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COMPANY REGISTRATION NUMBER: 08035016
Habitat First Group Limited
Consolidated Financial Statements
31 December 2024
Habitat First Group Limited
Consolidated Financial Statements
Year ended 31 December 2024
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the consolidated financial statements
16
Habitat First Group Limited
Strategic Report
Year ended 31 December 2024
The directors consider that the key financial performance indicators (KPIs) are those that communicate the financial performance and strength of the group as a whole to the members. These KPIs comprise turnover, operating profit and shareholders' funds. Following a challenging 2023, we strengthened leadership and finance in 2024, returned the Paxton family to day-to-day operations, and appointed a new Finance Director with experience in the hotel/leisure sector. We have introduced improved financial models, tighter cash-flow management, and disciplined timelines. With stronger-than-anticipated plot sales and the launch of new, lower-priced products, we have been able to sustain a robust level of revenue and profit throughout the year. Our recurring revenues and holiday segment continue to demonstrate steady growth, and the group remains focused on expanding these core areas of the business. Despite current economic uncertainty and rising cost of living, the Group is well-positioned to meet this challenge by pursuing new opportunities as they arise.
This report was approved by the board of directors on 18 December 2025 and signed on behalf of the board by:
Mr R Paxton
Director
Registered office:
Lower Mill Estate
Lower Mill Lane
Somerford Keynes
Cirencester
GL7 6BG
Habitat First Group Limited
Directors' Report
Year ended 31 December 2024
The directors present their report and the Consolidated Financial Statements of the group for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
Mr R Paxton
Mrs R Haines
Mr R Paxton
Mr H S Watson
Dividends
Particulars of recommended dividends are detailed in note 13 to the Consolidated Financial Statements.
Future developments
As Lower Mill Estate in the Cotswolds moves towards its final plots being sold off our Silverlake development in Dorset continues to expand and the Board of Directors are confident with the future growth prospects of the Group. The operation of Habitat Escapes in terms of rental operations, maintenance and activity provision via its in-house Activity Hub continue to expand alongside our housekeeping business.
In addition the Food & Beverage operations at both sites maintain steady growth and will further add to the Group's expansion.
Financial instruments
The group's principal financial instruments comprise cash balances, borrowings, hire purchase arrangements and various items such as trade debtors and trade creditors which arise directly from trading operations. The main purpose of these financial instruments is to provide finance for the group's operations. The existence of these financial instruments exposes the group to a number of financial risks.
Liquidity risk
The group has a bank loan in place with its long term banking partner. The group has sufficient facilities in place to provide short term flexibility to meet fluctuations in the amount and timing of future cashflows.
Credit risk
Credit risk is extremely low given the nature of the business. Customers make payment either on completion of the transaction in the case of unit land sales, or up front in respect of our holiday rental agency business.
Currency risk
Currency risk is minimal due to the domestic nature of the business and has little or no reliance on overseas suppliers or customers.
Research and development
The Habitat First Group continues to strive to be the market leader in respect of every aspect of the organisation's undertakings. To ensure the Group remains at the cutting edge in respect of ecology, environmental needs and sustainability across its developments an element of Research and Development is undertaken with the goal of ensuring this is achieved.
The Group has launched Habitat Zero which is our commitment to deliver an environmentally-responsible, carbon neutral business by 2030.
Disclosure of information in the strategic report
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company has set out the business review and the principal risks and uncertainties in the Strategic Report on page 1 of these accounts.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the Consolidated Financial Statements in accordance with applicable law and regulations. Company law requires the directors to prepare Consolidated Financial Statements for each financial year. Under that law the directors have elected to prepare the Consolidated Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the Consolidated Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these Consolidated Financial Statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the Consolidated 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 enable them to ensure that the Consolidated 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 18 December 2025 and signed on behalf of the board by:
Mr R Paxton
Director
Registered office:
Lower Mill Estate
Lower Mill Lane
Somerford Keynes
Cirencester
GL7 6BG
Habitat First Group Limited
Independent Auditor's Report to the Members of Habitat First Group Limited
Year ended 31 December 2024
Opinion
We have audited the Consolidated Financial Statements of Habitat First Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the Consolidated 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 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the consolidated 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 Consolidated Financial Statements in the UK, including the FRC’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 Consolidated Financial Statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the Consolidated 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 Consolidated 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.
Other information
The other information comprises the information included in the annual report, other than the Consolidated Financial Statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the Consolidated 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. In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Consolidated Financial Statements or our knowledge obtained in 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 there is a material misstatement in the Consolidated Financial Statements or a material misstatement of the other information. 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.
Opinions 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 strategic report and the directors' report for the financial year for which the Consolidated Financial Statements are prepared is consistent with the Consolidated Financial Statements; and
- the strategic report and the directors' report have 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 strategic report or 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 Consolidated 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, the directors are responsible for the preparation of the Consolidated 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 Consolidated Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Consolidated 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.
Auditor's responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the Consolidated 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 Consolidated 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: The extent to which the audit was considered capable of detecting irregularities including fraud 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; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operation of the company, including the Companies Act 2006, taxation legislation, data protection, employment, environmental and health and safety legislation; - we assessed the extent of non-compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence We assess 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; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and - understanding the design of the company's remuneration policies. To address the risk of fraud through management bias and override of controls, we: - performed analytical review procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions 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 the financial disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual or potential litigation and claims;and - reviewing correspondence with HMRC and the company's legal advisors. 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 is available on the Financial Reporting Council's website at: www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-audit ors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report. A further description of our responsibilities for the audit of the Consolidated 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. 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 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.
P Mattei
(Senior Statutory Auditor)
For and on behalf of
Leaman Mattei
Chartered accountants & statutory auditor
Suite 1, First Floor
1 Duchess Street
London
W1W 6AN
18 December 2025
Habitat First Group Limited
Consolidated Statement of Comprehensive Income
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
4
8,341,577
8,061,359
Cost of sales
( 2,865,636)
( 4,236,919)
------------
------------
Gross profit
5,475,941
3,824,440
Administrative expenses
( 5,266,691)
( 5,354,351)
Other operating income
5
184,923
159,861
Fair value loss on investment property
(80,000)
–
------------
------------
Operating profit/(loss)
6
314,173
( 1,370,050)
Other interest receivable and similar income
10
80,365
61,412
Interest payable and similar expenses
11
( 210,084)
( 191,626)
------------
------------
Profit/(loss) before taxation
184,454
( 1,500,264)
Tax on profit/(loss)
12
( 56,549)
21,972
---------
------------
Profit/(loss) for the financial year and total comprehensive income
127,905
( 1,478,292)
---------
------------
All the activities of the group are from continuing operations.
Habitat First Group Limited
Consolidated Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
14
38,828,341
37,403,278
Current assets
Stocks
16
3,364,251
2,392,137
Debtors
17
2,511,567
1,947,368
Cash at bank and in hand
1,612,479
1,165,946
------------
------------
7,488,297
5,505,451
Creditors: amounts falling due within one year
18
( 7,930,651)
( 4,626,655)
------------
------------
Net current (liabilities)/assets
( 442,354)
878,796
-------------
-------------
Total assets less current liabilities
38,385,987
38,282,074
Provisions
Taxation including deferred tax
19
( 2,104,409)
( 2,128,401)
-------------
-------------
Net assets
36,281,578
36,153,673
-------------
-------------
Capital and reserves
Called up share capital
22
20,357,910
20,357,910
Revaluation reserve
23
6,117,340
6,117,340
Capital redemption reserve
23
918,702
918,702
Merger reserve
23
( 25,306,728)
( 25,306,728)
Other reserve
23
3
3
Profit and loss account - non distributable
23
378,432
539,742
Profit and loss account - distributable
23
33,815,919
33,526,704
-------------
-------------
Shareholders funds
36,281,578
36,153,673
-------------
-------------
These Consolidated Financial Statements were approved by the board of directors and authorised for issue on 18 December 2025 , and are signed on behalf of the board by:
Mr R Paxton
Director
Company registration number: 08035016
Habitat First Group Limited
Company Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
14
27,412
34,082
Investments
15
25,357,908
25,357,908
-------------
-------------
25,385,320
25,391,990
Current assets
Debtors
17
183,852
195,414
Cash at bank and in hand
62,043
6,675
---------
---------
245,895
202,089
Creditors: amounts falling due within one year
18
( 7,883,093)
( 5,288,885)
------------
------------
Net current liabilities
( 7,637,198)
( 5,086,796)
-------------
-------------
Total assets less current liabilities
17,748,122
20,305,194
Provisions
Taxation including deferred tax
19
( 6,853)
55,708
-------------
-------------
Net assets
17,741,269
20,360,902
-------------
-------------
Capital and reserves
Called up share capital
22
20,357,910
20,357,910
Profit and loss account - distributable
23
( 2,616,641)
2,992
-------------
-------------
Shareholders funds
17,741,269
20,360,902
-------------
-------------
The loss for the financial year of the parent company was £ 2,619,633 (2023: £ 408,713 profit).
These Consolidated Financial Statements were approved by the board of directors and authorised for issue on 18 December 2025 , and are signed on behalf of the board by:
Mr R Paxton
Director
Company registration number: 08035016
Habitat First Group Limited
Consolidated Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Revaluation reserve
Capital redemption reserve
Merger reserve
Other reserve
Profit and loss account - non distributable
Profit and loss account - distributable
Total
£
£
£
£
£
£
£
£
At 1 January 2023
20,357,910
6,117,340
918,702
( 25,306,728)
3
539,742
35,410,996
38,037,965
Loss for the year
( 1,478,292)
( 1,478,292)
-------------
------------
---------
-------------
----
---------
-------------
-------------
Total comprehensive income for the year
–
–
–
–
–
–
( 1,478,292)
( 1,478,292)
Dividends paid and payable
13
–
–
–
–
–
–
( 406,000)
( 406,000)
-------------
------------
---------
-------------
----
---------
-------------
-------------
Total investments by and distributions to owners
–
–
–
–
–
–
( 406,000)
( 406,000)
At 31 December 2023
20,357,910
6,117,340
918,702
( 25,306,728)
3
539,742
33,526,704
36,153,673
Profit for the year
127,905
127,905
Other comprehensive income for the year:
Reclassification from profit and loss account distributable to profit and loss account non-distributable
–
–
–
–
–
(161,310)
161,310
–
-------------
------------
---------
-------------
----
---------
-------------
-------------
Total comprehensive income for the year
–
–
–
–
–
( 161,310)
289,215
127,905
-------------
------------
---------
-------------
----
---------
-------------
-------------
At 31 December 2024
20,357,910
6,117,340
918,702
( 25,306,728)
3
378,432
33,815,919
36,281,578
-------------
------------
---------
-------------
----
---------
-------------
-------------
Habitat First Group Limited
Company Statement of Changes in Equity
Year ended 31 December 2024
Habitat First Group Limited
Company Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Profit and loss account - distributable
Total
£
£
£
At 1 January 2023
20,357,910
279
20,358,189
Profit for the year
408,713
408,713
-------------
---------
-------------
Total comprehensive income for the year
–
408,713
408,713
Dividends paid and payable
13
–
( 406,000)
( 406,000)
-------------
---------
-------------
Total investments by and distributions to owners
–
( 406,000)
( 406,000)
At 31 December 2023
20,357,910
2,992
20,360,902
Loss for the year
( 2,619,633)
( 2,619,633)
-------------
------------
-------------
Total comprehensive income for the year
–
( 2,619,633)
( 2,619,633)
-------------
------------
-------------
At 31 December 2024
20,357,910
( 2,616,641)
17,741,269
-------------
------------
-------------
Habitat First Group Limited
Consolidated Statement of Cash Flows
Year ended 31 December 2024
2024
2023
£
£
Cash flows from operating activities
Profit/(loss) for the financial year
127,905
( 1,478,292)
Adjustments for:
Depreciation of tangible assets
701,985
695,721
Fair value adjustment of investment property
80,000
–
Other interest receivable and similar income
( 80,365)
( 61,412)
Interest payable and similar expenses
210,084
191,626
Gains on disposal of tangible assets
( 97,000)
( 119,542)
Tax on (loss)/profit
56,549
( 21,972)
Accrued expenses/(income)
1,813,946
( 504,819)
Changes in:
Stocks
( 972,114)
( 433,151)
Trade and other debtors
( 491,788)
( 1,261,924)
Trade and other creditors
340,304
( 348,061)
------------
------------
Cash generated from operations
1,689,506
( 3,341,826)
Interest paid
( 210,084)
( 191,626)
Interest received
80,365
61,412
Tax paid
( 46,331)
( 409,864)
------------
------------
Net cash from/(used in) operating activities
1,513,456
( 3,881,904)
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 3,100,048)
( 1,775,777)
Proceeds from sale of tangible assets
990,000
1,081,626
------------
------------
Net cash used in investing activities
( 2,110,048)
( 694,151)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
1,043,125
( 975,000)
Dividends paid
–
( 406,000)
------------
------------
Net cash from/(used in) financing activities
1,043,125
( 1,381,000)
------------
------------
Net increase/(decrease) in cash and cash equivalents
446,533
( 5,957,055)
Cash and cash equivalents at beginning of year
1,165,946
7,123,001
------------
------------
Cash and cash equivalents at end of year
1,612,479
1,165,946
------------
------------
Habitat First Group Limited
Notes to the Consolidated Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lower Mill Estate, Lower Mill Lane, Somerford Keynes, Cirencester, GL7 6BG.
2. Statement of compliance
These Consolidated Financial Statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The Consolidated Financial Statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The Consolidated Financial Statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The Consolidated Financial Statements consolidate the Consolidated Financial Statements of Habitat First Group Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a) Investment property valuation The valuation of the group's investment property portfolio is a key area of judgement in preparing the financial statements and reports. Factors taken into accounts in arriving at the property valuations include the advertised selling price. Valuations are carried out by the directors of the company. (b) Stock The carrying value of stock including plots of land is considered a critical estimate and judgement applicable to the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
No depreciation is charged on freehold land
Plant & Machinery
-
25% straight line
Fixtures & Fittings
-
16% straight line
Motor Vehicles
-
25% straight line
Equipment
-
16 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investment property
Investment properties are initially measured at cost and subsequently measured at fair value whilst a reliable measure of fair value is available without undue cost and effort. Changes in fair value are recognised in the profit and loss account.
Stocks
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Interest income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Borrowing costs
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which these are incurred.
4. Turnover
Turnover arises from:
2024
2023
£
£
Plot sales
5,324,033
3,513,000
Services rendered
2,972,542
4,022,267
Rental and estate income
28,560
526,092
Service charges receivable
16,442
–
------------
------------
8,341,577
8,061,359
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Management charges receivable
178,363
125,315
Other operating income
6,560
34,546
---------
---------
184,923
159,861
---------
---------
6. Operating loss
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
701,985
695,721
Gains on disposal of tangible assets
( 97,000)
( 119,542)
Impairment of trade debtors
5,521
11
Operating lease rentals
19,980
23,937
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the consolidated financial statements
51,400
64,150
--------
--------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
20,800
18,350
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
54
51
Administrative staff
134
175
Management staff
3
3
----
----
191
229
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
3,513,702
3,364,611
Social security costs
197,805
225,413
Other pension costs
61,432
61,411
------------
------------
3,772,939
3,651,435
------------
------------
There are no employees considered to be key management personnel other than the directors.
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
187,794
34,902
Company contributions to defined contribution pension plans
–
600
---------
--------
187,794
35,502
---------
--------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
80,365
61,412
--------
--------
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
210,084
191,626
---------
---------
12. Tax on (loss)/profit
Major components of tax expense/(income)
2024
2023
£
£
Current tax:
UK current tax income
78,228
–
Adjustments in respect of prior periods
2,313
7,491
--------
-------
Total current tax
80,541
7,491
--------
-------
Deferred tax:
Origination and reversal of timing differences
( 23,992)
( 29,463)
--------
--------
Tax on (loss)/profit
56,549
( 21,972)
--------
--------
Reconciliation of tax expense/(income)
The tax assessed on the profit/(loss) on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit/(loss) on ordinary activities before taxation
184,454
( 1,500,264)
---------
------------
Profit/(loss) on ordinary activities by rate of tax
52,569
( 285,050)
Adjustment to tax charge in respect of prior periods
2,313
7,491
Effect of expenses not deductible for tax purposes
236,595
67,249
Effect of capital allowances and depreciation
( 152,820)
100,466
Utilisation of tax losses
( 188,341)
60,094
Unused tax losses
130,213
44,141
Deferred Tax
(23,980)
(29,463)
Other adjustments
–
13,100
---------
------------
Tax on (loss)/profit
56,549
( 21,972)
---------
------------
13. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Dividends on equity shares
–
406,000
----
---------
14. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Investment property
Total
£
£
£
£
£
£
Cost/valuation
At 1 Jan 2024
35,513,232
1,018,924
1,482,580
307,966
1,933,000
40,255,702
Additions
2,621,484
31,072
147,492
–
300,000
3,100,048
Disposals
( 30,000)
–
–
–
( 863,000)
( 893,000)
Revaluations
–
–
–
–
( 80,000)
( 80,000)
-------------
------------
------------
---------
------------
-------------
At 31 Dec 2024
38,104,716
1,049,996
1,630,072
307,966
1,290,000
42,382,750
-------------
------------
------------
---------
------------
-------------
Depreciation
At 1 Jan 2024
1,161,730
546,969
896,806
246,919
–
2,852,424
Charge for the year
314,482
121,296
221,481
44,726
–
701,985
-------------
------------
------------
---------
------------
-------------
At 31 Dec 2024
1,476,212
668,265
1,118,287
291,645
–
3,554,409
-------------
------------
------------
---------
------------
-------------
Carrying amount
At 31 Dec 2024
36,628,504
381,731
511,785
16,321
1,290,000
38,828,341
-------------
------------
------------
---------
------------
-------------
At 31 Dec 2023
34,351,502
471,955
585,774
61,047
1,933,000
37,403,278
-------------
------------
------------
---------
------------
-------------
Company
Fixtures and fittings
Equipment
Total
£
£
£
Cost/valuation
At 1 January 2024
42,836
53,940
96,776
Additions
–
2,150
2,150
--------
--------
--------
At 31 December 2024
42,836
56,090
98,926
--------
--------
--------
Depreciation
At 1 January 2024
42,023
20,671
62,694
Charge for the year
813
8,007
8,820
--------
--------
--------
At 31 December 2024
42,836
28,678
71,514
--------
--------
--------
Carrying amount
At 31 December 2024
–
27,412
27,412
--------
--------
--------
At 31 December 2023
813
33,269
34,082
--------
--------
--------
Tangible assets held at valuation
In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group
Land and buildings
Investment property
Total
£
£
£
At 31 December 2024
Aggregate cost
–
785,424
785,424
Aggregate depreciation
–
–
–
----
---------
---------
Carrying value
–
785,424
785,424
----
---------
---------
At 31 December 2023
Aggregate cost
693,546
948,501
1,642,047
Aggregate depreciation
(16,144)
–
(16,144)
---------
---------
------------
Carrying value
677,402
948,501
1,625,903
---------
---------
------------
The company has no tangible assets held at valuation.
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
25,667,911
-------------
Impairment
At 1 January 2024 and 31 December 2024
310,003
-------------
Carrying amount
At 1 January 2024 and 31 December 2024
25,357,908
-------------
At 31 December 2023
25,357,908
-------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
The Lower Mill Estate Limited
Lower Mill Estate, Lower Mill Lane, Somerford Keynes, Cirencester, GL7 6BG
Ordinary
100
Habitat Escapes Limited
Lower Mill Estate, Lower Mill Lane, Somerford Keynes, Cirencester, GL7 6BG
Ordinary
100
LME Cleaning Services Limited
Lower Mill Estate, Lower Mill Lane, Somerford Keynes, Cirencester, GL7 6BG
Ordinary
100
Lower Mill Estate Holidays Limited
Lower Mill Estate, Lower Mill Lane, Somerford Keynes, Cirencester, GL7 6BG
Ordinary
100
Clambertine (Management) Limited
Lower Mill Estate, Lower Mill Lane, Somerford Keynes, Cirencester, GL7 6BG
Ordinary
100
Falco 1 Limited
Lower Mill Estate, Lower Mill Lane, Somerford Keynes, Cirencester, GL7 6BG
Ordinary
100
Falco 2 Limited
Lower Mill Estate, Lower Mill Lane, Somerford Keynes, Cirencester, GL7 6BG
Ordinary
100
LME Sales Limited
Lower Mill Estate, Lower Mill Lane, Somerford Keynes, Cirencester, GL7 6BG
Ordinary
100
LME Villas Limited
Lower Mill Estate, Lower Mill Lane, Somerford Keynes, Cirencester, GL7 6BG
Ordinary
100
Paxton Springs Limited
Lower Mill Estate, Lower Mill Lane, Somerford Keynes, Cirencester, GL7 6BG
Ordinary
100
Clambertine Limited
Lower Mill Estate, Lower Mill Lane, Somerford Keynes, Cirencester, GL7 6BG
Ordinary
100
Gladbray Limited
Lower Mill Estate, Lower Mill Lane, Somerford Keynes, Cirencester, GL7 6BG
Ordinary
100
Helos Aviation LLP
Lower Mill Estate, Lower Mill Lane, Somerford Keynes, Cirencester, GL7 6BG
Designated member
99
Falco 1 (Management) Limited
Ordinary
100
16. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Consumables
29,813
25,128
–
–
Work in progress
3,334,438
2,367,009
–
–
------------
------------
----
----
3,364,251
2,392,137
–
–
------------
------------
----
----
17. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
415,813
914,580
123,744
145,265
Amounts owed by group undertakings
–
–
26,352
22,760
Amounts owed by related parties
1,370,000
650,177
–
–
Prepayments and accrued income
162,299
86,885
15,089
14,765
Corporation tax repayable
–
44,018
–
–
Other debtors
563,455
251,708
18,667
12,624
------------
------------
---------
---------
2,511,567
1,947,368
183,852
195,414
------------
------------
---------
---------
18. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
2,918,125
1,875,000
–
–
Trade creditors
907,786
697,549
181,938
81,204
Amounts owed to group undertakings
–
–
6,663,795
5,064,675
Accruals and deferred income
3,338,906
1,131,558
1,001,718
35,750
Corporation tax
34,210
–
–
–
Social security and other taxes
91,732
201,760
29,343
73,233
Other creditors
639,892
720,788
6,299
34,023
------------
------------
------------
------------
7,930,651
4,626,655
7,883,093
5,288,885
------------
------------
------------
------------
19. Provisions
Group
Deferred tax (note 20)
£
At 1 January 2024
2,128,401
Additions
2,786
Charge against provision
( 6,778)
Unused amounts reversed
( 20,000)
------------
At 31 December 2024
2,104,409
------------
Company
Deferred tax (note 20)
£
At 1 January 2024
( 55,708)
Charge against provision
62,561
--------
At 31 December 2024
6,853
--------
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 19)
2,104,409
2,128,401
6,853
( 55,708)
------------
------------
-------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
134,411
133,746
–
–
Revaluation of tangible assets
2,039,114
2,039,114
–
–
Fair value adjustment of investment property
27,981
120,062
–
–
Unused tax losses
( 73,117)
( 164,521)
( 55,708)
( 55,708)
Provisions
( 23,980)
–
62,561
–
------------
------------
--------
--------
2,104,409
2,128,401
6,853
(55,708)
------------
------------
--------
--------
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 61,432 (2023: £ 61,411 ).
22. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
20,357,910
20,357,910
20,357,910
20,357,910
-------------
-------------
-------------
-------------
23. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account (distributable) - This reserve records retained earnings and accumulated losses. Profit and loss account (non distributable) - This reserve records the cumulative fair value adjustments on revaluation of investment property net of deferred tax. Merger reserve - This reserve records the value of the merger deficit arising upon consolidation.
24. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
1,165,946
446,533
1,612,479
Debt due within one year
(1,875,000)
(1,043,125)
(2,918,125)
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------------
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( 709,054)
( 596,592)
( 1,305,646)
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25. Contingencies
A composite guarantee across the group and with Conservation Builders Limited is held as part of the security on the land on The Lower Mill Estate.
26. Directors' advances, credits and guarantees
Dividends of £NIL (2023: £406,000) were paid to the directors during the year.
27. Related party transactions
Company
The following amounts were owed to/(by) Conservation Builders Limited in respect of transactions entered into on an arms length basis:
2024 2023
£ £
Falco 1 Limited – (27,270)
The Lower Mill Estate Limited 715,000 350,311
Habitat Escapes Limited 655,000 273,434
During the year, the group made sales of £81,986 (2023: £23,338), and incurred costs of £3,198,169 (2023: £2,161,601) payable to Conservation Builders Limited. During the year, the group also received charges from Conservation Builders Limited of £152,754 (2023: £102,956) and paid management charges of £944,767 (2023: £97,380). The directors are considered to be the key management personnel. All companies are ultimately controlled by Mr Red Paxton, Mr Rory Paxton and Mrs R Haines .