Company registration number 11940341 (England and Wales)
ARDMORE REGENERATION LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ARDMORE REGENERATION LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
ARDMORE REGENERATION LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
1,651,690
150,000
Cash at bank and in hand
1,474,333
-
0
3,126,023
150,000
Creditors: amounts falling due within one year
5
(3,076,139)
-
0
Net current assets
49,884
150,000
Creditors: amounts falling due after more than one year
6
(19,647)
-
0
Provisions for liabilities
7
(158,383)
-
0
Net (liabilities)/assets
(128,146)
150,000
Capital and reserves
Called up share capital
8
150,000
150,000
Profit and loss reserves
(278,146)
-
0
Total equity
(128,146)
150,000

The notes on pages 2 to 8 form part of these financial statements.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 February 2026 and are signed on its behalf by:
C J Byrne
Director
Company registration number 11940341 (England and Wales)
ARDMORE REGENERATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Ardmore Regeneration Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6 Wharf Studios, 28 Wharf Road, London, England, N1 7GR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The Company is a member of the Ardmore Group headed by Ardmore Group Limited (together the “Group”). The Group has net current assets of £84.96m and net assets of £23.4m. The Group meets their day to day working capital requirements through cash held at the year-end of £27.6m. The Group does not have bank debt or external borrowings other than leases.

The company had net liabilities of £128,146 at the balance sheet date. Ardmore Group Limited, an intermediate parent company has indicated its intention and ability to support the company for at least 12 months form the date of approval of the financial statements in order that the company can pay its debts as they fall due.

Base case and severe but plausible downside models

The Director has prepared a base case forecast to 3 February 2027 for the Group. In preparing the base case the director has considered current market economic conditions and has made the following significant assumptions:

- Gross margins on live projects remain consistent with managements forecasts at December 2025.

- Payment of suppliers and receipts from clients (working capital movements) occur around 30 days from invoicing.

- The ability to win new work is unaffected.

- That the realisation of property values through short-term borrowing is achievable.

In preparing the severe but plausible downside model, the director has included the following sensitivities:

- A reduction in gross margins on projects.

- Deterioration of working capital.

- The group wins no new work in the going concern period.

- A significant amount of legal fees are incurred in the period.

The Director considers that each of the downside scenarios occurring together is unlikely.

Should the severe but plausible downside scenario crystallise management will implement mitigating actions which would include further realisation of property values through short term borrowing.

In view of the assessment performed, the Director is satisfied that sufficient financial resources will be generated to enable the Group and Company to meet its liabilities as they fall due for the period to 3 February 2027.

ARDMORE REGENERATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -

Material uncertainty related to going concern

Following a fellow group company, Ardmore Construction Limited, entering administration in August 2025 the Company and Group are exposed to the potential for Building Liability Orders (“BLO”) to be brought in accordance with the Building Safety Act 2022 (“the Act”). To date, the Company and certain companies within the Group have received claims, notifications of claims and are actively defending in court proceedings. These matters all pertain to alleged defective works performed by Ardmore Construction Limited.

As these matters are at an early stage there remains an uncertainty in respect of the potential range of outcomes as well as when these outcomes will be, although it is unlikely that the outcome of these cases will be known within the going concern assessment period. Further detail can be found within note 10 of the financial statements. As a result of these events there is a material uncertainty that may cast significant doubt on the Group’s and Company’s ability to continue as a going concern, and therefore, the Group and the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.

1.3
Turnover

Turnover represents revenue received from construction work carried out in the year and includes an appropriate proportion of revenue receivable from construction contracts which are recognised by reference to the stage of completion of the contract at the reporting date as measured by the Company's surveyors in liaison with third parties.

Turnover from contract variations and claims are included in the assessment of a contract position to the extent that it is probable that they will result in revenue and they are capable of being reliably measured.

Turnover is recognised at the consideration received or receivable, and is shown net of VAT and discounts.

Long term contracts

Long term contracts are assessed on a contract by contract basis and are reflected in the Statement of comprehensive income by recording turnover and related costs as contract activity progresses.

The amount of long term contracts, at costs incurred, net of amounts transferred to cost of sales, after deducting foreseeable losses and payments on account not matched with turnover, is included as long term contract balances.

The amount by which turnover is in excess of payments on account is included in debtors as amounts recoverable on long term contracts. Payments in excess of recorded turnover and long term contract basis are included in creditors as payments received on account on long term contracts.

The amount by which provisions or accruals for foreseeable losses exceed costs incurred, after transfers to cost of sales, is included within provisions.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

ARDMORE REGENERATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

ARDMORE REGENERATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

- Determine the expected future profitability in respect of long term contracts, on a contract by contract basis, to recognise the appropriate stage of completion and profits as the project progresses. The director employs chartered surveyors who work closely on the projects, together with regular update meetings with the senior finance team, to critically assess the current and expected positions to enable them to make these judgements.

- Determine the recoverability of trade and other debtors, retention balances and amounts recoverable on contracts. The director and senior finance team monitor the recoverability, cash collection trends and creditworthiness of customers and make or reverse specific provisions where necessary.

- Determine where accruals, provisions or contingent liabilities exist for remedial works required to completed contracts. The director and senior management assess all construction contracts on a regular basis alongside the Company’s surveyors, customer communications and industry developments, and consider if any liability exists. Where a liability is identified, the director and senior management consider if a probable outflow and reliable estimate exist and record an accrual, provision or contingent liability accordingly.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
22
2

The Directors are remunerated by a fellow group company.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Gross amounts owed by contract customers
733,897
-
0
Amounts owed by group undertakings
-
0
150,000
Other debtors
209,390
-
0
Prepayments and accrued income
551,583
-
0
1,494,870
150,000
ARDMORE REGENERATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
4
Debtors
(Continued)
- 6 -
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
156,820
-
0
Total debtors
1,651,690
150,000

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
389,663
-
0
Amounts owed to group undertakings
2,283,694
-
0
Taxation and social security
54,344
-
0
Other creditors
9,340
-
0
Accruals and deferred income
339,098
-
0
3,076,139
-
0

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Trade creditors
19,647
-
0
7
Provisions for liabilities
2024
2023
£
£
Provision for defects
158,383
-

This provision relates to defects where the directors estimate that costs will arise in the future on current or previous contracts. The provision reflects the expected loss and is recognised immediately. The obligation is likely to crystalise more than one year after the balance sheet date.

ARDMORE REGENERATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
150,000
150,000
150,000
150,000

On 25 September 2023 the Company issued 149,900 £1 Ordinary shares to the parent company at PAR.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The auditor’s report on the full financial statements included a statement drawing attention to a material uncertainty related to going concern.

Senior Statutory Auditor:
Atul Kariya FCCA
Statutory Auditor:
MHA
Date of audit report:
4 February 2026
10
Financial commitments, guarantees and contingent liabilities

Recent developments in government legislation, notably the Building Safety Act and the introduction of Building Liability Orders (“Orders”), have created significant uncertainty both for the Group and the broader industry, particularly in relation to historic contracts. The Group actively manages these risks wherever possible.

The Ardmore Group of companies have received multiple claims, or notices of intention to raise a claim, relating to historic contracts. All these historic contracts were projects delivered by Ardmore Construction Limited which entered administration in August 2025, the extent and effect of Orders on the remaining Group companies therefore depends on evolving legal guidance and ongoing legal processes.

The expanding scope of Building Liability Orders means that other companies within the Group may also be held jointly and severally liable for claims involving a relevant liability, where it is deemed just and equitable. Considerable judgement is required in determining these factors, and each Order is subject to a specific legal mechanism.

The merit, likely outcome and potential impact of these claims is subject to a number of significant uncertainties and, therefore, the Group cannot make any assessment of the likely outcome or quantum of any such litigation as at 30 September 2024. The uncertainties relate to the vague nature of these claims, a lack of supporting evidence from claimants, and the lengthy timeframes involved before a reliable estimate of financial cost can be determined. Factors affecting this include the age and complexity of projects, the judgement required in determining if claims relate to relevant liabilities, the developing interpretation of legislation, particularly regarding the judgement of the claim being fair and equitable, and issues relating to the supply chain and onward claims.

Nonetheless, the Group believes it holds strong positions on many claims. However, given the ongoing evolution of legislation and guidance, it remains difficult to determine outcomes with sufficient certainty. Where claims are successful, the financial impact is likely to be partially mitigated through subsequent claims on the supply chain and/or other parties.

ARDMORE REGENERATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
11
Parent company

The Company's immediate parent company is Ardmore Construction Group Limited, incorporated in England and Wales. Ardmore Construction Group Limited is the smallest group in which the results of the Company are consolidated.

The largest group in which the results of the Company are consolidated is that headed by Ardmore Group Limited. The consolidated accounts of Ardmore Group Limited and Ardmore Construction Group Limited are available to the public and may be obtained from Companies House.

The ultimate parent company is Ardmore Group Holdings Limited.

Ultimate control of the Company rests with C J Byrne.

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