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COMPANY REGISTRATION NUMBER: 14468908

ACORN PG HOLDINGS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 September 2024

ACORN PG HOLDINGS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

Contents | Page

Officers and professional advisers | 1

Strategic report | 2

Directors' report | 13

Independent auditor's report to the member | 15

Consolidated statement of comprehensive income | 19

Consolidated statement of financial position | 20

Company statement of financial position | 22

Consolidated statement of changes in equity | 23

Company statement of changes in equity | 25

Consolidated statement of cash flows | 26

Notes to the financial statements | 28

ACORN PG HOLDINGS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors | M Omirou
| R Summerskill

Company secretary | M Blackmore & C Massos

Registered office | 29 York Street
| London
| W1H 1EZ

Auditor | Streets Audit LLP
| Chartered accountants & statutory auditor
| The Stanley Building
| 7 Pancras Square
| King's Cross
| London
| N1C 4AG

ACORN PG HOLDINGS LIMITED

STRATEGIC REPORT

YEAR ENDED 30 SEPTEMBER 2024
Strategic Management The principal activity of the Group is the development of high quality residential and mixed-use property throughout South West England, South Wales and London. In addition, the Group holds a small number of investment properties. The year in question was dominated by a continued shortage of good housing but with a background of the war in Ukraine, high inflation and rising interest rates. This resulted in a generally sluggish sales market in some areas although significantly less so within our chosen regions due to a continued low supply and high demand from purchasers. This has led to a continued beneficial imbalance which has underwritten the sales values of our stock. The rising interest rates, and the cost of living crisis which nationally has made it very difficult for "buy to let" investors and first time buyers but these buyers make up a very small part of Acorn's market so has had a negligible effect on our sales. During the year and to-date the Group has progressed its medium-term aim to focus its housebuilding activities and expansion through its regional offices in Cornwall, Bristol, South Wales and Exeter. Our land teams throughout the regions continue to successfully acquire new sites and the Group has maintained, and indeed, improved its development pipeline throughout the regional offices. Planning delays remain a major issue although these are largely mitigated by our policy of buying the vast majority of our sites with planning or Subject to Planning. The additional costs caused by COVID related delays have still impacted on profit during this year however the increase in the value of our ongoing developments and our development pipeline continues to outweigh the additional costs. As a result, the value and long-term profitability of our portfolio of rural and coastal homes in the South West remain stable and in some cases increasing, and we expect the projected profitability of our overall business going forward to improve. The Group continues to enter into and maintain joint venture arrangements with landowners and equity funders where we act as the contractor and development partner. This policy has led to new sites being acquired, and partnerships and development agreements being entered into. Our management team remains focused on the construction of quality developments by ensuring we employ the appropriate professional, construction, development, sales, marketing, and aftercare staff so that the greatest possible financial return is offered to our shareholders, funders, and partners. The Directors have always paid due regard to the effect of their actions on the various stakeholders who have an interest in the business. Section 172 of the Companies Act requires us to report each year on the steps taken to fulfil these obligations towards our stakeholders. There are a great many parties who may be affected by the decisions made in the day-to-day running of the business and, as such, can be considered stakeholders. It is the responsibility of the Board of Directors to balance these interests in order to deliver the best possible outcome for all concerned. Shareholders - Our Shareholders support the Directors' plans as outlined in this annual report and specifically our expansion of the business in the South West and our aims to make us a carbon neutral Group and to promote the construction of carbon neutral homes. Employees - The Group has focused carefully on wellbeing and careers of our staff and the environment in which they operate and has put in place the Employee Benefit Scheme and has a wide variety of profit share initiatives and payment plans. JV Partners - Our joint venture partners are made up of landowners and equity investors in specific projects. Each partner is regularly kept up to date on the progress of their investment. Funders - The financial institutions that fund our debt requirement each have their own commercial and ethical frameworks within which they work. We ensure that we meet and conform to their standards of management in relation to any outstanding borrowing. Subcontractors & Suppliers - We treat our subcontractors in the same way as our employees in terms of working conditions and inclusivity. Local Community - Due to the nature of our business as a developer specialising in regeneration and sustainable developments, we consult very carefully with the local community when making planning applications and prior to any construction. As a result, we recognise the importance of appreciating and respecting the views of the communities in which we work. Each site has its own issues that have local significance and should not be ignored. The construction process during developments of a site can be a disruptive process and therefore we consult very carefully with the local community to ensure any disruption is kept to a minimum. Customers - Customers are our most important stakeholders and without customers we have no business. The quality of both our product and our customer service is therefore of paramount importance and the Group has invested in both staff and management systems to ensure we offer the best possible customer service. As a result, we have large number of repeat purchasers. Protocols - The Directors have ensured that appropriate local consultation and social and moral protocols are being followed across its business activities. The Acorn Green agenda has been running for four years and has now become embedded into the processes and aspirations of the business. Sustainability has merged with Design to be at the core of generating healthy attractive projects full of light and space. We want our buildings to be a joy to live and work in, and to readily adapt to changing lifestyles and needs. All new build developments will be EPC A or B with an aim to shift homes more towards EPC A each year, and we will no longer be using fossil fuel in them. All these homes will have heating and hot water from highly efficient electric based technology, mostly ground and air source heat pumps with efficiencies up to 450%. This will be coupled with on-site renewables making each project a mini power station. Our standard PV provision is a 3.2kWh array per house which is well above the housebuilding standard. The Acorn Green agenda has led to very positive results with the average annual carbon emissions per Acorn home (new build) dropping from 2.4 tons of CO2 in 2019 to 0.9 in 2024, a drop of 63% and in total a saving of 1475 tons of carbon over that period. We also built our first 'Net Zero' homes in 2023 at Hazel Green in Urchfont. As the new homes become all-electric it also means the occupier is tapping into a year-on-year de-carbonizing grid, or if they want to sign up to a 'renewable tariff' they can become net zero straight away. Most homes will be fitted with a battery or be a battery ready which allows them to make significant savings on bills by tapping into variable tariffs. Embodied carbon is the measure of CO2 emitted during construction and maintenance. The obvious way to reduce this is to retain existing buildings and Acorn are very happy to embrace these opportunities. Many of our projects (Brandon Yard, Porthcawl, Fairford, Somerset House, Exmouth, Falmouth, Caerleon) include bringing buildings back to life which may have been abandoned for years. Often these are buildings with huge character and are embedded in the local placemaking. Repurposing buildings is the best way to bring sustainability into our built heritage. We are engaging with a number of MMC (Modern Methods of Construction) which have the benefits of: - Speed of construction - Better thermal properties - Better airtightness - Lower embodied carbon - Less Wastage There are many systems on the market including SIPS, IFC (Insulated Concrete Formwork) and Light Gauge Steel Frame. We need to carefully review the pros and cons of each system to ensure it is cost effective and durable. We are currently building with ICF and looking at Light gauge steel across several projects. Acorn are uniquely positioned as we are not wedded to standard house types and mass housebuilding, however we do have the scale of business, experience and skills which can research and bring forward a strong and well considered sustainability agenda. As well as the above we are embracing the following strategies: - Efficient use of land as a valuable resource. - Actively working towards Passivhaus standards, ensuring buildings have a superior airtightness which in turn reduces the energy required to heat them. - Fabric First including high performance windows. Triple glazing is becoming the new standard. - Focus on lower energy construction strategies. - Use the most efficient products and systems to reduce water wastage beyond Part G standards - New site procedures to ensure construction meets the design standards. - Facilitating healthy and sustainable lifestyles including cycle use and electric vehicles. - Facilitating the use of new intelligent tariffs to lower bills - Improve biodiversity through selective planting of native species and reducing the use of hard surfaces. - Partnering with suppliers, businesses and consultants who are like minded, including a number who have achieved zero carbon status. We are also exploring the following which can bring significant financial benefits to projects: - Higher EPC's can be attractive when linked to lower mortgage rates adding a value premium - Some lower bank lending rates are linked to higher EPC ratings which could reduce our funding costs - Marketing material which illustrates cost savings to buyers for lower energy homes increasing saleability - Omitting gas from houses means omitting the related standing charges, again saving costs to buyers - Positive sustainability agenda assists in planning applications and in public consultation. The Group maintains a Board structure to monitor key areas of the business such as risk, funding, construction, land, sales, and design. Policies continue- to be implemented to ensure standards are improved. A series of protocols and procedures are in place, and they are constantly reviewed to manage each of the key elements of the business at the regional and group level to ensure the smooth running of the Group's business. Quarterly Group Meetings take place with construction and sales marketing. Group Managers remain closely involved with the regional business. Policies to manage planning risk and planning delays continue to be implemented to mitigate our exposure to such risks but planning delays remain a serious issue and planning generally is a very challenging environment. Government policies and under-resourced planning departments continue to hinder development; however, we are still securing planning permissions across all sites, albeit often delayed. As a result of these risk-mitigating policies, the Group's development pipeline currently comprises; 35.2% with planning and On-site, 11.1% with planning but not yet On-site, 7.4% awaiting planning, 27.8% agreed subject to planning and 18.5% income producing investments. These policies have successfully removed any material exposure to planning permission risk although, as always, planning delays remain an issue. During the past year we have successfully obtained a number of key planning permissions, particularly in the South West. Additionally, where sites are acquired without planning permission, are purchased strictly based on the existing use value, therefore ensuring any subsequent planning permissions achieved subsequently enhances their value. During the reported year construction costs continued to rise albeit at a lesser rate than previously and we anticipate this will continue to do so and there have been some short-term supply chain issues. To mitigate this our Construction Design Team ensure that all our projects take into account potential material shortage and supply chain issues and remain vigilant to this risk. Our construction teams include dedicated material buyers, and we maintain operational purchase plans which take into account potential material shortages. This risk is reflected in our cashflows, our land purchasing strategy and risk management strategy. As a result, our business has been largely unaffected by supply chain issues and only marginally affected by cost increases. House prices in the South West saw modest growth of 2.4% year-on-year as of October 2024, according to Nationwide, reflecting the current high-interest rate environment. However, as interest rates are projected to ease to around 2%-3% by 2027, price growth is expected to accelerate. Savills Research anticipates a 21.6% increase in South West property values between 2024 and 2029, aligning with our pipeline and market focus. The Directors believe that ongoing high demand for housing, coupled with a a limited supply of suitable sites and planning restrictions, will continue to underpin property values in the region for the foreseeable future. Our wide range of housing stock and our marketplace which comprises mainly later life buyers or second home and retirement buyers in areas of low supply and considerable excess demand is such that we do not believe demand will lessen or that prices will be affected unduly by any potential economic slowdown. However, we protect against such changes in demand by carefully planned sales strategies and by preselling a large number of our homes which mitigates sales risk. We have continued our long-term plan to reduce third party contractor risk by expanding our direct construction activities and as a result the percentage of the portfolio built directly by us has continued to increase. This has resulted in more cost certainty, a reduction in our construction costs, allowing us to control the speed of construction to match demand, ensuring better quality control and significantly reducing aftercare issues in projects where Acorn is the contractor. The Group has continued to employ additional construction staff focusing on the pre-construction, buying and specification processes and this has had a continued positive affect on cost control, programme, quality control and has led to a considerable improvement in all aspects of Acorn's construction management. The Group also continues to focus on the promotion and expansion of the goodwill associated with the Acorn and Acorn Blue brand and trading names. The delivery of so many high-quality finished schemes has led to more and more opportunities being offered to us. The Group's digital marketing remains very successful, and its website continues to be the source of the largest percentage of sales enquires for the Group since the reported year end. We have further continued our investment in digital marketing and promote our 30th Anniversary brochure, a new Acorn Life brochure and we continue to increase our investment in marketing staff and customer management software. The Group has transferred some of its aftercare activities to a specialist after care management company in the Bristol region, which has proved to be very successful. It is our intention to expand this initiative throughout the other regions if required. As a mindful developer focused on meeting the needs of local communities, Acorn fully embraces charity initiatives, supporting employees who wish to undertake fundraising and volunteer work. Romy Summerskill, Executive chairman of Acorn Property Group believes "working within local communities is key to the ethos of Acorn and we are proud to have so many team members take part in charitable endeavours to help raise vital funds for these worthy causes". Acorn, as a community-focused developer, is dedicated to supporting charitable efforts and encourages employees to participate in fundraising and volunteer activities. Romy Summerskill, Executive Chairman of Acorn Property Group, states, "Involvement with local communities is central to Acorn's values, and we take pride in seeing so many of our team members participate in charitable initiatives to raise essential funds for these meaningful causes. Over the past year, Acorn has actively supported local causes, combining charity giving partnerships with community initiatives. Our Bristol region held Raise the Event in support of The MAZI Project-an incredible evening featuring great food from Bristol's Nutmeg and a unique opportunity to bring together the property industry. The event raised over £10,000 for the MAZI Project, which will secure 4,000 meals and 666 meal kits for marginalised young people in Bristol. It was a fantastic sell-out event and, in addition to on-the-night donations, attendees pledged their time through corporate volunteer days and by helping with maintenance at the MAZI premises. We pledged £2,500 to the Bristol Zoo Project via the Big Give Christmas Challenge, supporting their conservation and education efforts across the region. As part of our commercial portfolio, we continue to actively manage Emery Gate Shopping Centre in the heart of Chippenham while planning consent for its regeneration is progressed. Following Tesco's departure last year, we introduced an Indoor Christmas Market and Santa's Grotto to repurpose vacant space and boost footfall. Operating weekly since late November, the initiative has created a vibrant festive atmosphere, supporting local makers, community groups and independent businesses. Feedback from existing tenants has been extremely positive, with increased footfall and year-on-year sales growth reported, including record trading for some retailers. We remain widely recognised as the most experienced boutique residential housebuilder in our principal areas of activity. We are regularly approached by agents, banks, and landowners to act as project managers and/or development partners with an increasingly large percentage of the Group's projects now being partnership arrangements. Business Environment The business environment for residential, mixed-use regeneration specialists and housebuilders throughout the South West and South Wales continues to be good with values and demand remaining strong in all regions where the Group operates. The Group continues its policy to ensure our homes represent good value and are locally affordable. All our offices continue to avoid schemes with price point risk and the average residential sales prices remains competitive in each region. 2024/2025 2023/2024 BRISTOL £634,000 £466,000 SOUTH WEST £752,000 £750,000 CARDIFF £637,000 £595,000 EXETER £523,000 £523,000 LONDON £693,000 £722,000 The Group's primary focus, when purchasing sites and entering into contractual obligations is to identify, avoid, isolate and mitigate risk at all times and we also ensure suitable precautions are taken to protect any capital investment. All purchase and funding arrangements, or joint arrangements, are structured to protect our funders, partners, and shareholders' capital. The Group's activities are structured so that the majority of developments or investments are contained in a separate legal entity, which provides protection to our lenders and the Group should any individual project underperform, and the Group's guarantees and undertakings are kept to a minimum. During the reported period and since, the availability of senior debt and equity funding for property development continues to improve, although the percentage of Loan to Value remains modest. The Group maintains good relationships with a significant number of funders and banks to ensure that the withdrawal of any of these entities from the market would not have a significant effect on the ability of the Group to trade. The Directors do not consider any of the existing funding arrangements to be overly interest rate sensitive and the effect of interest rate rises on total cost would be modest. Borrowings for investment properties have been taken on a long-term basis, with two thirds of loans not having maturity dates before 2030. Although the majority of our buyers are cash purchasers or require only small mortgages, the availability of mortgages for our buyers has remained strong and we are not reliant on them receiving high loan to value mortgages or any form of Government subsidy. Savills previous research states that "sales data for Acorn's completed sites suggest that the typical buyer of an Acorn Home is less likely to need mortgage finance, and therefore Acorn sales volumes are likely to perform more strongly than the wider market. Savills have acted on the sales of over 350 Acorn homes since 2016. Of the sales that we have been able to gather buyer profiles for, 47% of buyers were using cash. A further 35% were home movers, and therefore able to benefit from equity built up from the strong house price growth seen over the last decade. Only 18% of Acorns buyers are first time buyers, suggesting that Acorn should be less impacted by the downturn in transaction volumes". Finally, there remains a significant long term housing shortage throughout the South West and London and particularly at the price points of our portfolio of current and future sites. The political agenda continues to push strongly for an increase in housebuilding and planning process improvements, which bodes well for the industry's future. There are still some short-term Brexit supply chain issues and labour and material cost increases and there remain some affordability issues in the London region. However, the Group's business plan takes these matters into consideration and as a result our developments target the long-term need of the marketplace, and the diverse nature of our regional offices developments and reasonable price points means that we are not exposed to any one region or group of buyers or reliant upon any form of government scheme. Business Performance Throughout the reported year, the business performance was impacted by cost of construction and planning delays. However, sales values and sales demand remained very strong at all our sites, urban, coastal and rural sites during the reported year and since with the vast majority of our homes presold and very few stock units being available. The Directors report that Turnover decreased to £45.3m from previous year's figure of £106m and this is inline with our expectations. Funding for new projects has continued to improve throughout the period and this has further allowed the Group to expand its activities during the year. Gross loss for the period was £1.9m (2023 - gross profit of £21.7m). The Stock held by the Group, which includes only the cost and ignores any value appreciation resulting from planning gain or development progress, has increased from £180m at 30 September 2023 to £200m at 30 September 2024. Furthermore, there are JV projects that Stock is recorded in JV's accounts. This indicates that the business has continued to expand through progressing construction, new purchases, and entering into Joint Venture agreements. The Directors regularly monitor the "Fair Value" of the Group as it considers it an important metric, and one which recognises the value of a number of events which are not shown in the Accounts of the Group. The Fair Value calculation is an unaudited exercise and includes an uplift of the book value of the Group based on a number of evidenced based key factors: Planning permissions secured Third party valuations Agreed and fixed funding Agreed and fixed construction costs Sales demand, offers, legally binding exchanges and sales completions Progress on site as a percentage of programme length Management costs or other costs incurred but not accrued Value of legally binding contracts and agreements An examination of the development cashflow and any other pertinent factors Once this assessment is complete the management apply an uplift of the future estimated profit due to the Group which will range from 0% to 75%. As at the year end, the undiscounted Fair Value uplift of the Shareholders Funds was £35.3million; this uplift is not recorded within the Financial Accounts of the Group. The long-term aim of the Group remains to expand its activities as the premier environmentally responsible medium sized housebuilder throughout the South West. To champion our ACORN GREEN initiative and to become the market leader for sustainable residential and mixed-use development of brownfield sites. We aim to make a positive contribution in the environment and communities in which we work. We wish to become the partner of choice for landowners seeking to obtain maximum value from their portfolios through intelligent, imaginative, and efficient development of their assets. The Board of Directors feel that the Group Accounts reflect that despite the COVID pandemic, a period of significant political and economic uncertainty, the business has performed well and exhibits sustainable growth, which is reflected in the Group's improved Stock levels. Our existing portfolio of sites provides for approximately 1,780 homes with a projected GDV of £1,020m which excludes our commercial developments. Our land teams continue to identify and successfully acquire land and enter into profitable joint venture agreements and we continue to achieve valuable planning permissions. The increased value of the existing portfolio and of any planning permissions achieved is not reflected in these accounts but is reflected in the Fair Value calculation. The Group structure continues to consist of a number of regional holding companies and development company subsidiaries as well as a number of individual companies owned directly by the parent company. The vast majority of the-companies have performed well, and their activities are described under the heading 'Regional Summaries'. The Group focused on developing a wide range of residential property which reflects the aims of our ACORN GREEN policies including first-time buyer and later life homes, second homes, buy-to-let properties, luxury and mid-range houses and city centre apartments. We continue to build mixed-use sustainable schemes containing office and retail elements which performed well in the last year despite considerable adverse economic pressures. This diverse mix of development sites, price ranges and regions mean we are less exposed to any single market or adverse economic changes in any one region or sector of the market. The average sales price for each unit in our development pipeline remains modest. We maintain a policy of building for local demand and avoiding prime and super prime London and regional property and avoid areas with a high level of supply or where we are in competition with larger housebuilders. We continue to undertake the necessary research to ensure that we adapt the size and layout of our finished units to meet local market trends. The Group is committed to equal pay in employment. The Group believes its male and female employees should receive equal pay. In order to achieve this, the Group endeavours to maintain a pay system that is transparent, free from bias and based on objective criteria. During the reported year the Group has continued to promote staff internally and to provide support and training needed to help advance careers and education. The Group gender mix is 56% male and 44% female and at Board level it is 57% male and 43% female. In recognition of the staffs' commitment to Acorn, 30 of the 163 shares in RST Group Holdings Limited are held in RST Group Benefit Trust which has been established to reward current and future staff. The Directors believe that this is in the interest of the company and staff to ensure long term loyalty, commitment, and staff retention. The Group continues to build on their wellness provision with the introduction of a tailormade wellness platform which provides access to private healthcare an Employee Assistance Programme tools. The group continues to offer life insurance to all staff immediately upon joining. The Wellbeing Team and number of trained Mental Health Officers has grown and we continue to expand on the support we offer to all our staff, both mental health wellbeing and financial wellbeing. An online training platform is is available to all staff with 24 hours access to a variety of training options, we also continue to support and encourage training and aim to promote internally whenever possible. Our aim is to provide each member of our team with as much advice and support as possible in both their professional and personal lives. At Acorn we have encouraged a peopleled and skill-based working environment. We support and empower our staff with relevant training and tools they need to carry out their work in the most efficient manner. We are an equal opportunity employer and are proud of the many nationalities and cultures who are all working together under the Acorn umbrella. Events since the balance sheet date and future developments Since the Balance Sheet date, the Group has continued to trade as property developers and housebuilders. We have identified and successfully acquired sites throughout all our regions both independently and through partnership arrangements with other developers, funders and landowners. We have continued to obtain further key planning permissions. We have maintained our policy of promoting the work of our business through relationships with key professionals and with regional and sector experience. This provides us with in-depth local knowledge and local contacts in all aspects of our business from land through to planning, construction, finance and sales. We have also continued to expand our consultant base and have employed further staff to expand our direct construction activities to mitigate our exposure to cost increases and contractor availability or failure. We have continued to expand our team and we have continued to employ additional regional sales and marketing staff to deal with the flow of completed sites. We have looked carefully at the longevity of our business and put in place a structure to ensure continuation of all aspects including the maintenance of our long-term relationships with landowners and investors. The successful investment in senior staff ensures that each regional group and element of our business has skills to manage and take responsibility for the majority of decisions. New members of our management team have successfully integrated with the existing long-term staff to ensure the continued success of our business going forward. At the time of signing these accounts, the market predictions have improved significantly and interest rates have been reduced and are predicted to fall further. Past uncertainty due to increasing interest rates and cost of living crisis, as mentioned previously, affected particularly first-time buyers, investors and buyers with large mortgages. However, that is not Acorn's market, as also mentioned earlier in this report. Therefore, it has had a limited effect on the demand for our projects. One other factor, in our marketplace remains the incredible shortage of quality housing in the right locations and particularly throughout the South West of England and the exceptionally poor performance of Local Authorities Planning Departments throughout the country. Although the second-hand market in the South West and South Wales, continues to remain strong and there seems to be a very strong demand for rural, commutable homes and due to the change in work patterns throughout the country and the increased use of the home based internet for work functions. As with the previous year we believe long-term changing housing demand patterns emerging from the COVID crisis together with the technological improvements which allow home working will increase demand from homeowners wishing to move to rural and coastal locations, both of which suit our development pipeline. Construction costs remain a concern, as do a shortage of labour, but business plans take that into account. The election result of 2024 and the promises of the new government to focus on the new planning system to promote housing build bodes well for the future. The Acorn Group concluded the restructuring with the approval of HMRC. A new parent company; Acorn PG Holding Limited was introduced in 2023 with a view of future and further expansion of the group. Finally, as is custom, the Board would especially like to thank all the staff for their hard work and dedication. Commercial Acorn has entered into a medium-term Joint Venture agreement with a funder to purchase commercial sites throughout the South West, with a view to developing all or parts of these sites or retaining the sites as investments. Construction As part of Acorn's long term business plan, we have continued to expand our direct construction functions through the A H Construction Solutions Group (AHCS). The structure of the group is such that the main management team and buying functions of the group are undertaken through one company, which allows us to benefit from forward purchasing arrangements, discounts, better value group purchases and the buying M&E and design and standardisation practices of the internal team. This hugely contributed towards the reduction of our build costs and is our intent to continue to focus on the expansion of direct construction. The volume of work provided to AHCS by the Acorn group and its partners has led to AHCS becoming one of the largest contractors in Devon and Cornwall and this has allowed us to have an increased level of certainty with regard to the delivery of often complex and large projects in the region. The construction work on each site is undertaken by individual single purpose entity, which isolates any liabilities, trading risk, contingent liabilities, health and safety, litigation and such unquantifiable risks which flow from general construction. The relationship with AHCS allows us to phase sites and control cost and the speed of housing deliveries to reflect supply and demand. This allows us to control methods of construction to reflect the ever changing requirements of building regulations and planning authorities. The relationship is one that allows us also to alter and vary schemes in a way that would be impossible if the contractors were external. It also means that we are entirely mutually aligned with our contractor with regards to aftercare which is proving incredibly important for the reputation of acorn, our repeat buyers and controlling the cost and impact of aftercare issues. The AHCS relationship also avoids potential litigation with main contractors in a time of great labour and material cost uncertainty and allows us the transparency required to ensure that we are obtaining the best possible construction prices and especially so when dealing with variations. Importantly, the ability to construct our own projects has hugely benefited our joint venture activities as we have the ability to construct and deliver a quality product and to provide a total development solutions from obtaining an optimum planning permission through to construction, branded sales and marketing, which is paramount in our potential partners minds when choosing their joint venture Partner. The continued expansion of AHCS as the contractor of choice for the vast majority of Acorns projects remains a key part of our business plan and we anticipate it will continue to be so. Investment The Acorn Property Invest (API) initiative has continued to expand its fund-raising activities by direct access to high net worth and corporate investors. The majority of the funding is based on the issue of profit share agreements which include a modest return and are combined with a profit share. These benefit both Acorn and the investors as should the project go well, the investors receive a generous return and it protects Acorn should a project fail to- perform as anticipated. The repayment arrangements are due at the later of the agreed repayment date or when the project completes, therefore ensuring there is no risk of inappropriate early repayment and protecting the group from the risk of delays. There are additional fixed income products, and these are allowing the continued expansion of Acorn and the rates associated with the loans are below the average cost of mezzanine and equity funding, and in most cases longer term, giving Acorn more control over the flow of equity and mezzanine funding. The activities also introduce us to a wider range of investors and is our intention to expand these activities with a view to driving down the cost of the equity and mezzanine debt and converting the same to profit share funding which shares the risks and rewards with investors. The very wide range of investors now working with Acorn reduces any reliance whatsoever on individual providers of equity and mezzanine funding and adds to further the stability of Acorn's banking and funding resources. General As at the year end, the total Group pipeline GDV (Commercial and Residential but excluding strategic land) was £1,226m; the residential element representing approximately £1,020m spread over 1,780 units.
This report was approved by the board of directors on 16 January 2026 and signed on behalf of the board by:

M Omirou
Director

Registered office:
29 York Street
London
W1H 1EZ

ACORN PG HOLDINGS LIMITED

DIRECTORS' REPORT

YEAR ENDED 30 SEPTEMBER 2024
The directors present their report and the financial statements of the group for the year ended 30 September 2024 .
Directors
The directors who served the company during the year were as follows:

M Omirou |
R Summerskill |

Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Greenhouse gas emissions and energy consumption
Information not included
The Group is not required to complete the Streamlined Energy and Carbon Reporting as no company is medium in its own right and they consumed 40,000kWh of energy or less in the UK during the period.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable 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 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 16 January 2026 and signed on behalf of the board by:

M Omirou
Director

Registered office:
29 York Street
London
W1H 1EZ

ACORN PG HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBER OF ACORN PG HOLDINGS LIMITED

YEAR ENDED 30 SEPTEMBER 2024
Opinion
We have audited the financial statements of Acorn PG Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows 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 FRS 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 September 2024 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.
Material uncertainty related to going concern
We draw attention to note 3 in the financial statements, which indicates that the company and group are receiving financial support in the form of further loans to fund its working capital requirements and ongoing development projects from related companies under common control. The ability of the company and group to continue as a going concern is dependent on this financial support continuing from these related companies. These conditions indicate that a material uncertainty exists that may cast significant doubt on the company and group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was that we identified the material laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the property sector. We then assessed the extent of compliance with these laws and regulations through making enquiries of management. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and we investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to agreeing financial statement disclosures to underlying supporting documentation and reviewing correspondence with relevant regulators. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities 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 auditor’s report. Use of our report
This report is made solely to the company's member, 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 member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Day
(Senior Statutory Auditor)

For and on behalf of
Streets Audit LLP
Chartered accountants & statutory auditor
The Stanley Building
7 Pancras Square
King's Cross
London
N1C 4AG

16 January 2026

ACORN PG HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

YEAR ENDED 30 SEPTEMBER 2024

| 2024 | 2023
|  | (restated)
Note | £ | £
Turnover | 4 | 45,346,937 | 106,213,468

Cost of sales | ( 47,269,177) | ( 84,475,023)
| --------------- | ---------------
Gross (loss)/profit | ( 1,922,240) | 21,738,445

Administrative expenses | ( 16,607,744) | ( 14,436,563)
Other operating income | 5 | 1,328,672 | 253,069
|  | --------------- | ---------------
Operating (loss)/profit | 6 | ( 17,201,312) | 7,554,951

Gain/(loss) on impairment or disposal of operations | 4,167,141 | ( 33,177)
Other interest receivable and similar income | 10 | – | 6,790
Interest payable and similar expenses | 11 | ( 1,427,102) | ( 6,917,887)
| --------------- | ---------------
(Loss)/profit before taxation | ( 14,461,273) | 610,677

Tax on (loss)/profit | 12 | 3,135,426 | 529,497
| --------------- | -------------
(Loss)/profit for the financial year and total comprehensive income | ( 11,325,847) | 1,140,174
| --------------- | -------------

Loss for the financial year attributable to:

The owners of the parent company | ( 7,848,898) | 3,245,765
Non-controlling interests | ( 3,476,949) | ( 2,105,591)
| --------------- | -------------
| ( 11,325,847) | 1,140,174
| --------------- | -------------

All the activities of the group are from continuing operations.

ACORN PG HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

30 September 2024

| 2024 | 2023
|  | (restated)
Note | £ | £

Fixed assets

Tangible assets | 14 | 168,169 | 119,338
Investments | 15 | 6,763,307 | 6,763,307
| ------------- | -------------
| 6,931,476 | 6,882,645

Current assets

Stocks | 16 | 200,133,464 | 179,932,255
Debtors: due within one year | 17 | 15,531,155 | 14,398,189
Debtors: due after more than one year | 17 | 7,925,363 | 4,973,987
Cash at bank and in hand | 851,056 | 1,780,375
| --------------- | ---------------
| 224,441,038 | 201,084,806

Creditors: amounts falling due within one year | 18 | ( 204,230,395) | ( 186,329,960)
| --------------- | ---------------
Net current assets | 20,210,643 | 14,754,846
| --------------- | ---------------
Total assets less current liabilities | 27,142,119 | 21,637,491

Creditors: amounts falling due after more than one year | 19 | ( 70,017,574) | ( 51,690,925)

Provisions | 21 | ( 117,472) | ( 184,050)
| --------------- | ---------------
Net liabilities | ( 42,992,927) | ( 30,237,484)
| --------------- | ---------------

Capital and reserves

Called up share capital | 25 | 196 | 196
Share premium account | 26 | 15,000,000 | 15,000,000
Profit and loss account | 26 | ( 41,660,720) | ( 37,979,196)
| --------------- | ---------------
Equity attributable to the owners of the parent company | ( 26,660,524) | ( 22,979,000)

Non-controlling interests | ( 16,332,403) | ( 7,258,484)
| --------------- | ---------------
| ( 42,992,927) | ( 30,237,484)
| --------------- | ---------------

ACORN PG HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 16 January 2026 , and are signed on behalf of the board by:

M Omirou
Director

Company registration number: 14468908

ACORN PG HOLDINGS LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION

30 September 2024

| 2024 | 2023
|  | (restated)
Note | £ | £

Fixed assets

Investments | 15 | 300 | 200

Current assets

Debtors: due within one year | 17 | 8,226,842 | 20,906
Cash at bank and in hand | 363 | 3,116
| ------------- | ---------
| 8,227,205 | 24,022

Creditors: amounts falling due within one year | 18 | ( 8,227,428) | ( 23,977)
| ------------- | ---------
Net current (liabilities)/assets | ( 223) | 45
| ---- | ----
Total assets less current liabilities | 77 | 245
| ---- | ----

Capital and reserves

Called up share capital | 25 | 296 | 296
Profit and loss account | 26 | ( 219) | ( 51)
| ---- | ----
Shareholder funds | 77 | 245
| ---- | ----

The loss for the financial year of the parent company was £ 168 (2023: £ 51 ).
These financial statements were approved by the board of directors and authorised for issue on 16 January 2026 , and are signed on behalf of the board by:

M Omirou
Director

Company registration number: 14468908

ACORN PG HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 30 SEPTEMBER 2024

| Called up share capital | Share premium account | Profit and loss account | Equity attributable to the owners of the parent company | Non-controlling interests | Total
| £ | £ | £ | £ | £ | £
At 1 October 2022 | 196 | 15,000,000 | ( 39,209,195) | ( 24,208,999) | ( 2,334,839) | ( 26,543,838)
Profit for the year |  |  | 3,245,765 | 3,245,765 | ( 2,105,591) | 1,140,174
| ---- | -------------- | -------------- | -------------- | ------------- | --------------
Total comprehensive income for the year | – | – | 3,245,765 | 3,245,765 | ( 2,105,591) | 1,140,174
Dividends paid and payable | 13 | – | – | ( 561,781) | ( 561,781) | – | ( 561,781)
Acquisition of subsidiary with minority interest | – | – | – | – | ( 2,818,054) | ( 2,818,054)
Purchase of shares in subsidiary from non controlling interest | – | – | (1,453,985) | (1,453,985) | – | (1,453,985)
| ---- | -------------- | -------------- | -------------- | ------------- | --------------
Total investments by and distributions to owners | – | – | ( 2,015,766) | ( 2,015,766) | ( 2,818,054) | ( 4,833,820)
At 30 September 2023 | 196 | 15,000,000 | ( 37,979,196) | ( 22,979,000) | ( 7,258,484) | ( 30,237,484)
Loss for the year |  |  | ( 7,848,898) | ( 7,848,898) | ( 3,476,949) | ( 11,325,847)
| ---- | -------------- | -------------- | -------------- | ------------- | --------------
Total comprehensive income for the year | – | – | ( 7,848,898) | ( 7,848,898) | ( 3,476,949) | ( 11,325,847)

ACORN PG HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)

YEAR ENDED 30 SEPTEMBER 2024

| Called up share capital | Share premium account | Profit and loss account | Equity attributable to the owners of the parent company | Non-controlling interests | Total
| £ | £ | £ | £ | £ | £
Dividends paid and payable | 13 | – | – | ( 401,180) | ( 401,180) | – | ( 401,180)
Acquisition of subsidiary with minority interest | – | – | – | – | ( 5,596,970) | ( 5,596,970)
Purchase of shares in subsidiary from non controlling interest | – | – | 4,568,554 | 4,568,554 | – | 4,568,554
| ---- | ---- | ------------- | ------------- | ------------- | -------------
Total investments by and distributions to owners | – | – | 4,167,374 | 4,167,374 | ( 5,596,970) | ( 1,429,596)
| ---- | -------------- | -------------- | -------------- | -------------- | --------------
At 30 September 2024 | 196 | 15,000,000 | ( 41,660,720) | ( 26,660,524) | ( 16,332,403) | ( 42,992,927)
| ---- | -------------- | -------------- | -------------- | -------------- | --------------

ACORN PG HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 30 SEPTEMBER 2024

| Called up share capital | Profit and loss account | Total
| £ | £ | £
At 1 October 2022 | 296 | – | 296
Loss for the year |  | ( 51) | ( 51)
| ---- | ---- | ----
Total comprehensive income for the year | – | ( 51) | ( 51)
At 30 September 2023 | 296 | ( 51) | 245
Loss for the year |  | ( 168) | ( 168)
| ---- | ---- | ----
Total comprehensive income for the year | – | ( 168) | ( 168)
| ---- | ---- | ----
At 30 September 2024 | 296 | ( 219) | 77
| ---- | ---- | ----

ACORN PG HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

YEAR ENDED 30 SEPTEMBER 2024

| 2024 | 2023
|  | (restated)
| £ | £

Cash flows from operating activities

(Loss)/profit for the financial year | ( 11,325,847) | 1,140,174

Adjustments for: |  |
Depreciation of tangible assets | 57,984 | 23,427
Fair value adjustment of investment property | – | ( 80,000)
Other interest receivable and similar income | – | ( 6,790)
Interest payable and similar expenses | 1,427,102 | 6,917,887
Gains on disposal of tangible assets | – | ( 3,000)
Gains on disposal of investment property | – | ( 530)
Gain on impairment or disposal of operations | – | 33,177
Tax on loss | ( 3,135,426) | ( 529,497)
Accrued income | ( 921,592) | ( 6,059,391)

Changes in: |  |
Stocks | ( 20,201,209) | 9,728,213
Trade and other debtors | ( 1,132,966) | ( 2,048,551)
Trade and other creditors | ( 3,516,418) | 7,248,322
Provisions and employee benefits | 117,472 | –
| --------------- | ---------------
Cash generated from operations | ( 38,630,900) | 16,363,441

Interest paid | ( 1,427,102) | ( 6,917,887)
Interest received | – | 6,790
Tax (paid)/received | ( 129,273) | 5,439
| --------------- | ---------------
Net cash (used in)/from operating activities | ( 40,187,275) | 9,457,783
| --------------- | ---------------

Cash flows from investing activities

Proceeds from sale of tangible assets | – | 3,530
Acquisition of subsidiaries | ( 1,028,416) | ( 4,272,039)
Proceeds from sale of other investments | – | 259,470
| --------------- | ---------------
Net cash used in investing activities | ( 1,028,416) | ( 4,009,039)
| --------------- | ---------------

Cash flows from financing activities

Proceeds/repayments of shares classed as financial liabilities | (4,400,287) | 15,816,954
Proceeds from borrowings | 56,495,093 | 43,509,383
Repayments of borrowings | ( 11,385,359) | ( 65,351,198)
Payments of finance lease liabilities | ( 21,895) | ( 31,538)
Dividends paid | ( 401,180) | ( 561,781)
| --------------- | ---------------
Net cash from/(used in) financing activities | 40,286,372 | ( 6,618,180)
| --------------- | ---------------

ACORN PG HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (continued)

YEAR ENDED 30 SEPTEMBER 2024

| 2024 | 2023
|  | (restated)
Note | £ | £
Net decrease in cash and cash equivalents | ( 929,319) | ( 1,169,436)
Cash and cash equivalents at beginning of year | 1,780,375 | 2,949,811
| ------------- | -------------
Cash and cash equivalents at end of year | 851,056 | 1,780,375
| ------------- | -------------

ACORN PG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 York Street, London, W1H 1EZ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Going concern
The company heads up the Acorn Property Group. The group has made an operating loss in the year and has net liabilities however is managing group cashflows to ensure liabilities are being paid as they fall due for payment. The group has access to additional funding from related parties as is necessary to fund its working capital requirements and ongoing development projects. Whilst the group is reliant upon this additional funding, the related parties are under common control and the group also has unrealised profits on future development projects. The directors are satisfied that they have access to sufficient resources to enable the company and group to meet their financial obligations as they fall due for payment for a period of at least 12 months from the date of signing the financial statements. For these reasons, the directors have prepared the company's financial statements on a going concern basis.
Disclosure exemptions
No disclosure exemptions are available under FRS 102. The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not presented its Statement of Comprehensive Income in these financial statements.
Consolidation
The consolidated financial statements incorporate those of Acorn PG Holdings Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies uses into line with those used by other members of the group. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the groups share of net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill. Investments in joint developments where the property is held on trust by a nominee company are accounted for as joint controlled operations, accordingly the subsidiary accounts for its own assets, liabilities and cash flows measured according to the terms of the nominee agreement governing the arrangement.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
Judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years. The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. Funding arrangements Management has assessed the substance of funding agreements for other loans and preference shares and consider them to be financing arrangements. The sums advanced under these agreements are therefore included in creditors as financial liabilities. The financial liabilities are measured at transaction price, including any transaction costs. Subsequent measurement is at amortised cost using the effective interest rate method. Fixed and variable returns are accrued within the loan balance. The variable return has been estimated as an annualised percentage of future expected profits made by development projects held within the group. Investment properties Investment properties are valued annually at fair value. Fair value is ascertained through review of comparable market data and rent levels and cash flows for the respective investment property. There is an inevitable degree of judgement involved. Given the property market knowledge and expertise of the directors and within the group, no third party valuation has been considered necessary. Profit recognition Stock consists of the acquisition cost of the land and buildings, together with related legal and professional costs, development and borrowing costs which is recorded as incurred during a project. An apportionment of stock is transferred to the profit and loss account when properties are sold on a project. The proportion of stock transferred is calculated so as to achieve a consistent margin across each individual project and is reliant on management's estimation of the total selling price. Estimation of the selling price is subject to significant inherent uncertainties, in particular the prediction of future trends in the value of property. Deferred tax assets Deferred tax assets relating to trading losses are recognised to the extent future economic benefit will be derived from the business' pipeline of profitable development projects and utilising losses. Losses deemed to be stranded or in entities where there is no probable benefit are not recognised. Whilst the Directors exercise due care and attention to make reasonable estimates, taking into account all available information in estimating the future selling price, the estimates may differ from the actual selling prices achieved in future periods. With the exception of the estimates described above, the directors consider that there are no other significant judgements or estimates in the preparation of these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable from the sale of developed residential and commercial property and other related income. Turnover from property sales is recognised at the date of legal completion of the sale. Turnover rental property income is recognised when received ore receivable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible fixed assets are measured at cost less accumulated depreciation and accumulated impairment losses. At each reporting date, tangible fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement. If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment is recognised immediately in the income statement.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Plant and machinery | - | 25% straight line
| Motor vehicles | - | 25% straight line

Investments
Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Investment property is carried at fair value and any revaluation surpluses are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
Stocks
Stock represents property acquired costs in relation to property development. The resultant stock and work in progress is valued at the lower of cost or net realisable value. Cost comprises the acquisition cost of the land and buildings, together with the related legal and professional costs, development and borrowing costs. In considering net realisable value, it is assumed that the developments will be completed and sold in the ordinary course of business and not placed on the open market for immediate sale in their current state of development.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The group has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. - Financial assets Basic financial assets, including trade and other receivables, cash and bank balances, loans to fellow group companies and investments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Such assets are subsequently carried at amortised cost, using the effective interest method. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. - Financial liabilities Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost, using the effective interest 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:

| 2024 | 2023
|  | (restated)
| £ | £
Sale of developed property | 44,525,114 | 105,383,400
Investment property rental income | 821,823 | 830,068
| --------------- | ---------------
| 45,346,937 | 106,213,468
| --------------- | ---------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income

| 2024 | 2023
|  | (restated)
| £ | £
Other operating income | 1,328,672 | 253,069
| ------------- | ----------

6. Operating loss
Operating profit or loss is stated after charging/crediting:

| 2024 | 2023
|  | (restated)
| £ | £
Depreciation of tangible assets | 57,984 | 23,427
Gains on disposal of tangible assets | – | ( 3,000)
Gains on disposal of investment property | – | ( 530)
Fair value adjustments to investment property | – | ( 80,000)
Impairment of trade debtors | – | 187,406
Operating lease costs in the year | 664,428 | 557,749
| ---------- | ----------

7. Auditor's remuneration

| 2024 | 2023
|  | (restated)
| £ | £
Fees payable for the audit of the financial statements | 15,000 | 15,000
| --------- | ---------

Fees payable to the company's auditor and its associates for other services:

Audit of the financial statements of associates | 319,835 | 310,000
Taxation compliance services | 104,493 | 100,000
Other non-audit services | 12,708 | –
| ---------- | ----------
| 437,036 | 410,000
| ---------- | ----------

Audit fees have been borne by group undertakings.
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:

| 2024 | 2023
| No. | No.
Administrative staff | 126 | 122
| ---- | ----

The aggregate payroll costs incurred during the year, relating to the above, were:

| 2024 | 2023
|  | (restated)
| £ | £
Wages and salaries | 6,989,061 | 6,887,298
Social security costs | 741,256 | 434,427
Other pension costs | 360,952 | 280,680
| ------------- | -------------
| 8,091,269 | 7,602,405
| ------------- | -------------

9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:

| 2024 | 2023
|  | (restated)
| £ | £
Remuneration | 57,655 | 64,716
Company contributions to defined contribution pension plans | 3,753 | 2,605
| --------- | ---------
| 61,408 | 67,321
| --------- | ---------

The number of directors who accrued benefits under company pension plans was as follows:

| 2024 | 2023
|  | (restated)
| No. | No.
Defined contribution plans | 1 | 1
| ---- | ----

In addition to above, the group was charged £147,708 for consultancy services by one of the directors. A prior year adjustment has been made to present directors' remuneration separately in the financial statements. This amount was previously included within aggregate staff costs in the prior year but has been split out in the current year for improved disclosure.
10. Other interest receivable and similar income

| 2024 | 2023
|  | (restated)
| £ | £
Other interest receivable and similar income | – | 6,790
| ---- | -------

11. Interest payable and similar expenses

| 2024 | 2023
|  | (restated)
| £ | £
Interest on banks loans and overdrafts | 525,693 | 408,912
Interest on obligations under finance leases and hire purchase contracts | 9,010 | 2,479
Interest due to group undertakings | 344,456 | 142,332
Interest capitalised as WIP | (23,147,259) | (17,468,466)
Other interest payable and similar charges | 23,695,202 | 23,832,630
| --------------- | ---------------
| 1,427,102 | 6,917,887
| --------------- | ---------------

12. Tax on loss
Major components of tax income

| 2024 | 2023
|  | (restated)
| £ | £

Deferred tax:

Origination and reversal of timing differences | ( 3,135,426) | ( 529,497)
| ------------- | ----------
Tax on loss | ( 3,135,426) | ( 529,497)
| ------------- | ----------

Reconciliation of tax income
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 22.01 %).

| 2024 | 2023
|  | (restated)
| £ | £
(Loss)/profit on ordinary activities before taxation | ( 14,461,273) | 610,677
| --------------- | ----------
(Loss)/profit on ordinary activities by rate of tax | ( 3,615,307) | 134,410
Effect of expenses not deductible for tax purposes | 779,589 | 736,960
Movement on deferred tax not recognised | (299,708) | (1,400,867)
| --------------- | -------------
Tax on loss | ( 3,135,426) | ( 529,497)
| --------------- | -------------

13. Dividends

| 2024 | 2023
|  | (restated)
| £ | £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) | 401,180 | 561,781
| ---------- | ----------

14. Tangible assets

Group | Plant and machinery | Motor vehicles | Total
| £ | £ | £
Cost |  |  |
At 1 October 2023 (as restated) | 21,233 | 258,674 | 279,907
Additions | – | 106,815 | 106,815
| --------- | ---------- | ----------
At 30 September 2024 | 21,233 | 365,489 | 386,722
| --------- | ---------- | ----------
Depreciation |  |  |
At 1 October 2023 | 21,233 | 139,336 | 160,569
Charge for the year | – | 57,984 | 57,984
| --------- | ---------- | ----------
At 30 September 2024 | 21,233 | 197,320 | 218,553
| --------- | ---------- | ----------
Carrying amount |  |  |
At 30 September 2024 | – | 168,169 | 168,169
| --------- | ---------- | ----------
At 30 September 2023 | – | 119,338 | 119,338
| --------- | ---------- | ----------

The company has no tangible assets.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group | Motor vehicles
| £
At 30 September 2024 | 168,169
| ----------
At 30 September 2023 | 119,337
| ----------

15. Investments

Group | Investment property
| £
Cost |
At 1 October 2023 as restated and 30 September 2024 | 6,763,307
| -------------
Impairment |
At 1 October 2023 as restated and 30 September 2024 | –
| -------------

Carrying amount |
At 1 October 2023 and 30 September 2024 | 6,763,307
| -------------
At 30 September 2023 | 6,763,307
| -------------

Company | Shares in group undertakings
| £
Cost |
At 1 October 2023 as restated | 200
Additions | 100
| ----
At 30 September 2024 | 300
| ----
Impairment |
At 1 October 2023 as restated and 30 September 2024 | –
| ----

Carrying amount |
At 30 September 2024 | 300
| ----
At 30 September 2023 | 200
| ----

The group's investment properties were valued on a fair value basis by the directors as at 30 September 2024. In their opinion, the fair value at that time was £6,683,307 (2023 - £6,683,307) compared with a historical cost of £5,379,757 (2023 - £5,379,757).
The company does not hold any investment properties.
Subsidiaries, associates and other investments
The group is party to a number of joint developments where the property is held on trust by a nominee company. These developments are accounted for as jointly controlled operations, according to the group financial statements for its own assets, liabilities and cash flows measured according to the terms of the agreement covering the arrangement. A list of subsidiaries and the percentage holdings is included below. The group holds a 33.3% equity investment in Acorn & GH (RF) Limited. The investment is accounted for using the equity method and is valued at £nil (2023 - £nil). There are also a number of dormant companies which are excluded from the listing but are owned (directly or indirectly) by the Group. A.B. Polzeath Limited Development Company 100% A.B. St Ives Limited Development Company 100% A.H. Construction Solutions Group Limited Construction Company 51% A.H. Construction Solutions Limited Construction Company 51% Acorn (Bruton 2) Limited Development Company 43% Acorn (Bruton) Limited Development Company 69% Acorn (Chillington) Limited Development Company 51% Acorn (Trinity Square) Limited Development Company 100% Acorn PG Holdings Limited Parent Company 100% AHCS Bristol Limited Construction Company 51% AHCS Caerleon Limited Construction Company 51% AHCS Chillington Limited Construction Company 51% AHCS Devon Limited Construction Company 51% AHCS Exeter Limited Construction Company 51% AHCS Fairford Limited Construction Company 51% AHCS Falmouth Limited Construction Company 51% AHCS Lee Bay Limited Construction Company 51% AHCS Nailsea Limited Construction Company 51% AHCS Sherston Limited Construction Company 51% AHCS Somerset Limited Construction Company 51% AHCS South Wales Limited Construction Company 51% AHCS Urchfont Limited Construction Company 51% AHCS Vale of Glamorgan Limited Construction Company 51% AHCS Wrington Limited Construction Company 51% Anchor Road (Bristol) Limited Development Company 35% Angelrealm Limited Development Company 51% APG Bristol Limited Service Company 51% APG Bristol Management Services Limited Service Company 51% APG Cardiff Management Services Limited Service Company 51% APG Cornwall Limited Service Company 51% APG Cotswolds & Cardiff Limited Service Company 51% APG Exeter Limited Service Company 51% APG Hit Limited Investment Company 100% APG London Limited Service Company 51% APG Regional Development Limited Service Company 51% APG Residential Investments Limited Holding Company 100% API Cotswold Hills Investments Limited Bond Company 51% API Jewson Limited Bond Company 51% Applestone Court (Fairford) Developments Limited Development Company 43% Applestone Land (Fairford) Developments Limited Development Company 43% Blackhorse Properties SE1 Limited Development Company 82% Block 6 Woodland Village Limited Investment Company 100% Bookers Edge (Cusop) Limited Development Company 82% Brewham Road (Bruton) Limited Development Company 51% Brooks Laundry (Bristol) Limited Development Company 51% Campus Buildings (Caerleon) Developments Limited Development Company 43% CB Treglos Limited Development Company 82% Chillington Vale Limited Bond Company 51% Coln House (Fairford) Developments Limited Development Company 43% Coln House (Fairford) Investments Limited Development Company 51% Cornwallis Mews Management Limited Investment Company 100% Cricket Street Limited Development Company 51% Cubis Bruton Investments Limited Bond Company 51% Falmouth Liner Limited Development Company 82% Gannel View Developments Limited Development Company 51% Gatcombe Farm (Wrington) Developments Limited Development Company 51% Gatcombe Farm (Wrington) Investments Limited Bond Company 51% HC Holdings (Cardiff) Limited Development Company 51% Hensol Castle (Cardiff) Developments Limited Development Company 51% Hensol Castle (Cardiff) Investments Limited Bond Company 51% Horcott Lane (Fairford) Developments Limited Development Company 43% Lee Bay Village Investments Limited Bond Company 51% Lee Bay Village Limited Development Company 51% Long Lane Studios Developments Limited Development Company 51% Manor Court (Greet) Limited Development Company 43% Milton Street (Fairford) Developments Limited Development Company 43% New Bermondsey Market Limited Development Company 82% New Road (Crouch End) Limited Development Company 38% Penpol Creek Developments Limited Development Company 51% Pentire Point Limited Development Company 51% Property Management (North London) Limited Service Company 51% Property Services South West Limited Service Company 51% RST Alliance House Developments Limited Development Company 69% RST Alliance House Investments Limited Holding Company 69% RST Baldwin Street Commercial Limited Development Company 51% RST Baltic Wharf Investments Limited Bond Company 82% RST Bermondsey Limited Development Company 51% RST Bristol Developments Limited Development Company 100% RST Bristol Limited Regional Company 69% RST Cardiff Developments Limited Development Company 51% RST Cardiff Limited Regional Company 82% RST Chilterns Limited Regional Company 82% RST Constantine Bay Homes Limited Development Company 82% RST Constantine Bay Limited Development Company 82% RST Cornwall Limited Regional Company 100% RST Corsham Limited Regional Company 45% RST Exeter Limited Parent Company 69% RST Exmouth Developments Limited Development Company 51% RST Fairford Group Limited Development Company 51% RST FAL Estuary Investment Limited Bond Company 51% RST Frome Investments Limited Bond Company 51% RST Frome Services Limited Development Company 51% RST Group Holdings Limited Group Company 82% RST Hampshire Developments Limited Development Company 82% RST Hampshire Limited Regional Company 82% RST Investments Limited Holding Company 100% RST London Limited Regional Company 82% RST Muswell Hill Limited Development Company 51% RST Newquay Developments Limited Development Company 51% RST OCH Truro Developments Limited Development Company 51% RST OCH Truro Investments Limited Bond Company 51% RST Oliver Barnstaple Investments Limited Bond Company 51% RST Oliver Barnstaple Limited Development Company 51% RST Poole Limited Development Company 51% RST Residential Investments Limited Group Company 100% RST South West Investments Limited Bond Company 82% RST Topsham Road (Exeter) Limited Development Company 69% RST West London Limited Development Company 51% RST1 South West Group Limited Regional Company 82% RST1 SW Developments Limited Development Company 51% St Joseph's (Portishead) Limited Development Company 75% St Leonards Quarter (Investments) Limited Development Company 51% St Leonards Quarter Limited Bond Company 51% St Leonards Quarter No 2 Limited Bond Company 51% Stanbridge Park Investments Limited Bond Company 51% The Pavilion (SE1) Limited Service Company 51% The Rest (Porthcawl) Limited Development Company 51% The Villas at Hensol Developments Limited Development Company 51% Trendlewood Way Developments Limited Development Company 43% Wedmore Village Limited Development Company 51% Woodlands Village Living Limited Investment Company 100% Woolacombe (Beach Road) Developments Limited Development Company 51% Woolacombe (Beach Road) Investments Limited Bond Company 51% Woolacombe (The View) Developments Limited Development Company 51% Zinc Apartments Limited Development Company 51%
16. Stocks

| Group | Company
| 2024 | 2023 | 2024 | 2023
|  | (restated) | (restated)
| £ | £ | £ | £
Work in progress | 200,133,464 | 179,932,255 | – | –
| --------------- | --------------- | ---- | ----

Included within stocks are capitalised finance costs which total £42,841,762 (2023 - £27,204,125). During the year the finance costs capitalised amounted to £23,147,259 (2023 - £17,468,466). A proportion of stock held within the subsidiaries has been pledged as security for liabilities. Details on secured liabilities are included in note 18 and 19. The company does not hold any stock.
17. Debtors
Debtors falling due within one year are as follows:

| Group | Company
| 2024 | 2023 | 2024 | 2023
|  | (restated) | (restated)
| £ | £ | £ | £
Trade debtors | 240,014 | 47,141 | – | –
Amounts owed by group undertakings | – | – | 8,226,546 | 20,611
Amounts owed by undertakings in which the company has a participating interest | 1,131,570 | 2,388,145 | – | –
Prepayments and accrued income | 447,411 | 1,346,046 | – | –
Other debtors | 13,712,160 | 10,616,857 | 296 | 295
| --------------- | --------------- | ------------- | ---------
| 15,531,155 | 14,398,189 | 8,226,842 | 20,906
| --------------- | --------------- | ------------- | ---------

Debtors falling due after one year are as follows:

| Group | Company
| 2024 | 2023 | 2024 | 2023
|  | (restated) | (restated)
| £ | £ | £ | £
Deferred tax asset | 7,925,363 | 4,973,987 | – | –
| ------------- | ------------- | ---- | ----

18. Creditors: amounts falling due within one year

| Group | Company
| 2024 | 2023 | 2024 | 2023
|  | (restated) | (restated)
| £ | £ | £ | £
Bank loans and overdrafts | 51,798,800 | 33,022,540 | – | –
Trade creditors | 9,380,174 | 12,204,815 | – | –
Amounts owed to group undertakings | – | – | 8,227,428 | 23,977
Accruals and deferred income | 8,447,088 | 9,368,680 | – | –
Corporation tax | – | 5,439 | – | –
Social security and other taxes | 3,782,792 | 4,598,403 | – | –
Shares classed as financial liabilities | 8,747,103 | 7,105,000 | – | –
Obligations under finance leases and hire purchase contracts | 23,079 | 15,853 | – | –
Director loan accounts | 1,028,448 | – | – | –
Other creditors | 121,022,911 | 120,009,230 | – | –
| --------------- | --------------- | ------------- | ---------
| 204,230,395 | 186,329,960 | 8,227,428 | 23,977
| --------------- | --------------- | ------------- | ---------

Included within bank and other loans above is £30,811,087 (2023 - £33,022,540) of loans which is secured against assets of the group.
Included within other creditors is £52,458,993 (2023 - £65,280,427) of loans secured against the assets of the group.
The group has granted floating charges over the assets of a number of its subsidiaries to a connected company, RST Securities Limited. These charges provide ad-hoc additional guarantees for the debt recorded to equity investors in various development companies as required during their day-to-day business and only crystalise in the event of a default.
In respect of some of the subsidiaries borrowings, a director of fellow group companies has also provided a guarantee. He also holds a charge over some of the subsidiaries' assets.
Shares classified as debt are preference shares of £6,703,000 (2023 - £7,105,000). Included in the above is capitalised debt issue costs of £211,459 (2023 - £235,061). Capitalised debt issue costs are secured in full over some of the subsidiaries' assets and the group's property developments. The group has issued 6,703 (2023 - 7,105) redeemable preference shares at £1,000 per share as at 30 September 2024 (2023: £1,000). The holders of the preference shares are entitled to receive cumulative dividends of interest of £2,218,806 (2023 - £662,540) and a variable profit share on certain projects within the group. The preference shares are redeemable at the later of the final completion of the related project or between October 2024 and June 2027. Preference shareholders are not entitled to vote at meetings.
The group has a large number of fixed rate loans, the terms of which vary. Interest rates range between 5% and 20%. Interest on some other loans are based on a percentage of future expected development profit.
Interest rates on the bank loans, other loans and loans owing to a director of a fellow group companies and related trusts are based on the Bank of England Rate plus a commercial margin.
Hire purchase liabilities are secured against the assets to which they relate.
19. Creditors: amounts falling due after more than one year

| Group | Company
| 2024 | 2023 | 2024 | 2023
|  | (restated) | (restated)
| £ | £ | £ | £
Bank loans and overdrafts | 6,552,754 | 8,856,936 | – | –
Shares classed as financial liabilities | 13,384,562 | 19,426,952 | – | –
Obligations under finance leases and hire purchase contracts | 163,701 | 86,007 | – | –
Other creditors | 49,916,557 | 23,321,030 | – | –
| --------------- | --------------- | ---- | ----
| 70,017,574 | 51,690,925 | – | –
| --------------- | --------------- | ---- | ----

Included within bank and other loans above is £9,950,388 (2023 - £8,856,936) of loans which is secured against assets of the group.
Included within other creditors is £26,170,910 (2023 - £12,689,611) of loans secured against the assets of the group.
The group has granted floating charges over the assets of a number of its subsidiaries to a connected company, RST Securities Limited. These charges provide ad-hoc additional guarantees for the debt recorded to equity investors in various development companies as required during their day-to-day business and only crystalise in the event of a default.
In respect of some of the subsidiaries borrowings, a director of fellow group companies has also provided a guarantee. He also holds a charge over some of the subsidiaries' assets.
Shares classified as debt are preference shares of £11,500,060 (2023 - £19,018,000). Included in the above are capitalised debt issue costs of £698,084 (2023 - £1,425,313). Capitalised debt issue costs are secured in full over some of the subsidiaries' assets and the group's property developments. The group has issued 11,500 (2023 - 19,018) redeemable preference shares at £1,000 per share as at 30 September 2024 (2023 - £1,000). The holders of the preference shares are entitled to receive cumulative dividends of interest of £2,139,516 (2023 - £1,406,791) and a variable profit share on certain projects within the group. The preference shares are redeemable at the later of the final completion of the related project or between October 2024 and June 2027. Preference shareholders are not entitled to vote at meetings.
The group has a large number of fixed rate loans, the terms of which vary. Interest rates range between 5% and 20%. Interest on some other loans are based on a percentage of future expected development profit.
Interest rates on the bank loans, other loans and loans owing to a director of a fellow group companies and related trusts are based on the Bank of England Rate plus a commercial margin.
Hire purchase liabilities are secured against the assets to which they relate.
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

| Group | Company
| 2024 | 2023 | 2024 | 2023
|  | (restated) | (restated)
| £ | £ | £ | £
Not later than 1 year | 23,079 | 15,853 | – | –
Later than 1 year and not later than 5 years | 163,701 | 86,007 | – | –
| ---------- | ---------- | ---- | ----
| 186,780 | 101,860 | – | –
| ---------- | ---------- | ---- | ----

21. Provisions

Group | Deferred tax (note 22) | Other provisions | Total
| £ | £ | £
At 1 October 2023 (as restated) | 184,050 | – | 184,050
Additions | – | 117,472 | 117,472
Transfers | ( 184,050) | – | ( 184,050)
| ---------- | ---------- | ----------
At 30 September 2024 | – | 117,472 | 117,472
| ---------- | ---------- | ----------

The company does not have any provisions.
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:

| Group | Company
| 2024 | 2023 | 2024 | 2023
|  | (restated) | (restated)
| £ | £ | £ | £
Included in debtors (note 17) | 7,925,363 | 4,973,987 | – | –
Included in provisions (note 21) | – | ( 184,050) | – | –
| ------------- | ------------- | ---- | ----
| 7,925,363 | 4,789,937 | – | –
| ------------- | ------------- | ---- | ----

The deferred tax account consists of the tax effect of timing differences in respect of:

| Group | Company
| 2024 | 2023 | 2024 | 2023
|  | (restated) | (restated)
| £ | £ | £ | £
Unused tax losses | 7,901,116 | 4,973,987 | – | –
Other timing differences | 24,247 | (184,050) | – | –
| ------------- | ------------- | ---- | ----
| 7,925,363 | 4,789,937 | – | –
| ------------- | ------------- | ---- | ----

In addition to the deferred tax above, the group has additional unrecognised restricted corporate interest of £13,868,455 (2023 - £13,868,455) carried forward at the balance sheet date.
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 360,952 (2023: £ 280,680 ).
24. Prior period errors
The prior period financial statements have been adjusted to split out recharges from expense codes. The adjustment has resulted in a decrease in cost of sales of £6,269,969 with an equal increase in administrative expenses. There is no effect on the profit and loss for the year or brought forward reserves.
25. Called up share capital
Issued, called up and fully paid

| 2024 | 2023
|  |  | (restated)
| No. | £ | No. | £

Amounts presented in equity:

Ordinary shares of £ 1 each | 196 | 196 | 196 | 196
| ---- | ---- | ---- | ----

Amounts presented in liabilities:

Preference shares of £ 1 each | 25,119,023 | 25,119,023 | 25,119,023 | 25,119,023
| --------------- | --------------- | --------------- | ---------------

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rand equally with the regard to the company's residual assets. Called up share capital - represents the normal value of shares that have been issued.
26. Reserves
S hare premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs . Profit and loss account - This reserve records retained earnings and accumulated losses.
27. Employee benefit trust
The Group operates an Employee Benefit Trust (EBT) to which a subsidiary, RST Group Holdings Limited, is the sponsoring entity. Notwithstanding the legal duties of the trustees, RST Group Holdings Limited considers that it has 'de facto' control and accounts for the EBT as an extension to the Company in the financial statements. RST Group Holdings Limited equity instruments held by the EBT are included in the balance sheet as at cost as a deduction from shareholders' funds in those subsidiary accounts.
28. Analysis of changes in net debt

| At 1 Oct 2023 | Cash flows | New finance leases | Other changes | At 30 Sep 2024
| £ | £ | £ | £ | £
Cash at bank and in hand | 1,780,375 | (929,319) |  | – | 851,056
Debt due within one year | (33,038,393) | (21,931,607) | (106,815) | – | (55,076,815)
Debt due after one year | (8,942,943) | – | – | 2,226,488 | (6,716,455)
| --------------- | --------------- | ---------- | ------------- | ---------------
| ( 40,200,961) | ( 22,860,926) | ( 106,815) | 2,226,488 | ( 60,942,214)
| --------------- | --------------- | ---------- | ------------- | ---------------

29. Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:

| Group | Company
| 2024 | 2023 | 2024 | 2023
|  | (restated) | (restated)
| £ | £ | £ | £
Not later than 1 year | 114,637 | 174,388 | 114,637 | 174,388
Later than 1 year and not later than 5 years | 94,483 | 206,344 | 94,483 | 206,344
| ---------- | ---------- | ---------- | ----------
| 209,120 | 380,732 | 209,120 | 380,732
| ---------- | ---------- | ---------- | ----------

As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

| Group | Company
| 2024 | 2023 | 2024 | 2023
|  | (restated) | (restated)
| £ | £ | £ | £
Not later than 1 year | 424,500 | 356,600 | 424,500 | 356,600
Later than 1 year and not later than 5 years | 1,538,167 | 1,424,000 | 1,538,167 | 1,424,000
Later than 5 years | 267,000 | 623,000 | 267,000 | 623,000
| ------------- | ------------- | ------------- | -------------
| 2,229,667 | 2,403,600 | 2,229,667 | 2,403,600
| ------------- | ------------- | ------------- | -------------

ACORN PG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2024
30. Related party transactions
Group
Transactions between the company and its wholly owned subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. At year end, interest free loans of £3,674,369 (2023 - £4,483,382) were owed to J Skok (a director of fellow group companies) by the group. During the year there was a purchase of shares in a wholly owned subsidiary at fair value of £1.028,416 from R Summerskill , a director. This balance was outstanding at the year end and no interest was charged. In the previous year there was a purchase of shares in a non-wholly owned subsidiary at fair value of £3,411,312). Net capital repayments of £422,000 (2023 - £1,098,000) were made during the year. The group engages various Limited Liability Partnerships (LLPs) in which either group companies or directors of companies within the group are members, to carry out development, sales and administrative functions. The group also has loans from these LLPs. During the year net services provided from these LLPs amounted to £5,586,822 (2023 - £3,330,855) and the group made payments of £nil (2023 - £Nil). The balances owed by the group to the LLPs at the year-end amounted to £1,483,097 (2023 - £1,695,816). The group engages with various associated companies and companies controlled by the directors to carry out development, sales and administrative functions. The group also has loans from these companies. During the year net services provided from these companies amounted to £nil (2023 - £nil) and the group made payments of £nil (2023 - £41,752). The balances owed by the group to these companies at the year end amounted to £1,123,985 (2023 - £1,252,940). In addition, in the prior period, a subsidiary with net liabilities was transferred from the group to a company outside the group at £nil cost leading to a £105,152 gain being recognised. During the year, the group had net receipts of £nil (2023 - £47,202) from a Trust in which a director is the settlor. At the year end the group owed the Trust £165,476 (2023 - £3,815). Interest was charged of £nil (2023 - £nil).
31. Controlling party
The directors regard the trustees of RST Highgate Investment Trust, who are R Summerskill, M Omiro and S Brook, as the ultimate controlling parties of the company and group.