REGISTERED NUMBER: 10618052 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

E16 (Holdings) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N Pike

S W L Reader

REGISTERED OFFICE:

The Centenary Chapel

Chapel Road

Thurgarton

Norwich

NR11 7NP

REGISTERED NUMBER:

10618052 (England and Wales)

ACCOUNTANTS:

Curo Chartered Accountants

Curo House

Greenbox

Westonhall Road

Bromsgrove

Worcestershire

B60 4AL

CURRENT ASSETS

Stocks

11,176,089

14,921,940

Debtors

4

3,785

2,615

11,179,874

14,924,555

CREDITORS

Amounts falling due within one year

5

20,067,473

15,649,867

NET CURRENT LIABILITIES

(8,887,599

)

(725,312

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(8,887,599

)

(725,312

)

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

(8,897,599

)

(735,312

)

(8,887,599

)

(725,312

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2025 and were signed on its behalf by:

N Pike - Director

1.	STATUTORY INFORMATION

E16 (Holdings) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on the going concern basis on the grounds that the director believes that there is sufficient funding in place to support the business for the next twelve months from the date of approval of the financial statements.

Forecasts have been prepared on post balance sheet trading conditions and have been reviewed. This review has not resulted in a change in the director's belief that the going concern basis is appropriate.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials, direct labour costs and those overheads which have been incurred in bringing the inventories to their present location and condition.

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price, including any transaction costs, and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Provisions and contingencies

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Contingent liabilities are recognised as a provision when the likelihood of economic outflow is assessed as probable. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are not recognised as a provision but are instead disclosed in the financial statements when the likelihood of economic settlement is deemed possible and not probable. Contingent liabilities are not recognised as a disclosure when the probability of an outflow of resources is remote.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

3,785

2,615

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

20,063,223

15,645,867

Other creditors

4,250

4,000

20,067,473

15,649,867

6.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bradfield Project Developments

20,063,223

15,645,867

The company charges by way of first fixed charge the intellectual property. This contains both a fixed and floating charge, which covers all of the property or undertaking of the company. The charge also contains a negative pledge.

7.	WORK IN PROGRESS

The company holds a sole development property as work in progress, valued at the lower of cost and net realisable value. Cost includes the purchase of land, development expenditure, directly attributable overheads, and finance costs where capitalisation criteria are met.

During the year, management undertook a review of the net realisable value of its sole development project. Based on updated market data and revised sales forecasts, the net realisable value of the development is now estimated to be £11,176,089, compared with its recorded cost of £19,275,409.

As a result, a write-down of £8,099,320 has been recognised in the profit and loss account within cost of sales, to reflect the reduction in the expected recoverable value of the development.

Management considers this revised net realisable value to be a reliable estimate of the amount expected to be realised from the project under current market conditions.