ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Company Registration Number: 13253820

ORIGIN (TOPCO) LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

ORIGIN (TOPCO) LIMITED

COMPANY INFORMATION

Directors	Mr N J Gordon
	Mr J Blue
	Mr J Mckeon


Company secretary	Mr N J Gordon


Registered number	13253820


Registered office	Agricola House 5 Cowper Road
	Gilwilly Industrial Estate
	Penrith
	Cumbria
	CA11 9BN


Independent auditors	Armstrong Watson Audit Limited
	James Watson House
	Montgomery Way
	Rosehill
	Carlisle
	Cumbria
	CA1 1HP

ORIGIN (TOPCO) LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 6
Consolidated Profit and Loss Account	7
Consolidated Balance Sheet	8 - 9
Company Balance Sheet	10
Consolidated Statement of Changes in Equity	11
Company Statement of Changes in Equity	12
Consolidated Statement of Cash Flows	13
Consolidated Analysis of Net Debt	14
Notes to the Financial Statements	15 - 24

ORIGIN (TOPCO) LIMITED

DIRECTORS' REPORT

FOR THE PERIOD ENDED 31 MARCH 2025

The Directors present their report and the financial statements for the period ended 31 March 2025.

Directors' responsibilities statement

The Directors are responsible for preparing the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £1,918,215 (2024 - £2,415,444).

Directors

The directors who served during the period were:

Mr N J Gordon

Mr J Blue

Mr J Mckeon

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the directors is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the directors has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditors, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

ORIGIN (TOPCO) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 MARCH 2025

This report was approved by the board and signed on its behalf.

N Gordon

Director

Date: 8 December 2025

Page 2

ORIGIN (TOPCO) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORIGIN (TOPCO) LIMITED

Opinion

We have audited the financial statements of ORIGIN (TOPCO) LIMITED (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 31 March 2025, which comprise the Consolidated Profit and Loss Account, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 March 2025 and of the Group's profit for the period 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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.

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 Group's or the Parent 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.

Page 3

ORIGIN (TOPCO) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORIGIN (TOPCO) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company financial statements are not in agreement with the accounting records and 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 1, 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 4

ORIGIN (TOPCO) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORIGIN (TOPCO) LIMITED (CONTINUED)

Auditors' 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 Auditors' 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 Group 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:

• We obtained an understanding of laws and regulations that affect the company, focusing on those that
had a direct effect on the financial statements or that had a fundamental effect on its operations. Key
laws and regulations that we identified included the UK Companies Act, tax legislation and occupational
health and employment legislation.

• We enquired of the Directors, reviewed correspondence with HMRC and reviewed directors meeting
minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls
the directors have in place to ensure compliance.

• We gained an understanding of the controls that the Directors have in place to prevent and detect fraud.
We enquired of the directors about any incidences of fraud that had taken place during the accounting
period.

• The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit
team and tests were planned and performed to address these risks. We identified the potential for fraud
in the following areas: revenue recognition and management override of controls.

• We reviewed financial statements disclosures and tested to supporting documentation to assess
compliance with relevant laws and regulations discussed above.

• We enquired of the directors about actual and potential litigation and claims.

• We performed analytical procedures to identify any unusual or unexpected relationships that might
indicate risks of material misstatement due to fraud.

• In addressing the risk of fraud due to management override of internal controls we tested the
appropriateness of journal entries and assessed whether the judgements made in making accounting
estimates were indicative of a potential bias.

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 Auditors' Report.

Page 5

ORIGIN (TOPCO) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORIGIN (TOPCO) LIMITED (CONTINUED)

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 we are required to state to them in an Auditors' 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.

Simon Turner (Senior Statutory Auditor)

for and on behalf of

Armstrong Watson Audit Limited

Carlisle

9 December 2025

Page 6

ORIGIN (TOPCO) LIMITED

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE PERIOD ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	3	29,627,317	31,271,749
Cost of sales		(27,526,119)	(28,061,850)
Gross profit		2,101,198	3,209,899
Tax on profit	6	(182,983)	(794,455)
Profit for the financial period		1,918,215	2,415,444

Profit for the period attributable to:
Owners of the parent	1,918,215	2,415,444
	1,918,215	2,415,444

There are no items of other comprehensive income for 2025 or 2024 other than the profit for the period. As a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 15 to 24 form part of these financial statements.

Page 7

ORIGIN (TOPCO) LIMITED

REGISTERED NUMBER: 13253820

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£


Current assets
Stocks	9	24,144,341		26,732,648
Debtors: amounts falling due within one year	10	5,276,487		4,363,842
Cash at bank and in hand	11	4,546,570		2,255,012
		33,967,398		33,351,502
Creditors: amounts falling due within one year	12	(27,944,435)		(24,606,103)
Net current assets			6,022,963		8,745,399
Total assets less current liabilities			6,022,963		8,745,399
Creditors: amounts falling due after more than one year	13		(1,936,563)		(6,576,521)

Net assets			4,086,400		2,168,878

Capital and reserves
Called up share capital	16	100	100
Profit and loss account	17	4,086,300	2,168,778
		4,086,400	2,168,878

Page 8

ORIGIN (TOPCO) LIMITED

REGISTERED NUMBER: 13253820

CONSOLIDATED BALANCE SHEET (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:

N Gordon

Director

Date: 8 December 2025

The notes on pages 15 to 24 form part of these financial statements.

Page 9

ORIGIN (TOPCO) LIMITED

REGISTERED NUMBER: 13253820

COMPANY BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Investments	8		10		10
			10		10
Current assets
Debtors: amounts falling due within one year	10	100		100
		100		100
Creditors: amounts falling due within one year	12	(1,293)		(10)
Net current (liabilities)/assets			(1,193)		90
Total assets less current liabilities			(1,183)		100


Net assets excluding pension asset			(1,183)		100
Net (liabilities)/assets			(1,183)		100

Capital and reserves
Called up share capital	16		100		100
Loss/(profit) for the period		(1,283)		-
Profit and loss account carried forward			(1,283)		-
			(1,183)		100

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

N Gordon

Director

Date: 8 December 2025

The notes on pages 15 to 24 form part of these financial statements.

Page 10

ORIGIN (TOPCO) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£
At 1 April 2023	100	(246,666)	(246,566)	(246,566)
Comprehensive income for the year
Profit for the year	-	2,415,444	2,415,444	2,415,444
Other comprehensive income for the year	-	-	-	-
Total comprehensive income for the year	-	2,415,444	2,415,444	2,415,444
Total transactions with owners	-	-	-	-

At 1 April 2024	100	2,168,778	2,168,878	2,168,878
Comprehensive income for the period
Profit for the period	-	1,918,215	1,918,215	1,918,215
Other comprehensive income for the period	-	-	-	-
Total comprehensive income for the period	-	1,918,215	1,918,215	1,918,215
Contributions by and distributions to owners
Dividends: Equity capital	-	(693)	(693)	(693)
Total transactions with owners	-	(693)	(693)	(693)
At 31 March 2025	100	4,086,300	4,086,400	4,086,400

The notes on pages 15 to 24 form part of these financial statements.

Page 11

ORIGIN (TOPCO) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2023	100	-	100
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	-	-
Total transactions with owners	-	-	-

At 1 April 2024	100	-	100
Comprehensive income for the year
Loss for the period	-	(1,283)	(1,283)
Other comprehensive income for the period	-	-	-
Total comprehensive income for the period	-	(1,283)	(1,283)
Total transactions with owners	-	-	-
At 31 March 2025	100	(1,283)	(1,183)

The notes on pages 15 to 24 form part of these financial statements.

Page 12

ORIGIN (TOPCO) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial period	1,918,215	2,415,444
Adjustments for:
Taxation charge	(423,570)	6,379
Decrease in stocks	2,751,425	3,748,972
(Increase) in debtors	(410,388)	(2,382,864)
(Decrease) in creditors	(1,360,816)	(4,101,760)
Corporation tax (paid)/received	(182,615)	794,455
Net cash generated from operating activities	2,292,251	480,626


Cash flows from financing activities
Dividends paid	(693)	-
Net cash used in financing activities	(693)	-
Net increase in cash and cash equivalents	2,291,558	480,626
Cash and cash equivalents at beginning of period	2,255,012	1,774,386
Cash and cash equivalents at the end of period	4,546,570	2,255,012

Cash and cash equivalents at the end of period comprise:
Cash at bank and in hand	4,546,570	2,255,012
	4,546,570	2,255,012

The notes on pages 15 to 24 form part of these financial statements.

Page 13

ORIGIN (TOPCO) LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE PERIOD ENDED 31 MARCH 2025


At 1 April 2024	Cash flows	At 31 March 2025
£	£	£

Cash at bank and in hand	2,255,012	2,291,559	4,546,571
Debt due after 1 year	(6,576,521)	4,639,958	(1,936,563)
Debt due within 1 year	(11,340,262)	(3,577,736)	(14,917,998)
	(15,661,771)	3,353,781	(12,307,990)

The notes on pages 15 to 24 form part of these financial statements.

Page 14

ORIGIN (TOPCO) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

1.	General information

Origin (Topco) Limited is a private company limited by shares, it is registered in England and Wales and has a registered office of Agricola House 5 Cowper Road, Gilwilly Industrial Estate, Penrith, Cumbria, United Kingdom, CA11 9BN. Its registered number is 13253820.

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 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 Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 March 2023.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 charged to profit or loss over the term of the debt using the effective interest method so that 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.

Page 15

ORIGIN (TOPCO) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

Borrowing costs

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

2.6

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.8

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.

2.9

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.

Page 16

ORIGIN (TOPCO) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.10

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.11

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.

2.12

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.

Sale of completed houses	29,627,317	31,271,749
	29,627,317	31,271,749

All turnover arose within the United Kingdom.

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

18,000

16,200

Page 17

ORIGIN (TOPCO) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

Employees

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

Corporation tax
Current tax on profits for the year	196,975	794,455
Adjustments in respect of previous periods	(253)	-
	196,722	794,455

Total current tax	196,722	794,455

Deferred tax
Origination and reversal of timing differences	(13,739)	-
Total deferred tax	(13,739)	-


	Tax on profit	182,983	794,455

Profit on ordinary activities before tax

2,101,198

3,209,899

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	525,300	802,475
Effects of:
Timing differences	(342,317)	(8,020)
Total tax charge for the period/year	182,983	794,455

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

ORIGIN (TOPCO) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

7.	Dividends
		2025	2024
		£	£

	Dividends paid	693	-
		693	-

Page 19

ORIGIN (TOPCO) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

8.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2024	10
	At 31 March 2025	10

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

The Woodlands (Carlisle) Limited	Ordinary	100%
Eden Gardens (Etterby) Limited	Ordinary	100%
Wakefield Gardens (Lazonby) Limited	Ordinary	100%
Meadow Rigg (Burneside Road) Limited	Ordinary	100%
Bowland Fold (Halton) Limited	Ordinary	100%
Eamont Chase (Penrith) Limited	Ordinary	100%
Pennine View (Calthwaite) Limited	Ordinary	100%
Derwent Rise (Seaton) Limited	Ordinary	100%
Sandsfield Way (Carlisle) Limited	Ordinary	100%
Lunesdale Rise (Kirby Lonsdale) Limited	Ordinary	100%

The registered office of all subsiduaries is that of the parent entity.

	The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the period ended on that date for the subsidiary undertakings was as follows:
	Name	Profit/(Loss)
		£

	The Woodlands (Carlisle) Limited	(1,100)
	Eden Gardens (Etterby) Limited	(1,405)
	Wakefield Gardens (Lazonby) Limited	940,507
	Meadow Rigg (Burneside Road) Limited	160,591
	Bowland Fold (Halton) Limited	(45,268)
	Eamont Chase (Penrith) Limited	689,265
	Pennine View (Calthwaite) Limited	293,195
	Derwent Rise (Seaton) Limited	(41,204)
	Sandsfield Way (Carlisle) Limited	(1,220)
	Lunesdale Rise (Kirby Lonsdale) Limited	73,364

Page 20

ORIGIN (TOPCO) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

9.	Stocks
		Group	Group
		2025	2024
		£	£

WIP - Land	9,374,545	6,949,225
WIP - Development	14,769,796	19,783,423
	24,144,341	26,732,648

10.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	1,157,121	76,928	-	-
Amounts owed by connected companies	2,128	634,229	-	-
Amounts owed by participating interests	3,133,964	3,217,599	-	-
Other debtors	708,096	313,568	-	-
Called up share capital not paid	105	105	100	100
Prepayments and accrued income	252,001	121,413	-	-
Deferred taxation	23,072	-	-	-
	5,276,487	4,363,842	100	100

11.	Cash and cash equivalents
		Group	Group
		2025	2024
		£	£

Cash at bank and in hand	4,546,570	2,255,012
	4,546,570	2,255,012

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ORIGIN (TOPCO) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

12.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	7,087,770	7,409,042	-	-
Shareholder loans	7,830,228	3,931,220	-	-
Trade creditors	1,050,216	362	-	-
Amounts owed to connected companies	4,573,817	5,702,501	1,293	10
Amounts owed to participating interests	3,165,715	1,461,228	-	-
Corporation tax	544,785	800,834	-	-
Other creditors	15,190	822,527	-	-
Accruals and deferred income	3,676,714	4,478,389	-	-
	27,944,435	24,606,103	1,293	10

13.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

Bank loans	594,639	1,016,893
Shareholder loans	1,341,924	5,559,628
	1,936,563	6,576,521

Page 22

ORIGIN (TOPCO) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

14.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	2024
		£	£

Amounts falling due within one year
Bank loans	7,087,770	7,409,042
Shareholder loans	7,830,228	3,931,220
	14,917,998	11,340,262
Amounts falling due 1-2 years
Bank loans	544,141	1,016,893
Shareholder loans	-	3,267,477
	544,141	4,284,370
Amounts falling due 2-5 years
Bank loans	50,498	-
Shareholder loans	1,341,924	2,292,151
	1,392,422	2,292,151

	16,854,561	17,916,783

The shareholder loans due were unsecured and repayable in full on repayment upon the final sale of
properties. The debt was not interest bearing and all sites were expected to be realised in full by
2030. 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.

Page 23

ORIGIN (TOPCO) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

15.	Deferred taxation
	Group

		2025
		£

	Charged to profit or loss	23,072
	At end of year	23,072

Company

		2025

	At end of year	-

		Group
		2025
		£

	Accelerated capital allowances	23,072
		23,072

16.	Share capital
		2025	2024
		£	£

Allotted, called up and partly paid

50 (2024 - 50) Ordinary A shares of £1 each	50	50
50 (2024 - 50) Ordinary B shares of £1 each	50	50

	100	100

17.

Reserves

Profit and loss account

The profit and loss account represents the group's cumulative profits/losses, net of cumulative
dividends paid and other adjustments.

18.	Controlling party

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

Page 24