REGISTERED NUMBER: 02930345 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

THE BARON HOMES CORPORATION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Ms P D S Blencowe

Ms N K Blencowe

Mr M C T Blencowe

M J C Blencowe

M Blencowe

REGISTERED OFFICE:

10 Prince Albert Street

Brighton

BN1 1HE

REGISTERED NUMBER:

02930345 (England and Wales)

AUDITORS:

Galloways Accounting

Statutory Auditors

15 West Street

Brighton

East Sussex

BN1 2RL

FIXED ASSETS

Tangible assets

4

37,824

50,433

Investment property

5

53,644,568

57,478,893

53,682,392

57,529,326

CURRENT ASSETS

Stocks

6

57,671,367

69,272,915

Debtors

7

10,904,262

9,303,818

Cash at bank and in hand

2,197,066

3,423,841

70,772,695

82,000,574

CREDITORS

Amounts falling due within one year

8

(5,883,269

)

(4,961,027

)

NET CURRENT ASSETS

64,889,426

77,039,547

TOTAL ASSETS LESS CURRENT LIABILITIES

118,571,818

134,568,873

CREDITORS

Amounts falling due after more than one year

9

(59,773,568

)

(59,737,664

)

PROVISIONS FOR LIABILITIES

(10,845,620

)

(14,368,799

)

NET ASSETS

47,952,630

60,462,410

CAPITAL AND RESERVES

Called up share capital

10

200

200

Retained earnings

11

47,952,430

60,462,210

SHAREHOLDERS' FUNDS

47,952,630

60,462,410

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by:

Ms N K Blencowe - Director

1.	STATUTORY INFORMATION

The Baron Homes Corporation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The

Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going Concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for good 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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover comprises revenue recognised by the company in respect of rental income and service charges receivable during the year. Amounts are accrued or prepaid, as appropriate, to recognise the period for which the revenue relates.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered any impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have been adjusted.

If the recoverable amount of an asset (or cash-generating units) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash -generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Properties held with the intention of selling in the ordinary course of business are classified as Stock. Transfers to stock from investment property are measured at their carrying value in investment property.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis 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 market rate of interest. Financial assets classified as receivable within on year are not amortised.

Classification of financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. A equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, and 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.

Derivatives

The company enters into interest swaps to manage its exposure to interest rate risk.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately, as interest payable or receivable unless the derivative is designated and effective as a hedging instrument. in which event the timing of the recognition in profit of loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2024 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2024

and 31 March 2025

36,998

336,579

22,876

396,453

DEPRECIATION

At 1 April 2024

35,754

296,082

14,184

346,020

Charge for year

311

10,125

2,173

12,609

At 31 March 2025

36,065

306,207

16,357

358,629

NET BOOK VALUE

At 31 March 2025

933

30,372

6,519

37,824

At 31 March 2024

1,244

40,497

8,692

50,433

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

57,478,893

Additions

302,699

Revaluations

(4,137,024

)

At 31 March 2025

53,644,568

NET BOOK VALUE

At 31 March 2025

53,644,568

At 31 March 2024

57,478,893

The 2025 valuations were made the directors. The directors have based their valuations on external reports dated 3 February 2025 by CBRE Limited and on an open market value for existing use basis.

Fair value at 31 March 2025 is represented by:

£

Valuation in 2023

26,448,048

Valuation in 2025

(4,137,024

)

Cost

31,333,544

53,644,568

6.

STOCKS

2025

2024

£

£

Stocks

57,671,367

69,272,915

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

309,085

323,497

Deferred Tax Asset

268,492

326,101

Amounts owed by group undertakings

7,047,089

3,885,375

Other debtors

340,527

1,260,482

Amount owed by related parties

1,198,397

780,431

Tax

88,468

-

Prepayments and accrued income

1,652,204

2,727,932

10,904,262

9,303,818

Included in other debtors is an amount of £340,527 ( 2024 - £1,102,898) in respect of the fair value gain on derivative contracts held.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

240,242

129,197

Tax

-

5,381

Social security and other taxes

5,663

-

VAT

324,950

348,619

Other creditors

1,221,585

923,079

Amount owed to related parties

1,953,965

1,502,174

Directors' loan accounts

461,306

215,703

Deferred income

901,137

1,093,826

Accrued expenses

774,421

743,048

5,883,269

4,961,027

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 2-5 years

59,773,568

59,737,664

Security for bank loans is in the form of a legal charge over the freehold and leasehold properties owned by the Company at the year end.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

200

Ordinary

1

200

200

11.

RESERVES

Opening balance

£62,973,746

Movement in the year

(£11,314,481

)

Closing balance

£51,659,265

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Christian Heeger BSc FCA (Senior Statutory Auditor)

for and on behalf of Galloways Accounting

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, the directors increased their loan to the company. As at 31 March 2025 the company owed them £461,306 (2024: £215,703). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

14.	RELATED PARTY DISCLOSURES

Companies under common control

Amount due from

Amount due to

£

£

Opening balance

780,430

1,502,174

Amounts advanced

2,567,716

1,480,050

Amounts repaid

2,149,749

1,028,259

Closing balance

1,198,397

1,953,965

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ms N K Blencowe.

This was by virtue of her 100% holding of the issued share capital via the immediate parent undertaking Chestnut Development Co Limited.