Hampshire Homes Limited

	Page
Strategic Report	1—2
Directors' Report	3
Independent Auditor's Report	4—5
Profit and Loss Account	6
Balance Sheet	7
Statement of Changes in Equity	8
Statement of Cash Flows	9
Notes to the Statement of Cash Flows	10
Notes to the Financial Statements	11—16

The directors present their strategic report for the year ended 31 December 2024.

Principal Activity

The company's principal activity continues to be that of construction of new houses in the affordable housing sector.

Review of the Business

Continued delays and challenges within the Planning process caused significant postponements in the start of several larger sites due to start in the latter half of 2024 and now staring 2025/2026. This is reflected in a reduction in turnover within the financial year although margins remained consistent. The pipeline remains strong with a mix of larger and smaller projects secured and several new parnerships secured and continuing to be developed.

Financial Key Performance Indicators

The Directors consider the key indicators to be Revenue and Gross Profit Margin

	2024	2023
Revenue	£17.417m	£25.874m
Revenue Growth	-32.7%	-24.5%
Gross Profit Margin	8.9%	8.9%
Net current assets	£0.219m	£0.579m
Net Assets	£0.251m	£0.620m

Principal Risks and Uncertainties

The principal risks and uncertainties that face the company are as follows:

• Competitive Risk - We continue to see additional competitors in the affordable housing market as the private sector sales slow and projects are scaled back or mothballed. Our strong ongoing relationships with registered provider clients ensure that we remain a valued partner and we continue to invest in these relationships with regular meetings in all aspects of the build process.

• Business Risk – The planning process remains protracted, and delays are an ongoing challenge. We continue to adapt our forecasting strategy to reflect this in a multitude of areas including financially, technically and staffing. Regular communications with our clients ensure their expectations can be managed and forecasting informed.

• Financial Risk – The bond market remains a challenge for SME construction businesses, and we have agreed alternative strategies with several clients to minimise the risk to both parties.. Delayed contract starts have affected financial forecasts however we have secured several sites with planning permission and more immediate starts that have bridged the delay.

During 2024 and 2025, two active contracts were impacted by infrastructure installation delays and technical complications, leading to increased costs and schedule extensions. This adversely affected cash flow; however, the company secured an external funding facility to support operations during this period. Both sites are now operationally stable and are scheduled for completion in January 2026, with cash flow expected to return to prior-year levels by mid-2026.

Page 1

Page 2

Hampshire Homes Limited

Strategic Report (continued)

For The Year Ended 31 December 2024

Future Developments

The company continues to identify sites for development and future projects with projected start dates are listed below.

	Contract value	No of units	Projected start date
	£m
Pagham	14.08	65	2025
Belbins	8.63	43	2026
Toddington	3.01	10	2025
Marchwood	26.85	150	2025
Station Road	22.62	130	2026
Marnhull	13.13	69	2025
Russell Nursery	1.64	7	2025
Shaftsbury	4.41	23	2026/7
Everton Nurseries	1.85	10	2025
Silver Street	7.43	50	2027
Post Office Lane	4.3	19	2027
Durrant Road	2.38	9	2025
Windlesham	5	20	2026

On behalf of the board

T R Moody

Director

29th December 2025

Page 2

Page 3

Hampshire Homes Limited

Company No. 09857848

Directors' Report For The Year Ended 31 December 2024

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors

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

Mr. IE Wallace

Mr TR Moody

Mrs C Wallace

Mrs H Moody

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the 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;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Knight Goodhead Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

I E Wallace

Director

29th December 2025

Page 3

Page 4

Independent Auditor's Report

to the Members of

Hampshire Homes Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Hampshire Homes Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(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 entity's ability to continue as a going concern for a period of at least 12 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.

Matters on Which We Are Required to Report by Exception

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.

Page 4

Page 5

Independent Auditor's Report (continued)

to the Members of

Hampshire Homes Limited

Responsibilities of Directors

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.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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 we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.

To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships, tested journal entries to identify unusual transactions 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 financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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 that 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.

CJ Goodhead FCA (Senior Statutory Auditor)

for and on behalf of Knight Goodhead Limited , Statutory Auditor

29th December 2025

Knight Goodhead Limited

7 Bournemouth Road

Chandler's Ford

Estleigh

Hampshire

SO53 3DA

Page 5

Page 6

Hampshire Homes Limited

Profit and Loss Account

For The Year Ended 31 December 2024

Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER	3	17,417,153	25,873,877
Cost of sales		(15,859,457 )	(23,583,831 )

GROSS PROFIT		1,557,696	2,290,046

Administrative expenses		(1,279,586 )	(1,533,333 )

OPERATING PROFIT		278,110	756,713
Profit on disposal of fixed assets		3,354	-
Interest payable and similar charges	8	(47,945 )	(7,350 )

PROFIT BEFORE TAXATION		233,519	749,363
Tax on Profit	9	(55,127 )	(187,297 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		178,392	562,066

The notes on pages 10 to 16 form part of these financial statements.

Page 6

Page 7

Hampshire Homes Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: 09857848

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	10		74,533		97,967

			74,533		97,967
CURRENT ASSETS
Stocks	11	475,942		198,957
Debtors	12	2,403,688		2,976,459
Cash at bank and in hand		410,482		1,640,503

		3,290,112		4,815,919
Creditors: Amounts Falling Due Within One Year	13	(3,067,404 )		(4,236,716 )

NET CURRENT ASSETS (LIABILITIES)			222,708		579,203

TOTAL ASSETS LESS CURRENT LIABILITIES			297,241		677,170

Creditors: Amounts Falling Due After More Than One Year	14		(24,095 )		(32,198 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	15		(18,633 )		(24,492 )

NET ASSETS			254,513		620,480

CAPITAL AND RESERVES
Called up share capital	17		100		100
Profit and Loss Account			254,413		620,380

SHAREHOLDERS' FUNDS			254,513		620,480

On behalf of the board

T R Moody Director	I E Wallace Director
29th December 2025

The notes on pages 10 to 16 form part of these financial statements.

Page 7

Page 8

Hampshire Homes Limited

Statement of Changes in Equity

For The Year Ended 31 December 2024

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2023 as previously stated	100	212,715	212,815
Prior year adjustment	-	1,285,599	1,285,599

As at 1 January 2023 as restated	100	1,498,314	1,498,414
1,498,314

Profit for the year and total comprehensive income	-	562,066	562,066

Dividends paid	-	(1,440,000)	(1,440,000)

As at 31 December 2023 and 1 January 2024	100	620,380	620,480


Profit for the year and total comprehensive income	-	178,392	178,392

Dividends paid	-	(544,359)	(544,359)

As at 31 December 2024	100	254,413	254,513

Page 8

Page 9

Hampshire Homes Limited

Statement of Cash Flows

For The Year Ended 31 December 2024

Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(341,795 )	1,629,661
Interest paid		(47,945 )	(7,350 )
Tax paid		(292,777 )	(379,247 )

Net cash (used in)/generated from operating activities		(682,517 )	1,243,064

Cash flows from investing activities
Purchase of tangible assets		(26,645 )	(47,364 )
Proceeds from disposal of tangible assets		23,500	2,072

Net cash used in investing activities		(3,145 )	(45,292 )

Cash flows from financing activities
Equity dividends paid		(544,359 )	(1,440,000 )



Decrease in cash and cash equivalents		(1,230,021 )	(242,228 )
Cash and cash equivalents at beginning of year	2	1,640,503	1,882,731

Cash and cash equivalents at end of year	2	410,482	1,640,503

Page 9

Page 10

Hampshire Homes Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash (used in)/generated from operations

	2024	2023
	£	£
Profit for the financial year	178,392	562,066
Adjustments for:
Tax on profit	55,127	187,297
Interest expense	47,945	7,350
Depreciation of tangible assets	29,933	39,556
Profit on disposal of tangible assets	(3,354)	-
Movements in working capital:
Increase in stocks	(276,985 )	(24,821 )
Decrease in trade and other debtors	572,771	521,782
(Decrease)/increase in trade and other creditors	(945,624 )	336,431

Net cash (used in)/generated from operations	(341,795 )	1,629,661

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	410,482	1,640,503

3. Analysis of changes in net funds

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	1,640,503	(1,230,021)	410,482

Page 10

Page 11

Hampshire Homes Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Hampshire Homes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09857848 . The registered office is Unit 8 Chatmohr Estate, Crawley Hill, Nr Romsey, SO51 6AP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and 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 £.

2.2. Turnover

The company considers all contracts with commercial customers and registered providers for affordable housing on a contract by contract basis and determines the appropriate revenue recognition based on the particular terms of that contract.

The company recognises revenue over time in relation to contracts with registered providers where the registered provider has control of the land.

Where the outcome of a contract on which revenue is recognised over time can be estimated reliably, revenue is recognised by reference to the completion of contract activity which is measured by surveys of work performed to date. Where the outcome of a contract on which revenue is recognised over time cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred. If it is probable that the total costs on a contract will exceed total contract revenue, the expected loss is immediatley recognised as an expense in the profit and loss account.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% on written down value
Motor Vehicles	25% on written down value
Fixtures & Fittings	10-20% on written down value
Computer Equipment	over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference betweein the sale proceeds and the carrying value of the asset

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

Page 11

Page 12

Hampshire Homes Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Financial Instruments

Basic financial assets

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 calssified as receivable within one year are not amortised.

Basic finanacial 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 arragement constitutes a financing transaction, where the debt instrument is measured at present value of the future payments discountedd at a market rate of interest. Financial liabilities classified as payable wihtin one year are not amortised.

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 liabiliteis. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interst method.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2.7. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.9. Judgements and key sources of estimation uncertainty

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.

2.10. Contribution to Employee Ownership Trust

The Employee Ownership Trust has a controlling interest in the company. Controlling interest is measured by having more than 50% of the ordinary share capital, the voting rights, entitlement to profits available for distribution and assets on a winding up. The shares are held for the benefit of all the eligible employees (as a group) in accordance with the trust deed and law. The contribution to the Employee Ownership Trust is accounted for as a deduction within equity and is funded out

of distributable reserves.

Page 12

Page 13

Hampshire Homes Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3. Turnover

Analysis of turnover by geographical market is as follows:

	2024	2023
	£	£
United Kingdom	17,417,153	25,873,877

	17,417,153	25,873,877

4. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	15,000	12,500

5. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	955,260	1,033,496
Other pension costs	21,964	22,671

	977,224	1,056,167

6. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2024	2023
Office and administration	24	24

	24	24

7. Directors' remuneration

	2024	2023
	£	£
Emoluments	220,000	185,900

Information regarding the highest paid director was as follows:

	2024	2023
	£	£
Emoluments	154,431	154,293

8. Interest Payable and Similar Charges

	2024	2023
	£	£
Bank loans and overdrafts	47,945	7,350

Page 13

Page 14

Hampshire Homes Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Tax on Profit

	Tax Rate		2024	2023
The tax charge on the profit for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	23.5%	60,986	187,297
Deferred Tax
Deferred taxation			(5,859 )	-


Total tax charge for the period			55,127	187,297


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2024	2023
			£	£
Profit before tax			233,519	749,363

Tax on profit at 25% (UK standard rate)			55,127	176,254
Goodwill/depreciation not allowed for tax			6,645	9,304
Expenses not deductible for tax purposes			-	5,424
Capital allowances			(786 )	(10,653 )
Short term timing differences			(5,859 )	6,968

Total tax charge for the period			55,127	187,297

10. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2024	8,216	160,168	8,077	45,473	221,934
Additions	-	19,990	5,785	870	26,645
Disposals	-	(46,469 )	-	-	(46,469 )

As at 31 December 2024	8,216	133,689	13,862	46,343	202,110

Depreciation
As at 1 January 2024	5,878	78,247	4,824	35,018	123,967
Provided during the period	2,338	20,398	577	6,620	29,933
Disposals	-	(26,323 )	-	-	(26,323 )

As at 31 December 2024	8,216	72,322	5,401	41,638	127,577

Net Book Value
As at 31 December 2024	-	61,367	8,461	4,705	74,533

As at 1 January 2024	2,338	81,921	3,253	10,455	97,967

Page 14

Page 15

Hampshire Homes Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

11. Stocks

	2024	2023
	£	£
Work in progress	475,942	198,957

12. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	411,092	145,004
Prepayments and accrued income	1,109,018	1,801,467
Other debtors	248,290	476,588
VAT	234,728	161,088
Amounts owed by Hampshire Homes Group Ltd	(100 )	392,312
Amounts owed by GRM Holdings Ltd	400,660	-

	2,403,688	2,976,459

13. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	1,989,506	2,390,635
Other creditors	9,607	57,392
Corporation tax	340,158	571,949
Taxation and social security	47,664	67,613
Accruals and deferred income	680,469	1,149,127

	3,067,404	4,236,716

14. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Other creditors	24,095	32,198

Of the creditors the following amounts are secured.

	2024		2023
	£		£
Net obligations under finance lease and hire purchase contracts	34,602		44,019

15. Deferred Taxation

The provision for deferred tax is made up as follows:

	2024	2023
	£	£
Other timing differences	18,633	24,492

Page 15

Page 16

Hampshire Homes Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

16. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 January 2024	24,492	24,492
Reversals	(5,859 )	(5,859)

Balance at 31 December 2024	18,633	18,633

17. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1 each	100	100

18. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £21,964 (2023: £22,671).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

19. Dividends

	2024	2023
	£	£
On equity shares:
Final dividend paid	544,359	1,440,000

20. Controlling Parties

The company's ultimate controlling party is The Trustees Of Hampshire Homes Group Limited Employee Ownership Trust by virtue of their shareholdings (as Trustees) in the parent company Hampshire Homes Group Limited.

Page 16