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| Registered number: 10370215
KINGSWOOD HOMES (HOLDINGS) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
KINGSWOOD HOMES (HOLDINGS) LIMITED COMPANY INFORMATION
DIRECTORS | L P Jones
| M J Salt
REGISTERED NUMBER | 10370215
REGISTERED OFFICE | Unit 8 Bridge Court
| Liverpool New Road
| Little Hoole
| Preston
| Lancashire
| PR4 5JT
INDEPENDENT AUDITORS | Bishop Fleming Audit Limited
| Chartered Accountants & Statutory Auditors
| Brook House
| Winslade Park
| Manor Drive
| Clyst St Mary
| EX1 3QS
KINGSWOOD HOMES (HOLDINGS) LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 4
Directors' responsibilities statement | 5
Independent auditors' report | 6 - 9
Consolidated statement of income and retained earnings | 10
Consolidated statement of financial position | 11
Company statement of financial position | 12
Consolidated statement of cash flows | 13
Notes to the financial statements | 14 - 29
KINGSWOOD HOMES (HOLDINGS) LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
INTRODUCTION
Kingswood Homes (Holdings) Limited is a holding company for Kingswood Homes Estates Limited, a residential property developer that operates in the Northwest and Southwest of England. Building works are contracted to Kingswood Homes (UK) Ltd, a company with common directors and shareholders, the properties are sold by subsidiary companies of Kingswood Homes Estates Limited on the open market.
BUSINESS REVIEW
The Kingswood Homes Group 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 another award winning year. The principal activity of the Group is to source land, plan and design dwellings exclusively on behalf of it’s subsidiary companies. Kingswood Homes Estates Limited started trading in 2020, although the business had been operating for over 10 years previously under Kingswood Homes (UK) Ltd. 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. The Group legally completed 66 homes in the year (2024:57). 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. Page 1
KINGSWOOD HOMES (HOLDINGS) LIMITED GROUP 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. The recent election of a new Government could also either adversely or positively affect the business when their policies are known. 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 Group's business is dependent on the UK residential property market. As a result, the Group'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 Group's principal financial assets are bank balances and other receivables. The credit risk associated with these is limited, however, the Group closely control trading activity and regularly monitor counterparty positions. Cash flow risk - the acquisition of new sites is a significant financial commitment, which requires very careful analysis and review of site appraisals and cash flows. Recent appraisals of potential new sites have been very cautious to ensure that only profitable and cash generative sites have been purchased. In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Group 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 Group 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
KINGSWOOD HOMES (HOLDINGS) LIMITED 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 £216,506 (2024: loss £638,178). No dividends were paid in the year.
DIRECTORS
The Directors who served during the year were:
L P Jones
M J Salt
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 are aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the Director have taken all the steps that ought to have been taken as the Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information. Page 3
KINGSWOOD HOMES (HOLDINGS) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
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
Unit 8 Bridge Court
Liverpool New Road
Little Hoole
Preston
Lancashire
PR4 5JT
Page 4
KINGSWOOD HOMES (HOLDINGS) LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 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. Page 5
KINGSWOOD HOMES (HOLDINGS) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGSWOOD HOMES (HOLDINGS) LIMITED
OPINION
We have audited the financial statements of Kingswood Homes (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Group Statement of Income and Retained Earnings, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity, Group Analysis of Net Debt 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 March 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 Auditors' 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.
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 6
KINGSWOOD HOMES (HOLDINGS) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGSWOOD HOMES (HOLDINGS) LIMITED (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 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 5, 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
KINGSWOOD HOMES (HOLDINGS) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGSWOOD HOMES (HOLDINGS) LIMITED (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 Group 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 noncompliance 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 8
KINGSWOOD HOMES (HOLDINGS) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KINGSWOOD HOMES (HOLDINGS) LIMITED (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 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 9
KINGSWOOD HOMES (HOLDINGS) LIMITED CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 26,348,741 | 19,901,393
Cost of sales |  | (23,337,248) | (18,324,952)
Gross profit |  | 3,011,493 | 1,576,441
Administrative expenses |  | (491,280) | (447,322)
Operating profit |  | 2,520,213 | 1,129,119
Interest receivable and similar income | 8 | 13,913 | 1,150
Interest payable and similar expenses | 9 | (2,070,496) | (2,014,070)
Profit/(loss) before tax |  | 463,630 | (883,801)
Tax on profit/(loss) | 10 | (247,124) | 245,623
Profit/(loss) after tax |  | 216,506 | (638,178)
Retained earnings at the beginning of the year |  | 5,690,415 | 6,328,593
Profit/(loss) for the year attributable to the owners of the parent |  | 216,506 | (638,178)
Retained earnings at the end of the year |  | 5,906,921 | 5,690,415
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of income and retained earnings.
The notes on pages 14 to 29 form part of these financial statements.
Page 10
KINGSWOOD HOMES (HOLDINGS) LIMITED REGISTERED NUMBER:10370215 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 1,545 |  | 2,741
|  |  | 1,545 |  | 2,741
Current assets |  |  |  |  |
Stocks | 13 | 35,547,223 |  | 31,201,494 |
Debtors: amounts falling due within one year | 14 | 721,119 |  | 1,059,789 |
Cash at bank and in hand | 15 | 1,688,530 |  | 2,364,223 |
|  | 37,956,872 |  | 34,625,506 |
Creditors: amounts falling due within one year | 16 | (4,989,025) |  | (4,284,852) |
Net current assets |  |  | 32,967,847 |  | 30,340,654
Total assets less current liabilities |  |  | 32,969,392 |  | 30,343,395
Creditors: amounts falling due after more than one year | 17 |  | (27,061,958) |  | (24,652,467)
Net assets |  |  | 5,907,434 |  | 5,690,928
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 513 |  | 513
Profit and loss account | 21 |  | 5,906,921 |  | 5,690,415
|  |  | 5,907,434 |  | 5,690,928
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 14 to 29 form part of these financial statements. Page 11
KINGSWOOD HOMES (HOLDINGS) LIMITED REGISTERED NUMBER:10370215 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 12 |  | 513 |  | 513
|  |  | 513 |  | 513
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 1 |  | 1 |
|  | 1 |  | 1 |
Total assets less current liabilities |  |  | 514 |  | 514
Net assets |  |  | 514 |  | 514
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 513 |  | 513
Profit and loss account brought forward |  | 1 |  | 1 |
Profit and loss account carried forward |  |  | 1 |  | 1
|  |  | 514 |  | 514
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 14 to 29 form part of these financial statements. Page 12
KINGSWOOD HOMES (HOLDINGS) LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit/(loss) for the financial year | 216,506 | (638,178)
Adjustments for: |  |
Depreciation of tangible assets | 686 | 913
Loss on disposal of tangible assets | 510 | -
Interest paid | 2,070,496 | 2,014,070
Interest received | (13,913) | (1,150)
Taxation charge | 247,124 | (245,623)
(Increase) in stocks | (4,345,729) | (1,664,390)
Decrease/(increase) in debtors | 338,672 | (208,933)
Decrease in amounts owed by participating ints | - | 2,200
(Decrease) in creditors | (198,144) | (28,235)
Increase in amounts owed to participating ints | 905,788 | 663,088
Corporation tax (paid) | (250,597) | (813,237)
Net cash generated from operating activities | (1,028,601) | (919,475)
Cash flows from investing activities |  |
Interest received | 13,913 | 1,150
Net cash from investing activities | 13,913 | 1,150
Cash flows from financing activities |  |
New secured loans | 2,409,491 | 4,357,634
Interest paid | (2,070,496) | (2,014,070)
Net cash used in financing activities | 338,995 | 2,343,564
Net (decrease)/increase in cash and cash equivalents | (675,693) | 1,425,239
Cash and cash equivalents at beginning of year | 2,364,223 | 938,984
Cash and cash equivalents at the end of year | 1,688,530 | 2,364,223
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,688,530 | 2,364,223
| 1,688,530 | 2,364,223
Page 13
KINGSWOOD HOMES (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | GENERAL INFORMATION
Kingswood Homes Holdings Limited (Company number 10370215) is a private company limited by share capital, incorporated in England. For the address of the registered office and registration number, please see the company information page. The principal activity of the Company is that of a holding company. The principal activity of the Group is that of the construction of domestic properties. 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 income and retained earnings 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 Statement of financial position, 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 income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | GOING CONCERN
The directors have prepared the accounts using the going concern basis. The Group has recorded an annual profit before tax of £464k (2024: loss of £884k) and at the balance sheet date had net current assets of £33.0m (2024: £30.3m) including cash at bank of £1.7m (2024: £2.4m). 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 Group 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. Page 14
KINGSWOOD HOMES (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (continued)
| 2.4 | 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. Property sales are recognised in the Statement of comprehensive income on the date of completion. Other sales are recognised when the Company has transferred the significant risks and rewards of ownership to the buyer.
| 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.
| 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 Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds. Page 15
KINGSWOOD HOMES (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 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 reporting 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 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; ∙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 reporting date.
| 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, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 25% |
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 | VALUATION OF INVESTMENTS
Investments in subsidiaries are measured at cost less accumulated impairment. Page 16
KINGSWOOD HOMES (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (continued)
| 2.12 | LAND STOCKS AND WORK IN PROGRESS
Land stocks and work in progress are valued at the lower of cost and net realisable value. Work in progress is valued on the basis of direct costs (materials and labour) plus attributable overheads. Provisions are made for any foreseeable losses. No element of profit is included in the valuation of work in progress.
| 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 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.
| 2.15 | 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. Page 17
KINGSWOOD HOMES (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (continued)
| 2.16 | FINANCIAL INSTRUMENTS
The Group 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 Group's Statement of financial position when the Group 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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. 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. 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. Page 18
KINGSWOOD HOMES (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (continued)
| 2.16 | FINANCIAL INSTRUMENTS (CONTINUED)
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. 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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.
3. | JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Work in progress and accruals The Group's work in progress comprises development land and building cost for the construction of residential properties and mixed use schemes. In order to determine the profit or loss recognised on the plots sold in a specific period, the Group must estimate the total expected costs for each given development. Whilst there is a degree of uncertainty in these estimates, management has established internal controls to regularly review the costs incurred, the carrying value of work in progress and the recoverability of each development. When calculating the impairment of work in progress, management considered the current market conditions in the construction industry and the anticipated saleability of the development plots in the future. Page 19
KINGSWOOD HOMES (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | TURNOVER
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sale of properties | 25,633,593 | 19,362,940
| Sale of extras | 715,148 | 538,453
|  | 26,348,741 | 19,901,393
| All turnover arose within the United Kingdom.
5. | AUDITORS' REMUNERATION
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 14,000 | 13,400
6. | EMPLOYEES
| Staff costs, including Directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 434,198 | 478,643
| Social security costs | 50,098 | 53,754
| Cost of defined contribution scheme | 15,830 | 17,341
|  | 500,126 | 549,738
| The average monthly number of employees, including the Directors, in the Group during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Average number of employees | 13 | 15
| The Company has no employees other than the Directors, who did not receive any remuneration (2024: £NIL)
Page 20
KINGSWOOD HOMES (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | DIRECTORS' REMUNERATION
8. | INTEREST RECEIVABLE
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 13,913 | 1,150
9. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 451 | 736
| Other loan interest payable | 2,070,045 | 2,013,334
|  | 2,070,496 | 2,014,070
10. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on profits for the year | 28,763 | (27,262)
| TOTAL CURRENT TAX | 28,763 | (27,262)
| DEFERRED TAX |  |
| Origination and reversal of timing differences | 218,361 | (218,361)
| TOTAL DEFERRED TAX | 218,361 | (218,361)
| TAXATION ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES | 247,124 | (245,623)
Page 21
KINGSWOOD HOMES (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10.TAXATION (CONTINUED)
| FACTORS AFFECTING TAX CREDIT FOR THE YEAR
| The tax assessed for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 463,630 | (884,228)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) | 115,908 | (221,057)
| EFFECTS OF: |  |
| Adjustments to tax charge in respect of prior periods | - | (27,262)
| Expenses not deductible for tax purposes | 61,560 | 2,696
| Adjustments in respect of prior periods - deferred tax | 35,087 | -
| Movements in deferred tax not recognised | 34,569 | -
| TOTAL TAX CHARGE FOR THE YEAR | 247,124 | (245,623)
Page 22
KINGSWOOD HOMES (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | TANGIBLE FIXED ASSETS
| Group
|  | Computer equipment
|  | £
| COST OR VALUATION |
| At 1 April 2024 | 6,324
| Disposals | (1,567)
| At 31 March 2025 | 4,757
| DEPRECIATION |
| At 1 April 2024 | 3,583
| Charge for the year on owned assets | 686
| Disposals | (1,057)
| At 31 March 2025 | 3,212
| NET BOOK VALUE |
| At 31 March 2025 | 1,545
| At 31 March 2024 | 2,741
Page 23
KINGSWOOD HOMES (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | FIXED ASSET INVESTMENTS
| Company
|  | Investments in subsidiary companies
|  | £
| COST OR VALUATION |
| At 1 April 2024 | 513
| At 31 March 2025 | 513
| DIRECT SUBSIDIARY UNDERTAKING
| The following was a direct subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| Kingswood Homes Estates Limited | Unit 8 Bridge Court, Liverpool New Road, Little Hoole, Preston, Lancashire, PR4 5JT | Ordinary | 100%
| INDIRECT SUBSIDIARY UNDERTAKINGS
| The following were indirect subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Kingswood Homes Aughton Ltd | Ordinary | 100%
| Kingswood Homes (Blackburn) Ltd | Ordinary | 100%
| Kingswood Homes Developments Ltd | Ordinary | 100%
| Kingswood Homes Devon Ltd | Ordinary | 100%
| Kingswood Homes (Elswick) Ltd | Ordinary | 100%
| Kingswood Homes (Forton) Ltd | Ordinary | 100%
| Kingswood Homes (Jacksmere) Ltd | Ordinary | 100%
| Kingswood Homes (Hoddlesden) Ltd | Ordinary | 100%
| Kingswood Homes (Blackburn 4A) Ltd | Ordinary | 100%
| Kingswood Homes (Blackburn 4B, 5&7) Ltd | Ordinary | 100%
| Kingswood Homes (Blackburn 6&8) Ltd | Ordinary | 100%
| Kingswood Homes (Blackburn 10) Ltd | Ordinary | 100%
| Kingswood Homes (Blackburn 11) Ltd | Ordinary | 100%
| Kingswood Homes (Whittle-le-Woods) Ltd | Ordinary | 100%
| Kingswood Homes (Blackburn Retained Land) Ltd | Ordinary | 100%
| Kingswood Homes Rochdale Road Ltd | Ordinary | 100%
Page 24
KINGSWOOD HOMES (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | STOCKS
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Work-in-progress | 35,547,223 | 31,201,494 | - | -
14. | DEBTORS
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 86,116 | 38,940 | 1 | 1
| Amounts owed by joint ventures and associated undertakings | 521,225 | 521,225 | - | -
| Other debtors | 27,728 | 275,751 | - | -
| Prepayments and accrued income | 3,362 | 5,512 | - | -
| Tax recoverable | 82,688 | - | - | -
| Deferred taxation | - | 218,361 | - | -
|  | 721,119 | 1,059,789 | 1 | 1
15. | CASH AND CASH EQUIVALENTS
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 1,688,530 | 2,364,223 | - | -
|  | 1,688,530 | 2,364,223 | - | -
Page 25
KINGSWOOD HOMES (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Other loans | 10,648 | 10,648 | - | -
| Trade creditors | 322,096 | 368,727 | - | -
| Amounts owed to group undertakings | 5,010 | 5,010 | - | -
| Amounts owed to other participating interests | 4,272,698 | 3,366,910 | - | -
| Corporation tax | 110,724 | 114,195 | - | -
| Other taxation and social security | 12,449 | 11,172 | - | -
| Other creditors | 156,994 | 197,406 | - | -
| Accruals and deferred income | 98,406 | 210,784 | - | -
|  | 4,989,025 | 4,284,852 | - | -
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Other loans | 22,491,004 | 20,081,513 | - | -
| Amounts owed to other participating interests | 4,570,954 | 4,570,954 | - | -
|  | 27,061,958 | 24,652,467 | - | -
Page 26
KINGSWOOD HOMES (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
18. | LOANS
| Analysis of the maturity of loans is given below:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| AMOUNTS FALLING DUE WITHIN ONE YEAR |  |
| Other loans | 10,648 | 10,648
|  | 10,648 | 10,648
| AMOUNTS FALLING DUE 1-2 YEARS |  |
| Other loans | 22,491,004 | 10,648
|  | 22,491,004 | 10,648
| AMOUNTS FALLING DUE 2-5 YEARS |  |
| Other loans | - | 20,070,865
|  | - | 20,070,865
|  | 22,501,652 | 20,092,161
| At the year end, a loan of £22,488,556 (2024: £20,070,865) was owed to a third party. The maturity date of the loan is 28 February 2027, and the interest charged on the loan for the year was 4% + EC Base Rate. From 1 April 2025, the interest rate changed to be 4% + BoE Base Rate. The loan has a fixed and floating charge over all assets in Kingswood Homes Estates Limited and future undertakings of that Company.
Page 27
KINGSWOOD HOMES (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. | DEFERRED TAXATION
| Group
|  | 2025
|  | £
| At beginning of year | 218,361
| Credited to profit or loss | (218,361)
| AT END OF YEAR | -
| Company
|  | 2025
| AT END OF YEAR | -
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Tax losses carried forward | - | 218,361
|  | - | 218,361
20. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 513 (2024: 513) Ordinary shares shares of £1 each | 513 | 513
21. | RESERVES
Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
22. | ANALYSIS OF NET DEBT
|  | At 1 April 2024 | Cash flows | At 31 March 2025
|  | £ | £ | £
| Cash at bank and in hand | 2,364,223 | (675,693) | 1,688,530
| Debt due after 1 year | (20,081,513) | (2,409,491) | (22,491,004)
Page 28
KINGSWOOD HOMES (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22.ANALYSIS OF NET DEBT (CONTINUED)
| Debt due within 1 year | (10,648) | - | (10,648)
|  | (17,727,938) | (3,085,184) | (20,813,122)
23. | CAPITAL COMMITMENTS
| At 31 March 2025 the Group had capital commitments as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Contracted for but not provided in these financial statements | 1,750,000 | 4,250,000
24. | PENSION COMMITMENTS
At the year end, the Group had pension commitments of £3,154 (2024: £2,326). This is included in other creditors.
25. | RELATED PARTY TRANSACTIONS
| The Company has elected not to disclose transactions with its subsidiaries on the basis that all are wholly owned members of the Group. At the year end, Kingswood Homes Assets Ltd, a company which has a director and shareholder in common, owed the Group £516,215 (2024: £516,215). During the year Kingswood Homes Estates Limited, a wholly owned subsidiary of the Company, made purchases of £18,109,954 (2024: £17,648,433) from Kingswood Homes (UK) Limited, a company under common control, and at the year end, the balance owed to that company was £8,843,652 (2024: £7,937,160).
26. | POST BALANCE SHEET EVENTS
On the 23rd May 2025, a related party of the Group by way of common directorship and shareholding, Kingswood Homes Assets Ltd (Company registration number 13472679) was transferred into the Group.
27. | CONTROLLING PARTY
The controlling party is the executors of the estate of A Salt.
Page 29