Company registration number 12641085 (England and Wales)
NEW VISTA HOMES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
NEW VISTA HOMES LIMITED
COMPANY INFORMATION
Directors
Ms Lorna Carver
Mr Andrew Sharp
Mr Mark Smith
Mr Steven Watkins
Mr Anthony Keaveney
(Appointed 15 July 2024)
Secretary
Mrs Elaine Bradbury
Company number
12641085
Registered office
Priory House Monks Walk
Chicksands
Shefford
England
SG17 5TQ
Auditor
MMBA London Ltd
16 Upper Woburn Place
Kings Cross
London
WC1H 0AF
NEW VISTA HOMES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
NEW VISTA HOMES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
60,204
87,736
Current assets
Inventories
5
5,997,877
2,816,592
Trade and other receivables
6
567,598
35,926
Cash and cash equivalents
210,029
153,952
6,775,504
3,006,470
Current liabilities
7
(2,593,827)
(191,161)
Net current assets
4,181,677
2,815,309
Total assets less current liabilities
4,241,881
2,903,045
Non-current liabilities
9
(5,000,000)
(3,100,000)
Net liabilities
(758,119)
(196,955)
Equity
Called up share capital
10
1,201,000
1,201,000
Retained earnings
(1,959,119)
(1,397,955)
Total equity
(758,119)
(196,955)

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 September 2025 and are signed on its behalf by:
Mr Anthony Keaveney
Director
Company registration number 12641085 (England and Wales)
NEW VISTA HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

New Vista Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Priory House Monks Walk, Chicksands, Shefford, England, SG17 5TQ.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

The financial statements of the company are consolidated in the financial statements of Central Bedfordshire Council. These consolidated financial statements are available from its official website https://www.centralbedfordshire.gov.uk/info/27/about_your_council/178annual_accounts_fees_and_charges_budget_statements_and_budget_books.

1.2
Going concern

The Company’s directors have assessed the appropriateness of preparing the financial statements on a going concern basis and have identified certain conditions that give rise to a material uncertainty. The Company incurred a loss of £561,164 true (2024: £644,416) for the year ended 31 March 2025 and had net liabilities of £758,119 (2024: £196,955) at the balance sheet date.

In the prior year, the Company was progressing four development projects. During the current year, the directors made the strategic decision to cease construction on three of these projects, with only one project remaining in progress. The Company’s ability to continue as a going concern is dependent on the successful completion and sale of this remaining project, as well as the continued financial support of its parent company for at least 12 months from the date of approval of these financial statements.

Following the completion and performance of the remaining project, the directors will review the Company’s future position on 31 March 2026, which may include consideration of liquidation depending on circumstances at that time. While there are currently no plans to liquidate the Company, the outcome of the remaining project will be a key factor in this assessment.

Notwithstanding the ongoing support from the parent company, the reliance on the performance of a single project indicates the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. The financial statements have therefore been prepared on a going concern basis, which assumes that the necessary support will be maintained and that the remaining project will be successfully completed and sold.

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
20% straightline
Fixtures and fittings
20%-33% straightline
Computer equipment
33% straightline
NEW VISTA HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.

1.6
Cash and cash equivalents

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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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.

NEW VISTA HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

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 amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

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 lease s asset are consumed.

NEW VISTA HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
2
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 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.

3
Employees

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

2025
2024
Number
Number
Total
3
7
4
Property, plant and equipment
Leasehold land and buildings
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2024
90,711
16,041
9,348
116,100
Disposals
-
0
(4,905)
(689)
(5,594)
At 31 March 2025
90,711
11,136
8,659
110,506
Depreciation and impairment
At 1 April 2024
19,977
3,216
5,171
28,364
Depreciation charged in the year
18,419
3,086
2,712
24,217
Eliminated in respect of disposals
-
0
(1,831)
(448)
(2,279)
At 31 March 2025
38,396
4,471
7,435
50,302
Carrying amount
At 31 March 2025
52,315
6,665
1,224
60,204
At 31 March 2024
70,734
12,825
4,177
87,736
5
Inventories
2025
2024
£
£
Inventories
5,997,877
2,816,592
NEW VISTA HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Inventories
(Continued)
- 6 -

Inventories represents land and development work in progress for residential property projects under construction, valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises all expenditure directly attributable to bringing each development to its current stage of completion, including appropriate borrowing costs capitalised, while general administrative and selling cost not directly related to the development are expensed as incurred.

6
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
567,598
11,574
Other receivables
-
0
24,352
567,598
35,926
7
Current liabilities
2025
2024
£
£
Other borrowings
8
2,100,000
-
0
Trade payables
376,592
29,154
Taxation and social security
93,920
32,718
Accruals and deferred income
23,315
129,289
2,593,827
191,161
8
Borrowings
2025
2024
£
£
Loans from group undertakings and related parties
7,100,000
3,100,000
Payable within one year
2,100,000
-
0
Payable after one year
5,000,000
3,100,000

The loan payable comprises a revolving credit facility of £5,000,000 and a loan facility of £8,000,000, both of which are unsecured. The revolving credit facility bears interest at a rate per annum determined by the lender plus 2% and is repayable on 31 March 2026. The loan facility bears interest at 6.1% per annum and is repayable on 31 March 2027.

As of the year ended 31 March 202 5, £2,100,000 has been drawn from the revolving credit facility, and £5,000,000 from the loan facility.

NEW VISTA HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
9
Related party disclosures

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.

10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £100 each
12,010
12,010
1,201,000
1,201,000
11
Audit report information

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 is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss 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.

Senior Statutory Auditor:
Mr Waqqas Shabir Memon, BSc, FCCA
Statutory Auditor:
MMBA London Ltd
Date of audit report:
9 September 2025
12
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Construction cost
1,956,440
5,519,054

The company had entered into a contractual agreement for the construction of residential units with a total contract value of £6,166,465. As at the balance sheet date, payments totalling £4,210,025 had been made and capitalised on the balance sheet.

The remaining commitment of £1,956,440 has not been recognised as a liability in the financial statements as the related work had not yet been performed at the reporting date. This amount represents a capital commitment payable in future periods under the terms of the contract.

NEW VISTA HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
13
Parent company

The Company's parent is The Central Bedfordshire Group Limited, a company registered in the United Kingdom. It's registered office is Priory House Monks Walk, Chicksands, Shefford, England, SG17 5TQ.

The group's ultimate controlling party and parent is the Central Bedfordshire Council whose principal place of business is in England. Central Bedfordshire Council prepares financial statements available to the public via its website.

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