REGISTERED NUMBER: 09084926 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 June 2025

for

Westchurch Homes Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

6

Profit and Loss Account

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

Mr D L Holt

Mr C R Topham

Mr I M Stocker

Mr P W Sinclair

REGISTERED OFFICE:

Kennedy House

31 Stamford Street

Altrincham

Cheshire

WA14 1ES

REGISTERED NUMBER:

09084926 (England and Wales)

SENIOR STATUTORY AUDITOR:

Jeremy Bostock BA BFP FCA

AUDITORS:

Thompson Wright (Audit) Limited

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

SOLICITORS:

Ward Hadaway

The Observatory

Chapel Walks

Manchester

M2 1HL

The directors present their strategic report for the year ended 30 June 2025.

REVIEW OF BUSINESS

The Company saw a continued increase in turnover from its operations in contract works with its Housing Association partners in the year to 30th June 2025.

Financial performance

Financial performance for the business has been analysed as follows:

Year to

Year to

30 June 2025

30 June 2024

Change

Turnover

£49,094,106

£41,351,498

£7,742,608

Profit/(Loss) before tax

£7,685,965

£4,192,221

£3,493,744

Strategy

Obtaining planning permissions on contractually secured sites caused by delays in statutory bodies fulfilling their obligations continues to be a challenge. Therefore cash management remains fundamental to the business and ensuring robust financial health gives the directors' confidence to make decisions which are appropriate for the development of the business for the medium to long term, without being pressured into short term targets.

Gross Profit

Gross margins were maintained despite the inflationary pressure as the business established itself within the affordable housing sector.

Operating costs

The company continues to actively review its operating costs, the majority of which relate to administrative expenses, and to seek reductions where possible.

Environmental policy

The company's objective is to meet the Construction Industry's best practice. To achieve this, management seek to continuously develop the company's environmental policy and assessing the performance of the company in this area, paying attention to reducing the overall amount of waste generated whilst increasing the amount recycled.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board of Directors is responsible for assessing and monitoring business risk. These risks are being mitigated by regular Director reviews of the Company's performance, potential risks and areas of uncertainty and bi-weekly meetings with key management heads.

OPERATIONAL RISK MANAGEMENT

The key operational business risks and uncertainties affecting the company at this moment are the delays in planning permissions being heard and uncertainty around the ongoing funding levels for registered providers to build new housing stock.

The company is not subject to the risk of open market tendering, as the company facilitate all of its opportunities in house alongside partners within the housing association sector, assisting them to deliver the much needed affordable homes in line with housing targets being set by the government.

FINANCIAL RISK MANAGEMENT

The key financial business risks are the uncertainty in the credit insurance market and lack of resource within government departments to undertake statutory responsibilities. These risks have been mitigated by regularly meeting the company's supply chain and assessing their exposure and effective KPI's and expects to be largely unaffected by the changing interest rate environment.

SUMMARY OF KEY PERFORMANCE INDICATORS

The directors have monitored the progress of the overall company strategy and individual strategic elements by reference to certain financial and non-financial key performance indicators.

The key financial and non-financial performance indicators of the business are as follows:

Financial Key Performance Indicators

30.06.25

30.06.24

£

£

Turnover

49,094

41,351

Gross profit

10,543

6,568

Operating profit /(loss)

7,454

4,098

Non-Financial Key Performance Indicators

Average Number of Employees

41

35

Cash at Bank

£7,758,073

£6,957,387

Debtor Days (excluding retentions)

31 Days

32 Days

Creditor Days (excluding retentions)

29 Days

32 Days

FUTURE DEVELOPMENTS

The Company has seen an increase in the number of projects and the value of the contracts in the past 12 months which should continue into the future. The pipeline for the business is secured for the next four years with funding and delivery alongside the company's existing and anticipated new Housing Association partners.

ENGAGEMENT WITH EMPLOYEES

It is company's policy that there should be effective communication with all employees who, subject to practical and commercial considerations, should be consulted on and involved in decisions that affect their current jobs and future prospects.

The achievement of this policy has to be treated flexibly in accordance with the varying circumstances and needs of the company but, in all cases, the emphasis is on communication at the local level.

The company actively encourages the promotion of safe working conditions and procedures and the development of practices which secure and enhance the health and welfare at work of employees.

Applications for employment by disabled persons are fully and fairly considered having regard to the abilities of each applicant. Efforts are made to enable any employee who becomes disabled during employment to continue their career with the company. Training, career development and promotion of disabled persons is, as far as possible, identical to that of other employees who are not disabled.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHER RELATIONSHIPS

The company's stakeholders are people, communities and organisations with an interest or concern in its purpose, strategy, operations and actions, and who in turn, may be affected by them. This includes: shareholders and debt providers; employees; government and regulators; NGOs, communities and civil society; suppliers, contractors and partners; and customers. The perspectives, insights and opinions of stakeholders are recognised as a key factor in the relevant operational, investment and business decisions taken by the company and its directors, to ensure that as a whole they are more robust and sustainable.

ON BEHALF OF THE BOARD:

Mr D L Holt - Director

6 November 2025

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the development of land and property.

DIVIDENDS

2025

2024

£

£

Cumulative redeemable preference shares of £1 each

5,000

5,439

Ordinary A shares of £1 each

581,000

357,000

Ordinary B shares of £1 each

415,000

255,000

Ordinary C shares of £1 each

166,000

102,000

1,167,000

719,439

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2024 to the date of this report.

Mr D L Holt

Mr C R Topham

Mr I M Stocker

Mr P W Sinclair

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Thompson Wright (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr D L Holt - Director

6 November 2025

Opinion

We have audited the financial statements of Westchurch Homes Limited (the 'company') for the year ended 30 June 2025 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 company's affairs as at 30 June 2025 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

-	the 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 Statement of Directors' Responsibilities set out on page five, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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 financial statements.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the Construction Industry;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery and corruption legislation, anti slavery and employment legislation, environmental, other industry specific accreditations and health and safety legislation within the construction industry;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statement disclosures to underlying supporting documentation;

-reading the minutes of meetings of those charged with governance;

-enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Jeremy Bostock BA BFP FCA (Senior Statutory Auditor)

for and on behalf of Thompson Wright (Audit) Limited

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

6 November 2025

TURNOVER

3

49,094,106

41,351,498

Cost of sales

38,550,781

34,783,666

GROSS PROFIT

10,543,325

6,567,832

Administrative expenses

3,122,283

2,500,812

7,421,042

4,067,020

Other operating income

32,533

31,290

OPERATING PROFIT

5

7,453,575

4,098,310

Interest receivable and similar income

284,818

138,653

7,738,393

4,236,963

Interest payable and similar expenses

6

52,428

44,742

PROFIT BEFORE TAXATION

7,685,965

4,192,221

Tax on profit

7

1,923,131

1,048,642

PROFIT FOR THE FINANCIAL YEAR

5,762,834

3,143,579

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

5,762,834

3,143,579

FIXED ASSETS

Tangible assets

9

304,579

245,583

Investments

10

2,380,150

530,150

2,684,729

775,733

CURRENT ASSETS

Stocks

11

2,267,041

634,707

Debtors

12

9,116,807

8,243,528

Cash at bank

7,758,073

6,957,387

19,141,921

15,835,622

CREDITORS

Amounts falling due within one year

13

8,791,110

8,186,398

NET CURRENT ASSETS

10,350,811

7,649,224

TOTAL ASSETS LESS CURRENT LIABILITIES

13,035,540

8,424,957

PROVISIONS FOR LIABILITIES

15

76,145

61,396

NET ASSETS

12,959,395

8,363,561

CAPITAL AND RESERVES

Called up share capital

16

5,001,000

5,001,000

Retained earnings

17

7,958,395

3,362,561

SHAREHOLDERS' FUNDS

12,959,395

8,363,561

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2025 and were signed on its behalf by:

Mr D L Holt - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 July 2023

5,801,000

938,421

6,739,421

Changes in equity

Share capital redemption

(800,000

)

-

(800,000

)

Dividends

-

(719,439

)

(719,439

)

Total comprehensive income

-

3,143,579

3,143,579

Balance at 30 June 2024

5,001,000

3,362,561

8,363,561

Changes in equity

Dividends

-

(1,167,000

)

(1,167,000

)

Total comprehensive income

-

5,762,834

5,762,834

Balance at 30 June 2025

5,001,000

7,958,395

12,959,395

Cash flows from operating activities

Cash generated from operations

1

4,353,693

7,688,646

Interest paid

(52,428

)

(44,742

)

Tax paid

(1,751,844

)

(189,356

)

Net cash from operating activities

2,549,421

7,454,548

Cash flows from investing activities

Purchase of tangible fixed assets

(191,052

)

(265,673

)

Interest received

284,818

138,652

Net cash from investing activities

93,766

(127,021

)

Cash flows from financing activities

Reduction in preference shares

-

(800,000

)

Loans to associates

(801,001

)

(1,479,000

)

Equity dividends paid

(1,041,500

)

(417,876

)

Dividends paid on preference shares

-

(5,439

)

Net cash from financing activities

(1,842,501

)

(2,702,315

)

Increase in cash and cash equivalents

800,686

4,625,212

Cash and cash equivalents at beginning of year

2

6,957,387

2,332,175

Cash and cash equivalents at end of year

2

7,758,073

6,957,387

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

7,685,965

4,192,221

Depreciation charges

132,057

78,482

Finance costs

52,428

44,742

Finance income

(284,818

)

(138,653

)

7,585,632

4,176,792

(Increase)/decrease in stocks

(1,632,334

)

1,317,002

Increase in trade and other debtors

(1,922,279

)

(2,380,290

)

Increase in trade and other creditors

322,674

4,575,142

Cash generated from operations

4,353,693

7,688,646

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2025

30.6.25

1.7.24

£

£

Cash and cash equivalents

7,758,073

6,957,387

Year ended 30 June 2024

30.6.24

1.7.23

£

£

Cash and cash equivalents

6,957,387

2,332,175

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.24

Cash flow

At 30.6.25

£

£

£

Net cash

Cash at bank

6,957,387

800,686

7,758,073

6,957,387

800,686

7,758,073

Total

6,957,387

800,686

7,758,073

1.	STATUTORY INFORMATION

Westchurch Homes Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have been consistently applied within these accounts.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following estimates have been made by the directors in applying the company's accounting policies:

Work-in-progress is stated at £2,267,041 (2024 £634,707). The valuation of work-in-progress sites is dependent on planning permission being obtained for these sites. The directors have reviewed the sites and are confident that planning permission will be obtained and the value of work-in-progress is stated at the lower of cost and net realisable value.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Turnover represents sale of land and completed properties and contracted work on affordable homes for Housing Associations, excluding value added tax.

Turnover is recognised on completion in respect of sale of land and completed properties and is recognised in the period to which it relates in respect of contract construction works.

Turnover is recognised on construction contracts when long term work in progress is billed pursuant to surveyor's certificate of value..

All turnover is derived from within the UK.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33.33% on cost

Fixtures, furniture, equipment and showhome

-

20% - 33% on cost

Motor vehicles

-

33.33% on cost

Computer equipment

-

33.33% on cost

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

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

Cost includes all direct expenditure.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, and cash and bank balances are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Hire purchase and leasing commitments

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

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Contract works

49,094,106

34,111,498

House sales

-

540,000

Land sales

-

6,700,000

49,094,106

41,351,498

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,112,492

1,721,901

Social security costs

287,140

228,752

Other pension costs

68,124

41,114

2,467,756

1,991,767

The average number of employees during the year was as follows:

2025

2024

Administration and management

41

35

2025

2024

£

£

Directors' remuneration

498,357

400,139

Directors' pension contributions to money purchase schemes

29,412

10,395

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

4

3

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

145,507

131,249

Pension contributions to money purchase schemes

3,645

3,465

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

132,056

78,481

Audit fees

9,250

8,750

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Loan interest

52,428

44,742