ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 02575047

RECTORY HOMES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

RECTORY HOMES LIMITED

COMPANY INFORMATION

Directors	S P Vickers
	S G Vickers
	C Bethell-Vickers
	N A Lee-Robinson
	J C Blake (appointed 1 July 2024)
	S Fegan
	G W Oliver (appointed 20 January 2025)


Company secretary	J C Blake


Registered number	02575047


Registered office	Rectory House
	Thame Road
	Haddenham
	Aylesbury
	Buckinghamshire
	HP17 8DA


Independent auditor	James Cowper Kreston Audit
	Chartered Accountants and Statutory Auditor
	Apex
	Forbury Road
	Reading
	Berkshire
	RG1 1AX

RECTORY HOMES LIMITED

CONTENTS

	Page
Group strategic report	1 - 3
Directors' report	4 - 5
Independent auditor's report	6 - 9
Consolidated statement of comprehensive income	10
Consolidated balance sheet	11
Company balance sheet	12
Consolidated statement of changes in equity	13
Company statement of changes in equity	14
Consolidated statement of cash flows	15
Notes to the financial statements	16 - 32

RECTORY HOMES LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MAY 2025

Introduction

The directors present their strategic report together with the audited financial statements for the year ended 31 May 2025.
Rectory Homes “Rectory” has been building high quality new homes for over 25 years, establishing a reputation for selecting the very best sites throughout the Western Home Counties and building homes of outstanding quality and superior specification.
Rectory does not aspire to be a volume house builder but instead focuses on select developments, taking pride in the quality of the homes we build and our standards of customer service. Each development is unique, planned and designed according to the specific site, using bespoke house designs which both complement and enhance each location and suit the needs and desires or our prospective home buyers.
At the heart of everything we do is the creation of beautiful homes tailored to their surroundings in great locations which keep our customers as the central focus.
Development and performance of the business
Another solid set of results was delivered in the year ended 31 May 2025 with turnover of £30.4m (2024: £29.0m) producing a gross profit of £8.1m (2024: £8m). Operating profit for the year was £4.7m (2024: £4.3m).

We entered the period actively selling across seven sites being:

∙The Nurseries - Haddenham (Bucks),

∙Winkfield Manor - Winkfield (Berks),

∙Rectory Woods - Ickford (Bucks),

∙Montague Grove - Long Hanborough (Oxon) – Now all sold.

∙Townend - Steeple Aston (Oxon) – Now all sold.

∙Darnell Place – Woodcote (Oxon) – Now all sold.

∙Wickham Field - Wingrave (Bucks) – Now all sold.

In addition to the above, we introduced two new sites which began to sell during the period being Rectory Fields - Wilstone (Herts) and The Crescent - Thame (Oxon).
We commenced construction of four new developments during the year which will provide revenue from FY26, these are:

∙Borlase Meadow - Bockmer End (Berks),

∙Newton Reach - Long Crendon (Bucks)

∙Outfields - Cuddington (Bucks),

∙Dinckley Court- Burcot (Oxon).

We will therefore be selling across nine developments in FY26. These developments will provide revenue opportunities across a range of locations, markets and price-points.

Page 1

RECTORY HOMES LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2025

Key performance indicators are:

	2025	2024	Change since 2024
New homes sold	42	39	7.7%
Sales £'000	£30,379	£28,998	4.8%
Gross profit £'000	£8,078	£8,023	0.7%
Gross margin %	26.6%	27.7%	(3.9%)
Operating profit pre donations £'000	£5,047	£4,595	9.8%
Operating margin %	16.6%	15.8%	4.8%
Operating profit £'000	£4,697	£4,311	9.0%
Operating margin %	15.5%	14.9%	4.0%
Profit before tax £'000	£2,004	£1,164	72.2%
Net assets £'000	£23,429	£22,127	5.9%
Land bank # plots	1,165	1,193	(2.3%)
Headcount	42	49	(14.3%)

Land strategy
In 2024/25 the company continued with its strategy of sourcing land through options and conditional contracts. In September 2025, we currently have six live applications for 304 units and are preparing a further four applications for a total of 269 units.

In addition to the 269 units being actively prepared for submission, it is anticipated that an additional wave of planning applications will be submitted during 2026.

Rectory’s expertise in sourcing and converting options and conditional contracts into development sites capitalises on our in-depth local knowledge and a strong reputation in the market. We continue to strengthen our activity and resources in this part of the business to both augment our current market strength and expand our geographic reach. We believe the current planning framework, with a diminution of direct competitors in our mid-market space, will provide a favourable environment for us to continue to capitalise on the market opportunities we are currently seeing and expect to see for the foreseeable future.

Charitable giving and community support

A cornerstone of our philosophy is to give back to the communities in which we operate. We aim therefore to donate at least 10% of our pre-tax profits to local charitable and not for profit community organisations. In recent years this minimum percentage has been exceeded. This year we have donated £350,672 (2024: £284,060), which equates to 14.9% (2024: 19.6%).
In respect of charitable donations, this is done through the Rectory Foundation in conjunction with advice and regulatory compliance with the Heart of Bucks Foundation who are a registered charity.
We also provide directly from Rectory donations to not for profit community activities that also meet our criteria of improving the community, enhancing the local environment and tending to the physical and mental wellbeing of youth and the underprivileged members of our local society.

Page 2

RECTORY HOMES LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2025

Principal risks and uncertainties

Management of risk is a key operating component of the Company. Rectory has identified and put in place strategies to mitigate the principal risks and uncertainties faced by the business.

The directors consider that the most significant risks and uncertainties for the Company relate to conditions in the UK economy and the subsequent impact on the housing market. Other risks include delays in the planning system in the UK.

Following the financial year end, the Company has put in place a revolving credit facility which is committed until May 2028. The directors monitor and manage cashflows in detail to ensure that sufficient capacity is available in the Company’ credit facility to finance the Company’s growth plans.

Rectory is very active in the land market to ensure that sufficient land is acquired to satisfy the growth objectives. Authorisation of land acquisitions is required by the Board, supported by rigorous acquisition appraisals for all potential land purchases.

Rectory’s reputation is pivotal to our business. To maintain our brand, we focus on the quality of our developments both in terms of design and build, incorporating environmental performance, recycling, ecology and employing renewable energy technology. We only use high quality and reliable subcontractors and traditional materials for construction and always use our own experienced staff to manage developments on the ground.

Financial risks

Credit risk

The group is not exposed to credit-based sales. Credit risk does arise from cash deposits held with financial institutions. The board mitigates this risk by ensuing cash deposits are made with financial institutions with a minimum of an ‘A’ rating and that deposits are split between at least two financial intuitions. As of 31 May 2025, cash deposits totalling £3.7m were made with Allied Irish Bank, Coutts and Handelsbanken.

Liquidity risk

Liquidity risk arises from the Group’s management of working capital and the finance charges and principal payments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due.

The board regularly reviews cash flows over both the short term (13 weeks) and medium term (52 weeks and moreto ensure the business has sufficient liquidity for its foreseeable requirements. .

This report was approved by the board and signed on its behalf.

S P Vickers

Director

Date: 30 October 2025

Page 3

RECTORY HOMES LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MAY 2025

The directors present their report and the financial statements for the year ended 31 May 2025.

Directors

The directors who served during the year were:

S P Vickers

S G Vickers

C Bethell-Vickers

N A Lee-Robinson

J C Blake (appointed 1 July 2024)

S Fegan

G W Oliver (appointed 20 January 2025)

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,302,158 (2024 - £900,341).

The directors do not propose any dividends for the year.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Page 4

RECTORY HOMES LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2025

Auditor

The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

S P Vickers

Director

Date: 30 October 2025

Page 5

RECTORY HOMES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RECTORY HOMES LIMITED

Opinion

We have audited the financial statements of Rectory Homes Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 May 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 Group's and of the parent Company's affairs as at 31 May 2025 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.

Page 6

RECTORY HOMES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RECTORY HOMES LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the 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 the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent Company 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 Directors' responsibilities statement set out on page 4, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 7

RECTORY HOMES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RECTORY HOMES LIMITED (CONTINUED)

Auditor's 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 Group financial statements.

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 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

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.

Page 8

RECTORY HOMES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RECTORY HOMES LIMITED (CONTINUED)

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.

Alan Poole BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of

James Cowper Kreston Audit

Chartered Accountants and Statutory Auditor

Apex

Forbury Road

Reading

Berkshire

RG1 1AX

3 November 2025

Page 9

RECTORY HOMES LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MAY 2025

	2025	2024
Note	£	£


Turnover	4	30,379,054	28,997,830
Cost of sales		(22,300,621)	(20,974,798)
Gross profit		8,078,433	8,023,032
Administrative expenses		(3,031,094)	(3,428,084)
Operating profit before donations to charitable and not for profit organisations	5	5,047,339	4,594,948
Donations to charitable and not for profit organisations		(350,672)	(284,060)
Operating profit		4,696,667	4,310,888
Interest payable and similar expenses	8	(2,692,211)	(3,146,954)
Profit before taxation		2,004,456	1,163,934
Tax on profit	9	(702,298)	(263,593)
Profit for the financial year		1,302,158	900,341

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 16 to 32 form part of these financial statements.

Page 10

RECTORY HOMES LIMITED

REGISTERED NUMBER: 02575047

CONSOLIDATED BALANCE SHEET

AS AT 31 MAY 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	10		2,314,161		2,460,392
Investments	11		369,618		357,518
			2,683,779		2,817,910
Current assets
Stocks	12	54,847,206		62,027,309
Debtors: amounts falling due within one year	13	597,690		760,301
Cash at bank and in hand	14	3,654,913		137,060
		59,099,809		62,924,670
Creditors: amounts falling due within one year	15	(19,827,673)		(19,528,608)
Net current assets			39,272,136		43,396,062
Total assets less current liabilities			41,955,915		46,213,972
Creditors: amounts falling due after more than one year	16		(18,472,165)		(23,999,094)
Provisions for liabilities
Deferred taxation	19	(54,950)		(88,236)
			(54,950)		(88,236)
Net assets			23,428,800		22,126,642

Capital and reserves
Called up share capital	20	390	390
Share premium account	21	1,300	1,300
Capital redemption reserve	21	40	40
Profit and loss account	21	23,427,070	22,124,912
		23,428,800	22,126,642

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S P Vickers

Director

Date: 30 October 2025

The notes on pages 16 to 32 form part of these financial statements.

Page 11

RECTORY HOMES LIMITED

REGISTERED NUMBER: 02575047

COMPANY BALANCE SHEET

AS AT 31 MAY 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	10		320,614		448,864
Investments	11		475,171		463,071
			795,785		911,935
Current assets
Stocks	12	54,847,206		62,027,309
Debtors: amounts falling due within one year	13	668,877		797,960
Cash at bank and in hand	14	3,633,035		120,919
		59,149,118		62,946,188
Creditors: amounts falling due within one year	15	(21,185,498)		(20,914,297)
Net current assets			37,963,620		42,031,891
Total assets less current liabilities			38,759,405		42,943,826

Creditors: amounts falling due after more than one year	16		(17,191,411)		(22,620,065)

Net assets			21,567,994		20,323,761

Capital and reserves
Called up share capital	20	390	390
Share premium account	21	1,300	1,300
Capital redemption reserve	21	40	40
Profit and loss account	21	21,566,264	20,322,031
		21,567,994	20,323,761

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S P Vickers

Director

Date: 30 October 2025

The notes on pages 16 to 32 form part of these financial statements.

Page 12

RECTORY HOMES LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MAY 2025

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 June 2024	390	1,300	40	22,124,912	22,126,642

Profit for the year	-	-	-	1,302,158	1,302,158
At 31 May 2025	390	1,300	40	23,427,070	23,428,800

The notes on pages 16 to 32 form part of these financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MAY 2024

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 June 2023	390	1,300	40	21,224,571	21,226,301

Profit for the year	-	-	-	900,341	900,341
At 31 May 2024	390	1,300	40	22,124,912	22,126,642

The notes on pages 16 to 32 form part of these financial statements.

Page 13

RECTORY HOMES LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MAY 2025

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 June 2024	390	1,300	40	20,322,031	20,323,761

Profit for the year	-	-	-	1,244,233	1,244,233
At 31 May 2025	390	1,300	40	21,566,264	21,567,994

The notes on pages 16 to 32 form part of these financial statements.

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MAY 2024

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 June 2023	390	1,300	40	19,443,038	19,444,768

Profit for the year	-	-	-	878,993	878,993
At 31 May 2024	390	1,300	40	20,322,031	20,323,761

The notes on pages 16 to 32 form part of these financial statements.

Page 14

RECTORY HOMES LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MAY 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	1,302,158	900,341
Adjustments for:
Depreciation of tangible assets	121,447	169,560
Loss on disposal of tangible assets	52,017	(1,060)
Net interest expense	2,692,211	3,146,954
Taxation charge	702,298	263,593
Decrease/(increase) in stocks	7,180,103	(3,358,147)
Decrease in debtors	162,611	1,061,396
(Decrease) in creditors	(409,488)	(3,749,876)
Corporation tax (paid)	(201,850)	(18,057)
Net cash generated from operating activities	11,601,507	(1,585,296)

Cash flows from investing activities
Purchase of tangible fixed assets	(27,233)	(22,497)
Sale of tangible fixed assets	-	30,001
Purchase of unlisted and other investments	(12,100)	-
Net cash from investing activities	(39,333)	7,504
Cash flows from financing activities
New bank loans	-	3,786,229
Repayment of loans	(5,352,110)	-
Interest paid	(2,692,211)	(3,146,954)
Net cash used in financing activities	(8,044,321)	639,275
Net increase/(decrease) in cash and cash equivalents	3,517,853	(938,517)
Cash and cash equivalents at beginning of year	137,060	1,075,577
Cash and cash equivalents at the end of year	3,654,913	137,060

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	3,654,913	137,060
	3,654,913	137,060

The notes on pages 16 to 32 form part of these financial statements.

Page 15

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

1.	General information

Rectory Homes Limited is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the company information page and the nature of the company's operations and its principal activity are set out in the strategic report.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Parent company disclosure exemptions

In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemplions available in FRS 102:

∙Only one reconciliation of the number of shares outstanding at the beginning and end of the period has been presented as the reconciliations for the group and the parent company would be identical;

∙No statement of cash flows has been presented for the parent company:

∙Disclosures in respect of the parent company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the company as a whole; and

∙No disclosures have been given for the aggregate remuneration of the key management personnel of the parent company as their remuneration is included in the totals for the company as a whole.

Page 16

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.Accounting policies (continued)

2.4

Turnover

Turnover primarily comprises amounts receivable from the sale of new houses and land legally completed in the year. Turnover is recognised as the fair value of consideration received or receivable on transfer of the significant risks and rewards of ownership to the buyer. This is usually at the point of legal completion of development units.
The purchase of a part exchange house is regarded as an incentive for the sale of a new house.
Accordingly, the subsequent sale of a part exchange house is excluded from turnover and the profit or loss arising is included within cost of sales.
Also included within turnover is rental income from operating leases, which is recognised in profit or loss on a straight-line basis over the lease term.

2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 17

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.Accounting policies (continued)

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 18

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.Accounting policies (continued)

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold land and buildings	-	50 years on a straight-line basis
Plant and machinery	-	10 years on a straight-line basis
Motor vehicles	-	3 years on a straight-line basis
Fixtures, fittings and computer equipment	-	4,10,12 or 25 years on a straight-line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Other investments are carried at fair value where this can be reliably estimated.

2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 19

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.Accounting policies (continued)

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.17

Financial instruments

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 20

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Management are required to make certain judgements and estimates in applying the accounting policies. The directors do not consider any judgements to be critical to the financial statements. The most significant estimates are outlined below:

Valuation of investment property

Investment property is revalued with sufficient frequency to ensure that the carrying value at the balance sheet date is not materially different to the open market (fair) value. Market value is estimated by the directors using their knowledge of the local property market.

Stock valuation

Stocks, which include development land and work in progress, are valued at the lower of cost and net realisable value. Management are required to estimate costs to complete and to allocate site-wide costs across units in determining the amount of development cost that should be carried forward rather than expensed to cost of sales in respect of sites where construction is ongoing at the balance sheet date. Management also have to consider whether any impairment costs need to be recognised in respect of land which may not be able to be developed profitably, for example where planning permission may not be granted for the intended purposed. The directors and the wider management team have great expertise in the markets in which they operate and, whilst final outcomes will differ from the estimates, the directors consider it unlikely that material differences will occur.

Turnover

All turnover arose within the United Kingdom.

Profit/loss on sale of intangible assets	-	(1,060)
Operating leases	280,949	281,574
Depreciation of leased assets	33,518	87,057
Depreciation of owned assets	87,929	64,522
Audit of group financial statements	26,250	25,500
Taxation compliance and advisory	7,550	7,350

Page 21

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

6.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	2,231,460	2,466,375	2,231,460	2,466,375
Social security costs	266,229	304,396	266,229	304,396
Staff pensions	185,163	245,812	185,163	245,812
	2,682,852	3,016,583	2,682,852	3,016,583

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Employees	42	49

7.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	479,754	389,218
Directors national insurance	61,068	104,051
Group contributions to defined contribution pension schemes	37,034	39,043
	577,856	532,312

8.	Interest payable and similar expenses
		2025	2024
		£	£

	Bank interest payable	2,692,211	3,146,954
		2,692,211	3,146,954

Page 22

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Corporation tax
Current tax on profits for the year	738,698	333,246
Adjustments in respect of previous periods	(3,114)	(53,650)
	735,584	279,596

Total current tax	735,584	279,596

Deferred tax
Origination and reversal of timing differences	(33,286)	(16,003)
Total deferred tax	(33,286)	(16,003)


		702,298	263,593

Profit on ordinary activities before tax

2,004,456

1,163,934

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	501,114	290,984
Effects of:
Expenses not deductable for tax purposes	204,298	46,097
Adjustments to tax charge in respect of prior periods	(3,114)	(53,650)
Adjustments to tax charge in respect of prior periods - deferred tax	-	(19,838)
Total tax charge for the year	702,298	263,593

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

10.	Tangible fixed assets
	Group

	Investment property	Freehold land and buildings	Plant and machinery	Motor vehicles	Fixtures, fittings and computer equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 June 2024	1,337,227	899,050	439,839	481,477	1,270,828	4,428,421
Additions	-	-	-	-	27,233	27,233
Disposals	-	-	-	(109,904)	-	(109,904)
At 31 May 2025	1,337,227	899,050	439,839	371,573	1,298,061	4,345,750
Depreciation
At 1 June 2024	-	224,749	300,963	277,118	1,165,199	1,968,029
Charge for the year	-	17,981	22,049	57,024	24,393	121,447
Disposals	-	-	-	(57,887)	-	(57,887)
At 31 May 2025	-	242,730	323,012	276,255	1,189,592	2,031,589
Net book value
At 31 May 2025	1,337,227	656,320	116,827	95,318	108,469	2,314,161
At 31 May 2024	1,337,227	674,301	138,876	204,359	105,629	2,460,392

The investment property has been valued by the directors at the year end. The historical cost of the investment property and freehold land and buildings is £1,609,056 (2024 - 1,609,056).

Page 24

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

10.Tangible fixed assets (continued)

	Company

	Plant and machinery	Motor vehicles	Fixtures, fittings and computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 June 2024	439,839	481,477	786,843	1,708,159
Additions	-	-	27,233	27,233
Disposals	-	(109,904)	-	(109,904)
At 31 May 2025	439,839	371,573	814,076	1,625,488
Depreciation
At 1 June 2024	300,963	277,118	681,214	1,259,295
Charge for the year	22,049	57,024	24,393	103,466
Disposals	-	(57,887)	-	(57,887)
At 31 May 2025	323,012	276,255	705,607	1,304,874
Net book value
At 31 May 2025	116,827	95,318	108,469	320,614
At 31 May 2024	138,876	204,359	105,629	448,864

Leased assets
Included within the net book value of tangible fixed assets is £75,051 (2024 - £175,927) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £33,518 (2024 - £87,057).

Page 25

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

11.	Fixed asset investments

	Company

	Investments in subsidiary companies	Other fixed asset investments	Total
	£	£	£
Cost and net book value
At 1 June 2024	105,553	357,518	463,071
Additions	-	12,100	12,100
At 31 May 2025	105,553	369,618	475,171

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Principal activity	Class of shares	Holding

	Cardinal Homes Limited	Property investment	Ordinary	100%
	Rectory (Aston Clinton) Ltd	Non trading	Ordinary	100%

Cardinal Homes Limited and Rectory (Aston Clinton) Ltd have taken advantage of the exemption from a statutory audit under the parent company guarantees as per the Companies Act 479A.

12.	Stocks
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Work in progress	54,847,206	62,027,309	54,847,206	62,027,309
	54,847,206	62,027,309	54,847,206	62,027,309

Page 26

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

13.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	18,714	36,947	18,714	36,947
Amounts owed by group undertakings	-	-	18,974	18,974
Other debtors	367,281	304,545	367,281	304,443
Prepayments and accrued income	211,695	418,809	211,695	418,809
Deferred taxation	-	-	52,213	18,787
	597,690	760,301	668,877	797,960

14.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	3,654,913	137,060	3,633,035	120,919
	3,654,913	137,060	3,633,035	120,919

15.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	4,227,833	4,010,112	4,227,833	4,010,112
Bank loans	12,542,850	12,330,259	12,464,357	12,271,112
Obligations under finance lease and hire purchase contracts	94,578	132,350	94,578	132,350
Other taxation and social security	82,915	65,380	82,915	65,380
Corporation tax	768,283	234,549	718,232	196,311
Other creditors	1,303,363	1,787,719	1,282,878	1,767,132
Accruals and deferred income	807,851	968,239	788,110	942,790
Amounts owed to group undertakings	-	-	1,526,595	1,529,110
	19,827,673	19,528,608	21,185,498	20,914,297

Page 27

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

16.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	18,237,470	23,669,821	16,956,716	22,290,792
Net obligations under finance leases and hire purchase contracts	234,695	329,273	234,695	329,273
	18,472,165	23,999,094	17,191,411	22,620,065

The bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company and specific charges on the properties held in stock and fixed assets. Bank and other loans are shown net of unamortised arrangement fees.

17.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Amounts falling due within one year
Bank loans	12,542,850	12,330,259	12,464,357	12,271,112
	12,542,850	12,330,259	12,464,357	12,271,112
Amounts falling due 1-2 years
Bank and other loans	15,542,131	21,249,938	15,456,716	21,190,792
	15,542,131	21,249,938	15,456,716	21,190,792
Amounts falling due 2-5 years
Bank and other loans	1,793,574	1,277,439	1,500,000	1,100,000
	1,793,574	1,277,439	1,500,000	1,100,000
Amounts falling due after more than 5 years
Bank loans	901,765	1,142,444	-	-
	901,765	1,142,444	-	-
	30,780,320	36,000,080	29,421,073	34,561,904

Page 28

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

18.	Financial instruments
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Financial assets
Loans and receivables at amortised cost	385,955	341,392	404,969	341,392
Cash and cash equivalents	3,654,913	137,060	3,633,035	144,583
	4,040,868	478,452	4,038,004	485,975

	Financial liabilities
	Financial Liabilities measured at amortised cost	37,448,640	43,227,773	36,049,167	41,743,561

	Financial assets measured at amortised cost or loss comprise of trade debtors, other debtors, amounts due from joint ventures and directors' current account.
	Financial Liabilities measured at amortised cost comprise of bank loans and overdrafts, trade creditors and accruals.
	Information regarding the group's exposure to and management of credit risk, liquidity risk, market risk, cashflow interest rate risk, and foreign exchange risk is included in the directors report.

Page 29

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

19.	Deferred taxation
	Group

	2025	2024
	£	£

At beginning of year	(88,236)	(104,239)
Charged to profit or loss	33,286	16,003
At end of year	(54,950)	(88,236)

Company

	2025	2024
	£	£

At beginning of year	18,787	2,612
Charged to profit or loss	33,426	16,175
At end of year	52,213	18,787

The provision for deferred taxation is made up as follows:
	Group	Group	Company	Company
	2025	2024	2025	2024
	£	£	£	£

	Accelerated capital allowances	(54,950)	(88,236)	52,213	18,787
		(54,950)	(88,236)	52,213	18,787

20.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

39,000 (2024 - 39,000) Ordinary A shares of £0.01 each	390	390
3 (2024 - 3) Ordinary E shares of £0.01 each	-	-

	390	390

Page 30

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

21.

Reserves

Called up share capital

Called up share capital represents the nominal value of the shares issued.

Profit and loss account

The profit and loss account represents cumlative profits or losses, net of dividends paid and other adjustments.

22.	Pension commitments

The companies operates a defined contributions pension scheme. The assets of the scheme are held separately from those of a company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £183,452 (2024: £245,812).

23.	Commitments under operating leases
	At 31 May 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Not later than 1 year	109,181	109,181	109,181	109,181
Later than 1 year and not later than 5 years	216,555	325,736	325,736	325,736
	325,736	434,917	434,917	434,917

Lessor
The group and company leases out the investment properties under non-cancellable operating leases for the following future minimum lease receipts. There are no contingent rents.

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Not later than 1 year	30,450	33,503	33,503	33,503
Later than 1 year and not later than 5 years	81,667	154,167	154,167	154,167
	112,117	187,670	187,670	187,670

Page 31

RECTORY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

24.	Related party transactions
	Transactions with directors, shareholders and their families The company leases two buildings from the Vickers Family Suntrust Scheme, of which SP Vickers (a director and majority shareholder) is the only member. Rent charged during the year was £109,181 (2024 - £109,181) with no balance outstanding at the balance sheet date (2024 - £nil). The balance outstanding to SP and S Vickers after entering a contract to purchase land is £900,000 (2024: £1,642,000). The company has received loans from certain directors and other related parties with balances outstanding as follows:
		2025	2024
		£	£

SP and S Vickers (directors and majority shareholders)	(48,352)	(98,024)
N Lee-Robinson (director and shareholder)	1,500,000	1,000,000
S and M Simpkins (family relatives of SP and S Vickers)	100,000	100,000
L Dean (family relatives of SP & S Vickers)	-	190,000
	1,551,648	1,191,976

Interest was charged on these loans at commercial rates with total interest payable of £105,000 (2024 - £116,234).
Transactions with other related parties
During the year the company provided sponsorship to Chinnor Rugby Club totalling £172,790 (2024 - £165,091). It also gave a donation to Chinnor Rugby Club of £nil (2024 - £40,000). £6,900 (2024 £nil) was owed to Chinnor rugby club for sponsorship provided. A loan to Chinnor rugby club was bought forward into the year of £161,380 and £36,000 was added to this loan during the year (March 2025), bringing the loan at the year end to £197,380. No interest is charged on this loan. Chinnor Rugby Club is a related party because SP Vickers is the Club’s Director.
Key management remuneration
Key management personnel are considered to be the directors of the company. Their remuneration is disclosed in note 7.

25.	Controlling party

The company is controlled by SP Vickers who is the majority shareholder.

Page 32