Company Registration Number: 13280931
FOR THE YEAR ENDED 31 MARCH 2025
GENESIS (SOUTH) HOLDINGS LIMITED
COMPANY INFORMATION
GENESIS (SOUTH) HOLDINGS LIMITED
CONTENTS
GENESIS (SOUTH) HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Genesis (South) Holdings Ltd is a residential property developer that operates in the North West of England. The company operates in partnership with Genesis Homes Group Ltd and related subsidiaries, companies with common directors and shareholders.
The Genesis Homes Group is committed to creating spaces and places that provide an enhanced living experience. Building quality homes with vibrant communities in sustainable environments, we leave each place we develop better all-round.
We recognise that we can only deliver quality homes with the hard work and commitment of our people, our subcontractors, and supply chain. The directors would like to thank each and every one of you for your commitment during another award winning year.
The trading results for the year and the Group's financial position at the year-end are shown in these financial statements. It should be noted that these trading results are for an 11-month period, with the Directors having made the strategic decision to change the year end date to bring it in line with its banking sector partners.
The Genesis Homes Group is committed to creating spaces and places that provide an enhanced living experience. Building quality homes with vibrant communities in sustainable environments, we leave each place we develop better all-round.
We recognise that we can only deliver quality homes with the hard work and commitment of our people, our subcontractors, and supply chain. The directors would like to thank each and every one of you for your commitment during another award winning year.
The trading results for the year and the Group's financial position at the year-end are shown in these financial statements. It should be noted that these trading results are for an 11-month period, with the Directors having made the strategic decision to change the year end date to bring it in line with its banking sector partners.
The company is currently in an exciting execution period of consolidation and transition, in order to achieve our goals. Genesis Homes Group Ltd will consolidate Genesis (South) Holdings Ltd and all owned subsidiaries. During the transition, the Russell Armer brand will no longer be utilised as a trading name (unless tactical reason arises to use the Russell Armer brand by exception), with the much stronger regionally recognised Genesis Homes brand taking over on all newly launched developments.
The Group's key strength is utilising its industry knowledge to promote housing growth, building quality homes in desirable locations across the north west of England to create thriving communities. This growth is underpinned by a strong working relationship with a number of external stakeholders, most notably Homes England and Housing Growth Partnership.
The financial statements include a number of joint venture details which are now the cornerstone of the modus operandi of the Group.
The Group accounts should not be considered in isolation due to accounting policies, notably the balance sheet values within subsidiary companies not being consolidated to the Group accounts.
The financial statements include a number of joint venture details which are now the cornerstone of the modus operandi of the Group.
The Group accounts should not be considered in isolation due to accounting policies, notably the balance sheet values within subsidiary companies not being consolidated to the Group accounts.
The Board is pleased with the performance of the Group. The Group has continued its planned growth trajectory whilst maintaining expected margin and reinvested in new development pipeline. The development pipeline is enviable, both in terms of geographic locations and site quality, strong financial viability of the planned developments, and the overall number of land outlets / units proposed surpassing 7 years of development pipeline at sustained and consistent output rates per year.
The Group is now embarking on a regional growth plan which identifies focused growth into the Lancashire area. The intention is to double the output of the Group over the next 4 years to 300 units per year. The Board identifies the growth into the Lancashire region as the natural enabler for a number of identified and planned strategic reasons.
The Board is delighted to have achieved the metronomic consistency of a regional housebuilder with strong forward pipeline, and is now satisfied and excited to embark on an enlarged growth focused business plan.
The Group is now embarking on a regional growth plan which identifies focused growth into the Lancashire area. The intention is to double the output of the Group over the next 4 years to 300 units per year. The Board identifies the growth into the Lancashire region as the natural enabler for a number of identified and planned strategic reasons.
The Board is delighted to have achieved the metronomic consistency of a regional housebuilder with strong forward pipeline, and is now satisfied and excited to embark on an enlarged growth focused business plan.
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GENESIS (SOUTH) HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The company operates and monitors performance indicators in relation to revenues and costs incurred throughout the development process.
KPI FY 2024 FY 2023
Turnover £10,171,252 £9,744,806
Gross Margin 8.7% 7.7%
KPI FY 2024 FY 2023
Turnover £10,171,252 £9,744,806
Gross Margin 8.7% 7.7%
This report was approved by the board and signed on its behalf.
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GENESIS (SOUTH) HOLDINGS 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 directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
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.
The profit for the year, after taxation, amounted to £782,209 (2024 - loss £232,947).
No dividends were declared or paid during the period.
The directors who served during the year were:
The auditors, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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GENESIS (SOUTH) HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
This report was approved by the board and signed on its behalf.
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GENESIS (SOUTH) HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GENESIS (SOUTH) HOLDINGS LIMITED
We have audited the financial statements of Genesis (South) Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated statement of comprehensive income, 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 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.
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GENESIS (SOUTH) HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GENESIS (SOUTH) HOLDINGS LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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GENESIS (SOUTH) HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GENESIS (SOUTH) HOLDINGS 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 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 reviewed financial statements disclosures and tested to supporting documentation to assess compliance
with relevant laws and regulations discussed above.
• We enquired of the directors and third-party advisors 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.
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GENESIS (SOUTH) HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GENESIS (SOUTH) HOLDINGS 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 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.
for and on behalf of
Chartered Accountants & Statutory Auditor
Carlisle
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GENESIS (SOUTH) HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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GENESIS (SOUTH) HOLDINGS LIMITED
REGISTERED NUMBER: 13280931
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 December 2025.
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GENESIS (SOUTH) HOLDINGS LIMITED
REGISTERED NUMBER: 13280931
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The notes on pages 21 to 35 form part of these financial statements.
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GENESIS (SOUTH) HOLDINGS LIMITED
REGISTERED NUMBER: 13280931
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 December 2025 .
The notes on pages 21 to 35 form part of these financial statements.
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GENESIS (SOUTH) HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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GENESIS (SOUTH) HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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GENESIS (SOUTH) HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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GENESIS (SOUTH) HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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GENESIS (SOUTH) HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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GENESIS (SOUTH) HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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GENESIS (SOUTH) HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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GENESIS (SOUTH) HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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GENESIS (SOUTH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Genesis (South) Holdings Limited ('the company') operates within the house building industry.
The company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The address of the registered office is given in the company information page of this annual report.
The company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The address of the registered office is given in the company information page of this annual report.
2.Accounting policies
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 (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity together with the group's share of the results of joint ventures.
A subsidiary is an entity controlled by the group. Control is the power to govern financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which gives it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other ventures under a contractual agreement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the equity method.
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 and are deconsolidated from the date control ceases.
Intercompany transactions and balances between group companies are therefore eliminated in full.
In the parent company financial statements investments in subsidiaries and joint ventures are stated at cost less impairment
A subsidiary is an entity controlled by the group. Control is the power to govern financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which gives it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other ventures under a contractual agreement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the equity method.
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 and are deconsolidated from the date control ceases.
Intercompany transactions and balances between group companies are therefore eliminated in full.
In the parent company financial statements investments in subsidiaries and joint ventures are stated at cost less impairment
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GENESIS (SOUTH) HOLDINGS 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 estimates reliably in terms of its stage of completion, future costs to complete and collectability of billings, the group 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 group only recognises revenue to the extent of the recoverable contract costs incurred.
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GENESIS (SOUTH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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.
The estimated useful lives range as follows:
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.
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GENESIS (SOUTH) HOLDINGS 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.
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GENESIS (SOUTH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance sheet when the Group 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 or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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 on contracts
The stage of completion of contracts is measured using the costs to complete method. This involved 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.
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GENESIS (SOUTH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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GENESIS (SOUTH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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GENESIS (SOUTH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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GENESIS (SOUTH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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GENESIS (SOUTH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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GENESIS (SOUTH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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GENESIS (SOUTH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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GENESIS (SOUTH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
19.Deferred taxation (continued)
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GENESIS (SOUTH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Share premium account
Capital redemption reserve
Profit and loss account
Included in these financial statements is a prior year adjustment in relation to Russell Armer Limited. The adjustments made have been done at individual entity level and then consolidated into these accounts.
In these financial statements the company has recognised that some income, previously banked as
turnover from contracts, should have been allocated to the intercompany debtor account. As a result, an
adjustment has been made to reduce income and as a result, profit for the prior year. A corresponding
adjustment has been made to reflect that the tax charge in the year would also be reduced.
A summary of the impact of these changes is documented below:
Turnover FY 23: reduced by £2,743,250
Cost of Sales FY 23: reduced by £1,100,600
Intercompany debtor balance FY 23: reduced by £1,642,650
Tax charge and tax creditor FY 23: reduced by £312,104
The impact to the P+L are reductions in turnover, cost of sales and the tax charge. The impact on the
balance sheet is a reduced intercompany debtor with the associated undertaking, and a reduced
corporation tax creditor.
At consolidated level, these adjustments have had the same impact.
In these financial statements the company has recognised that some income, previously banked as
turnover from contracts, should have been allocated to the intercompany debtor account. As a result, an
adjustment has been made to reduce income and as a result, profit for the prior year. A corresponding
adjustment has been made to reflect that the tax charge in the year would also be reduced.
A summary of the impact of these changes is documented below:
Turnover FY 23: reduced by £2,743,250
Cost of Sales FY 23: reduced by £1,100,600
Intercompany debtor balance FY 23: reduced by £1,642,650
Tax charge and tax creditor FY 23: reduced by £312,104
The impact to the P+L are reductions in turnover, cost of sales and the tax charge. The impact on the
balance sheet is a reduced intercompany debtor with the associated undertaking, and a reduced
corporation tax creditor.
At consolidated level, these adjustments have had the same impact.
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GENESIS (SOUTH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £48,766 (2023 - £13,692) . Contributions totalling £1,514 (2023 - £1,514) were payable to the fund at the balance sheet date and are included in creditors.
The ultimate controlling party is NJ Gordon, by virtue of his majority shareholding.
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