REGISTERED NUMBER: 05907559 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

RIDGEPOINT HOMES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTOR:

N P McEntyre

REGISTERED OFFICE:

Terriers House

201 Amersham Road

High Wycombe

Buckinghamshire

HP13 5AJ

REGISTERED NUMBER:

05907559 (England and Wales)

SENIOR STATUTORY AUDITOR:

David Porter

AUDITORS:

Richardson Jones

Chartered Accountants &

Registered Auditors

Mercury House

19-21 Chapel Street

Marlow

Buckinghamshire

SL7 3HN

The director presents his strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS

Ridgepoint Homes business model is to acquire and develop sites, which deliver affordable homes that 'normal people' are able to live in. This is by way of both private speculative sales and acquiring land, which we then partner with Housing Associations on to deliver much needed Shared Ownership and Rented accommodation.

PRINCIPAL RISKS AND UNCERTAINTIES

The cost of materials has levelled off during 2024 with inflation dropping, however, well publicised global issues could mean higher inflation moving forward.

Interest rates have started to fall but inflationary pressure as mentioned above could impact further reductions or potentially see them move higher.

DEVELOPMENT AND PERFORMANCE FOR THE YEAR

The business has had a period of consolidation to ensure it is sustainable in the long term, so the focus has been on delivering existing projects that were impacted by cost inflation.

Despite the above factors the company was able to generate a small profit for the year. The company uses the following KPIs to measure performance, which reflect the challenges as outlined above:

- Turnover for 2024 was £22,560,138, up from £18,525,486 in 2023.

- Gross profit margin for 2024 was 4%, up from 1% in 2023.

- Net profit before tax was £17,804 for 2024, down from £24,228 in 2023.

ON BEHALF OF THE BOARD:

N P McEntyre - Director

24th June 2025

The director presents his report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property development and consultancy services.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2024.

DIRECTOR

N P McEntyre held office during the whole of the period from 1st January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Richardson Jones, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N P McEntyre - Director

24th June 2025

Opinion

We have audited the financial statements of Ridgepoint Homes Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31st December 2024 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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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, 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

We gained an understanding of the legal and regulatory framework applicable to Ridgepoint Homes Limited and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, 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 or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including Section 106 Agreements, Health and Safety regulations and Corporation tax regulations. Our procedures included:

- agreeing the financial statement disclosures to underlying supporting documentation

- enquiries with management

- understanding of management's internal controls designed to prevent and detect irregularities

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

David Porter (Senior Statutory Auditor)

for and on behalf of Richardson Jones

Chartered Accountants &

Registered Auditors

Mercury House

19-21 Chapel Street

Marlow

Buckinghamshire

SL7 3HN

24th June 2025

TURNOVER

3

22,560,138

18,525,486

Cost of sales

21,734,643

18,356,372

GROSS PROFIT

825,495

169,114

Administrative expenses

1,173,413

1,280,050

OPERATING LOSS

5

(347,918

)

(1,110,936

)

Interest receivable and similar income

386,062

1,197,684

38,144

86,748

Interest payable and similar expenses

6

8,932

63,340

PROFIT BEFORE TAXATION

29,212

23,408

Tax on profit

7

11,408

(820

)

PROFIT FOR THE FINANCIAL YEAR

17,804

24,228

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

17,804

24,228

FIXED ASSETS

Tangible assets

8

3,281

3,251

CURRENT ASSETS

Stocks

9

1,440,878

773,666

Debtors

10

7,599,088

7,692,245

Cash at bank

204,621

420,093

9,244,587

8,886,004

CREDITORS

Amounts falling due within one year

11

2,174,663

1,833,854

NET CURRENT ASSETS

7,069,924

7,052,150

TOTAL ASSETS LESS CURRENT LIABILITIES

7,073,205

7,055,401

CAPITAL AND RESERVES

Called up share capital

13

100

100

Retained earnings

14

7,073,105

7,055,301

SHAREHOLDERS' FUNDS

7,073,205

7,055,401

The financial statements were approved by the director and authorised for issue on 24th June 2025 and were signed by:

N P McEntyre - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

100

7,031,073

7,031,173

Changes in equity

Total comprehensive income

-

24,228

24,228

Balance at 31st December 2023

100

7,055,301

7,055,401

Changes in equity

Total comprehensive income

-

17,804

17,804

Balance at 31st December 2024

100

7,073,105

7,073,205

Cash flows from operating activities

Cash generated from operations

1

(579,475

)

(1,105,305

)

Interest paid

(8,932

)

(63,340

)

Tax paid

(9,759

)

1

Net cash from operating activities

(598,166

)

(1,168,644

)

Cash flows from investing activities

Purchase of tangible fixed assets

(3,368

)

(3,109

)

Interest received

386,062

1,197,684

Net cash from investing activities

382,694

1,194,575

Cash flows from financing activities

Amounts repaid by directors

-

184,646

Net cash from financing activities

-

184,646

(Decrease)/increase in cash and cash equivalents

(215,472

)

210,577

Cash and cash equivalents at beginning of year

2

420,093

209,516

Cash and cash equivalents at end of year

2

204,621

420,093

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Profit before taxation

29,212

23,408

Depreciation charges

3,337

3,230

Finance costs

8,932

63,340

Finance income

(386,062

)

(1,197,684

)

(344,581

)

(1,107,706

)

(Increase)/decrease in stocks

(667,212

)

1,349,260

Decrease/(increase) in trade and other debtors

93,157

(1,240,309

)

Increase/(decrease) in trade and other creditors

339,161

(106,550

)

Cash generated from operations

(579,475

)

(1,105,305

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

204,621

420,093

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

420,093

209,516

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

420,093

(215,472

)

204,621

420,093

(215,472

)

204,621

Total

420,093

(215,472

)

204,621

1.	STATUTORY INFORMATION

Ridgepoint Homes Limited 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.

2.	ACCOUNTING POLICIES

Compliance with accounting standards

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

Motor vehicles

-

33% on cost

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

The company classes as long-term any contract where the contract activity falls into more than one accounting period. Turnover on such contracts represents the value of work done in the period. Where the outcome of the contract can be assessed with reasonable certainty, attributable profit is recognised on completion.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Joint venture developments

From time to time, the Company enters into Joint Venture ("JV") developments with connected companies. The profit on these JVs is split on an arms-length basis and the split is dependent on factors such as which party to the JV owns the land being developed, and which party is carrying on the construction work. During the course of construction, profit is shared on a construction valuation basis with periodic profit share adjustments as and when it is considered reasonable to make them. In some cases this will not be until the development nears completion. In the period under review, such adjustments are accounted for within Sales, as the Company was the party carrying on the construction work.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.24

31.12.23

£

£

Contract build & land sales

22,548,143

16,608,813

Speculative build

-

1,752,900

Consultancy & other

11,995

163,773

22,560,138

18,525,486

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

1,106,811

1,139,889

Social security costs

129,932

126,742

Other pension costs

41,391

40,362

1,278,134

1,306,993

The average number of employees during the year was as follows:

31.12.24

31.12.23

Direct cost

7

6

Administrative

9

10

Directors

1

1

17

17

31.12.24

31.12.23

£

£

Director's remuneration

9,100

9,100

5.	OPERATING LOSS

The operating loss is stated after charging:

31.12.24

31.12.23

£

£

Depreciation - owned assets

3,338

3,230

Auditors' remuneration

18,000

17,250

Foreign exchange differences

-

6,084

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Loan interest paid

-

56,164

Late payment interest

8,932

7,176

8,932

63,340

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

11,408

9,760

Adjustment to previous year land remediation tax relief claim

-

(10,580

)

Tax on profit

11,408

(820

)

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

Profit before tax

29,212

23,408

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

7,303

5,852

Effects of:

Expenses not deductible for tax purposes

4,270

4,717

Capital allowances in excess of depreciation

(165

)

(195

)

enhanced expenditure

Land remediation tax relief claim adjustment

-

(10,580

)

utilised

Marginal rate relief

-

(614

)

Total tax charge/(credit)

11,408

(820

)

8.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1st January 2024

70,133

15,600

26,316

112,049

Additions

-

-

3,368

3,368

Disposals

-

-

(4,050

)

(4,050

)

At 31st December 2024

70,133

15,600

25,634

111,367

DEPRECIATION

At 1st January 2024

69,003

15,600

24,195

108,798

Charge for year

797

-

2,541

3,338

Eliminated on disposal

-

-

(4,050

)

(4,050

)

At 31st December 2024

69,800

15,600

22,686

108,086

NET BOOK VALUE

At 31st December 2024

333

-

2,948

3,281

At 31st December 2023

1,130

-

2,121

3,251

9.

STOCKS

31.12.24

31.12.23

£

£

Work-in-progress

1,440,878

773,666

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

715,717

250,236

Other debtors

6,679,723

6,367,243

Tax

90,464

90,464

VAT

111,375

100,751

Prepayments and accrued income

1,809

883,551

7,599,088

7,692,245

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

1,678,819

1,077,354

Corporation tax

11,408

9,760

Social security and other taxes

336,252

16,296

Other creditors

96,362

141,124

Accrued expenses

51,822

589,320

2,174,663

1,833,854

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

7,323

10,099

Between one and five years

1,460

13,330

8,783

23,429

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

1

100

100

14.

RESERVES

Retained

earnings

£

At 1st January 2024

7,055,301

Profit for the year

17,804

At 31st December 2024

7,073,105

15.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions paid by the company to the fund and amounted to £52,581 (2023 :£81,522)

16.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2024 and 31st December 2023:

31.12.24

31.12.23

£

£

N P McEntyre

Balance outstanding at start of year

-

184,646

Amounts advanced

-

289,081

Amounts repaid

-

(473,727

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

17.	RELATED PARTY DISCLOSURES

EBURY PROPERTY LTD

A company in which N P McEntyre is a director and shareholder:-

- During the year the company received loan repayments from Ebury Property Ltd of £924,000. These loans were interest bearing at 10% annually and repayable on demand. There was an outstanding loan balance of £4,686,562 (including accrued interest) due from Ebury Property Limited at 31 December 2024 (2023: £2,646,487).

- Trading transactions also took place which were on a commercial basis.

- Included within Trade debtors is an amount of £490,006 due to Ridgepoint Homes Ltd.

- Total amount owed to the company: £5,176,568.

MCENTYRE HOLDINGS LTD

A company in which N P McEntyre is the sole director and shareholder:-

- During the year the company made additional loan advances to McEntyre Holdings Ltd of £985,822. These loans were interest free and repayable on demand. The loan was repaid in full on 30 December 2024 of £1,727,000 and there was no outstanding loan balance due from McEntyre Holdings Limited at 31 December 2024 (2023: £741,178).

- Trading transactions also took place which were on a commercial basis.

- The company occupies a property that is owned by McEntyre Holdings Ltd. There is no formal lease or tenancy agreement in place and consequently rents vary from time to time.

DARLINGHURST HOLDINGS LTD

A company in which N P McEntyre is the sole director:-

- During the year the company settled a loan owing to Darlinghurst Holdings Ltd of £472,000 but made further loan advances to Darlinghurst Holdings Ltd of £829,639. These loans were interest free and repayable on demand. There was an outstanding loan balance of £1,909,000 due from Darlinghurst Holdings Limited at 31 December 2024.(2023: £1,551,361)

- Trading transactions also took place which were on a commercial basis.

- Included within Trade debtors is an amount of £126,612 due to Ridgepoint Homes Ltd.

- Total amount due to the company: £2,035,612.

18.	ULTIMATE CONTROLLING PARTY

The controlling party is N P McEntyre.