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Registered number: 03677170 HORN PROPERTY DEVELOPMENTS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
HORN PROPERTY DEVELOPMENTS LIMITED COMPANY INFORMATION
Directors | M P S Horn
| T J Ekers
Company secretary | T J Ekers
Registered number | 03677170
Registered office | The Granary
| 80 Abbey Road
| Barking
| London
| IG11 7BT
Statutory auditor | Barnes Roffe Audit Limited
| Chartered Accountants Statutory Auditor
| Leytonstone House
| 3 Hanbury Drive
| London
| E11 1GA
HORN PROPERTY DEVELOPMENTS LIMITED CONTENTS
| Page
Group Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditor's Report | 4 - 8
Consolidated profit and loss account | 9
Consolidated statement of comprehensive income | 10
Consolidated Balance Sheet | 11
Company Balance Sheet | 12
Consolidated Statement of Changes in Equity | 13
Company Statement of Changes in Equity | 14
Consolidated Statement of Cash Flows | 15
Notes to the Financial Statements | 16 - 30
HORN PROPERTY DEVELOPMENTS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 JUNE 2025
Introduction
The directors present their strategic review for the year ended 30 June 2025. The principal activity of the Group is that of property development.
Business review
The principal activity of the Group is Property Development and the strong balance sheet enables us to respond effectively to opportunities that arise. Our current focus is on high quality rural housing within the London commuter belt.
Principal risks and uncertainties
The Group's activities remain dependent on consumer and business confidence in the property market within London and the South East of England and the Directors continue to exercise caution when assessing current and future activity levels. We remain alert to the inflationary pressures on construction costs and have a high level of visibility on the market direction through in house construction activities. Our longstanding core nucleus of staff contribute heavily to the quality and profitability of the Group, with professional staff being provided through other companies connected to the Group.
Financial key performance indicators
The Group's key performance indicators in the year were as follows:
| Year ended 30 June 2025 (£000's) | Year ended 30 June 2024 (£000's) | Change (%)
Profit/(loss) after tax | 185 | 1,049 | (82.36)
Shareholder's funds | 19,797 | 19,611 | 94.84
Cash at bank | 180 | 224 | (19.64)
This report was approved by the board on 9 January 2026 and signed on its behalf.
M P S Horn Director
Page 1
HORN PROPERTY DEVELOPMENTS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025 The directors present their report and the financial statements for the year ended 30 June 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £185,403 (2024 - £1,049,084). The directors do not recommend the payment of a final dividend.
Directors
The directors who served during the year were:
A A Horn (resigned 5 December 2025)
M P S Horn
T J Ekers
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information. Page 2
HORN PROPERTY DEVELOPMENTS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Auditors
During the year Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006. This report was approved by the board on 9 January 2026 and signed on its behalf.
M P S Horn Director
Page 3
HORN PROPERTY DEVELOPMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORN PROPERTY DEVELOPMENTS LIMITED
Opinion
We have audited the financial statements of Horn Property Developments Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2025, which comprise the Consolidated profit and loss account, the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 Group's and of the Parent Company's affairs as at 30 June 2025 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the 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. Page 4
HORN PROPERTY DEVELOPMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORN PROPERTY DEVELOPMENTS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion 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 Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company 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 5
HORN PROPERTY DEVELOPMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORN PROPERTY DEVELOPMENTS LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 2, 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 Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Page 6
HORN PROPERTY DEVELOPMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORN PROPERTY DEVELOPMENTS LIMITED (CONTINUED)
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 an Auditors' 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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities we considered the following: ∙Obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the group and parent company operates in and how the group and parent company are complying with legal and regulatory frameworks; ∙Enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; ∙Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. ∙All relevant laws and regulations identified at a Group level and areas susceptible to fraud that could have an material effect on the financial statements were communicated. Any instances of non-compliance with laws and regulations identified were considered in our audit approach. The most significant laws and regulations were determined as follows: ∙UK GAAP FRS 102 and companies act; ∙Tax compliance regulations Additional audit procedures performed by the audit engagement team included: ∙Review of the financial statement disclosure and testing to supporting documentation; ∙Completion of disclosure checklists to identify areas of non-compliance. The areas that we identified as being susceptible to material misstatement due to fraud were: ∙Revenue Recognition; ∙Stock Recognition; ∙Management Override Page 7
HORN PROPERTY DEVELOPMENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORN PROPERTY DEVELOPMENTS LIMITED (CONTINUED) Audit procedures in report to the identified areas above: ∙Obtaining an understanding of the processes and controls around revenue recognition; ∙Testing movements in stock to supporting documentation ensuring movements are correctly recognised; ∙Detailed discussions with management and review of post year end management information; ∙Evaluation of the appropriateness of the accounting policies; ∙Testing the appropriateness of journal entries and other adjustments; ∙Assessing whether the judgements made in making accounting estimates are indicative of a potential bias; ∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 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 Auditors' report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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. Stuart Moon (Senior statutory auditor) for and on behalf of Barnes Roffe Audit Limited Chartered Accountants Statutory Auditor Leytonstone House 3 Hanbury Drive London E11 1GA 13 January 2026 Page 8
HORN PROPERTY DEVELOPMENTS LIMITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 519,126 | 786,883
Cost of sales |  | (518,426) | (786,883)
Gross profit |  | 700 | -
Administrative expenses |  | (593,459) | (507,989)
Other operating income | 5 | 537,481 | 559,061
Other operating charges |  | (32,864) | 805,077
Operating (loss)/profit |  | (88,142) | 856,149
Income from other fixed asset investments |  | 334,741 | 332,035
Profit/(loss) on disposal of investments |  | 26,921 | (113,633)
Interest receivable and similar income | 9 | 13,823 | 26,767
Interest payable and similar expenses | 10 | (2,760) | (57)
Profit before tax |  | 284,583 | 1,101,261
Tax on profit | 11 | (99,180) | (52,177)
Profit for the financial year |  | 185,403 | 1,049,084
Profit for the year attributable to: |  |  |
Owners of the Parent Company |  | 185,403 | 1,049,084
|  | 185,403 | 1,049,084
The notes on pages 16 to 30 form part of these financial statements.
Page 9
HORN PROPERTY DEVELOPMENTS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2025
|  |  |  | 2025 | 2024
|  |  |  | £ | £
Profit for the financial year |  | 185,403 | 1,049,084
Other comprehensive income |  |  |
Total comprehensive income for the year |  | 185,403 | 1,049,084
Profit for the year attributable to: |  |  |
Owners of the Parent Company |  | 185,403 | 1,049,084
|  | 185,403 | 1,049,084
Total comprehensive income attributable to: |  |  |
Owners of the Parent Company |  | 185,403 | 1,049,084
|  | 185,403 | 1,049,084
The notes on pages 16 to 30 form part of these financial statements.
Page 10
HORN PROPERTY DEVELOPMENTS LIMITED REGISTERED NUMBER: 03677170 CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 4,192,030 |  | 4,268,042
Investments | 14 |  | 9,371,428 |  | 10,739,660
Investment property | 15 |  | 2,301,660 |  | 2,290,000
|  |  | 15,865,118 |  | 17,297,702
Current assets |  |  |  |  |
Stocks | 16 | 9,050,919 |  | 7,681,904 |
Debtors: amounts falling due within one year | 17 | 70,726 |  | 52,474 |
Current asset investments | 18 | 34,678 |  | 34,678 |
Cash at bank and in hand | 19 | 179,893 |  | 223,923 |
|  | 9,336,216 |  | 7,992,979 |
Creditors: amounts falling due within one year | 20 | (5,404,320) |  | (5,679,070) |
Net current assets |  |  | 3,931,896 |  | 2,313,909
Provisions for liabilities |  |  |  |  |
Net assets |  |  | 19,797,014 |  | 19,611,611
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 37,154 |  | 37,154
Revaluation reserve | 23 |  | 571,000 |  | 571,000
Other reserves | 23 |  | 10,858 |  | 10,858
Profit and loss account | 23 |  | 19,177,802 |  | 18,992,399
Equity attributable to owners of the Parent Company |  |  | 19,796,814 |  | 19,611,411
Non-controlling interests |  |  | 200 |  | 200
|  |  | 19,797,014 |  | 19,611,611
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 January 2026.
M P S Horn
Director
The notes on pages 16 to 30 form part of these financial statements. Page 11
HORN PROPERTY DEVELOPMENTS LIMITED REGISTERED NUMBER: 03677170 COMPANY BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 14 |  | 12,432,782 |  | 13,801,014
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 9,455,404 |  | 9,287,037 |
Cash at bank and in hand | 19 | 92,345 |  | 94,965 |
|  | 9,547,749 |  | 9,382,002 |
Creditors: amounts falling due within one year | 20 | (2,789,193) |  | (4,177,081) |
Net current assets |  |  | 6,758,556 |  | 5,204,921
Net assets |  |  | 19,191,338 |  | 19,005,935
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 37,154 |  | 37,154
Other reserves | 23 |  | 10,858 |  | 10,858
Profit and loss account brought forward |  | 18,957,923 |  | 17,908,839 |
Profit for the year |  | 185,403 |  | 1,049,084 |
Profit and loss account carried forward |  |  | 19,143,326 |  | 18,957,923
|  |  | 19,191,338 |  | 19,005,935
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 January 2026.
M P S Horn
Director
The notes on pages 16 to 30 form part of these financial statements. Page 12
HORN PROPERTY DEVELOPMENTS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Revaluation reserve | Capital redemption reserves | Profit and loss account | Equity attributable to owners of Parent Company
| £ | £ | £ | £ | £
At 1 July 2023 | 37,154 | 571,000 | 10,858 | 17,943,315 | 18,562,327
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 1,049,084 | 1,049,084
| Non-controlling interests | Total equity
| £ | £
At 1 July 2023 | 200 | 18,562,527
Comprehensive income for the year |  |
Profit for the year | - | 1,049,084
At 1 July 2024 | 37,154 | 571,000 | 10,858 | 18,992,399 | 19,611,411
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 185,403 | 185,403
At 30 June 2025 | 37,154 | 571,000 | 10,858 | 19,177,802 | 19,796,814
At 1 July 2024 | 200 | 19,611,611
Comprehensive income for the year |  |
Profit for the year | - | 185,403
At 30 June 2025 | 200 | 19,797,014
| The notes on pages 16 to 30 form part of these financial statements.
Page 13
HORN PROPERTY DEVELOPMENTS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 July 2023 | 37,154 | 10,858 | 17,908,839 | 17,956,851
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,049,084 | 1,049,084
At 1 July 2024 | 37,154 | 10,858 | 18,957,923 | 19,005,935
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 185,403 | 185,403
At 30 June 2025 | 37,154 | 10,858 | 19,143,326 | 19,191,338
| The notes on pages 16 to 30 form part of these financial statements.
Page 14
HORN PROPERTY DEVELOPMENTS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 185,403 | 1,049,084
Adjustments for: |  |
Depreciation of tangible assets | 76,012 | 76,068
Profit on disposal of tangible assets | - | (44,513)
Interest paid | 2,760 | 57
Interest received | (13,823) | (26,767)
Taxation charge | 99,180 | 52,177
(Increase) in stocks | (1,369,015) | (2,067,696)
(Increase)/decrease in debtors | (18,252) | 145,643
(Decrease) in creditors | (308,621) | (133,660)
Increase in amounts owed to connected companies | 34,719 | 1,947,599
(Profit)/loss on disposal of listed investments | (26,921) | 113,633
Dividends received from listed investments | (334,741) | (331,794)
Net fair value losses/(gains) recognised in P&L | 32,864 | (805,077)
Corporation tax (paid) | (88,208) | (43,841)
Net cash generated from operating activities | (1,728,643) | (69,087)
Cash flows from investing activities |  |
Sale of tangible fixed assets | - | 108,750
Purchase of listed investments | (5,359,800) | (8,442,184)
Sale of listed investments | 6,698,609 | 7,640,695
Interest received | 13,823 | 26,767
Interest paid | (2,760) | (57)
Dividends received | 334,741 | 332,035
Net cash from investing activities | 1,684,613 | (333,994)
Net (decrease) in cash and cash equivalents | (44,030) | (403,081)
Cash and cash equivalents at beginning of year | 223,923 | 627,004
Cash and cash equivalents at the end of year | 179,893 | 223,923
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 179,893 | 223,923
The notes on pages 16 to 30 form part of these financial statements.
Page 15
HORN PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
Horn Property Developments Limited ("the Company") is a company limited by shares, incorporated in England and Wales. Its registered office is The Granary, 80 Abbey Road, Barking, London, IG11 7BT. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 16
HORN PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Property sales Revenue from the sale of properties held as stock is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the property sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably Property sales that fall under long term contracts are included within turnover on the basis of the sales value of work performed during the year by reference to the total sales value and stage of completion of these contracts. Contract costs are recognised based on the recorded contract turnover to ascertain attributable profit. Property rentals Rental income from operating leases is recognised on a straight line basis over the term of the lease unless the lease payments are structured to increase in line with expected general inflation in which case the income is recognised as revenue in accordance with the expected payments. Rental income is generated from fixed assets and investment properties and is recognised within turnover.
| 2.4 | Investment Income
Income from investments is recognised upon receipt. Page 17
HORN PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following annual basis:
|  |  |  | Freehold property | - | 2% | Straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
| 2.6 | Investment property
Investment property is carried at fair value determined annually by external valuers or directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Consolidated Profit and Loss Account.
| 2.7 | Stocks
Stocks represent the cost of long term balances on construction projects. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.
| 2.8 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period.
| 2.9 | Debtors
Short term debtors are measured at transaction price, less any impairment. Page 18
HORN PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.11 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently Page 19
HORN PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.12 | Creditors
Short term creditors are measured at the transaction price.
| 2.13 | Finance costs
Finance costs are charged to the Consolidated Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.14 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Consolidated Profit and Loss Account in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet. Page 20
HORN PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.15 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.16 | Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
| 2.17 | Interest income
Interest income is recognised in the Statement of comprehensive income using the effective interest method. Page 21
HORN PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.18 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the Statement of comprehensive income.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. a) Critical judgements in applying the entity's accounting policies (i) Valuation of investment properties The valuation of investment properties has been made by the directors based on their personal expertise and knowledge of the market.
4. | Turnover
Turnover represents property development services performed during the period.
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rents receivable | 537,481 | 559,061
Page 22
HORN PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
6. | Other profit & loss items
|  | 2025 | 2024
|  | £ | £
| Depreciation of tangible fixed assets | 76,012 | 76,068
| Fees payable to the Group's auditor and its associates for the audit of the Company's annual financial statements | 5,000 | 5,000
| (Profit)/loss on disposal of listed investments | (56,940) | 113,633
7. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Management and administration | 3 | 3 | 3 | 3
8. | Income from investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividend received from investment portfolio | 334,741 | 332,035
9. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest | 13,823 | 26,767
10. | Interest payable and similar charges
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest | 2,760 | 57
Page 23
HORN PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 96,533 | 52,177
| Adjustments in respect of previous periods | 2,647 | -
| Total current tax | 99,180 | 52,177
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 284,583 | 284,583
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 71,146 | 275,315
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 25,387 | (223,138)
| Adjustments to tax charge in respect of prior periods | 2,647 | -
| Total tax charge for the year | 99,180 | 52,177
Page 24
HORN PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
12. | Tangible fixed assets
| Group
|  | Freehold property
|  | £
| Cost or valuation |
| At 1 July 2024 | 5,218,351
| At 30 June 2025 | 5,218,351
| Depreciation |
| At 1 July 2024 | 950,309
| Charge for the year on owned assets | 76,012
| At 30 June 2025 | 1,026,321
| Net book value |
| At 30 June 2025 | 4,192,030
| At 30 June 2024 | 4,268,042
| Included in freehold property is freehold land at valuation of £1,414,276 (2024 - £1,414,276).
13. | Lease of assets
The Group has aggregate rentals receivable in relation to operating leases of £537,481 (2024 - £558,847). Page 25
HORN PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
14. | Fixed asset investments
| Group
|  | Listed investments
|  | £
| Cost or valuation |
| At 1 July 2024 | 10,739,660
| Additions | 5,359,800
| Disposals | (6,671,688)
| Revaluations | (56,344)
| At 30 June 2025 | 9,371,428
| Net book value |
| At 30 June 2025 | 9,371,428
| At 30 June 2024 | 10,739,660
| Company
|  | Investments in subsidiary companies | Listed investments | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 July 2024 | 3,061,354 | 10,739,660 | 13,801,014
| Additions | - | 5,359,800 | 5,359,800
| Disposals | - | (6,671,688) | (6,671,688)
| Revaluations | - | (56,344) | (56,344)
| At 30 June 2025 | 3,061,354 | 9,371,428 | 12,432,782
| Net book value |  |  |
| At 30 June 2025 | 3,061,354 | 9,371,428 | 12,432,782
| At 30 June 2024 | 3,061,354 | 10,739,660 | 13,801,014
Page 26
HORN PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| Rooff Property LLP * | Property business | N/A | 100%
| * Represents an effective 100% interest in the net assets of the Limited Liability Partnership.
15. | Investment property
| Group
|  | Freehold investment property
|  | £
| Valuation |
| At 1 July 2024 | 2,290,000
| Transfers between classes | 11,660
| At 30 June 2025 | 2,301,660
The property was professionally valued in June 2022, on an open market value for existing use basis. In the opinion of the directors, this value has not changed as at the balance sheet date.
The valuations were made by the directors, on an open market value for existing use basis.
16. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Property development stock | 9,050,919 | 7,681,904
Page 27
HORN PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
17. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 45,125 | 42,032 | - | -
| Amounts owed by group undertakings | - | - | 9,455,404 | 9,287,037
| Other debtors | 25,601 | 10,442 | - | -
|  | 70,726 | 52,474 | 9,455,404 | 9,287,037
18. | Current asset investments
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Investments in joint ventures | 34,678 | 34,678
19. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 179,893 | 223,923 | 92,345 | 94,965
20. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts owed to connected companies | 4,432,351 | 4,397,632 | 2,284,948 | 3,303,423
| Corporation tax | 51,327 | 52,175 | 51,327 | 52,175
| Other taxation and social security | 448,418 | 812,289 | 448,418 | 812,289
| Other creditors | 93,552 | 95,113 | - | -
| Accruals and deferred income | 378,672 | 321,861 | 4,500 | 9,194
|  | 5,404,320 | 5,679,070 | 2,789,193 | 4,177,081
Page 28
HORN PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
21. | Financial instruments
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Financial assets |  |  |  |
| Financial assets that are debt instruments measured at amortised cost | 105,404 | 86,911 | 9,455,404 | 9,287,037
| Financial assets that are equity instruments | 9,371,428 | 10,739,660 | 9,371,428 | 10,739,660
|  | 9,476,832 | 10,826,571 | 18,826,832 | 20,026,697
| Financial liabilities |  |  |  |
| Financial liabilities measured at amortised cost | 4,905,575 | 4,814,606 | 2,289,448 | 3,312,617
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 37,154 (2024 - 37,154) Ordinary shares of £1.00 each | 37,154 | 37,154
| There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.
23. | Reserves
Revaluation reserve This represents the cumulative undistributable reserves relating to revaluations of investment property at fair value. Capital redemption reserve This represents the nominal value of previous redemptions of share capital. Profit and loss account This represents cumulative distributable profits and losses net of dividends and other adjustments.
24. | Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent company for the year was £281,936 (2024 - £1,049,082). Page 29
HORN PROPERTY DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
25. | Commitments under operating leases: lessor
| The investment properties are leased to tenants under operating leases with rentals payable on a monthly basis.
| At 30 June 2025 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 290,267 | 299,631
| Later than 1 year and not later than 5 years | 632,568 | 379,137
| Later than 5 years | - | 130,945
|  | 922,835 | 809,713
26. | Related party transactions
| The Group has taken advantage of the exemption available under Financial Reporting Standard 102 section 33 'Related Party Transactions' not to disclose transactions with wholly owned entities included within these consolidated financial statements. During the year, the Group received income of £518,426 (2024 - £786,883) in respect of construction services made to a director. During the year the Group was charged management fees of £246,000 (2024 - £246,000) and incurred construction charges of £1,311,032 (2024 - £2,572,706) by connected entities. At the year end the Group owed £4,432,351 (2024 - £4,397,632) to these connected entities.
27. | Controlling party
As at 30 June 2025, the ultimate controlling party of the Group is a family trust in which A A Horn and M P S Horn are Trustees.
Page 30