REGISTERED NUMBER: 09343095 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

FOR

MC HOUSING LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

5

Report of the Independent Auditors

7

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTOR:

Mrs C R Mapper

REGISTERED OFFICE:

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

REGISTERED NUMBER:

09343095 (England and Wales)

AUDITORS:

Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

The director presents her strategic report for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The company's principal activity is trading in residential properties and property investment.

PRINCIPAL RISKS AND UNCERTAINTIES

The main risk for the company is a reduction in property values; if a property is held in stock for a long period this risk increases. In order to mitigate the risk, the company is continuously trading stock as mentioned below.

Credit risk

The director monitors credit risk closely and considers that the current policies and procedures meet the objectives of managing exposure to credit risk therefore credit risk is limited. The material credit exposures are amounts receivable from related parties and bank deposits. Bank deposits are held in accounts at large international banking institutions and are not invested in risky or illiquid investments. The other amounts receivable is mostly from companies with institutional backing whom senior management have completed financial due diligence on.

Thorough analysis of receivables was carried out by senior management throughout the year, and a prudent approach was undertaken to the recoverability of these receivables.

Currency risk

The Company was not exposed to currency risk during the period.

Liquidity risk

The ability of the company to meet its current obligations needs to be continually considered. The business mitigates against this by liquidity forecasting on a near and long-term basis to identify and remedy situations before they arise.

Interest rate risk

The Company has not hedged its interest rate exposure during the year.

Development risk

Development activities by their very nature have an inherent level of risk. Assessment and mitigation of development risks are at the core of the company's business model. There are experienced management teams and this provides MC Housing with comfort that development risks are understood and appropriately managed.

Market risk

The only risks applicable to the company are non-trading market risk.

Non-trading market risk arises from MC Housing's private equity investments. Exposure is limited to the valuations of the investments.

SECTION 172(1) STATEMENT

Consequences of decisions in the long term

The director considers that she has acted in a way to promote the success of the business in the decisions taken in the year ended 31 December 2024. The intention is to nurture the company's reputation, through the delivery of a plan that reflects responsible behaviour.

Employees

The company has 1 employee.

Suppliers, customers and others

The company deals solely with the purchase and sale of properties. Most of the transactions in the company are one-off and not recurring business relationships. The company has never failed to complete on a property where it has exchanged. It has a policy of being clear and transparent in all transactions. The company use high quality reputable lawyers for all their property transactions.

Community and environment

The company has minimal direct environment impact due to its nature. When looking for regular suppliers, the director considers the supplier's ethical and environment policies.

Reputation

The company's intention is to behave responsibly and to ensure that the business operates in a responsible manner, operating within the high standards of business conduct and good governance expected of the business. The company has a good reputation in this regard and acts in good faith in all of it's operations.

Acting fairly between members

The director is the sole member of the company.

STREAMLINED ENERGY AND CARBON REPORTING

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

OUR STRATEGIC PRIORITIES

The company has two objectives:

- to deliver attractive returns;

- to uphold MC Housing Ltd's reputation for integrity and reliability.

The company's primary financial objective is to maximise returns at acceptable levels of risk.

BUSINESS REVIEW

The results for the period and financial position of the company are as shown in the annexed financial statements.

The company has concentrated on trading property since it was incorporated. The properties are purchased with the intention of renovating them and then selling them. This ensures that the company is continuously trading stock and does not hold on to stock for a long period with the result of mitigating risk to the company.

As is evidenced by the results (see below), the above policy has worked well for the company and the company is showing a healthy gross profit.

KEY PERFORMANCE INDICATORS

Key performance indicators (KPI) below offer insights of the year's operations:

KPI

2024

2023

% Change

Turnover

£62,698,793

£47,182,935

+32.88%

Gross profit Margin

10.14%

10.62%

-0.48%

Operating profit

£5,807,961

£4,242,882

+36.89%

Cash at Bank

£259,947

£656,569

-60.41%

Net Current Liabilities

£3,946,958

£2,295,578

+71.94%

COMPANY PERFORMANCE

2024 realised a turnover of £62.7m (2023: £47.2m). This represents a increase of 33% compared to the previous year. The gross profit margin is 10.1% (2023: 10.6%). Profit before tax increased by 36.83% to £5.76m (2023: £4.21m).

CHARITABLE DONATIONS AND EXPENDITURE

During the year, the company made a total charitable donation of £332k (2023: £517k).

FINANCIAL POSITION

The company's shareholders funds now stand at £1.3m (2023: £1.3m). There is a trivial growth which has been driven by high levels of purchases and sales during the year.

FINANCIAL CAPACITY AND LIQUIDITY

The company is well positioned to take advantage of opportunities as they arise. The company's financial capacity stood at £259,947 (2023: £656,569) which is cash at bank.

The director considers that there are no non-financial performance measurements relevant to the business.

ON BEHALF OF THE BOARD:

Mrs C R Mapper - Director

31 December 2025

The director presents her report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No interim dividend was paid during the year. The director recommends a final dividend of £43,100 per share.

The total distribution of dividends for the year ended 31 December 2024 will be £4,310,000.

There were £3,205,000 distribution of dividends in 2023.

DIRECTOR

Mrs C R Mapper held office during the whole of the period from 1 January 2024 to the date of this report.

CHARITABLE DONATIONS AND EXPENDITURE

Donations made during the year is disclosed in the strategic report.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen, in accordance with the Companies Act, to set out in the strategic report, information regarding the review of business and description of the principal risks and uncertainties facing the company.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards 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 director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Melinek Fine LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs C R Mapper - Director

31 December 2025

Opinion

We have audited the financial statements of Mc Housing Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit 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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director 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 Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade legislation; data protection legislation; anti-bribery and corruption legislation.

International Standards on Auditing (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

- Challenging assumptions made by management in its significant accounting estimates.

- Identifying and testing journal entries during the period and post balance sheet date, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management.

- Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

- Ensuring that testing undertaken on both the performance statement and the Balance Sheet includes a number of items selected on a random basis.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Aryeh Melinek (Senior Statutory Auditor)

for and on behalf of Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

31 December 2025

TURNOVER

3

62,698,793

47,182,935

Cost of sales

56,338,465

42,171,963

GROSS PROFIT

6,360,328

5,010,972

Administrative expenses

910,439

1,033,305

5,449,889

3,977,667

Other operating income

358,072

265,215

OPERATING PROFIT

5

5,807,961

4,242,882

Interest receivable and similar income

49,002

24,651

5,856,963

4,267,533

Interest payable and similar expenses

6

92,154

54,407

PROFIT BEFORE TAXATION

5,764,809

4,213,126

Tax on profit

7

1,441,846

1,006,493

PROFIT FOR THE FINANCIAL YEAR

4,322,963

3,206,633

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,322,963

3,206,633

FIXED ASSETS

Tangible assets

9

1,971

1,994

Investments

10

50,000

50,000

Investment property

11

5,658,550

4,004,184

5,710,521

4,056,178

CURRENT ASSETS

Stocks

12

15,263,819

12,742,142

Debtors

13

6,308,629

5,444,708

Cash at bank

259,947

656,569

21,832,395

18,843,419

CREDITORS

Amounts falling due within one year

14

25,779,353

21,138,997

NET CURRENT LIABILITIES

(3,946,958

)

(2,295,578

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,763,563

1,760,600

CREDITORS

Amounts falling due after more than one year

15

(4,167

)

(14,167

)

PROVISIONS FOR LIABILITIES

18

(435,354

)

(435,354

)

NET ASSETS

1,324,042

1,311,079

CAPITAL AND RESERVES

Called up share capital

19

100

100

Other reserves

20

1,306,062

1,306,062

Profit and loss account

20

17,880

4,917

SHAREHOLDERS' FUNDS

1,324,042

1,311,079

The financial statements were approved by the director and authorised for issue on 31 December 2025 and were signed by:

Mrs C R Mapper - Director

Called up

Profit

share

and loss

Other

Total

capital

account

reserves

equity

£

£

£

£

Balance at 1 January 2023

100

3,284

1,306,062

1,309,446

Changes in equity

Dividends

-

(3,205,000

)

-

(3,205,000

)

Total comprehensive income

-

3,206,633

-

3,206,633

Balance at 31 December 2023

100

4,917

1,306,062

1,311,079

Changes in equity

Dividends

-

(4,310,000

)

-

(4,310,000

)

Total comprehensive income

-

4,322,963

-

4,322,963

Balance at 31 December 2024

100

17,880

1,306,062

1,324,042

Cash flows from operating activities

Cash generated from operations

1

2,323,300

3,322,521

Interest paid

(92,154

)

(54,407

)

Tax paid

(653,381

)

(856,715

)

Net cash from operating activities

1,577,765

2,411,399

Cash flows from investing activities

Purchase of tangible fixed assets

(595

)

(2,492

)

Purchase of investment property

(1,654,366

)

-

Interest received

49,002

24,651

Net cash from investing activities

(1,605,959

)

22,159

Cash flows from financing activities

Loan repayments in year

(10,000

)

(10,000

)

Amount withdrawn by directors

(346,860

)

691,664

Amount owed to group undertaking

4,298,432

-

Equity dividends paid

(4,310,000

)

(3,205,000

)

Net cash from financing activities

(368,428

)

(2,523,336

)

Decrease in cash and cash equivalents

(396,622

)

(89,778

)

Cash and cash equivalents at beginning of year

2

656,569

746,347

Cash and cash equivalents at end of year

2

259,947

656,569

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

5,764,809

4,213,126

Depreciation charges

617

498

Finance costs

92,154

54,407

Finance income

(49,002

)

(24,651

)

5,808,578

4,243,380

Increase in stocks

(2,521,677

)

(3,999,626

)

Increase in trade and other debtors

(863,921

)

(1,587,642

)

(Decrease)/increase in trade and other creditors

(99,680

)

4,666,409

Cash generated from operations

2,323,300

3,322,521

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

259,947

656,569

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

656,569

746,347

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

656,569

(396,622

)

259,947

656,569

(396,622

)

259,947

Debt

Debts falling due within 1 year

(10,000

)

-

(10,000

)

Debts falling due after 1 year

(14,167

)

10,000

(4,167

)

(24,167

)

10,000

(14,167

)

Total

632,402

(386,622

)

245,780

1.	STATUTORY INFORMATION

Mc Housing Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 09343095 and the company's registered office is First Floor, Winston House, 349 Regents Park Road, London, United Kingdom, N3 1DH. The company's principal activities and nature of its operations are disclosed in the directors' strategic report.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared 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 have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors have considered a period of at least 12 months from the date of signing of the balance sheet in making their assessment on the going concern of the company and do not believe there are any uncertainty because all projects are running in line with expectations and are expected to generate profit.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

The whole of the turnover is attributable to the principal activity of the company, being the trading of properties in the United Kingdom. Turnover comprises net proceeds from sales of properties.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the assets; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the company's sales channels have been met, as described below.

Sale of assets

The company sells assets including properties. Revenue is recognised on sale to the buyer at the date specified in the sales contract.

Lease income

The company generates income from project leases. Revenue is recognised on a straight-line basis over the expected lease period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Investment property

Investment property is carried at fair value. Revaluation surpluses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stock represents residential properties bought with the intention of selling them. Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

i. Financial assets

Basic financial assets, including trade amounts and other debtors owed to the company, cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

ii. Financial liabilities

Basic financial liabilities, including trade and other creditors, 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 receipts discounted at a market rate of interest.

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

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

iii. Offsetting

Financial assets and liabilities are offset and 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Acquisitions and disposals

Acquisitions and disposals of the properties are considered to take place at the date of legal completion, and are included in the Financial Statements accordingly, as this is deemed to be the point where the majority of risks and rewards of ownership vest.

Going concern

The financial statements have been prepared on a going concern basis.

In making their assessment the director has considered the foreseeable future which is a period of at least 12 months from the date of signing the balance sheet.

The company has initially made profits and has a positive balance sheet. The company has at the balance sheet date net current liabilities of £3,946,958 (2023: £2,295,578) and positive reserves of £1,323,942 (2023: £1,310,979).

The directors do not believe there are any material uncertainty as to the going concern status of the company because all projects are running in line with expectations and are expected to generate profits.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

United Kingdom

62,698,793

47,182,935

62,698,793

47,182,935

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1(2023: 1).

2024

2023

£

£

Director's remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Depreciation - owned assets

618

498

Auditors' remuneration

6,600

6,600

Non-audit fees

58,876

53,445

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank loan interest

490

-

Interest payable

91,664

54,407

92,154

54,407

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

1,441,846

1,006,493

Tax on profit

1,441,846

1,006,493

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

5,764,809

4,213,126

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

1,441,202

1,053,282

Effects of:

Expenses not deductible for tax purposes

792

17,019

Capital allowances in excess of depreciation

(148

)

(499

)

Change in tax rate in year

-

(63,309

)

Total tax charge

1,441,846

1,006,493

8.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Final

4,310,000

3,205,000