Contents of the Financial Statements

for the Period Ended 31 December 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

Directors' report period ended 31 December 2024

The directors present their report with the financial statements of the company for the period ended 31 December 2024

Directors

The directors shown below have held office during the whole of the period from
1 January 2024 to 31 December 2024

Alison Jackson HADDEN
Richard HUNT
Andras KARPATI
Joanna LEE-MILLS
Michael Daniel ORGILL
Paul Andrew ROBERTS
Robert Mchugh

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
24 June 2025

And signed on behalf of the board by:
Name: Alison Jackson HADDEN
Status: Director

Profit And Loss Account

for the Period Ended 31 December 2024

	2024	15 months to 31 December 2023
	£	£
Turnover:	4,735,435	10,119,377
Cost of sales:	( 2,529,610 )	( 6,695,748 )
Gross profit(or loss):	2,205,825	3,423,629
Administrative expenses:	( 1,782,243 )	( 2,635,493 )
Other operating income:	271,842
Operating profit(or loss):	695,424	788,136
Interest receivable and similar income:	20,131
Interest payable and similar charges:	( 3,853,491 )	( 4,002,720 )
Profit(or loss) before tax:	(3,137,936)	(3,214,584)
Tax:	386,788	723,432
Profit(or loss) for the financial year:	(2,751,148)	(2,491,152)

Balance sheet

As at 31 December 2024

	Notes	2024	15 months to 31 December 2023
		£	£
Fixed assets
Intangible assets:	3	182,500	100
Tangible assets:	4	32,044,324	34,301,026
Total fixed assets:		32,226,824	34,301,126
Current assets
Stocks:	5	1,205,900	898,608
Debtors:	6	961,515	922,607
Cash at bank and in hand:		614,711	978,704
Total current assets:		2,782,126	2,799,919
Creditors: amounts falling due within one year:	7	( 384,128 )	( 3,028,137 )
Net current assets (liabilities):		2,397,998	(228,218)
Total assets less current liabilities:		34,624,822	34,072,908
Creditors: amounts falling due after more than one year:	8	( 36,453,401 )	( 33,218,306 )
Provision for liabilities:			( 525,268 )
Total net assets (liabilities):		(1,828,579)	329,334
Capital and reserves
Called up share capital:		10	10
Other reserves:		3,835,094	4,797,736
Profit and loss account:		(5,663,683 )	(4,468,412 )
Total Shareholders' funds:		( 1,828,579 )	329,334

The notes form part of these financial statements

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

  Turnover policy

  Revenue recognition Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Turnover represents rental and service charges income receivable in the year net of rent and service charge losses from voids. The disposal proceeds from first, and subsequent, tranche sales of shared ownership properties are included in turnover at the point of legal completion. The associated carrying value from the disposal is recognised within cost of sales at the point of legal completion.

  Tangible fixed assets depreciation policy

  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: Other tangible assets 4 years straight line

  Valuation information and policy

  Housing Properties consist of four different tenures; being, Shared Ownership (sold and unsold), Rent to Buy, Affordable Rent and Social Rent. All properties, with the exception of unsold shared ownership units, are measured at cost on initial recognition and subsequently at fair value determined annually by the independent external valuer. Fair value for these properties is calculated as EUVSH (Existing Use Value Social Housing). Unsold shared ownership properties are split proportionally between current and fixed assets based on the element relating to expected first tranche sales. The first tranche portion is classified as a current asset, measured at cost, and subsequent related sales proceeds included in turnover at the point of sale. The retained equity is classified as tangible fixed assets and included within shared ownership housing properties at fair value.

  Other accounting policies

  Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. The cost of stock includes cost of acquiring the property and all associated costs, apportioned to the expected first tranche sale of the property. 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.

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 2. Employees

  	2024	15 months to 31 December 2023
  Average number of employees during the period	11	12