributable to owners of the company |
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Total equity |
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Approved and authorised by the
Director
Lioncourt Homes Limited
(Registration number: 05733989)
Balance Sheet as at 31 March 2025
|
Note |
2025 |
2024 |
|
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Fixed assets |
|||
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Investments |
|
|
|
|
Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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|
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||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
2,645,932 |
2,645,932 |
|
|
Share premium reserve |
5,190,466 |
5,190,466 |
|
|
Capital redemption reserve |
4,973,937 |
4,973,937 |
|
|
Profit and loss account |
22,836,805 |
22,192,522 |
|
|
Total equity |
35,647,140 |
35,002,857 |
The company made a profit after tax for the financial year of £644,283 (2024 - profit of £4,742,439).
Approved and authorised by the
Director
Lioncourt Homes Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2025
Equity attributable to the parent company
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 April 2024 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
At 31 March 2025 |
|
|
|
|
|
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 April 2023 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
At 31 March 2024 |
2,645,932 |
5,190,466 |
4,973,937 |
49,136,815 |
61,947,150 |
Lioncourt Homes Limited
Statement of Changes in Equity for the Year Ended 31 March 2025
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 April 2024 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
At 31 March 2025 |
|
|
|
|
|
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 April 2023 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
At 31 March 2024 |
2,645,932 |
5,190,466 |
4,973,937 |
22,192,522 |
35,002,857 |
Lioncourt Homes Limited
Consolidated Statement of Cash Flows for the Year Ended 31 March 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Fair value movement on interest cap |
- |
|
|
|
Share of profit/loss of equity accounted investees |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Increase in stocks |
( |
( |
|
|
Decrease in trade debtors |
|
|
|
|
Decrease in trade creditors |
( |
( |
|
|
(Decrease)/increase in provisions |
( |
|
|
|
Cash generated from operations |
( |
( |
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
( |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Amounts advanced to joint ventures |
( |
( |
|
|
Net cash flows from investing activities |
( |
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
|
|
|
|
Repayment of bank borrowing |
( |
- |
|
|
Net cash flows from financing activities |
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 April |
|
|
|
|
Cash and cash equivalents at 31 March |
3,693,238 |
2,966,904 |
|
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
General information |
The company is a private company limited by share capital, incorporated and domiciled in England and Wales.
The address of its registered office is:
|
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
These financial statements have been prepared using GBP as the presentational currency and are presented in round pounds.
Summary of disclosure exemptions
Lioncourt Homes Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its own financial statements. Exemptions have been taken in relation to presentation of a statement of cash flows and financial instruments.
Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2025.
No income statement is presented for the company as permitted by section 408 of the Companies Act 2006.
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 consolidated financial statements incorporate the results of group reconstructions using the merger method.
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.
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
2 |
Accounting policies (continued) |
Going concern
The financial statements have been prepared on the going concern basis which assumes that the group will continue in operational existence for the foreseeable future.
Estimates of future performance based on changes in the economic environment have been prepared. These forecasts indicate that the group will continue to operate within their existing facilities. As of 31 March 2025, £17 million (2024 - £4 million) had been drawn down under the wider groups £35 million (2024 - £25 million) revolving facility. The group also has access to cash reserves of £3.7 million (2024 - £3 million),
Based on forecasts prepared and the funds available, sufficient resources are available for the group to conduct business for at least 12 months post signing of the financial statements. As such, the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
Management provide for the cost of land options and abortive short term land fees where it is considered planning permission is unlikely to be obtained. The amount charged to the profit and loss account in the year in relation to this judgement is £nil (2024 - £nil). The carrying value of land options at the year end is £7,321,053 (2024 - £8,708,053).
Management provide for the cost of remedials work required on completed plots. The carrying value of the remedials provision is £24,434 (2024 - £323,391).
Key sources of estimation uncertainty
The group's margin recognition policy is based on the margin forecast for each site. These margins reflect estimated sales prices and costs for each site. This is a method of allocating the total forecast costs, representing both land an build costs, of a site to each individual unit. Sales prices and build costs are inherently uncertain as they are influenced by changes in external market factors, such as, the availability and affordability of mortgages, changes in customer demand or build cost inflation.
Management have implemented internal procedures to assess site acquisition and forecasting to assist financial appraisal processes. Site appraisals are prepared on a regular basis to account for any changes in sales price or forecast build costs, and thus the margin on the site. The carrying amount of work in progress is £42,987,419 (2024 - £27,934,225).
Revenue recognition
Revenue is recognised at the fair value of consideration received or receivable, net of incentives.
Private housing sales
Revenue is recognised in the profit and loss account on legal completion for each individual unit sold.
Housing association sales
The group reviews housing association contracts on a contract by contract basis and determines the appropriate revenue recognition based on the specific terms of the contract.
Where the risks and rewards of ownership transfer to a housing association on legal completion (turn key agreement) revenue is recognised on legal completion of the units, similar to revenue recognition on private housing. Where a contract with a housing association transfers legal title at a specific point in the build process, generally once foundations and key utilities have been laid (golden brick agreement), revenue is recognised based on the stage of completion of the unit.
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
2 |
Accounting policies (continued) |
Land sales
Revenue is recognised on land sales on exchange of unconditional contracts.
Tax
The tax expense for the period comprises current and deferred 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 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.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
At each balance sheet date, the company tests whether there are any indicators of assets being subject to impairment. If any such indications exist, the recoverable amount of the asset is determined. If this proves to be impossible, the recoverable amount of the cash-generating unit to which the asset belongs is identified. An asset is subject to impairment if its carrying amount exceeds its recoverable amount; the recoverable amount is the higher of an asset's fair value less costs to sell and value in use. An impairment loss is directly expensed in the profit and loss account.
Investments in jointly controlled interests of the group are accounted for under the equity method.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for legally completed units. Trade debtors are originally recorded at transaction price. A provision for the impairment of trade debtors is established where there is objective evidence that the group will not be able to collect all amounts due.
Stocks
Stocks which comprise land held for development, work in progress, finished and part exchange houses are stated at the lower of cost and net realisable value. Costs include materials, direct labour and production overheads appropriate to the relevant stage of production. Net realisable value is based on estimated selling price less all further costs to completion and all relevant marketing and selling costs.
Land options are valued at historical cost including promotional and other directly attributable expenditure. Net realisable value is based on the ultimate value of the site after consideration of development and other associated costs.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction cost. 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.
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Profit and loss account
The profit and loss account is classified as equity and represents accumulated realised profits that the company has earned to date, less any dividends paid or other distributions made to it's shareholders. This balance therefore represents the distributable reserves of the company that can be used to make any future distributions to company shareholders, subject to the regulations specified in section 830 of the Companies Act 2006.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
2 |
Accounting policies (continued) |
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied to the assets of the CGU on a pro-rata basis.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
|
Turnover |
The analysis of the group's revenue for the year is as follows:
|
2025 |
2024 |
|
|
House sales |
|
|
|
Land sales |
|
|
|
|
|
The total turnover of the group has been derived from its principal activity wholly undertaken in the United Kingdom.
|
Exceptional items |
|
2025 |
2024 |
|
|
Exceptional expenses |
55,089 |
- |
During the year, the group incurred £55,089 (2024 - £nil) of professional and advisory fees in relation to restructuring.
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Other income |
|
|
Other income includes a refund of £nil (2024 - £221k) in respect of an unutilised community contribution paid in 2014.
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Other interest receivable |
|
|
|
Interest income from joint ventures |
311,378 |
289,634 |
|
Bank interest received |
|
|
|
|
|
Interest on loans advanced to joint ventures accrue at a fixed rate of 8%.
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Other interest payable |
|
|
|
Bank arrangement and professional fees |
|
|
|
Fair value movement on interest rate cap |
- |
57,095 |
|
|
|
The group holds a £35 million revolving facility with Barclays. The bank loan is denominated in GBP with a nominal interest rate of 2.65% plus the Barclays daily compound rate. Interest charged to the P&L relating to this facility totalled £1,183,676 (2024 - £296,841). The carrying amount of this facility at the year end is £17,000,000 (2024 - £4,000,000).
The facility is secured on freehold land and property on current approved developments.
The facility imposes a negative pledge which prohibits the group from creating any security interests over the assets pledged as security.
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
8 |
Staff costs (continued) |
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
Sales |
|
|
|
|
|
|
Directors' remuneration |
Group and company
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
585,009 |
636,975 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
6,695 |
6,375 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
35,755 |
34,050 |
|
|
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
All other non-audit services |
|
|
|
|
|
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
( |
|
1,440,545 |
1,024,472 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
25,849 |
44,596 |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
17,303 |
(31,396) |
|
Deferred tax expense relating to changes in tax rates or laws |
3,743 |
- |
|
Decrease in UK current tax from adjustment for prior periods |
(6,576) |
(156,429) |
|
Decrease from tax losses for which no deferred tax asset was recognised |
(4,393) |
- |
|
Tax increase from effect of capital allowances and depreciation |
5,976 |
- |
|
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Asset |
|
Accelerated capital allowances |
|
|
Short term timing differences |
|
|
Deferred tax on intra-group profit |
|
|
|
|
2024 |
Asset |
|
Accelerated capital allowances |
|
|
Short term timing differences |
|
|
Deferred tax on intra-group profit |
|
|
|
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
11 |
Taxation (continued) |
There are £260,434 of unused tax losses (2024 - £291,049) for which no deferred tax asset is recognised in the Balance Sheet on the basis that it is unlikely it will be utilised in the next 12 months.
Company
Deferred tax assets and liabilities
|
2025 |
Asset |
|
Accelerated capital allowances |
|
|
Short term timing differences |
|
|
|
|
2024 |
Asset |
|
Accelerated capital allowances |
|
|
Short term timing differences |
|
|
|
|
Investments |
Group
|
2025 |
2024 |
|
|
Investments in joint ventures |
|
|
|
Joint ventures |
£ |
|
Cost and carrying amount |
|
|
Cost or fair value brought forward |
3,780,560 |
|
Investment in the year |
1,017,738 |
|
Share of joint venture loss |
(74,500) |
|
At 31 March 2025 |
4,723,798 |
The above investment represents the amounts funded by the group in a joint venture, Sharpness Development LLP. The value represents the initial investment, loans to the joint venture and its share of the operating loss for the year. The group owns 50% of the joint venture which has been set up to promote land options for development and subsequent disposal.
The registered address of Sharpness Development LLP is 178 Birmingham Road, West Bromwich, B70 6QG.
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
Details of undertakings
Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
12 |
Investments (continued) |
|
Undertaking |
Holding |
Proportion of voting rights and shares held |
Principal activity |
|
Subsidiary undertakings |
|||
|
Lioncourt Homes (Development) Limited |
Ordinary |
100% |
House building |
|
Lioncourt Homes (Development No.1) Limited |
Ordinary |
100% |
House building |
|
Lioncourt Homes (Development No.2) Limited |
Ordinary |
100% |
House building |
|
Lioncourt Homes (Development No.3) Limited |
Ordinary |
100% |
House building |
|
Lioncourt Homes (Development No.5) Limited |
Ordinary |
100% |
House building |
|
Lioncourt Homes Strategic Land Limited |
Ordinary |
100% |
House building |
|
Lioncourt Homes (Development No.7) Limited |
Ordinary |
100% |
House building |
|
Lioncourt Homes (Development No.8) Limited |
Ordinary |
100% |
House building |
|
Lioncourt Homes (Development No.9) Limited |
Ordinary |
100% |
House building |
|
Lioncourt Homes (Development No.10) Limited |
Ordinary |
100% |
House building |
|
Lioncourt Homes (Development No.12) Limited |
Ordinary |
100% |
Holding company |
|
Lioncourt Homes (Development No.13) Limited |
Ordinary |
100% |
Holding company |
|
Lioncourt Homes (Development No.14) Limited |
Ordinary |
100% |
House building |
|
Lioncourt Homes (Development No.16) Limited |
Ordinary |
100% |
Dormant |
|
Lioncourt Homes (Development No.17) Limited |
Ordinary |
100% |
House building |
|
Lioncourt Homes Strategic Land (Sharpness) Limited |
Ordinary |
100% |
Holding company |
|
Lioncourt Homes (F.O.G) Limited |
Ordinary |
100% |
Dormant |
|
Bluemark Developments Limited |
Ordinary |
100% |
House building |
|
Lioncourt Homes (Binley Woods) LLP |
Ordinary |
100% |
House building |
|
Lioncourt Homes (Honeybourne) LLP |
Ordinary |
100% |
House building |
The registered address of all 100% owned subsidiaries is Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX.
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Land |
|
|
|
|
|
Work in progress |
|
|
|
|
|
Land options and promotion agreements |
|
|
- |
- |
|
|
|
|
|
|
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Debtors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Amounts owed by group undertakings |
- |
- |
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
Deferred tax assets |
|
|
|
|
|
|
Corporation tax asset |
- |
- |
- |
|
|
|
|
|
|
|
||
|
Less non-current portion |
( |
( |
( |
( |
|
|
Total current trade and other receivables |
|
|
|
|
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash at bank |
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to parent undertakings |
|
|
|
|
|
|
Amounts due to group undertakings |
- |
- |
|
|
|
|
Amounts due to related parties |
175,075 |
- |
175,075 |
- |
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
|
Other creditors |
|
|
|
|
|
|
Accrued expenses |
|
|
|
|
|
|
Corporation tax liability |
321,831 |
12,396 |
59,459 |
- |
|
|
|
|
|
|
||
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
|
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
17 |
Loans and borrowings (continued) |
The group holds a £35 million revolving facility with Barclays. The bank loan is denominated in GBP with a nominal interest rate of 2.65% plus the Barclays daily compound rate. During the year £17,000,000 (2024 - £4,000,000) was drawn down on this facility and repayments of £4,000,000 (2024 - £nil) were made.
The facility is secured on freehold land and property on current approved developments.
The facility imposes a negative pledge which prohibits the group from creating any security interests over the assets pledged as security.
|
Provisions for liabilities |
Group
|
Remedials |
|
|
At 1 April 2024 |
|
|
Increase in existing provisions |
|
|
Provisions used |
( |
|
Unused provision reversed |
( |
|
At 31 March 2025 |
|
|
|
|
|
Dividends |
|
2025 |
2024 |
|
|
Dividends paid |
- |
19,879,410 |
|
Obligations under leases and hire purchase contracts |
Group and company
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
- |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2,478,562 |
|
2,478,562 |
|
|
|
167,370 |
|
167,370 |
|
|
|
|
2,645,932 |
|
The holders of the ordinary shares are entitled to dividends as declared from time to time and are entitled to one vote per share at meetings of the group.
The holders of the B shares are not entitled to dividends as declared from time to time, are entitled to twenty votes per share at meetings of the group and are not transferable.
|
Reserves |
Group and Company
Called up share capital
This represents the nominal value of the issued share capital.
Share premium reserve
This contains the premium arising on the issue of share capital, net of issue expenses.
Capital redemption reserve
This represents paid up share capital from the buy back of shares by the company. These are undistributable reserves.
Profit and loss account
This distributable reserve represents the cumulative profits or losses, net of dividends and other adjustments.
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Related party transactions |
Group
During the current financial year loans were advanced to Sharpness Development LLP, a jointly controlled entity, amounting to £706,360 (2024 - £353,000). The loan accrues interest at a fixed rate of 8%. interest of £311,378 (2024 - £289,634) has accrued during the year. The group provided services to Sharpness Development LLP receiving income of £100,000 (2024 - £100,000). An amount of £175,075 is due to the company. At the balance sheet date £5,054,213 (2024 - £4,211,550) is due from Sharpness Development LLP.
Group and Company
During the year ended 31 March 2025, £130,000 (2024 - £130,000) was charged to the profit and loss account in respect of fees due to Court Investments Limited. David Andrews who is a director of Lioncourt Homes Limited is also a director of Court Investments Limited. As at the year end the amount due in respect of these fees totalled £100,000 (2024 - £nil).
David Clarke, a director of Lioncourt Homes Limited, is also an employee of Goodbody Stockbrokers. Goodbody Stockbroker Nominees is a shareholder of Lioncourt Homes Limited. During the year ended 31 March 2025 £30,000 (2024 - £30,000) was charged to the profit and loss account in respect of fees to Goodbody Stockbrokers.
During the year, a dividend in specie of £nil (2024 - £19,879,410) was declared to Lioncourt Homes Holdings Limited. At 31 March 2025, the amount due to Lioncourt Homes Holdings Limited was £28,150 (2024 - £300).
|
Analysis of changes in net debt |
|
At 1 April 2024 |
Financing cash flows |
At 31 March 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
2,966,904 |
726,334 |
3,693,238 |
|
Borrowings |
|||
|
Bank borrowings |
(4,000,000) |
(13,000,000) |
(17,000,000) |
|
|
|||
|
( |
( |
( |
|
|
Financial instruments |
Group
Financial assets measured at fair value
Interest rate cap
The interest rate cap is valued at the present value of future cash flows estimated and discounted based on the applicable yield curves derived from quoted interest rates.
The fair value is £Nil (2024 - £Nil) and the expense included in profit or loss is £Nil (2024 - £57,095).
|
2025 |
Income |
Expense |
Net gains |
Net losses |
|
Financial assets measured at fair value through profit or loss |
462,110 |
- |
- |
- |
|
Financial liabilities measured at amortised cost |
- |
(1,160,142) |
- |
- |
|
462,110 |
(1,160,142) |
- |
- |
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
26 |
Financial instruments (continued) |
|
2024 |
Income |
Expense |
Net gains |
Net losses |
|
Financial assets measured at fair value through profit or loss |
702,253 |
- |
- |
- |
|
Financial liabilities measured at amortised cost |
- |
(370,777) |
- |
- |
|
702,253 |
(370,777) |
- |
- |
Items of income, expense, gains or losses
The total interest income for financial assets not measured at fair value through profit or loss is £462,119 (2024 - £702,253). The total interest expense for financial liabilities not measured at fair value through profit or loss is £1,160,142 (2024 - £370,377).
|
Parent and ultimate parent undertaking |
The ultimate parent undertaking is Lioncourt Homes Holdings Limited, a company incorporated in the United Kingdom, into which the results of the group are consolidated. A copy of their financial statements is available from the registered address at Suite 2 Ground Floor, Brook Court, Whittington Hall, Worcester, WR5 2RX.