REGISTERED NUMBER: 08525773 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

FOR

ALBEMARLE HOMES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

D Barker

Mrs C Barker

REGISTERED OFFICE:

Grove Barn

11 Silica Court

Kirk Sandall

Doncaster

South Yorkshire

DN3 1EG

REGISTERED NUMBER:

08525773 (England and Wales)

AUDITORS:

Leesing Marrison Lee & Co

Chartered Certified Accountants

Register Auditor

46 Main Street

Mexborough

South Yorkshire

S64 9DU

The directors present their strategic report for the year ended 30th September 2025.

BUSINESS MODEL

Albemarle Homes Limited is a wholly owned subsidiary of Albemarle Holdings Limited. We are a family run housebuilder providing homes to the communities of South Yorkshire, North Nottinghamshire and Lincolnshire.

Our objective is to provide high quality and affordable homes, that also offer customers the opportunity to tailor specifications to their tastes. Utilising our vast network of local subcontractors with whom we have excellent longstanding relationships we aim to ensure a high standard at efficient cost to deliver profit.

BUSINESS PERFORMANCE

Key Performance Indicators (KPIs):

2025

2024

Turnover

£20,952,600

£13,158,597

Gross Profit

£3,066,218

£1,445,908

GP Margin

15%

11%

Despite less favourable market conditions in the financial period, revenue has significantly increased in FY25 due to progression with existing significant contracts. Extensive preliminary work and strategic planning meant various stages of the contracts could be delivered to a high efficiency, reflected in the improved gross profit and gross profit margin

BUSINESS ENVIRONMENT

The financial year ending 30th September 2025 saw low demand persisting in the housing market. Whilst interest rates have fallen they are still higher than they were previous to the last two years. Inflation, although reduced, is still above Government targets. And the lack of a suitable replacement to the Government Help To Buy: Equity Loan, have all resulted in low mortgage affordability and thus sustained low demand.

Government policy such as affordable housing and environmental requirements on new housing estates, as well as the lack of skilled trade, increased planning fees, shortages in planning officers and planning application delays all negatively affect the supply of housing in the sector.

Interest rates are forecast to fall further and the Government have pledged to address the significant issues within the planning process, which should hopefully have a positive impact in the upcoming period.

STRATEGIC MANAGEMENT

Securing long running contracts ensured revenue in a slow market.

Having longstanding excellent working relationships with our network of subcontractors allowed us to negotiate and keep costs competitively low ensuring we could keep our houses affordable to customers.

FUTURE PERFORMANCE

The fulfilment of significant contracts along with secured deposits will ensure acceptable levels of revenue for the next financial period. Planning the rate of build to reflect secured sales will ensure costs are kept in line with sales and ensure the business remains profitable through a tough economic period. There are some signs of improvement in the market with interest rates expected to fall further. The current Government have pledged to deliver 1.5 million homes during their term and are expected to make improvements to the planning system, invest in training of apprentices and reform the current LISA scheme to aid first time buyers, in an attempt to deliver their target. Our existing relationships with significant land owners and sites secured for the future, should ensure turnover and profit over future years.

ON BEHALF OF THE BOARD:

D Barker - Director

2nd January 2026

The directors present their report with the financial statements of the company for the year ended 30th September 2025.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £2050 per share.

The total distribution of dividends for the year ended 30th September 2025 will be £ 205,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1st October 2024 to the date of this report.

D Barker

Mrs C Barker

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Leesing Marrison Lee & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D Barker - Director

2nd January 2026

Opinion

We have audited the financial statements of Albemarle Homes Limited (the 'company') for the year ended 30th September 2025 which comprise the Income Statement, Other 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 30th September 2025 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors 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 Directors.

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 directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

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:

Our procedures to respond to risks identified include the following;

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-reading minutes of meetings of those charged with governance and reviewing regulatory correspondence;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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.

Robert Tippett (Senior Statutory Auditor)

for and on behalf of Leesing Marrison Lee & Co

Chartered Certified Accountants

Register Auditor

46 Main Street

Mexborough

South Yorkshire

S64 9DU

2nd January 2026

TURNOVER

20,952,600

13,158,597

Cost of sales

17,909,562

11,712,689

GROSS PROFIT

3,043,038

1,445,908

Administrative expenses

1,375,734

910,798

1,667,304

535,110

Other operating income

31,314

20,202

OPERATING PROFIT

4

1,698,618

555,312

Interest receivable and similar income

37,612

44,473

1,736,230

599,785

Interest payable and similar expenses

5

2,580

3,966

PROFIT BEFORE TAXATION

1,733,650

595,819

Tax on profit

6

444,977

153,982

PROFIT FOR THE FINANCIAL YEAR

1,288,673

441,837

PROFIT FOR THE YEAR

1,288,673

441,837

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,288,673

441,837

FIXED ASSETS

Tangible assets

8

229,631

223,319

CURRENT ASSETS

Stocks

9

4,375,736

4,970,331

Debtors

10

921,654

179,126

Cash at bank and in hand

3,899,256

2,545,474

9,196,646

7,694,931

CREDITORS

Amounts falling due within one year

11

7,875,834

7,447,648

NET CURRENT ASSETS

1,320,812

247,283

TOTAL ASSETS LESS CURRENT LIABILITIES

1,550,443

470,602

CREDITORS

Amounts falling due after more than one year

12

-

(5,410

)

PROVISIONS FOR LIABILITIES

15

(57,408

)

(55,830

)

NET ASSETS

1,493,035

409,362

CAPITAL AND RESERVES

Called up share capital

16

100

100

Retained earnings

17

1,492,935

409,262

SHAREHOLDERS' FUNDS

1,493,035

409,362

The financial statements were approved by the Board of Directors and authorised for issue on 2nd January 2026 and were signed on its behalf by:

D Barker - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st October 2023

100

178,466

178,566

Changes in equity

Dividends

-

(211,041

)

(211,041

)

Total comprehensive income

-

441,837

441,837

Balance at 30th September 2024

100

409,262

409,362

Changes in equity

Dividends

-

(205,000

)

(205,000

)

Total comprehensive income

-

1,288,673

1,288,673

Balance at 30th September 2025

100

1,492,935

1,493,035

Cash flows from operating activities

Cash generated from operations

1

3,218,635

1,528,325

Interest paid

(838

)

(1,675

)

Interest element of hire purchase payments paid

(1,742

)

(2,291

)

Tax paid

(395,156

)

(36,148

)

Net cash from operating activities

2,820,899

1,488,211

Cash flows from investing activities

Purchase of tangible fixed assets

(86,529

)

(66,273

)

Sale of tangible fixed assets

8,500

4,500

Interest received

37,612

44,473

Net cash from investing activities

(40,417

)

(17,300

)

Cash flows from financing activities

Loan repayments in year

(1,080,000

)

(296,496

)

Intercompany loan movement

(127,529

)

331,760

Capital repayments in year

(14,171

)

(21,846

)

Equity dividends paid

(205,000

)

(211,041

)

Net cash from financing activities

(1,426,700

)

(197,623

)

Increase in cash and cash equivalents

1,353,782

1,273,288

Cash and cash equivalents at beginning of year

2

2,545,474

1,272,186

Cash and cash equivalents at end of year

2

3,899,256

2,545,474

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

30.9.25

30.9.24

£

£

Profit before taxation

1,733,650

595,819

Depreciation charges

68,689

63,766

Loss on disposal of fixed assets

3,028

2,366

Finance costs

2,580

3,966

Finance income

(37,612

)

(44,473

)

1,770,335

621,444

Decrease/(increase) in stocks

594,595

(2,022,389

)

Increase in trade and other debtors

(742,528

)

(76,418

)

Increase in trade and other creditors

1,596,233

3,005,688

Cash generated from operations

3,218,635

1,528,325

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 30th September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

3,899,256

2,545,474

Year ended 30th September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

2,545,474

1,272,186

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.24

Cash flow

At 30.9.25

£

£

£

Net cash

Cash at bank and in hand

2,545,474

1,353,782

3,899,256

2,545,474

1,353,782

3,899,256

Debt

Finance leases

(19,585

)

14,171

(5,414

)

Debts falling due within 1 year

(1,136,151

)

1,080,000

(56,151

)

(1,155,736

)

1,094,171

(61,565

)

Total

1,389,738

2,447,953

3,837,691

1.	STATUTORY INFORMATION

Albemarle Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

30.9.25

30.9.24

£

£

Wages and salaries

613,838

513,665

Social security costs

68,152

41,138

Other pension costs

271,078

80,966

953,068

635,769

The average number of employees during the year was as follows:

30.9.25

30.9.24

Administrative

23

20

30.9.25

30.9.24

£

£

Directors' remuneration

3,356

2,431

Directors' pension contributions to money purchase schemes

120,000

60,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

4.	OPERATING PROFIT

The operating profit is stated after charging:

30.9.25

30.9.24

£

£

Hire of plant and machinery

1,748

2,039

Other operating leases

26,743

16,875

Depreciation - owned assets

62,929

48,638

Depreciation - assets on hire purchase contracts

5,760

15,129

Loss on disposal of fixed assets

3,028

2,366

Auditors' remuneration

6,000

4,200

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.9.25

30.9.24

£

£

Bank loan interest

838

1,675

Hire purchase interest

1,742

2,291

2,580

3,966

6.

TAXATION

Analysis of the tax charge

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

30.9.25

30.9.24

£

£

Current tax:

UK corporation tax

443,399

155,072

Deferred tax

1,578

(1,090

)

Tax on profit

444,977

153,982

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:

30.9.25

30.9.24

£

£

Profit before tax

1,733,650

595,819

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

433,413

148,955

Effects of:

Expenses not deductible for tax purposes

11,564

5,027

deferred tax

Total tax charge

444,977

153,982

7.

DIVIDENDS

30.9.25

30.9.24

£

£

Ordinary shares of £1 each

Final

205,000

211,041

8.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st October 2024

207,149

37,526

192,874

23,209

460,758

Additions

77,500

1,012

-

8,017

86,529

Disposals

(49,599

)

-

-

-

(49,599

)

At 30th September 2025

235,050

38,538

192,874

31,226

497,688

DEPRECIATION

At 1st October 2024

126,386

15,046

77,768

18,239

237,439

Charge for year

36,684

4,698

23,021

4,286

68,689

Eliminated on disposal

(38,071

)

-

-

-

(38,071

)

At 30th September 2025

124,999

19,744

100,789

22,525

268,057

NET BOOK VALUE

At 30th September 2025

110,051

18,794

92,085

8,701

229,631

At 30th September 2024

80,763

22,480

115,106

4,970

223,319