ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Company Registration Number 13514992

	EAMONT CHASE (PENRITH) LIMITED

	FINANCIAL STATEMENTS

	31 MARCH 2025

EAMONT CHASE (PENRITH) LIMITED

REGISTERED NUMBER: 13514992

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
Note		£		£


Current assets
Stocks	5	1,211,843		5,765,320
Debtors: amounts falling due within one year	6	1,434,473		966,019
Cash at bank and in hand	7	1,166,446		-
		3,812,762		6,731,339
Creditors: amounts falling due within one year	8	(1,909,874)		(5,517,717)
Net current assets			1,902,888		1,213,622
Total assets less current liabilities			1,902,888		1,213,622

Net assets			1,902,888		1,213,622

Capital and reserves
Called up share capital	10	1	1
Profit and loss account		1,902,887	1,213,621
		1,902,888	1,213,622

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

N J Gordon

Director

Date: 8 December 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1

EAMONT CHASE (PENRITH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Eamont Chase (Penrith) Limited is a private company limited by shares, incorporated in England. The registered office is Agricola House Cowper Road, Gilwilly Industrial Estate, Penrith, Cumbria, United Kingdom, CA11 9BN. The principal activity of the entity is that of a housing developer.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

2.2

Going concern

Management and the Directors have considered a period of at least twelve months from the date of sign off when making their assessment with regards to going concern. After consideration of all factors, including review of forecasted future profitability, headroom in funding facilities and wider economic conditions, the Directors have continued to adopt the going concern basis in preparing the financial statements.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of Houses

Revenue from the sale of houses is recognised when the significant risks and rewards of ownership have been transferred to the purchaser on legal completion.

2.4

Finance costs

Finance costs are absorbed into work in progress up to the point that the first property is sold. Following sale of the first property, finance costs are released to profit and loss and all subsequent finance costs are recognised directly within profit and loss.

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 2

EAMONT CHASE (PENRITH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes all expenditure directly attributable to the development.

Upon the sale of properties, stock is reduced by a proportionate amount based upon the sales value against total forecasted sales.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.7

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.

2.8

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.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the Company's financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the Statement of Financial Position date, and the amounts reported for revenues and expenses during the period.

However, due to the nature of estimation, the actual outcomes could differ from those estimates, particularly in respect of the below.

Costs Attributable to House Sales

The company sells properties prior to completion of the full development. As a result the total cost of the development, including costs that are not directly attributable to individual plots, are not known. The cost of sales recognised upon the sale of each property therefore includes an element of judgement within the estimated future costs.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).

Page 3

EAMONT CHASE (PENRITH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

5.	Stocks
		2025	2024
		£	£

Work in progress - Land	241,498	1,595,996
Work in progress - Development	970,345	4,169,324
	1,211,843	5,765,320

Debtors

					2025	2024
					£	£


Trade debtors	1,157,120	35,099
Amounts owed by connected companies	2,130	634,229
Other debtors	265,223	296,691
Prepayments and accrued income	10,000	-
	1,434,473	966,019

7.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	1,166,446	-

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	-	2,351,185
Shareholder loans	1,175,500	1,675,500
Corporation tax	231,251	393,349
Other creditors	1,410	817,850
Accruals and deferred income	501,713	279,833
	1,909,874	5,517,717

Page 4

EAMONT CHASE (PENRITH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Amounts falling due within one year
Bank loans	-	2,351,185
Shareholder loans	1,175,500	1,675,500
	1,175,500	4,026,685



	1,175,500	4,026,685

The shareholder loans due were unsecured and repayable in full on repayment upon the final sale of properties.

Loan funding from shareholders did not have a fixed repayment term and was due on final realisation of development sites. The debt was not interest bearing and all sites were expected to be realised in full by 2025. Any related nominal debt and finance costs that were attributed to fair value accounting for this financial instrument were immaterial. As such, no adjustment was booked.

10.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1 (2024 - 1) Ordinary share of £1.00	1	1

11.	Related party transactions
	At the balance sheet date the company owed £1,175,500 (2024: £1,675,500) to Housing Growth Partnership, an entity which owns 50% of the share capital of the company. The balance was interest free and repayable upon the final sale of properties.

12.	Controlling party

The company is jointly controlled by Genesis Homes Group Limited and Housing Growth Partnership.

13.	Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.

The audit report was signed on 9 December 2025 by Simon Turner (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

Page 5