REGISTERED NUMBER: 03868710 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Homeward Properties Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C D Gifford

Mr D A Gifford

SECRETARY:

Mr D A Gifford

REGISTERED OFFICE:

Northfield House

Shurdington Road

Bentham

Cheltenham

Gloucestershire

GL51 4UA

BUSINESS ADDRESS:

Jubilee Farm

Badgeworth Lane

Badgeworth

Cheltenham

Gloucestershire

GL51 4UW

REGISTERED NUMBER:

03868710 (England and Wales)

ACCOUNTANTS:

ARC & Co. Accountants Limited

Northfield House

Shurdington Road

Bentham

Cheltenham

Gloucestershire

GL51 4UA

FIXED ASSETS

Tangible assets

4

67,718

44,702

Investments

5

-

1

Investment property

6

2,970,000

2,970,000

3,037,718

3,014,703

CURRENT ASSETS

Stocks

7

461,514

186,333

Debtors

8

551,202

545,132

Cash at bank

120,484

341,863

1,133,200

1,073,328

CREDITORS

Amounts falling due within one year

9

409,133

344,271

NET CURRENT ASSETS

724,067

729,057

TOTAL ASSETS LESS CURRENT LIABILITIES

3,761,785

3,743,760

CREDITORS

Amounts falling due after more than one year

10

(29,063

)

(12,207

)

PROVISIONS FOR LIABILITIES

12

(317,206

)

(11,176

)

NET ASSETS

3,415,516

3,720,377

CAPITAL AND RESERVES

Called up share capital

13

20

20

Retained earnings

14

3,415,496

3,720,357

SHAREHOLDERS' FUNDS

3,415,516

3,720,377

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2025 and were signed on its behalf by:

Mr D A Gifford - Director

1.	STATUTORY INFORMATION

Homeward Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Investments in associates

Investments in associate undertakings are recognised at cost.

Investment property

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

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2024

47,850

81,154

1,477

130,481

Additions

7,804

39,425

-

47,229

Disposals

-

(9,250

)

-

(9,250

)

At 31 March 2025

55,654

111,329

1,477

168,460

DEPRECIATION

At 1 April 2024

29,054

55,982

743

85,779

Charge for year

6,650

16,149

488

23,287

Eliminated on disposal

-

(8,324

)

-

(8,324

)

At 31 March 2025

35,704

63,807

1,231

100,742

NET BOOK VALUE

At 31 March 2025

19,950

47,522

246

67,718

At 31 March 2024

18,796

25,172

734

44,702

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

39,425

At 31 March 2025

39,425

DEPRECIATION

Charge for year

9,856

At 31 March 2025

9,856

NET BOOK VALUE

At 31 March 2025

29,569

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 April 2024

1

Disposals

(1

)

At 31 March 2025

-

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

1

Fixed asset investments consists of a £1 share in GTT Developments (Cheltenham) Limited. This was disposed of at par during the year.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

2,970,000

NET BOOK VALUE

At 31 March 2025

2,970,000

At 31 March 2024

2,970,000

The directors do not consider the fair value of the property portfolio to have changed significantly during the year.

7.

STOCKS

31.3.25

31.3.24

£

£

Work-in-progress

461,514

186,333

8.

DEBTORS

31.3.25

31.3.24

£

£

Amounts falling due within one year:

Trade debtors

-

110,880

Amounts falling due after more than one year:

Interco: GM (Cheltenham) Ltd

203,250

203,250

Interco: D&D Properties Ltd

31,002

31,002

Interco: Anthony MacPherson

Construction Ltd

316,950

200,000

551,202

434,252

Aggregate amounts

551,202

545,132

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

10,482

10,213

Hire purchase contracts

12,102

-

Trade creditors

3,270

13,159

Corporation tax

22,924

42,398

Social security and other taxes

(554

)

285

VAT

7,540

13,236

Other creditors

166,100

80,000

Directors' current accounts

91,369

89,580

Deferred income

92,400

92,400

Accrued expenses

3,500

3,000

409,133

344,271

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

1,740

12,207

Hire purchase contracts

27,323

-

29,063

12,207

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Hire purchase contracts

39,425

-

The hire purchase contract is secured upon the fixed asset to which it relates

12.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Deferred tax

317,206

11,176

Deferred

tax

£

Balance at 1 April 2024

11,176

Tangible fixed assets

5,516

Fixed asset investments

300,514

Balance at 31 March 2025

317,206

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

10

"A" Ordinary

£1

10

10

10

"B" Ordinary

£1

10

10

20

20

14.

RESERVES

Retained

earnings

£

At 1 April 2024

3,720,357

Deficit for the year

(204,861

)

Dividends

(100,000

)

At 31 March 2025

3,415,496

Included within retained earnings are £1,202,056 of undistributable reserves.

15.	RELATED PARTY DISCLOSURES

During the year the directors, Mr C D Gifford and Mr D A Gifford, made net deposits to their account of £1,789. The balance on their account at 31 March 2025 was £91,369 in credit (2024 - £89,580 in credit).

Also during the year, Mr C D Gifford and Mr D A Gifford each received a dividend from the company of £25,000 (2024 - £25,000 each).

Mr C D Gifford is also a director and shareholder of GM (Cheltenham) Ltd. The balance owed by that company to Homeward Properties Ltd at both 31 March 2025 and 2024 was £203,250. No interest has been charged on this account.

Mr D A Gifford is also a director and shareholder of D&D Properties Ltd. The balance owed by that company to Homeward Properties Ltd at both 31 March 2025 and 2024 was £31,002. No interest has been charged on this account.

Mr D A Gifford is also a director and shareholder of Anthony MacPherson Construction Ltd. During the year there were net loan transactions with that company of £116,950. The balance owed by that company to Homeward Properties Ltd at 31 March 2025 was £316,950 (2024 - £200,000). No interest has been charged on this account.

16.	ULTIMATE CONTROLLING PARTY

During the year, the company was controlled by Mr C D Gifford and Mr D A Gifford, who together own the majority of the company's issued share capital.