The directors present the strategic report for the year ended 31 March 2025.

The principal activity of the company continued to be that of land acquisition, housing development and strategic land assembly.

Established in 2009, Alfred Homes is a Hampshire based housing developer with a focus on premium, high quality housing.

The year ending 31 March 2025 proved another challenging one for the housing sector with economic headwinds and a changing political backdrop making the sales market for our product particularly challenging. However, the business still managed to sell 30 homes during the year and started work on 3 new developments.

The business has an ambitious growth plan over the next 5 years and has therefore invested heavily in a strong management team alongside a comprehensive land pipeline, which includes several larger strategic sites. The results of this investment should start to show through in the coming years and will inevitably see a wider mix of schemes being brought forward than have been previously developed; both in terms of size and style. However, the Alfred reputation for quality homes and personal customer service will always remain the same.

The results of the company for the year as set out on pages 8 to 9 show a gross profit of £0.1m (2024: £0.1m), a profit on ordinary activities before tax of £0.1m (2024: loss £1.6m) and shareholders’ funds of £9.1m (2024: £9.1m). The company's KPI’s are turnover and gross profit.

It is worth noting that, similar to last year, the majority of the turnover recorded by the company is actually contracting revenue at nil margin to our 50% owned joint venture, Alfred Homes Properties LLP, which skews the headline results from the reality of the volume of work completed by the business. Alfred Homes Properties LLP recognises the turnover from the sale of the 30 homes that were sold in the year and so whilst our proportion of profits have been recognised in these results appropriately, to better understand the volume of work completed by the business, it is worth highlighting the following reconciliation:

Otherwise, whilst it is pleasing that the business has returned to profit, the level of profits are clearly unsatisfactory but driven by the multiple pressures felt on a small housing developer; including a high-interest rate environment, a soft sales market and the legacy of high build costs on the plots that were sold.

In terms of the future, during the year, the business achieved a planning consent for a new site which will deliver c.£16.5m of Gross Development Value (“GDV”) and shortly after year-end achieved a further 2 planning consents for new sites which, combined, have a further GDV of c.£24.8m. Overall, the business now has a site pipeline in various stages of development which has a total GDV in excess of £300m, to be delivered over the short-medium term and so provides an excellent platform for the continued success and growth of the business.

In addition, the business is also working on progressing some larger strategic sites through local plans that could deliver over 4,000 new homes in due course, and which could help underpin the longer-term growth aspirations of the business in the fullness of time.

The business environment remains reasonably tough with economic headwinds particularly making the buying decision for our customers a more considered one than in previous years, and so the business has to work hard to ensure our homes stand out with their quality, design and value.

Otherwise, the planning system does appear to be slightly more conducive to developers than in recent years, but we still have the onslaught of multiple challenges such as nutrient neutrality, biodiversity net gain, ever changing building standards etc. to deal with, that make housing development, particularly for an SME, a grueling process. However, we believe our product is special and that with the housing crisis across the UK, Alfred can continue to play a small but active part in helping to create special homes in great locations in and around Hampshire.

The company is exposed to several operational, financial and commercial risks. The company’s risk management strategy is governed by the Board and subject to continual review. Internal controls are regularly reviewed. The company’s principal exposures to risk are as follows:

• Property Market & Valuation Risk - Changes in market conditions may affect demand and value of both our land and residential plots.

• Development Risk - The company is exposed to property development risk including obtaining planning or other regulatory consents; changes in materials or labour costs; and failure of counterparties, which may have delay and/or cost consequences.

• Funding and Liquidity Risk - The company must maintain sufficient liquidity to fulfil its activities.

The company does not enter any derivative transactions in order to hedge risks. The management of these risks are integral to the company’s acquisition and development due diligence processes. It is the company’s policy to continually review the value of its development portfolio, assess future expectations in the market and plan future developments, plot and land sales and funding requirements accordingly.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

The company is exposed to cash flow interest rate risk on loans.

The auditor, Fiander Tovell Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

The directors are responsible for preparing the annual 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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Alfred Homes Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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 company's affairs as at 31 March 2025 and of its 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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 annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience.

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, environmental and health and safety legislation.

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships.

• tested journal entries to identify unusual transactions.

• tested a sample of BACS payments to identify payments being made to unexpected bank accounts.

• performed transactional testing on payroll costs in respect of those employees with responsibility or authority in connection with the payroll function.

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation.

• enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Alfred Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is The New Barn, Church Farm, Woodman Lane, Sparsholt, Winchester, SO21 2FR.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Alfred Group Holdings Limited. These consolidated financial statements are available from Companies House.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents the following:

Sale of interest in land and development property to third parties. Turnover is stated net of VAT and trade discounts and is recognised on completion.

Contracting sales are recognised when the outcome of each stage of the construction contract can be reliably estimated and the contract costs attributable to the contract, whether or not specifically reimbursed, can be clearly identified and measured reliably and the economic benefit associated with contract work has flowed to the customer. The stage of completion of a contract is independently measured by a qualified surveyor.

Where payments are received in advance of completion, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Assets in the course of construction are not depreciated.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Work in progress is carried at cost less impairment provision. Work in progress includes all statutory and professional fees relating to the acquisition of a property, obtaining planning consents, together with the costs of construction and redevelopment. Work in progress also includes recharged staff costs in relation to the specific sites.

The Company assesses at each year end whether any work in progress is impaired. Specifically, for the options held on the potential land acquisition, this assessment is made by considering the future success of the option. Where the option over the land is deemed to be unsuccessful, an impairment provision would be recognised to reduce the carrying value of work in progress.

Where work in progress is in relation to properties held within Alfred Homes Limited, the assessment of work in progress is made by comparing the carrying amount of the work in progress with its selling price less costs to complete and sell. Selling price, is calculated by estimating the likely end sales value of completed developments less all necessary future development and disposal costs. If work in progress is impaired the Company reduces the carrying amount to its selling price less costs to complete and sell; the resulting impairment loss is recognised in the Statement of Comprehensive Income.

When the circumstances that previously caused work in progress to be impaired no longer exist or when there is clear evidence of an increase in selling price less costs to complete and sell, because of changes in economic circumstances, the company reverses the amounts of the impairment so that the new carrying value amounts is the lower of the cost and the revised selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress, over its estimated selling price less costs to complete and sell, is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors have exercised significant judgement in determining that no depreciation is charged on the office building. This is on the basis that the estimated residual value of the building, supported by current market evidence, is expected to be equal to or greater than its carrying amount. The residual value and useful economic life are reviewed annually to ensure that this judgement remains appropriate.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Included within work in progress are costs related to promotion of various sites under control of Alfred Homes Ltd, with the intention of ultimately developing them out as future housing sites. An impairment review is held annually on these balances whereby any site with a less than 70% chance of planning success has a full WIP impairment provision held against these costs. Any site which is deemed to have a 70-75% chance of planning success will have no provision for spend since the prior annual review but any provision previously held will remain in place. Any sites that are deemed to have a greater than 75% chance of planning success have their WIP held at full cost.

The maintenance provision held within Alfred Homes Ltd relates to an assessment of additional maintenance costs over and above standard allowances for completed homes where the company has an obligation to repair any issues that arise within the standard warranty period of 2 years post completion and/or has agreed to undertake works outside of this timeframe for customer goodwill and reputation. The provision therefore aims to calculate the expected future liability associated with these costs and is based on latest available information including quotes and programmes alongside best estimates and experience of the senior management team.

The cost estimates have been reviewed and assessed primarily by the Commercial Director, with input and assistance as required from the Technical Director, Construction Director, Commercial Manager and Customer Care Manager.

The accounts include £203,976 (2024: £611,373) in relation to maintenance provision.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

Details of the company's subsidiaries at 31 March 2025 are as follows:

Details of the company's joint ventures at 31 March 2025 are as follows:

The long-term loans are in relation to the properties that are going to be sold in the future.

These are secured by fixed and floating charges over all the rights, title and interest to the financial assets in relation to the properties held and are currently under construction and therefore included within the work in progress balance, within the business.

Provision for expected maintenance and revisions on completed properties over the warranty period. The provision is based on a best estimate of expected costs with reference to current and historic information.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the year end £8,384 (2024: £8,128) was outstanding.

Each ordinary share carries one vote, has the right to participate in the distribution of dividends once all of the A ordinary shares in the capital of the Company have been redeemed, has the right to participate in a distribution of assets on a liquidation or a return of capital and is not redeemable.

Each ordinary A share has no voting rights, no rights to participate in the distribution of dividends, has the right to participate in a distribution of assets on a liquidation or a return of capital and may be redeemed by the company at any time at its option.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The rentals relate to ground rents on properties developed and sold. The rent is fixed, subject to rent reviews, for the duration of the leases. The buyers have statutory rights which permit them to acquire the property at this market value at the time of purchases.

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

During the year the company made £6,759,679 (2024: £16,592,762) of sales to Alfred Homes Properties LLP, a partnership which they have 50% indirect control. At the year end the company owed £14,903 (2024: was owed £34,271) to Alfred Homes Properties LLP.

At the year end the company was owed £1,165,501 (2024: £3,335,101) from the joint venture, Alfred Investments LLP.

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions between group companies who are wholly owned within the group

During the year, the company operated an interest free loan account with the Director, Mr G Joslin. At the year end date, a total of £110 was owed by Mr G Joslin (2024: £3,813).

The ultimate controlling party is Alfred Group Holdings Limited, a company incorporated in England and Wales, which owns 100% of the issued share capital in the Company.

The company's financial statements are consolidated into Alfred Group Holdings Limited. A copy of the consolidated accounts are available from Companies House on request. The registered office of Alfred Group Holdings Limited is The New Barn, Church Farm Woodman Lane, Sparsholt, Winchester, England, SO21 2FR.