Year Ended
Registration number:
Frame Homes (South West) Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Frame Homes (South West) Limited
Company Information
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Chairman |
Mr R D Pepper |
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Directors |
Mr R A Pepper-Smith Mrs M Pepper-Smith |
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Registered office |
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Auditors |
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Frame Homes (South West) Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is the design, manufacture and installation of engineered timber frame structures.
The company also owns investment property.
Fair review of the business
Trading levels were impacted in 2024 due to the current economic instability caused in part by the political uncertainty during a general election year, along with the continued cost of living crisis, inflation and interest rates impacting the market for new build residential, leisure and commercial properties. Considering the circumstances, the company was well positioned to navigate these challenges
Despite the above the long-term prospects for the company remain strong with the continuing shortage of housing stock dictating that the UK must build significantly more new housing. Timber frame is increasingly seen by clients and developers alike as the preferred technology option to be able to meet government targets whilst delivering high levels of quality, energy performance and sustainability.
The company continues to undertake Research & Development into new products. It remains a core part of the company's strategy to lead the sector with new innovative products. This program has delivered numerous digital and technical enhancements to the company's systems and products. The company is committed to continued investment in this area and will continue to innovate and develop unique products to maintain competitive advantage
Management of the Environment, Quality, Health, and Safety continues to be an important priority of the business. During the year the company was successful with renewing its accreditation to PAS 99 incorporating ISO 9001,14001 along with re-accreditation under PEFC (Chain of Custody) & STA Assure Gold Status
The company remains focused on providing a first-class customer service to ensure a high level of customer satisfaction and repeat business.
The directors consider the company to be in a strong trading position and it has a healthy forward order book for 2025 which will assist in the company to deliver its budgeted sales and forecasting for the forthcoming financial year.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2024 |
2023 |
|
Gross profit margin |
% |
29 |
30 |
|
Profit before tax |
£ |
242,109 |
239,666 |
Future Developments
The company continues to invest in new plant, machinery and technology and is well placed to take advantage of any improvement in market conditions. Order levels going into the new financial year are encouraging and give confidence regarding the continued growth and improved trading performance that the company will seek to achieve in the coming year.
Frame Homes (South West) Limited
Strategic Report for the Year Ended 31 December 2024
With the continuing under-supply of housing stock dictating that the UK must build significantly more new housing, the demand for offsite manufactured systems is strong and timber frame is increasingly seen by clients and developers alike as the preferred mainstream build system option to deliver increased housing output whilst delivering quality, energy performance and sustainability.
The prospects for off-site timber frame construction are excellent and with the company's status as a leading provider of sustainable solutions it expects to consolidate its position as a significant player in the UK Timber Frame Market.
Continued Research & Development activities will open new opportunities for the company as its product range expands further into specialist areas.
Principal risks and uncertainties
Principal risks and uncertainties include:
- Programme delays due to material and labour shortages;
- Rapid inflation of material and labour costs; and
- Potential political and regulatory changes.
The directors continue to proactively monitor and review the position as required and have established controls to enable the company to respond to and mitigate the impact of such risks. Short term fluctuations in raw material prices and labour costs are addressed through well managed procedures to ensure that increases are properly factored into pricing of contracts. The company also has in place robust purchasing policies and seeks to maintain strong relationships with supply chains.
Approved and authorised by the
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Frame Homes (South West) Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company finances its operations through a mixture of retained profits, structured bank debt, asset finance and, where necessary to fund working capital requirements, through short-term bank borrowings.
Any potential bad debt is managed by the company’s credit risk insurance policy within its trading terms for its clients currently being underwritten by Atradius.
It manages its cash and borrowing requirements in order to minimise interest expense, whilst ensuring the company has sufficient funds available for the growth of the company.
Investments of cash surpluses are made through banks and companies which fulfil the credit rating criteria approved by the board.
Price risk, credit risk, liquidity risk and cash flow risk
Risk is managed on a day to day basis by the directors. Liquidity risk is managed by ensuring sufficient funds are available to make payments as and when they fall due.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Frame Homes (South West) Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Frame Homes (South West) Limited
Independent Auditor's Report to the Members of Frame Homes (South West) Limited
Opinion
We have audited the financial statements of Frame Homes (South West) Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 31 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 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 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.
Frame Homes (South West) Limited
Independent Auditor's Report to the Members of Frame Homes (South West) Limited
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 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 5, 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.
Auditor 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 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.
Frame Homes (South West) Limited
Independent Auditor's Report to the Members of Frame Homes (South West) Limited
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our commercial and sector experience and through discussions with the directors and other management. We discussed with the directors and other management the policies and procedures regarding compliance throughout the audit and any relevant correspondence with regulatory bodies. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies significantly.
The company is subject to laws that directly affect the financial statements including financial reporting and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures.
The company is subject to other laws and regulations where the consequences of non-compliance could have an effect on the amounts or disclosures in the financial statements, for instance the result of a litigation claim. We identified the following areas as those most likely to have an effect: employment law, health and safety, data protection and company legislation.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Enquiries of management regarding their knowledge of any non compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud in the year.
• Considering the filings made at Companies House, and any omissions thereon.
• Reviewing health and safety compliance reviews and workplans.
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.
• Reviewing estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. 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, collusion, omission or misrepresentation.
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Frame Homes (South West) Limited
Independent Auditor's Report to the Members of Frame Homes (South West) Limited
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 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.
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Lowin House
Tregolls Road
Cornwall
TR1 2NA
Frame Homes (South West) Limited
Profit and Loss Account
Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
|
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Gross profit |
|
|
|
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Administrative expenses |
( |
( |
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Other operating income |
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|
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Operating profit |
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Interest payable and similar charges |
( |
( |
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Profit before tax |
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Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Frame Homes (South West) Limited
Statement of Comprehensive Income
Year Ended 31 December 2024
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2024 |
2023 |
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Profit for the year |
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Total comprehensive income for the year |
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Frame Homes (South West) Limited
Balance Sheet
31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
300 |
300 |
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Capital redemption reserve |
750 |
750 |
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Other reserve |
645,144 |
645,144 |
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Revaluation reserve |
842,537 |
842,537 |
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Profit and loss account |
6,110,224 |
5,921,044 |
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Total equity |
7,598,955 |
7,409,775 |
Approved and authorised by the
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Company Registration Number: 01163128
Frame Homes (South West) Limited
Statement of Changes in Equity
Year Ended 31 December 2024
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Share capital |
Capital redemption reserve |
Other reserve |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 January 2024 |
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|
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Profit for the year |
- |
- |
- |
- |
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Total comprehensive income |
- |
- |
- |
- |
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At 31 December 2024 |
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Share capital |
Capital redemption reserve |
Other reserve |
Other reserves |
Profit and loss account |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
- |
- |
- |
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Total comprehensive income |
- |
- |
- |
- |
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At 31 December 2023 |
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Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office and principle place of business is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions
FRS102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions being met. The company has taken advantage of the following exemptions:
- from preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated financial statements of Bob Pepper Holdings Limited include the cash flows of this company;
- from the financial instrument disclosures required under FRS102 paragraphs 11.39 to 11.48A and paragraphs 12.26 to 12.29, as the information is provided in the consolidated financial statement disclosures; and,
- from disclosing the company key management personnel compensation as required by FRS102 paragraph 33.7.
Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Group accounts not prepared
These financial statements are the company's separate financial statements.
Government grants
The company has not directly benefited from any forms of government assistance in the current or prior year.
Research and development
Research and development expenditure is charged directly to the profit and loss account in the year in which it is incurred.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Tangible assets
Tangible assets are stated in the statement of financial position at cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Revaluation of freehold property
Properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent impairment losses.
Revaluations are performed with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in the statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in
which case the excess losses are recognised in profit or loss.
Depreciation
Freehold buildings are depreciated straight line over 50 years.
Given that buildings are kept in full repair the directors are of the opinion that their residual value is not less than cost and therefore no depreciation charge for the year ended 31 December 2022 actually arises.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Large plant and machinery |
10% p a straight line |
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Other plant and machinery |
20% p a reducing balance |
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Motor vehicles |
25% p a reducing balance |
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Office equipment |
20% - 50% p a reducing balance |
Investment property
Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Critical accounting judgements and estimation uncertainty
Management evaluate estimates and judgements on an annual basis, and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The key accounting judgements applied by management are as outlined below:
Revenue recognition on stage of completion
Where revenue and costs in relation to contract work can be reliably estimated the company will recognise both income and expenditure with reference to stage of completion. If the outcome cannot be reliably measured then all costs are expensed and revenue is only recognised to the extent that such costs are recoverable. Management regularly assess the performance of contract work to ensure income and expenditure is being accurately recorded in the financial statements.
Depreciation and useful economic lives of tangible assets
Management have carefully considered the depreciation estimates applied on the tangible assets held by the company. This assessment is performed on an annual basis, and would be amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of each asset.
Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Financial instruments
Classification
All financial instruments are classified as basic.
Recognition and measurement
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 trade and other receivables and cash and bank balances, are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Where the arrangement constitutes a financing transaction the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities, including trade and other payables and loans from fellow group companies are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Where the item constitutes a financing transaction the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Impairment
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.
Revenue recognition
Turnover represents amounts receivable on staged levels of completion during the design and manufacture of engineered timber frame structures, net of trade discounts, VAT and other sales related taxes.
Rent receivable isincluded in other operating income and is recognised on an accruals basis in line with the underlying lease agreement.
Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Investments
Investments represent the company investment in subsidiary undertakings, which are held in the financial statements at cost.
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Revenue |
The analysis of the company's Turnover for the year from continuing operations is as follows:
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2024 |
2023 |
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Sales and work done |
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The analysis of the company's Turnover for the year by market is as follows:
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2024 |
2023 |
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UK |
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
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2024 |
2023 |
|
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Property rental income |
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Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
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Operating lease expense - plant and machinery |
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Operating lease expense - other |
76,561 |
55,656 |
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Auditor's remuneration - The audit of the company's annual accounts |
6,550 |
6,250 |
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Profit on disposal of property, plant and equipment |
( |
( |
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Depreciation of owned assets |
|
|
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Depreciation of assets held under finance lease and hire purchase contracts |
57,015 |
103,237 |
Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2024 |
2023 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2024 |
2023 |
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Production |
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Administration and support |
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Sales, marketing and distribution |
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Auditors' remuneration |
|
2024 |
2023 |
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Audit of the financial statements |
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Interest payable and similar charges |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
|
Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in tax liability due to change in UK tax rates |
- |
( |
|
Tax decrease arising from group relief |
( |
- |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
( |
( |
|
Total tax charge |
|
|
Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Capital allowances in excess of depreciation |
- |
( |
|
Pension costs deductible when paid |
|
- |
|
Deferred tax on revalued assets |
- |
( |
|
|
( |
|
2023 |
Asset |
Liability |
|
Capital allowances in excess of depreciation |
- |
( |
|
Pension costs deductible when paid |
|
- |
|
Deferred tax on revalued assets |
- |
( |
|
|
( |
Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Additions |
|
- |
|
|
|
|
Disposals |
- |
- |
( |
- |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2024 |
- |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
|
At 31 December 2024 |
- |
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2024 |
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £3,390,674 (2023 - £3,371,820) in respect of freehold land and buildings.
Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Revaluation
The company's land and buildings were revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Plant and machinery |
37,400 |
29,701 |
|
Motor vehicles |
142,994 |
223,759 |
|
180,394 |
253,460 |
|
Investment properties |
|
2024 |
|
|
At 1 January 2024 and 31 December 2024 |
|
The fair value of the company's investment property is based on a valuation dated 31 December 2024 prepared by Mrs T Bullen RICS who is internal to the company. The basis of this valuation was open market value.
Had this class of asset been measured on a historical cost basis the carrying amount would have been £196,156 (2023 - £196,156).
Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Investments |
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 and 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Country of incorporation |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
England and Wales |
Ordinary |
|
|
|
|
England and Wales |
Ordinary |
|
|
The registered office of Frame UK Limited and Frame Homes Limited is the same as the company. Both Frame UK Limited and Frame Homes Limited are dormant companies.
|
Stocks |
|
2024 |
2023 |
|
|
Raw materials and consumables |
128,283 |
176,166 |
|
Work in progress |
469,287 |
379,801 |
|
|
|
Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
Trade debtors are stated after provisions for impairment at the year end of £12,750 (2023 - £86,448). Impairment adjustments recognised as a credit in the year amounted to £6,993 (2023 - £nil).
Amounts owed by related parties represent unsecured non-interest bearing balances and are repayable on demand.
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Corporation tax |
79,631 |
56,734 |
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
|
|
|
Accrued expenses |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Loans and borrowings |
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
|
2024 |
2023 |
|
|
Non-current loans and borrowings |
||
|
Bank borrowings |
|
|
|
Finance lease liabilities |
|
|
|
|
|
|
The bank borrowings are secured by way of a debenture over all assets of the company and a first legal charge over the company's freehold and investment properties.
The obligations under hire purchase contracts are secured on the assets to which they relate.
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
- |
|
Operating leases - lessor
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Later than one year and not later than five years |
|
|
Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
The company acts as lessor under operating lease arrangements for the letting of investment property.
|
Deferred tax and other provisions |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 31 December 2024 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £11,683 (2023 - £11,683) were payable to the scheme at the end of the year and are included in creditors.
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
300 |
|
300 |
Frame Homes (South West) Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Reserves |
Capital redemption reserve
The capital redemption reserve records the nominal value of shares repurchased by the company.
Other reserve
The other reserve reflects the cumulative fair value movements of investment property, net of any deferred tax provided against unrealised gains at the balance sheet date. The reserve is unrealised and non-distributable.
Revaluation reserve
The company has adopted a policy of revaluation of its freehold property during the year. The revaluation reserve represents cumulative revaluation movements of the freehold property, net of any deferred tax provided against the unrealised gains at the balance sheet date. The reserve is unrealised and non-distributable.
Profit and loss account
The profit and loss account reflects the company's accumulated realised earnings less dividends paid and payable.
|
Related party transactions |
Summary of transactions with other related parties
During the year the company made sales to a company under common control of £4,957 (2023 - £16,616). There are amounts within trade debtors of £22,802 (2023 - £17,845). There is also a loan balance of £8,333 (2023 - £8,333) owed by the company under common control.
|
Parent and ultimate parent undertaking |
The ultimate controlling party is Mr R D Pepper, a director, who holds the majority of the issued share capital of the parent company.
The company's immediate parent is
Consolidated group financial statements for Bob Pepper Holdings Limited are available upon request from the Registrar of Companies, Crown Way, Cardiff CF14 3UZ.