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| Registered number: 06864076
KINGSWOOD HOMES (UK) LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
KINGSWOOD HOMES (UK) LTD COMPANY INFORMATION
DIRECTORS | L P Jones
| A M Barrington-Fortune
| S S Bullough
| G L T More
| M J Salt
| J Winders
REGISTERED NUMBER | 06864076
REGISTERED OFFICE | 8 Bridge Court
| Liverpool New Road
| Little Hoole
| Preston
| Lancashire
| PR4 5JT
INDEPENDENT AUDITORS | Bishop Fleming Audit Limited
| Chartered Accountants & Statutory Auditor
| Brook House
| Winslade Park
| Manor Drive
| Clyst St Mary
| Exeter
| EX5 1GD
KINGSWOOD HOMES (UK) LTD CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3
Directors' responsibilities statement | 4
Independent auditors' report | 5 - 8
Statement of income and retained earnings | 9
Statement of financial position | 10
Statement of cash flows | 11
Notes to the financial statements | 12 - 26
KINGSWOOD HOMES (UK) LTD STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
INTRODUCTION
Kingswood Homes (UK) Ltd is a house building contractor that operates in the Northwest and Southwest of England. The company is the sole contractor for Kingswood Homes Estates Limited and its subsidiaries, companies that have common shareholders and directors. The Company is committed to creating spaces and places that provide an enhanced living experience. Building quality homes with vibrant communities in sustainable environments, we leave each place we develop better all-round. We recognise that we can only deliver quality homes with the hard work and commitment of our people, our subcontractors and supply chain. The directors would like to thank each and every one of you for your commitment during an award-winning year.
BUSINESS REVIEW
Kingswood Homes (UK) Ltd is a private residential building contractor that builds high specification and quality new dwellings, exclusively on behalf of Kingswood Homes Estates Limited and its subsidiaries. During the year, turnover increased by 3% to £18.2m (2024: £17.7m). Gross profit decreased by 3.6% to £1.70m (2024: £1.77m). The quality of our homes has once again been recognised via multiple industry leading awards. For the fourth consecutive year, we have maintained our 5 Star Customer Satisfaction rating from the HBF, highlighting our unwavering commitment to delivering exceptional homes and service. Over the past 12 months, we achieved an impressive 97% customer satisfaction score, placing us among the top-performing housebuilders in the UK. We’re also proud to have received 14 NHBC Pride in the Job Quality Awards, along with the prestigious Regional NHBC Quality Award. This marks the fourth consecutive year we’ve achieved the regional award which is a true testament to the consistency, dedication, and excellence of our teams. We anticipate that the company’s growth will increase by around 25% over the next financial year as interest rates stabilise, creating more confidence in the housing market amongst buyers. Whilst we will continue to maintain the relevant systems, processes and innovative approaches to problem solving, this will be maintained with a cost neutral approach. In addition to the anticipated growth in the next financial year we are seeking to diversify our business model to include an element of affordable housing to our future sites. This would see our financial targets and performance further resilient in the event of any potential future downturns due to the continuity that they provide. Page 1
KINGSWOOD HOMES (UK) LTD STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
PRINCIPAL RISKS AND UNCERTAINTIES
The primary operating risks for the Group are the external factors facing the construction industry and the economy, including house price inflation and interest rates, employment levels, build costs inflation, mortgage availability and Government policies. Other risks include the still volatile labour and material market along with future government policies including updates to part L building regulations and the building safety levy which are currently not implemented. Market risk - the Company's business is dependent on the UK residential property market. As a result, the Company's success is reliant upon macroeconomic factors as well as the conditions of the UK residential property market, particularly in the North West. The directors undertake regular meetings to mitigate risks including, but not limited to, weekly and monthly reviews of sales volumes and prices, the value of work in progress, project performance, cash flow projections and management accounts. This ensures early action is taken to achieve the company’s operational objectives and effectively mitigate identified risks. Credit risk - the Company's principal financial assets are bank balances and other receivables. The credit risk associated with these is limited, however, the Company closely control trading activity and regularly monitor counterparty positions. Cash flow risk - in order to maintain liquidity to ensure sufficient funds are available for ongoing operations and future developments, the Company mitigates risk through managing cash generation by its operations. Interest rate risk - although the past year benefited from a cut in the Bank of England base rate and economists are predicting a further small decrease the Group is exposed to the risk of variability in interest rates. Whilst early indications and market conditions are encouraging it is important to proceed with measured caution whilst assessing risks and uncertainties before, during and after significant events.
FINANCIAL KEY PERFORMANCE INDICATORS
The company operates and monitors performance indicators in relation to revenues and costs incurred, throughout the development process. The directors regularly review the Group’s performance against that of direct competitors and the wider industry. The key financial indicators for the business are gross profit percentage on a site by site basis, site performance against budget, net profit margin and return on shareholders’ funds. This report was approved by the board and signed on its behalf.
L P Jones Director
Date: 4 November 2025
Page 2
1 KINGSWOOD HOMES (UK) LTD DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £NIL (2024: loss £75,364). During the year, no dividends were declared (2024: £Nil).
DIRECTORS
The directors who served during the year were:
L P Jones
A M Barrington-Fortune
S S Bullough
G L T More
M J Salt
J Winders
DISCLOSURE OF INFORMATION TO AUDITORS
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's auditors are 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's auditors are aware of that information.
POST BALANCE SHEET EVENTS
There have been no significant events affecting the company since the year end.
AUDITORS
The auditors, Bishop Fleming Audit Limited, 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.
L P Jones Director
Date: 4 November 2025
8 Bridge Court
Liverpool New Road
Little Hoole
Preston
Lancashire
PR4 5JT
Page 3
KINGSWOOD HOMES (UK) LTD DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 The directors are responsible for preparing the Strategic report, the Directors' report 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 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 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 for the Company'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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 4
KINGSWOOD HOMES (UK) LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGSWOOD HOMES (UK) LTD
OPINION
We have audited the financial statements of Kingswood Homes (UK) Ltd (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows 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 Company's affairs as at 31 March 2025 and of its result 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 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 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. Page 5
KINGSWOOD HOMES (UK) LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGSWOOD HOMES (UK) LTD (CONTINUED)
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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 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 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. Page 6
KINGSWOOD HOMES (UK) LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGSWOOD HOMES (UK) LTD (CONTINUED)
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 an Auditors' 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 financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: ∙the nature of the sector, control environment and the Company's performance; ∙results of our enquiries of management and the directors, about their own identification and assessment of the risks of irregularities; ∙any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; ∙the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the Parent Company and Group for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries, inaccurate estimation of year end work in progress, and identified the greatest potential for fraud as incorrect recognition of revenue and management override using manual journal entries. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. These included, data protection regulations, occupational health and safety regulations, buildings legislation and employment legislation. Our procedures to respond to risks identified included the following: ∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; ∙reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; ∙enquiring of directors and management concerning actual and potential litigation and claims; ∙performing procedures to confirm material compliance with the requirements of the above regulations; ∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; ∙reading minutes of director meetings; and Page 7
KINGSWOOD HOMES (UK) LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGSWOOD HOMES (UK) LTD (CONTINUED) ∙in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias. In particular this work focused on the estimates included when calculating the year end work in progress. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 Auditors' report.
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 Auditors' 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. Mark Munro BA FCA (Senior statutory auditor) for and on behalf of Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors Brook House Winslade Park Manor Drive Clyst St Mary Exeter EX5 1GD 5 November 2025 Page 8
KINGSWOOD HOMES (UK) LTD STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 18,201,206 | 17,681,644
Cost of sales |  | (16,497,767) | (15,913,654)
GROSS PROFIT |  | 1,703,439 | 1,767,990
Administrative expenses |  | (1,460,834) | (1,514,110)
OPERATING PROFIT | 5 | 242,605 | 253,880
Interest receivable and similar income | 9 | 15 | -
Interest payable and expenses | 10 | (242,620) | (253,880)
PROFIT BEFORE TAX |  | - | -
Tax on profit | 11 | - | (75,364)
PROFIT/(LOSS) AFTER TAX |  | - | (75,364)
Retained earnings at the beginning of the year |  | 2,576,812 | 2,652,176
|  | 2,576,812 | 2,652,176
Loss for the year |  | - | (75,364)
RETAINED EARNINGS AT THE END OF THE YEAR |  | 2,576,812 | 2,576,812
The notes on pages 12 to 26 form part of these financial statements.
Page 9
KINGSWOOD HOMES (UK) LTD REGISTERED NUMBER:06864076 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 3,654 |  | 4,872
Tangible assets | 13 |  | 517,268 |  | 532,222
|  |  | 520,922 |  | 537,094
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 14 | 4,570,954 |  | 4,570,954 |
Debtors: amounts falling due within one year | 14 | 4,860,896 |  | 3,595,419 |
Cash at bank and in hand | 15 | 847,971 |  | 28,318 |
|  | 10,279,821 |  | 8,194,691 |
Creditors: amounts falling due within one year | 16 | (5,577,151) |  | (3,041,953) |
Net current assets |  |  | 4,702,670 |  | 5,152,738
Total assets less current liabilities |  |  | 5,223,592 |  | 5,689,832
Creditors: amounts falling due after more than one year | 17 |  | (2,646,680) |  | (3,112,920)
Net assets |  |  | 2,576,912 |  | 2,576,912
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 75 |  | 75
Capital redemption reserve | 21 |  | 25 |  | 25
Profit and loss account | 21 |  | 2,576,812 |  | 2,576,812
|  |  | 2,576,912 |  | 2,576,912
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
L P Jones
Director
Date: 4 November 2025
The notes on pages 12 to 26 form part of these financial statements. Page 10
KINGSWOOD HOMES (UK) LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | - | (75,364)
Adjustments for: |  |
Amortisation of intangible assets | 1,218 | 1,624
Depreciation of tangible assets | 80,419 | 97,339
Loss on disposal of tangible assets | 9,088 | 519
Interest paid | 242,620 | 253,880
Interest received | (15) | -
Taxation charge | - | 75,364
(Increase)/decrease in debtors | (13,986) | 170,578
(Increase) in amounts owed by participating ints | (1,251,491) | (663,084)
Increase/(decrease) in creditors | 2,565,002 | (701,946)
Net cash generated from operating activities | 1,632,855 | (841,090)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (12,553) | (8,383)
Interest received | 15 | -
HP interest paid | (15,135) | (13,250)
Net cash from investing activities | (27,673) | (21,633)
Cash flows from financing activities |  |
Other new loans | - | 405,000
Repayment of other loans | (462,621) | -
Repayment of/new finance leases | (95,423) | (30,590)
Interest paid | (227,485) | (240,630)
Net cash used in financing activities | (785,529) | 133,780
Net increase/(decrease) in cash and cash equivalents | 819,653 | (728,943)
Cash and cash equivalents at beginning of year | 28,318 | 757,261
Cash and cash equivalents at the end of year | 847,971 | 28,318
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 847,971 | 28,318
| 847,971 | 28,318
The notes on pages 12 to 26 form part of these financial statements.
Page 11
KINGSWOOD HOMES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | GENERAL INFORMATION
Kingswood Homes (UK) Ltd (Company registration number 06864076) is a private company limited by share capital, incorporated in England and Wales. The address of the registered office is Unit 8 Bridge Court, Liverpool New Road, Little Hoole, Preston, Lancashire, PR4 5JT. The principal activity of the Company is that of a house building contractor. 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 management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | GOING CONCERN
The directors have prepared the accounts using the going concern basis. The directors undertake regular meetings to mitigate risks including, but not limited to, weekly and monthly reviews of sales volumes and prices, the value of work in progress, project performance, cash flow projections and management accounts. The directors believe the Company will be able to meet its liabilities as they fall due for the foreseeable future and have, therefore, concluded that the going concern basis of preparation continues to be reasonable.
| 2.3 | REVENUE
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
| 2.4 | OPERATING LEASES: THE COMPANY AS LESSEE
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.5 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | 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.
| 2.7 | BORROWING COSTS
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 12
KINGSWOOD HOMES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.8 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | TAXATION
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 reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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 reporting date.
| 2.10 | INTANGIBLE ASSETS
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Other intangibles | - | 4 | years
Page 13
KINGSWOOD HOMES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.11 | 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, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25% | reducing balance
|  |  |  | Motor vehicles | - | 25% | reducing balance
|  |  |  | Fixtures and fittings | - | 25% | reducing balance
|  |  |  | Other fixed assets | - | 25% | reducing balance
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. Freehold properties are not depreciated on the grounds that the estimated residual value of the freehold properties is not materially different to the carrying amount of the asset. The company has a policy of regular ongoing maintenance of the properties (for which the charges are recognised in the Statement of comprehensive income) such that the freehold properties are kept to their previously assessed standard of performance. Page 14
KINGSWOOD HOMES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.12 | FINANCIAL INSTRUMENTS
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. 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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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. Page 15
KINGSWOOD HOMES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.12 | FINANCIAL INSTRUMENTS (CONTINUED)
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. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.13 | 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.
| 2.14 | 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 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 Company's cash management. Page 16
KINGSWOOD HOMES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.15 | 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.
3. | JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amount reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant estimates or judgements within the financial statements.
4. | TURNOVER
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contractor work | 18,109,954 | 17,648,433
| Other income | 91,252 | 33,211
|  | 18,201,206 | 17,681,644
| All turnover arose within the United Kingdom.
5. | OPERATING PROFIT
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 80,419 | 97,339
| Exchange differences | 1,218 | 1,624
| Other operating lease rentals | 110,813 | 110,813
Page 17
KINGSWOOD HOMES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | AUDITORS' REMUNERATION
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 12,000 | 11,600
7. | EMPLOYEES
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,257,081 | 1,443,381
| Social security costs | 146,582 | 165,420
| Cost of defined contribution scheme | 50,755 | 56,118
|  | 1,454,418 | 1,664,919
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  |  | 23 | 29
8. | DIRECTORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 424,042 | 368,217
| Company contributions to defined contribution pension schemes | 32,035 | 33,012
|  | 456,077 | 401,229
| The highest paid director received remuneration of £162,240 (2024: £158,124).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,759 (2024: £14,141).
Page 18
KINGSWOOD HOMES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | INTEREST RECEIVABLE
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 15 | -
10. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | 227,485 | 236,439
| Finance leases and hire purchase contracts | 15,135 | 13,250
| Other interest payable | - | 4,191
|  | 242,620 | 253,880
11. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| DEFERRED TAX |  |
| Origination and reversal of timing differences | - | 75,364
| TOTAL DEFERRED TAX | - | 75,364
| TAXATION ON PROFIT ON ORDINARY ACTIVITIES | - | 75,364
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is the same as (2024: higher than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| EFFECTS OF: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 6,894 | 5,611
| Adjustments to deferred tax charge in respect of prior periods | - | (57,372)
| Movement in deferred tax not recognised | (6,894) | 127,125
| TOTAL TAX CHARGE FOR THE YEAR | - | 75,364
Page 19
KINGSWOOD HOMES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | INTANGIBLE ASSETS
|  | Other intangibles
|  | £
| COST |
| At 1 April 2024 | 19,035
| At 31 March 2025 | 19,035
| AMORTISATION |
| At 1 April 2024 | 14,163
| Charge for the year on owned assets | 1,218
| At 31 March 2025 | 15,381
| NET BOOK VALUE |
| At 31 March 2025 | 3,654
| At 31 March 2024 | 4,872
Page 20
KINGSWOOD HOMES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | TANGIBLE FIXED ASSETS
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £ | £
| COST OR VALUATION |  |  |  |  |  |
| At 1 April 2024 | 230,840 | 283,379 | 186,834 | 177,618 | 46,448 | 925,119
| Additions | - | 66,315 | - | - | 8,238 | 74,553
| Disposals | - | (19,597) | - | (5,845) | (13,841) | (39,283)
| At 31 March 2025 | 230,840 | 330,097 | 186,834 | 171,773 | 40,845 | 960,389
| DEPRECIATION |  |  |  |  |  |
| At 1 April 2024 | - | 174,778 | 68,781 | 122,183 | 27,155 | 392,897
| Charge for the year on owned assets | - | 30,897 | 29,514 | 13,859 | 6,149 | 80,419
| Disposals | - | (14,716) | - | - | (15,479) | (30,195)
| At 31 March 2025 | - | 190,959 | 98,295 | 136,042 | 17,825 | 443,121
| NET BOOK VALUE |  |  |  |  |  |
| At 31 March 2025 | 230,840 | 139,138 | 88,539 | 35,731 | 23,020 | 517,268
| At 31 March 2024 | 230,840 | 108,601 | 118,053 | 55,435 | 19,293 | 532,222
Page 21
KINGSWOOD HOMES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| DUE AFTER MORE THAN ONE YEAR |  |
| Due from related party undertakings | 4,570,954 | 4,570,954
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| DUE WITHIN ONE YEAR |  |
| Amounts owed by related party undertakings | 4,272,697 | 3,366,206
| Other debtors | 559,290 | 194,013
| Prepayments and accrued income | 28,909 | 35,200
|  | 4,860,896 | 3,595,419
15. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 847,971 | 28,318
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 3,173,861 | 2,230,587
| Other taxation and social security | 73,304 | 56,528
| Obligations under finance lease and hire purchase contracts | 54,768 | 84,572
| Other creditors | 2,194,876 | 640,474
| Accruals and deferred income | 80,342 | 29,792
|  | 5,577,151 | 3,041,953
Page 22
KINGSWOOD HOMES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 2,562,379 | 3,025,000
| Net obligations under finance leases and hire purchase contracts | 84,301 | 87,920
|  | 2,646,680 | 3,112,920
18. | LOANS
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| AMOUNTS FALLING DUE 1-2 YEARS |  |
| Other loans | 2,562,379 | 3,025,000
19. | HIRE PURCHASE AND FINANCE LEASES
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 54,769 | 84,572
| Between 1-5 years | 84,301 | 87,920
|  | 139,070 | 172,492
| The net book value of tangible fixed assets held under hire purchase and finance lease agreements at the balance sheet date was £185,185 (2024: £228,228). These liabilities are secured against the assets to which they relate.
20. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 75 (2024: 75) Ordinary shares of £1.00 each | 75 | 75
Page 23
KINGSWOOD HOMES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
21. | RESERVES
Profit and loss account The profit and loss account represents the Company’s accumulated undistributed earnings. Page 24
KINGSWOOD HOMES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
22. | ANALYSIS OF NET DEBT
|  | At 1 April 2024 | Cash flows | New finance leases | At 31 March 2025
|  | £ | £ | £ | £
| Cash at bank and in hand | 28,318 | 819,653 | - | 847,971
| Debt due after 1 year | (3,025,000) | 1,462,621 | - | (1,562,379)
| Finance leases | (172,492) | 95,423 | (62,000) | (139,069)
|  | (3,169,174) | 2,377,697 | (62,000) | (853,477)
23. | PENSION COMMITMENTS
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £50,755 (2024: £56,118) were made during the year. Contributions totalling £4,226 (2024: £7,576) were payable to the fund at the reporting date and are included in creditors.
24. | COMMITMENTS UNDER OPERATING LEASES
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 10,130 | 10,130
| Later than 1 year and not later than 5 years | 29,381 | 39,511
|  | 39,511 | 49,641
Page 25
KINGSWOOD HOMES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
25. | RELATED PARTY TRANSACTIONS
| The company had a loan with Broadclouds Limited, a company which had a director and shareholder in common. At the year end the balance outstanding was £Nil (2024: £1,000,000). Interest of £25,425 (2024: £80,218) was charged & paid on this loan. The company has a loan with Mr D and Mrs P Jones, close family members of a director and shareholder. At the year end the balance outstanding was £250,000 (2024: £600,000). Interest of £25,966 (2024: £29,707) was charged and paid on this loan. The company has a loan with LPJ (Holdings) Ltd, a company with a director and shareholder in common. At the year end the balance outstanding was £1,312,379 (2024: £1,425,000). Interest of £121,524 (2024: £126,514) was charged and paid on this loan. The company has a loan with D Salt, an executor and beneficiary of the shares held by the estate of A Salt. At the year end the balance outstanding was £333,334 (2024: £Nil). Interest of £18,190 (2024: £Nil) was charged and paid on this loan. The company has a loan with M Salt, an executor and beneficiary of the shares held by the estate of A Salt.n. At the year end the balance outstanding was £333,333 (2024: £Nil). Interest of £18,190 (2024: £Nil) was charged and paid on this loan. The company has a loan with J Salt, an executor and beneficiary of the shares held by the estate of A Salt.. At the year end the balance outstanding was £333,333 (2024: £Nil). Interest of £18,190 (2024: £Nil) was charged and paid on this loan. During the year, the company made payments of £686 (2024: £527) to Bridge Court Management Company Ltd for services, a company with a director and shareholder in common. During the year, L.P Jones maintained a loan account with the company. Repayments of £Nil (2024:£170,000) and advancements of £245,000 (2024: £20,000) were made. The balance outstanding at the year end was £265,000 (2024: £20,000) and is included in other debtors. No interest is chargeable and no amounts have been written off or waived. The following companies are under common control of the directors and shareholders of Kingswood Homes (UK) Limited, and had the following transactions in the year and balances at the year end: Kingswood Homes (UK) Ltd made sales to Kingswood Homes Estates Limited in the year totalling £18,109,954 (2024: £17,648,433). At the year end, Kingswood Homes Estates Limited owed Kingswood Homes (UK) Ltd £8,843,652 (2024: £7,937,160).
26. | CONTROLLING PARTY
The controlling party is the executors of the estate of A Salt.
Page 26