Castlethorpe Homes Ltd

	Page
Company Information	1
Strategic Report	2
Directors' Report	3
Independent Auditor's Report	4—6
Profit and Loss Account	7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Statement of Cash Flows	12
Notes to the Financial Statements	13—17

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Strategic Report

For The Year Ended 31 March 2025

Strategic Report

The directors present their strategic report for the year ended 31 March 2025.

Principal Activity

The company's principal activity continues to be that of sourcing, purchase and developing residential plots of land.

Review of the Business

During the year the company continued to operate at a loss, as, although 5 units were sold during the year, the remaining 10 units were not completed for sale in the period.

Subsequent to the year end these remaining units were completed, with only one being sold to date. No further sites will be purchased until these are sold.

Principal Risks and Uncertainties

The principal risk to the company is the depressed state of the housing market.

By order of the board

Mr S J Hocking

Company Secretary

19th November 2025

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Castlethorpe Homes Ltd

Company No. 12852643

Directors' Report For The Year Ended 31 March 2025

Directors' Report

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

Dividends

No dividends will be distributed for the year ended 31 March 2025.

Directors

The directors who held office during the year were as follows:

Mr D M South

Mr C D South

Mr C D Warner

Statement of Directors' Responsibilities

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Stephen Hill Partnership (Holdings) Ltd , have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

By order of the board

Mr S J Hocking

Company Secretary

19th November 2025

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Independent Auditor's Report

to the Members of

Castlethorpe Homes Ltd

Independent Auditor's Report

Opinion

We have audited the financial statements of Castlethorpe Homes Ltd for the year ended 31 March 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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 profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Castlethorpe Homes Ltd

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 or 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 3, 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.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion..

In identifying and assessing the 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 industry and sector, control environment and business performance.

- Results of our enquiries of management about there own identification and assessment of the risks of irregularities.

- Any matters we identified having obtained and reviewed the companies 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 noncompliance.

- 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.

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

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

- tested journal entries to identify unusual transactions.

- assess whether judgement and assumptions made in determining the accounting estimates were indicative of potential bias.

investigate the rational behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation.

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

- reviewing correspondence with HMRC, relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any material misstatement that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

Castlethorpe Homes Ltd

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 that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr L A Clifton (Senior Statutory Auditor)

for and on behalf of Stephen Hill Partnership (Holdings) Ltd , Statutory Auditor

19th November 2025

Stephen Hill Partnership (Holdings) Ltd

Registered Auditors

139-141 Watling Street

Gillingham

Kent

ME7 2YY

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Castlethorpe Homes Ltd

Profit and Loss Account

For The Year Ended 31 March 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER		6,113,265	2,994,381
Cost of sales		(5,954,101 )	(2,883,627 )

GROSS PROFIT		159,164	110,754

Administrative expenses		(1,022,951 )	(737,117 )

OPERATING LOSS	4	(863,787 )	(626,363 )
Other interest receivable and similar income	9	103	354
Interest payable and similar charges	10	(414 )	(632 )

LOSS FOR THE FINANCIAL YEAR		(864,098 )	(626,641 )

The notes on pages 12 to 17 form part of these financial statements.

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Castlethorpe Homes Ltd

Statement of Comprehensive Income

For The Year Ended 31 March 2025

Statement of Comprehensive Income

	2025	2024
	£	£
LOSS FOR THE FINANCIAL YEAR	(864,098 )	(626,641 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	(864,098 )	(626,641 )

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Castlethorpe Homes Ltd

Balance Sheet

As At 31 March 2025

Balance Sheet

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		5,104		7,274

			5,104		7,274
CURRENT ASSETS
Stocks	13	10,916,870		11,790,820
Debtors	14	107,211		116,848
Cash at bank and in hand		38,514		459,302

		11,062,595		12,366,970
Creditors: Amounts Falling Due Within One Year	15	(13,558,492 )		(14,000,939 )

NET CURRENT ASSETS (LIABILITIES)			(2,495,897 )		(1,633,969 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(2,490,793 )		(1,626,695 )

NET LIABILITIES			(2,490,793 )		(1,626,695 )

CAPITAL AND RESERVES
Called up share capital	17		100		100
Profit and Loss Account			(2,490,893 )		(1,626,795 )

SHAREHOLDERS' FUNDS			(2,490,793)		(1,626,695)

On behalf of the board

Mr D M South

Director

19th November 2025

The notes on pages 12 to 17 form part of these financial statements.

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Castlethorpe Homes Ltd

Statement of Changes in Equity

For The Year Ended 31 March 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 April 2023	100	(1,000,154 )	(1,000,054)
Loss for the year and total comprehensive income	-	(626,641 )	(626,641)

As at 31 March 2024 and 1 April 2024	100	(1,626,795 )	(1,626,695)


Loss for the year and total comprehensive income	-	(864,098 )	(864,098)

As at 31 March 2025	100	(2,490,893 )	(2,490,793)

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Castlethorpe Homes Ltd

Statement of Cash Flows

For The Year Ended 31 March 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash used in operations	1	(1,879,400 )	(1,465,228 )
Interest paid		(414 )	(632 )

Net cash used in operating activities		(1,879,814 )	(1,465,860 )

Cash flows from investing activities
Purchase of tangible assets		(1,912 )	(995 )
Interest received		103	354

Net cash used in investing activities		(1,809 )	(641 )

Cash flows from financing activities
Proceeds from new bank borrowings		1,460,835	1,656,857



(Decrease)/increase in cash and cash equivalents		(420,788 )	190,356
Cash and cash equivalents at beginning of year	2	459,302	268,946

Cash and cash equivalents at end of year	2	38,514	459,302

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Castlethorpe Homes Ltd

Notes to the Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Statement of Cash Flows

1. Reconciliation of loss for the financial year to cash used in operations

	2025	2024
	£	£
Loss for the financial year	(864,098 )	(626,641 )
Adjustments for:
Interest expense	414	632
Interest income	(103 )	(354 )
Depreciation of tangible assets	4,082	3,676
Movements in working capital:
Decrease/(increase) in stocks	873,950	(3,589,815 )
Decrease/(increase) in trade and other debtors	9,637	(42,347 )
(Decrease)/increase in trade and other creditors	(1,903,282 )	2,789,621

Net cash used in operations	(1,879,400 )	(1,465,228 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	38,514	459,302

3. Analysis of changes in net debt

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	459,302	(420,788)	38,514
Debts falling due within one year	(2,786,421 )	(1,460,835)	(4,247,256 )

	(2,327,119)	(1,881,623)	(4,208,742)

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Castlethorpe Homes Ltd

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Castlethorpe Homes Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12852643 . The registered office is The Oaks Revenge Road, Lordswood, Chatham, Kent, ME5 8LF.

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

2. Statement of Compliance

The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the basis of Going Concern. This basis may not be appropriate because the company has at 31 March 2025, net liabilities of £2,490,793, (2024: £1,626,695,). The validity of the Going Concern basis is dependent upon the continued support of the company's parent company Faithdean Holdings Limited.

3.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

3.3. Tangible Fixed Assets and Depreciation

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

Fixtures & Fittings

25% on cost

Tangible fixed assets under the cost model are stated at historical 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.

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 value amount and are recognised in the Income Statement.

3.4. Stocks and Work in Progress

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

3.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

3.6. Financial Instruments

The company only enters into basic financial instruments transaction that result in the recognition of financial assets and libilites like trade and other debtors and creditors, loans from banks and other third parties, and loans from related parties.

3.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3.8. Debtors

Short term debtors are measured at transaction price, less any impairment.

3.9. Creditors

Short term creditors are measured at the transaction price.

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Castlethorpe Homes Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Operating Loss

The operating loss is stated after charging:

	2025	2024
	£	£
Depreciation of tangible fixed assets	4,082	3,676

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	4,009	3,936

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	858,599	912,935
Social security costs	98,360	108,676
Other pension costs	12,724	11,286

	969,683	1,032,897

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	1	-
Sales, marketing and distribution	1	-
Director	1	1
Other staff	5	8

	8	9

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	225,000	250,000
Company contributions to money purchase pension schemes	1,316	1,316

	226,316	251,316

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	224,999	250,000
Company contributions to money purchase pension schemes	1,316	1,316

	226,315	251,316

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Castlethorpe Homes Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

9. Interest Receivable and Similar Income

	2025	2024
	£	£
HMRC interest	103	354

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	414	632

11. Tax on Profit

	2025	2024
The tax (credit)/charge on the loss for the year was as follows:
	£	£
Current tax
UK Corporation Tax	-	-


The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
	2025	2024
	£	£
Profit before tax	(864,098)	(626,641)

Tax on profit at 0% (UK standard rate)	-	-
Total tax charge for the period	-	-

12. Tangible Assets

	Fixtures & Fittings
	£
Cost
As at 1 April 2024	15,618
Additions	1,912

As at 31 March 2025	17,530

Depreciation
As at 1 April 2024	8,344
Provided during the period	4,082

As at 31 March 2025	12,426

Net Book Value
As at 31 March 2025	5,104

As at 1 April 2024	7,274

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Castlethorpe Homes Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

13. Stocks

	2025	2024
	£	£
Work in progress	10,916,870	11,790,820

14. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	18,918	-
Other debtors	88,293	116,848

	107,211	116,848

15. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	993,200	847,336
Bank loans and overdrafts	4,247,256	2,786,421
Amounts owed to group undertakings	8,280,358	10,304,757
Other creditors	8,520	27,646
Taxation and social security	29,158	34,779

	13,558,492	14,000,939

Of the creditors the following amounts are secured.

	2025		2024
	£		£
Bank loans and overdrafts	4,247,256		2,786,421

The bank hold a debenture dated 27/05/2022 over all the assets of the company. The bank also have a legal mortgage over the land at Withington dated 21/07/2023, land adjacent Valley Farm Bicester, and land at Kingham dated 28/03/2024.

16. Loans

An analysis of the maturity of loans is given below:

	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	4,247,256	2,786,421

17. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

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Castlethorpe Homes Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

18. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £12,724 (2024: £11,286).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

19. Related Party Disclosures

Entities with control, joint control or significant influence over the entity

	2025	2024
	£	£
Amount due from related party	-	20
Amount due to related party	8,288,326	10,311,788

Other related parties

	2025	2024
	£	£
Purchases	101,937	63,764

20. Controlling Parties

Faithdean Holdings Limtied is regarded by the directors as being the company's ultimate parent company.

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