The directors of the group have elected not to include a copy of the profit and loss account within the financial statements.

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

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes.

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

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

James Taylor Homes Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is James Taylor House, St. Albans Road East, Hatfield, Hertfordshire, AL10 0HE.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated group financial statements consist of the financial statements of the parent company James Taylor Homes Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities other than subsidiary undertakings, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

The financial statements have been prepared on the going concern basis, however this is considered to be a material uncertainty.

There is a material uncertainty as the group has received a loan, which it is reliant on, from a related party who has reported a material uncertainty in their audited accounts. The conditions relating to this uncertainty are ultimately derived from an external loan where conditions dictated by the lender have not been met post year end. Furthermore, a number of external loans within the group are approaching their termination date and have not yet been settled for extended.

This also gives rise uncertainty in the accounts as they have not year as the group does not have sufficient liquid assets to repay the loans. The loans are secured over property held by the group, as well as guarantees from a related party.

Based on existing relationships with lenders, previous refinance arrangements and further potential to refinance, the directors believe it remains appropriate to prepare the financial statements on a going concern basis. The directors believe the company has adequate resources to continue in operational existence for the foreseeable future. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

Turnover is measured at the fair value of the consideration received or receivable from the sale of developed property and other related income. Turnover from property sales is recognised at the date of exchange.

Rental income is recognised on a straight-line basis over the rental term.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

At each reporting date, tangible fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

Depreciation has been computed to write off the cost of the tangible fixed assets over their useful expected lives using the following rates:

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Stock represents property acquired for development together with work in progress on those properties. The resultant stock and work in progress is valued at the lower of cost or net realisable value. Cost comprises the acquisition cost of the land and buildings, together with related legal and professional costs, development and borrowing costs.

In considering net realisable value, it is assumed that developments will be completed and sold in the ordinary course of business and not placed on the market for immediate sale in their current state of development.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.

Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.

Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Dividend income

Dividend income is recognised when the right to receive payment is established.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Profit recognition

Stock consists of the acquisition cost of the land and buildings, together with related legal and professional costs, development and borrowing costs which is recorded as incurred during a project. An apportionment of stock is transferred to the profit and loss account when properties are sold on a project. The proportion of stock transferred is calculated so as to achieve a consistent margin across each individual project and is reliant on management's estimation of the total selling price. Estimation of the selling price is subject to significant inherent uncertainties, in particular the prediction of future trends in the value of property.

Investment properties

Investment properties are valued annually at fair value. Fair value is ascertained through review of comparable market data and rent levels and cash flows for the respective investment property. There is an inevitable degree of judgement involved. Given the property market knowledge and expertise of the directors and within the group, no formal third party valuation has been considered necessary.

Whilst the Directors exercise due care and attention to make reasonable estimates, taking into account all available information in estimating the future selling price, the estimates may differ from the actual selling prices achieved in future periods.

With the exception of the estimates described above, the directors consider that there are no other significant judgements or estimates in the preparation of these financial statements.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Investment property was valued on an open market basis on 31 October 2024 by the directors.

Details of the company's subsidiaries at 31 October 2024 are as follows:

All subsidiary undertakings are incorporated in England and Wales.

Details of associates at 31 October 2024 are as follows:

Sales in the year of completed properties resulted in £Nil of these finance costs being released to cost of sales (2023: £907,561).

At the year end the remaining capitalised finance costs included within stock totalled £2,538,128 (2023: £2,538,128).

The bank loan of £4,461,186 is secured by a first legal mortgage over property owned by the Group, an assignment of rental income paid in respect of the property, a guarantee from James Taylor Construction Limited (a company with common directors) to the sum of £3,721,250 plus interest and costs, and a security deposit held by the bank in the sum of £231,706. There is also a negative pledge.

Included within other creditors are non interest bearing loans totalling £2,637,188 that are deemed repayable on demand.

Included within bank loans is a loan of £3,800,000 which is secured by a first legal charge over the property known as 10-11 Kings Mews and the land on the east side of 6 John Street. There is also a fixed charge and negative pledge.

In addition, a bank loan of £2,475,000 (2023: £2,475,000) is secured by a first legal charge over the properties which have mortgages and a charge over a cash deposit held by the bank in the sum of £41,850. Limited guarantee has been provided by James Taylor Homes Group Limited up to £1,080,000 plus any related interest and costs, James Taylor Homes (Lincolns Inn) Limited up to £7,442,500 plus any related interest and costs and James Taylor Homes (Grays Inn) Limited up to £3,800,000 plus any related interest.

Loans within other creditors of £690,374 are secured by a first legal charge over the properties in which the mortgages relate to, and a full corporate guarantee by James Taylor Group Limited (a company with common directors). There is also a negative pledge.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

We draw attention to note 1.4 of the financial statements, which describes that there is a material uncertainty relating to going concern.

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

At the reporting end date the group had contracted with tenants/agents for the following minimum lease payments:

During the year the group entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

The following amounts were outstanding at the reporting end date:

Limited guarantee has been provided by James Taylor Homes Group Limited up to £1,080,000 plus any related interest and costs to James Taylor Homes (Slough) Limited.

A guarantee from James Taylor Homes Group Limited to the sum of £2,400,000 has been provided to James Taylor Homes (Brighton) Limited (a company with common directors). James Taylor Homes Group Limited has also provided a joint and several costs overrun and interest shortfall guarantee to the same company.

At the year end, loans made to James Taylor Homes Group by relatives of the directors had an outstanding balance of £197,689 ( 2023: £197,689)

At the year end, loans of £102,085 (2023: £88,919) were owed to directors. One of the loans is interest bearing at a rate of 0.8% per annum and the other loan is interest free. Both loans have no fixed repayment terms.

During the year, costs for I.T costs and consulting of £81,050 (2023: £120,677) were incurred from a business which is owned by a relative of the director of this business.

During the year, the group made purchases totalling £75,000 from a trust in which one of the group’s directors is a beneficiary