REGISTERED NUMBER: 11064744 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

Chevin Group Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Profit and Loss Account

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Financial Statements

13

DIRECTORS:

J D Fearnehough

J D Cokayne

REGISTERED OFFICE:

44 Friar Gate

Derby

Derbyshire

DE1 1DA

REGISTERED NUMBER:

11064744 (England and Wales)

AUDITORS:

Bates Weston Audit Ltd

Statutory Auditors

Chartered Accountants

The Mills

Canal Street

Derby

DE1 2RJ

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activities of the group in the year under review were those of housing development and the buying and selling of property.

The result for the year shows a profit of £0.03m (2023 - £0.21m), which reflects the competitive market the group operates in. Turnover increased in the year, this is dependent on the level of development opportunities and the number of developments sold in the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the nature of the group's strategy are subject to a number of risks.

The group continues to face the challenges of the general economic situation and the risks of competition and pricing within its sector.

Interest rates and the economic back drop have inevitably had an effect on the property market and on the group's trading ability in particular slowing construction. The directors are maintaining a watching brief of the impacts on the industry and taking necessary precautions to best mitigate any further risks presented.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The group uses basic financial instruments, comprising bank balances, loans and creditors that arise directly from its operations. The main risk arising from the group's financial instruments is liquidity risk.

LIQUIDITY RISK

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet its financing obligations.

FUTURE DEVELOPMENTS

One of the subsidiaries, Chevin Homes Limited, will cease trading within the next 12 months and their accounts have been prepared on an appropriate basis. Other group entities will continue their trading activities, resulting in no significant change expected to the group reporting in subsequent years.

ON BEHALF OF THE BOARD:

J D Fearnehough - Director

26 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

Interim dividends of £240 per share were paid in the year to 31 December 2024. The directors recommend that no final dividend be paid.

Total distribution of dividends for the year ended 31 December 2024 was £240,000

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J D Fearnehough

J D Cokayne

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director 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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

J D Fearnehough - Director

26 September 2025

Opinion

We have audited the financial statements of Chevin Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement 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 of the parent company affairs as at 31 December 2024 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 Auditors' 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 three, 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 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.

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:

Based on our understanding of the company and sector in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included:

-

Enquiry of management around actual and potential litigation and claims;

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

-

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Wayne Thomas FCA (Senior Statutory Auditor)

for and on behalf of Bates Weston Audit Ltd

Statutory Auditors

Chartered Accountants

The Mills

Canal Street

Derby

DE1 2RJ

26 September 2025

TURNOVER

22,507,967

20,097,608

Cost of sales

19,802,288

17,652,161

GROSS PROFIT

2,705,679

2,445,447

Administrative expenses

1,871,372

1,085,484

834,307

1,359,963

Other operating income

129,998

72,220

OPERATING PROFIT

5

964,305

1,432,183

Interest receivable and similar income

354

3,186

964,659

1,435,369

Gain/loss on revaluation of assets

326,641

137,283

1,291,300

1,572,652

Interest payable and similar expenses

7

1,513,541

1,514,177

(LOSS)/PROFIT BEFORE TAXATION

(222,241

)

58,475

Tax on (loss)/profit

8

(254,567

)

(149,583

)

PROFIT FOR THE FINANCIAL YEAR

32,326

208,058

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

32,326

208,058

Profit attributable to:

Owners of the parent

82,362

320,772

Non-controlling interests

(50,036

)

(112,714

)

32,326

208,058

Total comprehensive income attributable to:

Owners of the parent

82,362

320,772

Non-controlling interests

(50,036

)

(112,714

)

32,326

208,058

FIXED ASSETS

Investments

11

-

-

Investment property

12

13,986,571

15,419,161

13,986,571

15,419,161

CURRENT ASSETS

Stocks

13

9,726,625

13,473,701

Debtors

14

507,334

946,636

Cash at bank and in hand

148,376

228,001

10,382,335

14,648,338

CREDITORS

Amounts falling due within one year

15

12,793,404

19,337,775

NET CURRENT LIABILITIES

(2,411,069

)

(4,689,437

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,575,502

10,729,724

CREDITORS

Amounts falling due after more than one year

16

(5,269,147

)

(3,858,695

)

PROVISIONS FOR LIABILITIES

20

(485,000

)

(842,000

)

NET ASSETS

5,821,355

6,029,029

CAPITAL AND RESERVES

Called up share capital

21

1,000

1,000

Fair value reserve

22

2,926,066

3,155,746

Merger difference

22

(996

)

(996

)

Retained earnings

22

2,853,726

2,781,684

SHAREHOLDERS' FUNDS

5,779,796

5,937,434

NON-CONTROLLING INTERESTS

41,559

91,595

TOTAL EQUITY

5,821,355

6,029,029

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

J D Fearnehough - Director

FIXED ASSETS

Investments

11

1,178

1,178

Investment property

12

13,986,569

15,419,159

13,987,747

15,420,337

CURRENT ASSETS

Stocks

13

681,452

100,000

Debtors

14

269,691

1,122,798

Cash at bank

1,412

29,891

952,555

1,252,689

CREDITORS

Amounts falling due within one year

15

3,212,279

6,301,936

NET CURRENT LIABILITIES

(2,259,724

)

(5,049,247

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,728,023

10,371,090

CREDITORS

Amounts falling due after more than one year

16

(5,228,145

)

(3,712,644

)

PROVISIONS FOR LIABILITIES

20

(485,000

)

(842,000

)

NET ASSETS

6,014,878

5,816,446

CAPITAL AND RESERVES

Called up share capital

21

1,000

1,000

Fair value reserve

22

2,379,595

2,609,275

Retained earnings

22

3,634,283

3,206,171

SHAREHOLDERS' FUNDS

6,014,878

5,816,446

Company's profit for the financial year

438,432

931,977

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

J D Fearnehough - Director

Called up

Fair

share

Retained

value

capital

earnings

reserve

£

£

£

Balance at 1 January 2023

1,000

2,630,606

3,281,052

Changes in equity

Dividends

-

(295,000

)

-

Total comprehensive income

-

446,078

(125,306

)

Balance at 31 December 2023

1,000

2,781,684

3,155,746

Changes in equity

Dividends

-

(240,000

)

-

Total comprehensive income

-

312,042

(229,680

)

Balance at 31 December 2024

1,000

2,853,726

2,926,066

Merger

Non-controlling

Total

difference

Total

interests

equity

£

£

£

£

Balance at 1 January 2023

(996

)

5,911,662

204,309

6,115,971

Changes in equity

Dividends

-

(295,000

)

-

(295,000

)

Total comprehensive income

-

320,772

(112,714

)

208,058

Balance at 31 December 2023

(996

)

5,937,434

91,595

6,029,029

Changes in equity

Dividends

-

(240,000

)

-

(240,000

)

Total comprehensive income

-

82,362

(50,036

)

32,326

Balance at 31 December 2024

(996

)

5,779,796

41,559

5,821,355

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

1,000

2,388,888

2,734,581

5,124,469

Changes in equity

Dividends

-

(240,000

)

-

(240,000

)

Total comprehensive income

-

1,057,283

(125,306

)

931,977

Balance at 31 December 2023

1,000

3,206,171

2,609,275

5,816,446

Changes in equity

Dividends

-

(240,000

)

-

(240,000

)

Total comprehensive income

-

668,112

(229,680

)

438,432

Balance at 31 December 2024

1,000

3,634,283

2,379,595

6,014,878

Cash flows from operating activities

Cash generated from operations

25

3,854,561

(850,791

)

Interest paid

(1,513,541

)

(1,514,177

)

Tax paid

(278,359

)

(376,086

)

Net cash from operating activities

2,062,661

(2,741,054

)

Cash flows from investing activities

Purchase of investment property

(1,629,284

)

(157,061

)

Sale of tangible fixed assets

-

19,499

Sale of investment property

3,388,515

2,067,412

Interest received

354

3,186

Net cash from investing activities

1,759,585

1,933,036

Cash flows from financing activities

Loan movement

(3,661,871

)

1,158,346

Equity dividends paid

(240,000

)

(295,000

)

Net cash from financing activities

(3,901,871

)

863,346

(Decrease)/increase in cash and cash equivalents

(79,625

)

55,328

Cash and cash equivalents at beginning of year

26

228,001

172,673

Cash and cash equivalents at end of year

26

148,376

228,001

1.	STATUTORY INFORMATION

Chevin Group Holdings 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 General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The accounts have been prepared on the going concern basis. The directors have confirmed the

current liability position will be managed as part of their ongoing consideration to cashflow and the timing of sales and other receipts to fund future projects.

Basis of consolidation

Merger accounting has been adopted to include the results of the trading subsidiaries including adjustments to effect the 12 month accounting periods.

A prior year adjustment has been included to correct the non-controlling interest balance carried forward.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

Turnover represents the invoiced value of completed property sales, excluding value added tax. Turnover is recognised on the completion date of the property sale.

Turnover also includes rents received from tenants of investment properties. This is recognised as it falls due, in accordance with the lease to which it relates.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value. Cost represents the purchase price in addition to any legal fees and refurbishment costs. Net realisable value is based on the estimated selling price less further costs expected to be incurred in completion and disposal.

At each reporting date, stock and work in progress is assessed for expected losses. If a loss is expected then the loss is recognised in full immediately in the Profit and Loss Account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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.

Leasing commitments

Rents received under operating leases are charged to the profit and loss as incurred.

Pension costs and other post-retirement benefits

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

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of the company's assets and liabilities. These are based on historical experience and other factors that are considered relevant and are reviewed on a regular basis and recognised in the period in which the estimate is revised. Actual results may differ from these estimates.

The following are the critical judgements and where relevant the key sources of estimation uncertainty:

The directors have based the fair value of properties held for investment purposes initially on purchase price and then updated for considerations regarding capital improvements, rental yields, tenancy periods, market conditions and other external factors that could bring about a change in the fair value.

Stock is valued at the lower of cost or net realisable value. The allocation of land and development costs to the individual sale of properties is determined by reference to plot size, including consideration to site and build characteristics.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

400,712

492,761

Social security costs

50,820

49,869

Other pension costs

8,034

9,227

459,566

551,857

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

2024

2023

Management

3

2

Administration

8

11

11

13

2024

2023

£

£

Directors' remuneration

93,498

89,950

5.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Other operating leases

-

450

Depreciation - owned assets

-

1,805

Loss on disposal of fixed assets

154,515

2,956

Auditors' remuneration

20,850

13,450

6.	EXCEPTIONAL ITEMS

2024

2023

£

£

Exceptional items

-

(23,782

)

Chevin Homes (Milford) Limited entered a members voluntary liquidation on 17 March 2023 and the nominal value of the shareholding was disposed. The exceptional item disclosed represents the net liabilities of the subsidiary disposed from the consolidated results.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank loan interest

86,132

154,909

Other loan interest

1,420,219

1,357,862

Other interest

7,190

1,406

1,513,541

1,514,177