Company No: 07577729 (England and Wales)

Contents

• Company Information
• Accountants' Report
• Balance Sheet
• Statement of Changes in Equity
• Notes to the Financial Statements

Directors	A M Marr
	D C Marr (Appointed 23 September 2024, Resigned 28 October 2024)
	J D Marr

Registered office	West Hill House
	77-79 West Hill Road
	Bournemouth
	BH2 5PG
	United Kingdom

Company number

07577729 (England and Wales)

Accountant	Kreston Reeves LLP
	9 Donnington Park
	85 Birdham Road
	Chichester
	West Sussex
	PO20 7AJ

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JDM Homes Limited for the financial year ended 31 March 2025 which comprise the Balance Sheet, the Statement of Changes in Equity and the related notes 1 to 13 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that JDM Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of JDM Homes Limited. You consider that JDM Homes Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of JDM Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of JDM Homes Limited, as a body, in accordance with the terms of our engagement letter dated 05 August 2025. Our work has been undertaken solely to prepare for your approval the financial statements of JDM Homes Limited and state those matters that we have agreed to state to the Board of Directors of JDM Homes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JDM Homes Limited and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP

9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ

01 December 2025

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	46,935		63,889
Investment property	4	58,659,774		57,742,692
Investments	5	201		201
		58,706,910		57,806,782
Current assets
Debtors	6	2,291,324		2,340,528
Cash at bank and in hand		47,190		311,783
		2,338,514		2,652,311
Creditors: amounts falling due within one year	7	( 2,694,826)		( 2,438,880)
Net current (liabilities)/assets		(356,312)		213,431
Total assets less current liabilities		58,350,598		58,020,213
Creditors: amounts falling due after more than one year	8	( 36,571,436)		( 34,807,434)
Provision for liabilities	9	( 2,889,111)		( 3,205,754)
Net assets		18,890,051		20,007,025
Capital and reserves
Called-up share capital		6,000		6,000
Share premium account		8,577,738		8,577,738
Revaluation reserve		9,803,523		9,800,057
Profit and loss account		502,790		1,623,230
Total shareholders' funds		18,890,051		20,007,025

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of JDM Homes Limited (registered number: 07577729) were approved and authorised for issue by the Board of Directors on 29 November 2025. They were signed on its behalf by:

J D Marr Director

	Called-up share capital		Share premium account		Revaluation reserve		Profit and loss account		Total
	£		£		£		£		£
At 01 April 2023	6,000		8,577,738		9,139,602		1,810,119		19,533,459
Profit for the financial year	0		0		0		872,517		872,517
Total comprehensive income	0		0		0		872,517		872,517
Dividends paid on equity shares	0		0		0		( 178,800)		( 178,800)
Transfer to/from profit and loss account	0		0		660,455		( 880,606)		( 220,151)
At 31 March 2024	6,000		8,577,738		9,800,057		1,623,230		20,007,025
At 01 April 2024	6,000		8,577,738		9,800,057		1,623,230		20,007,025
Loss for the financial year	0		0		0		( 958,750)		( 958,750)
Total comprehensive loss	0		0		0		( 958,750)		( 958,750)
Dividends paid on equity shares	0		0		0		( 157,068)		( 157,068)
Transfer to/from profit and loss account	0		0		3,466		( 4,622)		( 1,156)
At 31 March 2025	6,000		8,577,738		9,803,523		502,790		18,890,051

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

JDM Homes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is West Hill House, 77-79 West Hill Road, Bournemouth, BH2 5PG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	25 % reducing balance
Fixtures and fittings	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the mortgage lenders, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	7		7

3. Tangible assets

	Vehicles		Fixtures and fittings		Total
	£		£		£
Cost
At 01 April 2024	145,164		11,850		157,014
Additions	0		1,436		1,436
Disposals	( 8,400)		0		( 8,400)
At 31 March 2025	136,764		13,286		150,050
Accumulated depreciation
At 01 April 2024	84,359		8,766		93,125
Charge for the financial year	15,201		1,694		16,895
Disposals	( 6,905)		0		( 6,905)
At 31 March 2025	92,655		10,460		103,115
Net book value
At 31 March 2025	44,109		2,826		46,935
At 31 March 2024	60,805		3,084		63,889
Leased assets included above:
Net book value
At 31 March 2025	24,988		0		24,988
At 31 March 2024	33,317		0		33,317

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	57,742,692
Additions	912,460
Fair value movement	4,622
As at 31 March 2025	58,659,774

Valuation

The valuations were made on 31 March 2025 with reference to the valuations provided by the mortgage lenders, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	45,285,030		44,372,570

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	201
At 31 March 2025	201
Carrying value at 31 March 2025	201
Carrying value at 31 March 2024	201

6. Debtors

	2025		2024
	£		£
Trade debtors	201,407		192,303
Amounts owed by Group undertakings (note 10)	2,002,764		1,991,108
Prepayments	35,227		33,440
Other taxation and social security	0		42,630
Other debtors	51,926		81,047
	2,291,324		2,340,528

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts	21,069		16,611
Trade creditors	62,797		36,784
Other loans (secured)	1,831,242		1,683,100
Accruals and deferred income	25,219		27,390
Other taxation and social security	7,491		4,760
Obligations under finance leases and hire purchase contracts	11,410		10,884
Other creditors	735,598		659,351
	2,694,826		2,438,880

Details of security provided:

The Company has entered into a number of mortgage agreements which have been secured against the respective investment properties. Finance lease obligations are secured against the underlying assets.

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	23,008		28,704
Other loans (secured)	36,536,490		34,755,362
Obligations under finance leases and hire purchase contracts (secured)	11,938		23,368
	36,571,436		34,807,434

Details of security provided:

The Company has entered into a number of mortgage agreements which have been secured against the respective investment properties. Finance lease obligations are secured against the underlying assets.

9. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 3,205,754)		( 3,047,998)
Credited to the Profit and Loss Account	317,799		62,395
Deferred tax movement on revaluation reserve	( 1,156)		( 220,151)
At the end of financial year	( 2,889,111)		( 3,205,754)

The deferred taxation balance is made up as follows:

	2025		2024
	£		£
Accelerated capital allowances	( 14,145)		( 15,251)
Tax losses carry forward	392,698		76,099
Capital gains	( 3,267,841)		( 3,266,685)
Pension surplus	177		83
	( 2,889,111)		( 3,205,754)

10. Related party transactions

The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a parent.

11. Bank Loans

Analysis of the maturity of loans is given below:

	2025		2024
	£		£
Amounts falling due within one year	21,069		16,611
Amounts falling due 1 - 3 years	23,008		28,704
	44,077		45,315

Other loans

	2025		2024
	£		£
Amounts falling due within one year	1,831,242		1,683,100
Amounts falling due 1 - 3 years	36,536,490		34,755,362
	38,367,732		36,438,462

12. Hire purchase and finance leases

Minimum lease payments under hire purchase fall due as follows:

	2025		2024
	£		£
Within one year	11,410		10,884
Between 1 - 3 years	11,938		23,368
	23,348		34,252

13. Reserves

Share premium reserve

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

Fair value reserve

The fair value reserve represents the cumulative effect of revaluations and deferred tax movement arising on the revaluations of freehold and leasehold investment properties which are revalued at each reporting date. The reserve is non-distributable.

Profit and loss reserve

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