Company Registration Number: 10008161
FOR THE YEAR ENDED 31 MARCH 2025
GENESIS HOMES (NORTH) LIMITED
COMPANY INFORMATION
GENESIS HOMES (NORTH) LIMITED
CONTENTS
GENESIS HOMES (NORTH) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The principal activity of Genesis Homes (North) Ltd is the construction of private residential dwellings for group companies and joint ventures within the wider Genesis Homes Group Ltd.
The Company operates as a private residential building contractor, delivering high-quality new-build homes exclusively for Genesis Homes Group Limited and its subsidiaries. During the year, activity levels reduced compared with the prior period, reflecting trading conditions within the residential construction sector.
The Company is exposed to risks common within the construction and housebuilding sector. These include economic conditions affecting housing demand, interest rate movements and mortgage availability, build cost inflation, availability of skilled labour and materials, and changes in government housing policy. The directors continue to monitor these risks closely.
This report was approved by the board and signed on its behalf.
Page 1
GENESIS HOMES (NORTH) 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.
The profit for the year, after taxation, amounted to £278,165 (2024 - £730,840).
The directors do not recommend a final dividend in respect of the year.
The directors who served during the year were:
There have been no significant events affecting the Company since the year end.
The auditor, Armstrong Watson 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.
Page 2
GENESIS HOMES (NORTH) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
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 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements 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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3
GENESIS HOMES (NORTH) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GENESIS HOMES (NORTH) LIMITED
We have audited the financial statements of Genesis Homes (North) Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the , the Statement of Financial Position, the Statement of Changes in Equity 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).
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 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.
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 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.
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. 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 4
GENESIS HOMES (NORTH) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GENESIS HOMES (NORTH) LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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.
Page 5
GENESIS HOMES (NORTH) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GENESIS HOMES (NORTH) LIMITED (CONTINUED)
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.
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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, such as the Health & Safety at Work Act 1974, and Companies Act 2006;
• we identified the laws and regulations applicable to the company through discussions with directors and other management;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions; and
• reviewed the application of accounting policies.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• enquiring of management as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's Report.
Page 6
GENESIS HOMES (NORTH) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GENESIS HOMES (NORTH) LIMITED (CONTINUED)
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 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Carlisle
Page 7
GENESIS HOMES (NORTH) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
Page 8
GENESIS HOMES (NORTH) LIMITED
REGISTERED NUMBER: 10008161
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
Page 9
GENESIS HOMES (NORTH) LIMITED
REGISTERED NUMBER: 10008161
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 31 form part of these financial statements.
Page 10
GENESIS HOMES (NORTH) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Page 11
GENESIS HOMES (NORTH) LIMITED
FOR THE YEAR ENDED 31 MARCH 2025
Page 12
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Genesis Homes (North) Limited is a private company limited by shares, incorporated in England. It's registered office and principle address is Agricola House, 5 Cowper Road, Gilwilly Industrial Estate, Penrith, CA11 9BN.
The current period is for the year ended 31 March 2025. The comparative period is for the 11 months ending 31 March 2024.
These financial statements are presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.
The current period is for the year ended 31 March 2025. The comparative period is for the 11 months ending 31 March 2024.
These financial statements are presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.
2.Accounting policies
The financial statements have been prepared under the historical cost convention 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 management to exercise judgement in applying the company's accounting policies (see note 3).
As permitted by section 400 of the Companies Act 2006, the Company has not prepared consolidated financial statements because the Company is a wholly owned subsidiary of Genesis (North) Holdings Limited, a company incorporated in England and Wales. Genesis (North) Holdings Limited prepares consolidated financial statements in accordance with FRS 102 that are available on the Companies House website.
The following principal accounting policies have been applied:
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
As permitted by section 400 of the Companies Act 2006, the Company has not prepared consolidated financial statements because the Company is a wholly owned subsidiary of Genesis (North) Holdings Limited, a company incorporated in England and Wales. Genesis (North) Holdings Limited prepares consolidated financial statements in accordance with FRS 102 that are available on the Companies House website.
The following principal accounting policies have been applied:
The Company meets its day to day working capital requirements through cash reserves and operating cashflows supported by external finance, further details of which are provided in these financial statements.
The directors have adopted measures and assessed the financial implications of associated factors outside their control, including alternate forecasts which consider a range of reasonably possible scenarios in the current economic environment. The forecasts produced are based upon agreed margins and are cash generative, with sufficient headroom in the funding arrangement to continue opearating for a period in excess of 12 months from the date these financial statements are signed. The directors do not consider the residual uncertainties to be material to the company's ability to continue meeting their liabilities as they fall due in the normal course of business for the foreseeable future.
The Companys parent, Genesis Homes Group Limited, has provided a letter of support confirming liabilities will not be passed down to the company if doing so would predjudice the business. The letter covers a period greater than 12 months from the date these financial statements are signed.
After making enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to prepare the financial statements on a going concern basis.
The directors have adopted measures and assessed the financial implications of associated factors outside their control, including alternate forecasts which consider a range of reasonably possible scenarios in the current economic environment. The forecasts produced are based upon agreed margins and are cash generative, with sufficient headroom in the funding arrangement to continue opearating for a period in excess of 12 months from the date these financial statements are signed. The directors do not consider the residual uncertainties to be material to the company's ability to continue meeting their liabilities as they fall due in the normal course of business for the foreseeable future.
The Companys parent, Genesis Homes Group Limited, has provided a letter of support confirming liabilities will not be passed down to the company if doing so would predjudice the business. The letter covers a period greater than 12 months from the date these financial statements are signed.
After making enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to prepare the financial statements on a going concern basis.
Page 13
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
When the outcome of a construction contract can be estimated reliably in terms of its stage of completion, future costs to complete and collectability of billings, the company recognises revenue and expenses on the construction contract by reference to the stage of completion of the contract activity at the end of the reporting period. The stage of completion is determined on the basis of the proportion of the contract costs incurred to date over the estimated total costs.
When the outcome of a contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable contract costs incurred.
Short-term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the employee's entitlement to the benefit accrues.
Page 14
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Page 15
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives using the straight-line method or reducing balance basis.
Depreciation is provided on the following basis:
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.
costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in
progress and finished goods include labour and attributable overheads.
is reduced to its selling price less costs to complete and sell. The impairment loss is recognised
immediately in profit or loss.
Page 16
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Page 17
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
a) Stage of completion of contracts
The stage of completion of contracts is measured using the costs to complete method. This involves forecasting future costs and therefore involves uncertainty. Forecast costs are based on the budgeted costs and historic experience of costs to complete similar contracts. Where contracts are forecast to be loss-making, the full loss is recognised as soon as this is foreseen. Margin is taken only where it is considered that the outcome of the contract can be measured reliably.
b) Development expenditure
Development expenditure is initially capitalised at cost based on managements judgement of the point that technical and economic feasibility is confirmed. A useful economic life is applied based on managements best estimate, with annual impairment reviews performed to ensure expected future cash generation from the assets exceeds the carrying value.
c) Classification of long term debt
Long term debt, consists of both shareholder and finacial institutions, has been presented on the foot of the balance sheet as directors belive this preseents a true and fair view of the capital structure of the Group. In making this presentation it is clear to the user that the item is debt and not equity and all relevant debt disclosure in line with both FRS 102 and CA 2006 has been made in note 22.
Page 18
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 19
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 20
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 21
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11.Taxation (continued)
Page 22
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
Page 23
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
Page 24
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13.Tangible fixed assets (continued)
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 25
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 26
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 27
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 28
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
Page 29
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Long term debt
of Financial Position as the directors believe this presents a true and fair view of the capital structure of
the Group.
In making this presentation it is clear to the user that the item is debt and not equity and all relevant debt
disclosure in line with both FRS 102 and CA 2006 has been made in note 20 to the financial statements.
Therefore, whilst the presentation of debt in this element of the Statement of Financial Position may be
considered a departure from UK GAAP the directors are satistfied that this treatment does not mislead or
impair users of the accounts but in fact shows a true presentation of how the Group is structured.
Current debt is not included in equity due to it being direct cashflow and therefore is presented in creditors within 1 year.
Profit and loss account
Page 30
GENESIS HOMES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The immediate and ultimate parent undertaking and the only group to consolidate these financial statements is Genesis Homes Group Limited . Copies of Genesis Homes Group Limited consolidated financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party isN J Gordon , by virtue of his majority shareholding in the ultimate parent undertaking, Genesis Homes Group Limited.
The ultimate controlling party is
Page 31