The directors present the strategic report for the year ended 31 March 2025.

Big Sky Developments Ltd (hereafter referred to as “the Company”) focuses on the delivery of quality homes and commercial space in the South Norfolk and surrounding areas. Our activities include the provision of mixed tenure developments, building and developing homes for open market sale and social housing.​ In addition, we provide development management/​​informed client role in the provision of commercial/​​leisure space for public sector clients. These activities have not changed in the year and are not expected to change in the foreseeable future. Our strategy is reviewed annually and has remained consistent for the last five years. The Company is a member of the Big Sky Group comprising of the sister company Big Sky Property Management Ltd and Big Sky Ventures Ltd, which is wholly owned by South Norfolk Council.

The Results for the year and key performance indicators for the Company were as follows:

In the current year, turnover dropped from £10,731,803 to £3,393,954, which is in line with forecasts and is due to the impacts of the Nutrient Neutrality planning permission moratorium on project delivery. This pause in our delivery plan has meant the gross margin dropped by 8.44% in the year. Work In Progress was amortised through the year in line with house sales and land usage.

The results reflect the impact that Nutrient Neutrality has had on turnover. The Balance Sheet remains robust with the drop in current assets reflected with the corresponding drop in liabilities. Work In Progress was reduced in line with sales of housing and land usage, and £3,000,000 of borrowings were repaid as scheduled, which is reflected in the minimal change in the Return on Capital Employed.

Nutrient Neutrality, being the planning permission moratorium on overnight accommodation which came into effect from March 2022 has had a significant impact on our targets. The moratorium requires the approval of mitigation to offset the discharge of additional phosphates and nitrates into specific watercourses via the sewage treatment plants serving developments. The Business Plan has been reviewed and the impact on the remaining housing starts at St Giles Park being delayed has been reflected. Suitable mitigation has been secured to enable works to recommence in the first quarter of 2024/25 but this has had an impact on the timing of sales, which are now anticipated to complete in future financial years.

Sales values continue to remain strong reflecting the quality of homes being delivered.

The management of the business and the execution of the Company’s strategy are subject to a number of risks. The key business risk and uncertainties affecting the Company are considered to relate to:

• Securing land development opportunities,

• Delays in the planning environment, impacting on site delivery,

• Skills shortages across the key disciplines,

• Inflationary impact on the resources (materials and labour),

• Housing market confidence

The company’s key performance indicators are described in the business review above. Further indicators are reviewed by the Directors in the Quarterly Board meetings. These include the Company’s ambition to achieve a five star builders standard and the gold standard in our independent customer satisfaction surveys. No other key performance indicators are deemed necessary to explain the development, performance or position of the Company.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The principal activity of the company continued to be that of the development of residential and commercial properties.

Big Sky Developments Ltd, as part of the Big Sky Living Group, are property developers, focussed on delivering growth and enhancing the quality of life in the Cambridge-Norwich Tech Corridor, including the Greater Norwich Housing Market area. The main focus of Big Sky Developments Ltd is in building high-quality spaces within South Norfolk to create vibrant communities that stand the test of time.

The results for the year are set out on page 9.

The last phase of housing with planning permission not affected by Nutrient Neutrality was completed in June 2023. Work on site was able to recommence in June 2024 and provided plots for sale in quarter 4 of the financial year and in the following financials years. Along side this, progress was made in exploring new development opportunities.

During the year the company has contributed directly to its owner a total of £1,366,063. Comprising loan interest payment of £1,022,480, Community infrastructure levy of £291,460, and other sundry payments such as gym membership for its purchasers, building regulation fee, sponsorship, etc.

These factors have meant that the company has experienced a pre-tax loss of £1,692,453 with net assets of £1,874,189 compared to £3,587,878 as restated in the previous year.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

With inflation starting to fall and interest rates plateauing out, along with the reduction in new homes availability due to the Nutrient Neutrality moratorium, we have found the market interest in our homes remains positive. This has been assisted with the quality and level of specification we offer over our competitors.

We consider materials and labour inflation as a risk; our consultants have indicated a minimum increase of 15% is likely on any new works. With the increase in costs and the risk of ​​sales values reducing due to economic uncertainty this could impact on our profit margins and cash flow. We have reviewed our specification to take into account the materials and labour inflation whilst still maintaining a high level of standards but may need to consider further adjustments on future projects to help reduce any effects further.

The company's current borrowings are all at fixed rates of interest and therefore rising interest rates are not considered a significant risk. However, a new funding model has been incorporated into the future business plan.

Due to the nature of the company's trade, the directors consider the exposure to credit risk to be minimal.

We are currently exploring a number of options to develop further sites, including those falling outside the Nutrient Neutrality Zone. These sites  would offer the opportunity for the development of a further 100 homes and enable work to commence on site during 2026.

On 1 September 2025 our auditors, Ensors Accountants LLP, merged with Azets Audit Services Limited. Accordingly Ensors Accountants LLP formally resigned as the company’s auditors with the directors duly appointing Azets Audit Services Limited, trading as Ensors to fill the vacancy arising. The auditor, Azets Audit Services Limited, trading as Ensors will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Big Sky Developments Ltd (the 'company') for the year ended 31 March 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 company's affairs as at 31 March 2025 and of its loss for the year 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

• the 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.

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

• obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework;

• inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known, actual, suspected or alleged instances of fraud;

• discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Big Sky Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Horizon Centre, Peachman Way, Broadland Business Park, Norwich, NR7 0WF.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of South Norfolk Council. The business address for South Norfolk Council is The Horizon Centre, Peachman Way, Broadland Business Park, Norwich, NR7 0WF. The consolidated financial statements for South Norfolk Council are publicly available from https://www.southnorfolkandbroadland.gov.uk/downloads/download/130/south-norfolk-council---statement-of-accounts

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Big Sky Developments Ltd is a wholly owned subsidiary of Big Sky Ventures Ltd and the results of Big Sky Developments Ltd are included in the consolidated financial statements of Big Sky Ventures Ltd.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company also has the full financial support of the South Norfolk District Council. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of properties is recognised on completion when the significant risks and rewards of ownership pass to the buyer. The revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of accumulated depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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

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

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

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

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

In assessing the carrying value of stocks, the directors consider whether an impairment is required. The directors review forecasts and make assumptions about the future income and expenses of the ongoing developments in determining an estimated net realisable value for the properties being developed and whether the development as a whole will be profitable or loss making. With the current volatile climate, rising interest rates, and the knock on effect on the property market unknown, the directors consider this a key area of estimation uncertainty.

The average monthly number of persons employed by the company during the year was:

The directors of this company are employed by a different group company and the costs related to their time are included within recharge staff costs.

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

The company has elected to not recognise a deferred tax asset of £445,002 (2024: £42,542) in relation to carried forward tax losses.

Details of the company's subsidiaries at 31 March 2025 are as follows:

*The registered office address of the subsidiary is The Horizon Centre, Peachman Way, Broadland Business Park, Norwich, NR7 0WF.

Loans totalling £13,960,000 as at 31 March 2025 (2024: £16,960,000) are secured by land at Cringleford and interest is charged on the outstanding balance at a fixed rate of 6%.

Loans totalling £4,500,000 as at 31 March 2025 (2024: £Nil) are secured by land at Cringleford and interest is charged on the outstanding balance at a fixed rate of 6.75%.

Loans totalling £1,000,000 as at 31 March 2025 (2024: £Nil) are secured by land at Cringleford and interest is charged on the outstanding balance at a fixed rate of 6.5%.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Each share has full rights in the company with respect to voting, dividends and distributions.

In the post balance sheet period the company entered into new loan funding with its ultimate parent entity. The new loan funding agreement allows the entity better flexibility regarding borrowing and repayment of capital. The loan carries and authorised limit of £25,000,000 alongside an additional £10,000,000 designated as a bridging loan. The existing loans at the balance sheet date are replaced with this new agreement.

The directors have taken exemption of the disclosure requirements under FRS 102 to not disclose balances and transactions with wholly owned members of the group.

During the year, the company incurred expenses of £57,925 (2024: £51,225) from other related parties. At the balance sheet date the company owed £17,535 (2024: £0) to other related parties.

The parent company of Big Sky Developments Ltd is Big Sky Ventures Ltd, and its registered office address is The Horizon Centre, Peachman Way, Broadland Business Park, Norwich, NR7 0WF. Big Sky Ventures Ltd heads the smallest group of accounts which consolidate the results of the company.

The Ultimate parent entity is South Norfolk Council. South Norfolk Council also head the largest group for which group accounts are drawn. The financial statements for South Norfolk Council are publicly available from https://www.southnorfolkandbroadland.gov.uk/downloads/download/130/south-norfolk-council---statement-of-accounts

There is deemed to be no ultimate controlling party.

A restatement has been made to the carrying value of work in progress following the correction of a calculation error. The taxation impact of the restatement is also included within this adjustment.