The directors present their annual report and financial statements for the year ended 31 December 2024.

The principle activities of Westone Housing Ltd are those of tendered contracts, design and build, repair, renovation, restoration, reciprocal property services work and maintenance works. The company’s other activities include – subsidence repairs, waterproofing and tanking, property drying, groundworks, insurance validation and surveying services, leak detection services and drainage. The company mission statement is:

“To provide quality building services at a competitive price and become a destination employer"

The Directors who served the company during this year were as follows:

During 2024, our Project Management and Management Information suite evolved significantly, enhancing support for both management and operational teams. These systems are well-positioned to sustain further growth and continue delivering real-time data to support decision-making.

Our Pre-Construction Team achieved notable success, securing contracts that will provide consistent work for our Public Sector department. This aligns with our strategic goal to serve all Housing Associations and Councils within a three-hour radius of our Peterborough Head Office.

Client satisfaction remained high, with KPIs exceeded across all accounts.

Key achievements in 2024 included:

• Strengthening our commercial strategy to deepen relationships with existing clients and establish new ones.

• Completing our first full property rebuild, receiving LABC sign-off — a significant technical milestone.

• Transitioning to a new banking partner to better support our growth ambitions.

• Achieving a 7% increase in turnover and a stable pre-tax profit compared to 2023.

We focused on staff development and training, particularly in:

• Health and Safety

• Project Management

• Damage Management

• Insurance Principles

We remain committed to personal development for every employee, investing in training and professional qualifications.

As our geographical footprint expands, we continue to recruit locally, ensuring that public and private investment benefits the communities we serve.

Westone also actively supports local charities and community events.

The first half of 2025 has delivered steady performance in line with the Board’s budget. The second half is focused on:

• Recruiting talent to support the 2026 budget

• Developing the leadership team

• Inducting and training new department heads

Our leadership team is guided by three core values:

• People

• Professional Development

• Industry Leadership

These values shape our culture and keep us focused on what matters most.

Turnover and profits for the year ending December 2025 are expected to be in line with 2024, with growth anticipated from 2026 onwards due to increased management capacity and structural improvements.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Westone Housing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Westpoint, Peterborough Business Park, Lynch Wood, Peterborough, PE2 6FZ.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

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. Additional information as regards the going concern assumption has been included in the Directors' Report.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.

Revenue from contracts for the provision of services is recognised on completion of the contract. Where costs have been incurred during the performance of services not yet complete, an amount recoverable under contract will be recognised based on the costs incurred and the expected margin at the balance sheet date.

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.

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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 statement of financial position 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, 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.

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.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 income statement 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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 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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

The average monthly number of persons (including directors) employed by the company during the year was 39 (2023 - 33).

The company has an overdraft facility which has been secured by fixed and floating charges over the assets of the company.

The company has taken out a bank loan with HSBC which has been secured by fixed and floating charges over all assets. The loan is repayable over 3 years and 7 months, with an interest rate of 3.35% per annum over the Bank of England base rate.

All shares issued are non-redeemable and rank equally in terms of

(a) voting rights - one vote for each share;

(b) rights to participate in all approved dividend distributions for that class of share;

(c) rights to participate in any capital distribution on winding up.

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

Directors have fixed and floating charges over all freehold and leasehold property now or in the future belonging to Westone Housing Limited. This includes all buildings, trade and other fixtures, fixed plant and machinery on such property.