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Company registration number: 13917147
| ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 MAY 2025
| IMPERIAL HOMES SOUTH GROUP LIMITED
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
COMPANY INFORMATION
Directors | Mr R S Paine
| Mr J Dorrington
Registered number | 13917147
Registered office | Paddock View Calcot Lane
| Curdridge
| Southampton
| Hampshire
| SO32 2BN
Independent auditor | Menzies LLP
| Chartered Accountants & Statutory Auditor
| 3000a Parkway
| Whiteley
| Hampshire
| PO15 7FX
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
CONTENTS
| Page
Group Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditor's Report | 4 - 7
Consolidated Statement of Comprehensive Income | 8
Consolidated Statement of Financial Position | 9
Company Statement of Financial Position | 10
Consolidated Statement of Changes in Equity | 11
Company Statement of Changes in Equity | 12
Consolidated Statement of Cash Flows | 13 - 14
Consolidated Analysis of Net Debt | 15
Notes to the Financial Statements | 16 - 37
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 MAY 2025
Introduction
The Directors present the strategic report of Imperial Homes South Group Limited for the period ended 31 May 2025. The principal activity of the group is that of construction of residential properties.
Business review
The businesses experienced a reduction in turnover during the year, but the results were impacted by fluctuations seen in the costs of building materials and changes in the houses prices. Post year end the business has an excellent pipeline of projects and is generating healthy levels of profits, which the directors foresee continuing into the future.
Principal risks and uncertainties
In terms of financial risk, the businesses are predominately exposed to the changes in housing market and costs of building materials and subcontractors. The group must always consider and review its credit terms with major suppliers and funding facilities with lenders. The other major risk the businesses are exposed to are planning rules and government decisions on planning permissions. The directors have a significant amount of experience with planning legislation and work with expert consultants in this area to minimise these risks
Financial key performance indicators
The directors consider gross profit as a percentage of turnover to be the main key performance indicator when analysing business performance. The gross profit percentage achieved in the year was 9.6% (2024: 12.2%). This report was approved by the board and signed on its behalf.
................................................ Mr R S Paine Director
Date: 25 February 2026
Page 1
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
DIRECTORS' REPORT FOR THE YEAR ENDED 31 MAY 2025 The directors present their report and the financial statements for the year ended 31 May 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £57,792 (2024 - £513,440). Particulars of dividends paid are detailed in the notes to the financial statements.
Directors
The directors who served during the year were:
Mr R S Paine
Mr J Dorrington
Future developments
The future developments are disclosed in the Strategic Report.
Financial instruments
The company does not hold any complex financial instruments that are material for the assessment of the financial statements. Page 2
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
Post balance sheet events
On 1 August 2025 a subsidiary within the group entered into an agreement with Imperial Residential Investments Limited to borrow the sum of £800,000 by way of an unsecured loan.
Auditor
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
................................................ Mr R S Paine Director
Date: 25 February 2026
Page 3
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IMPERIAL HOMES SOUTH GROUP LIMITED
Opinion
We have audited the financial statements of Imperial Homes South Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 May 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 May 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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 contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 4
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IMPERIAL HOMES SOUTH GROUP LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 5
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IMPERIAL HOMES SOUTH GROUP LIMITED (CONTINUED)
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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements.We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items. ∙We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures. ∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area. ∙We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: °Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; °Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; °Challenging assumptions and judgments made by management in its significant accounting estimates; and °Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. ∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: °Posting of unusual journals and complex transactions. °Misappropriation of funds through fraudulent purchase ledger and payroll activity °Manipulation of amounts subject to significant judgment or estimate. 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. Page 6
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IMPERIAL HOMES SOUTH GROUP LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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 members, as a body, for our audit work, for this report, or for the opinions we have formed. Andrew Galliers FCA (Senior Statutory Auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor 3000a Parkway Whiteley Hampshire PO15 7FX 25 February 2026 Page 7
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MAY 2025
| 31 May | 16 months ended 31 May
| 2025 | 2024
| £ | £
Turnover | 4 | 22,693,015 | 38,817,279
Cost of sales |  | (20,511,868) | (34,097,821)
Gross profit |  | 2,181,147 | 4,719,458
Administrative expenses |  | (1,115,433) | (1,681,125)
Other operating income | 5 | 4,451 | 8,619
Fair value movements |  | 60,000 | 40,000
Operating profit | 6 | 1,130,165 | 3,086,952
Interest receivable and similar income | 10 | 3,586 | 7,174
Interest payable and similar expenses | 11 | (1,019,532) | (2,416,904)
Profit before taxation |  | 114,219 | 677,222
Tax on profit | 12 | (56,427) | (163,782)
Profit for the financial year |  | 57,792 | 513,440
Total comprehensive income for the year |  | 57,792 | 513,440
Profit for the year attributable to: |  |  |
Owners of the parent Company |  | 57,792 | 513,440
|  | 57,792 | 513,440
The notes on pages 16 to 37 form part of these financial statements.
Page 8
IMPERIAL HOMES SOUTH GROUP LIMITED REGISTERED NUMBER:13917147 |  |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MAY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 15 |  | 31,985 |  | 36,559
Tangible assets | 16 |  | 86,349 |  | 190,349
Investment property | 18 |  | 1,700,000 |  | 1,640,000
|  |  | 1,818,334 |  | 1,866,908
Current assets |  |  |  |  |
Stocks | 19 | 7,195,028 |  | 9,442,853 |
Debtors: amounts falling due within one year | 20 | 2,560,891 |  | 1,503,090 |
Cash at bank and in hand | 21 | 58,841 |  | 60,237 |
|  | 9,814,760 |  | 11,006,180 |
Creditors: amounts falling due within one year | 22 | (10,703,680) |  | (11,108,245) |
Net current liabilities |  |  | (888,920) |  | (102,065)
Total assets less current liabilities |  |  | 929,414 |  | 1,764,843
Creditors: amounts falling due after more than one year | 23 |  | (1,521,697) |  | (2,398,351)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 25 | (77,015) |  | (57,582) |
|  |  | (77,015) |  | (57,582)
Net assets excluding pension asset |  |  | (669,298) |  | (691,090)
Net liabilities |  |  | (669,298) |  | (691,090)
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 102 |  | 102
Profit and loss account | 27 |  | (669,400) |  | (691,192)
Equity attributable to owners of the parent Company |  |  | (669,298) |  | (691,090)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Mr R S Paine
Director
Date: 25 February 2026
The notes on pages 16 to 37 form part of these financial statements. Page 9
IMPERIAL HOMES SOUTH GROUP LIMITED REGISTERED NUMBER:13917147 |  |
COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 MAY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 17 |  | 700,124 |  | 700,124
|  |  | 700,124 |  | 700,124
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 20 | 519,655 |  | 439,655 |
|  | 519,655 |  | 439,655 |
Creditors: amounts falling due within one year | 22 | (1,187,918) |  | (1,121,771) |
Net current liabilities |  |  | (668,263) |  | (682,116)
Total assets less current liabilities |  |  | 31,861 |  | 18,008
Net assets |  |  | 31,861 |  | 18,008
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 102 |  | 102
Profit and loss account brought forward |  | 17,906 |  | (11,261) |
Profit for the year |  | 49,853 |  | 371,167 |
Dividends: Equity capital |  | (36,000) |  | (342,000) |
Profit and loss account carried forward |  |  | 31,759 |  | 17,906
|  |  | 31,861 |  | 18,008
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Mr R S Paine
Director
Date: 25 February 2026
The notes on pages 16 to 37 form part of these financial statements. Page 10
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2025
| Called up share capital | Profit and loss account | Equity attributable to owners of parent Company | Total equity
| £ | £ | £ | £
At 1 February 2023 | 80 | (782,632) | (782,552) | (782,552)
Comprehensive income for the period |  |  |  |
Profit for the period | - | 513,440 | 513,440 | 513,440
Total comprehensive income for the period | - | 513,440 | 513,440 | 513,440
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | (422,000) | (422,000) | (422,000)
Shares issued during the period | 22 | - | 22 | 22
Total transactions with owners | 22 | (422,000) | (421,978) | (421,978)
At 1 June 2024 | 102 | (691,192) | (691,090) | (691,090)
Comprehensive income for the year |  |  |  |
Profit for the year | - | 57,792 | 57,792 | 57,792
Total comprehensive income for the year | - | 57,792 | 57,792 | 57,792
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | (36,000) | (36,000) | (36,000)
Total transactions with owners | - | (36,000) | (36,000) | (36,000)
At 31 May 2025 | 102 | (669,400) | (669,298) | (669,298)
| The notes on pages 16 to 37 form part of these financial statements.
Page 11
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 February 2023 | 80 | (11,261) | (11,181)
Comprehensive income for the period |  |  |
Profit for the period | - | 371,167 | 371,167
Total comprehensive income for the period | - | 371,167 | 371,167
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (342,000) | (342,000)
Shares issued during the period | 22 | - | 22
Total transactions with owners | 22 | (342,000) | (341,978)
At 1 June 2024 | 102 | 17,906 | 18,008
Comprehensive income for the period |  |  |
Profit for the year | - | 49,853 | 49,853
Other comprehensive income for the year | - | - | -
Total comprehensive income for the year | - | 49,853 | 49,853
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (36,000) | (36,000)
Total transactions with owners | - | (36,000) | (36,000)
At 31 May 2025 | 102 | 31,759 | 31,861
| The notes on pages 16 to 37 form part of these financial statements.
Page 12
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2025
|  |  | 31 May 2025 | 16 months ended 31 May 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 57,792 | 513,440
Adjustments for: |  |
Amortisation of intangible assets | 4,570 | 4,570
Depreciation of tangible assets | 108,530 | 68,624
Loss on disposal of tangible assets | (13,554) | (20,613)
Interest paid | 1,019,532 | 2,416,904
Interest received | (3,586) | (7,174)
Taxation charge | 56,427 | 163,780
Decrease in stocks | 2,247,825 | 5,110,110
(Increase) in debtors | (1,057,801) | (329,158)
(Decrease) in creditors | (3,673,379) | (4,322,596)
Increase in provisions | 25,347 | -
Net fair value (gains) recognised in P&L | (60,000) | (40,000)
Corporation tax (paid)/received | (87,441) | 1,160
Net cash generated from operating activities | (1,375,738) | 3,559,047
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (57,627) | (73,986)
Sale of tangible fixed assets | 66,650 | 68,613
Interest received | 3,586 | 7,170
HP interest paid | (12,733) | (16,252)
Net cash from investing activities | (124) | (14,455)
Page 13
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Issue of ordinary shares | - | 22
New secured loans | 2,832,991 | 712,528
Repayment of loans | - | (104,665)
Repayment of other loans | (324,930) | (1,635,861)
Repayment of/new finance leases | (95,230) | 18,347
Dividends paid | (36,000) | (422,000)
Interest paid | (1,006,797) | (2,400,652)
Net cash used in financing activities | 1,370,034 | (3,832,281)
Net (decrease) in cash and cash equivalents | (5,828) | (287,689)
Cash and cash equivalents at beginning of year | 60,237 | 347,926
Cash and cash equivalents at the end of year | 54,409 | 60,237
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 58,841 | 60,237
Bank overdrafts | (4,432) | -
| 54,409 | 60,237
The notes on pages 16 to 37 form part of these financial statements.
Page 14
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 MAY 2025
|  | At 1 June 2024 | Cash flows | At 31 May 2025
|  | £ | £ | £
Cash at bank and in hand | 60,237 | (1,396) | 58,841
Bank overdrafts | - | (4,432) | (4,432)
Debt due after 1 year | (2,249,811) | 773,671 | (1,476,140)
Debt due within 1 year | (674,210) | (3,309,208) | (3,983,418)
Finance leases | (180,031) | 95,231 | (84,800)
| (3,043,815) | (2,446,134) | (5,489,949)
The notes on pages 16 to 37 form part of these financial statements.
Page 15
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1. | General information
Imperial Homes South Group Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The prior period accounts are presented for a 16 month period to 31 May 2024, therefore the prior period figures are not entirely comparable. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102. Page 16
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue on contracts recognised over time: The Group considers all contracts with commercial customers and registered providers for affordable housing on a contract by contract basis and determines the appropriate revenue recognition based on the particular terms of that contract. The Group recognises revenue over time in relation to certain contracts with registered providers only in circumstances in which control of the development is transferred to the customer before or during construction. Revenue is only recognised from the point at which control is transferred, considering the rights to economic benefit as well as legal title. Revenue is recognised because the construction activity enhances an asset that is controlled by the customer. Where the outcome of a contract on which revenue is recognised over time can be estimated reliably, revenue is recognised by reference to the stage of completion of contract activity at the balance sheet date. This is normally measured by surveys of work performed to date. The Group is satisfied that it is appropriate to measure performance by reference to surveys of work performed to date, because these surveys identify the extent to which benefits have been transferred to the customer. Variations to, and claims arising in respect of, such contracts are included in revenue to the extent that they have been agreed with the customer. Where the outcome of a contract on which revenue is recognised over time cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred. When it is probable that the total costs on a contract will exceed total contract revenue, the expected loss is immediately recognised as an expense in the Income Statement.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 17
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.7 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 18
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.9 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25% | Reducing balance
|  |  |  | Motor vehicles | - | 25% | Reducing balance
|  |  |  | Office equipment | - | 25% | Reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Investment property
Investment property is carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 19
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.17 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.18 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument. Page 20
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Page 21
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
| 2.19 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 22
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements estimates and assumptions that affect the amounts reported. These judgements are continually reviewed and ae based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Depreciation and residual values The director has reviewed the asset lives and associated residual values of all fixed asset classes, and has concluded that asset lives and residual values are appropriate. Valuation of property The property valuation has been prepared by a surveyor with suitable experience and qualifications to carry out such work. The director has reviewed the underlying calculations and has concluded that the valuation is appropriate. Revenue and amounts recoverable on long term contracts The majority of contracts are either longer than a year, or span the period end. Revenue for long term contracts is based on internal valuations which occur each month and assess the value of the works performed to date for each project. These figures are than provided and reviewed by independent external valuers, who then confirm the valuation, or in rare circumstances amend the valuation. Revenue is then recognised in line with these confirmed or varied valuations, with an amount recognised under debtors as amounts recoverable on long term contracts. Stock provisions Stock recognised on the balance sheet comprises of costs of construction for various projects. Where management estimate that the final total costs relating to a project exceed total estimates sales, a provision is recognised for then on recoverable proportion of that balance
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 31 May | 16 months ended 31 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sales | 22,626,919 | 38,742,286
| Rent receivable | 66,096 | 74,993
|  | 22,693,015 | 38,817,279
| All turnover arose within the United Kingdom. Revenue totalling £13,899,605 (2024 - £18,167,242) was generated through construction contracts.
Page 23
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
5. | Other operating income
|  |  |  |  | 31 May | 16 months ended 31 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Royalty receivable | 3,623 | -
| Insurance claims receivable | 828 | 8,619
|  | 4,451 | 8,619
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 31 May | 16 months ended 31 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangiable assets | 108,530 | 68,624
| Fair value movements | 60,000 | 40,000
7. | Auditor's remuneration
| During the year, the Group obtained the following services from the Company's auditor:
|  |  |  |  | 31 May | 16 months ended 31 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements | 13,200 | 20,100
| Fees payable to the Company's auditors and their associates in respect of: All non-audit services not included above | 10,850 | 10,325
Page 24
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 16 months ended 31 May 2024
|  | £ | £
| Wages and salaries | 967,897 | 1,124,895
| Social security costs | 84,784 | 111,171
| Cost of defined contribution scheme | 24,994 | 32,046
|  | 1,077,675 | 1,268,112
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 31 May | 16 months ended 31 May | 31 May | 16 months ended 31 May
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Directors | 3 | 2 | 2 | 2
|  | Administrative | 23 | 22 | - | -
|  |  | 26 | 24 | 2 | 2
9. | Directors' remuneration
|  |  |  |  | 31 May | 16 months ended 31 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 19,000 | 25,481
|  | 19,000 | 25,481
Page 25
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
10. | Interest receivable
|  |  |  |  | 31 May | 16 months ended 31 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 3,586 | 7,174
|  | 3,586 | 7,174
11. | Interest payable and similar expenses
|  |  |  |  | 31 May | 16 months ended 31 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 1,005,958 | 2,398,736
| Finance leases and hire purchase contracts | 12,733 | 16,252
| Other interest payable | 841 | 1,916
|  | 1,019,532 | 2,416,904
Page 26
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
12. | Taxation
|  |  |  |  | 31 May | 16 months ended 31 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 22,616 | 112,891
| Adjustments in respect of previous periods | 14,378 | (1,160)
|  | 36,994 | 111,731
| Total current tax | 36,994 | 111,731
| Deferred tax |  |
| Origination and reversal of timing differences | 19,433 | (58,339)
| Changes to tax rates | - | 137,136
| Impact of changes in tax rates | - | (26,746)
| Total deferred tax | 19,433 | 52,051
|  | 56,427 | 163,782
Page 27
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 12.Taxation (continued)
| Factors affecting tax charge for the year/period
| The tax assessed for the year/period is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 24.27%). The differences are explained below:
|  |  |  |  | 31 May | 16 months ended 31 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 114,219 | 677,222
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 24.27%) | 28,555 | 165,470
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | - | 1,939
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 4,282 | -
| Income not taxable | (15,000) | -
| Adjustments to tax charge in respect of prior periods | 14,378 | 136,903
| Short-term timing difference leading to an increase (decrease) in taxation | - | (94,918)
| Chargeable gains | 15,000 | 7,600
| Unrelieved tax losses carried forward | - | (2,149)
| Other differences leading to an increase (decrease) in the tax charge | - | (42,424)
| Marginal relief | (1,080) | -
| Deferred tax not recognised | 10,292 | (8,793)
| Tax credit | - | 154
| Total tax charge for the year/period | 56,427 | 163,782
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 28
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 36,000 | 422,000
|  | 36,000 | 422,000
14. | Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year/period was £49,853 (2024 - £371,167).
15. | Intangible assets
| Group and Company
|  | Goodwill
|  | £
| Cost |
| At 1 June 2024 | 45,697
| At 31 May 2025 | 45,697
| Amortisation |
| At 1 June 2024 | 9,140
| Charge for the year on owned assets | 4,570
| At 31 May 2025 | 13,710
| Net book value |
| At 31 May 2025 | 31,987
Page 29
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
16. | Tangible fixed assets
| Group
|  | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 June 2024 | 190,150 | 173,742 | 363,892
| Additions | - | 57,627 | 57,627
| Disposals | - | (84,589) | (84,589)
| At 31 May 2025 | 190,150 | 146,780 | 336,930
| Depreciation |  |  |
| At 1 June 2024 | 102,450 | 71,093 | 173,543
| Charge for the year on owned assets | 60,925 | 47,606 | 108,531
| Disposals | - | (31,493) | (31,493)
| At 31 May 2025 | 163,375 | 87,206 | 250,581
| Net book value |  |  |
| At 31 May 2025 | 26,775 | 59,574 | 86,349
| At 31 May 2024 | 87,700 | 102,649 | 190,349
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 22,442 | 67,325
| Motor vehicles | - | 73,989
|  | 22,442 | 141,314
Page 30
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
17. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 June 2024 | 700,124
| At 31 May 2025 | 700,124
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Imperial Homes Southern Counties Limited | Paddock View Calcot Lane, Curdridge, Southampton, England, SO32 2BN | Ordinary | 100%
| Imperial Homes South Limited | Paddock View Calcot Lane, Curdridge, Southampton, England, SO32 2BN | Ordinary | 100%
Page 31
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
18. | Investment property
| Group
|  | Freehold investment property
|  | £
| Valuation |
| At 1 June 2024 | 1,640,000
| Surplus on revaluation | 60,000
| At 31 May 2025 | 1,700,000
The 2025 valuations were made by the director, on an open market value for existing use basis.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025
|  |  |  |  | £
| Historic cost | 1,453,500
|  | 1,453,500
19. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Work in progress | 7,195,028 | 9,442,853
|  | 7,195,028 | 9,442,853
Page 32
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
20. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 278,957 | 342,945 | - | -
| Amounts owed by group undertakings | - | - | 319,655 | 319,655
| Other debtors | 1,405,057 | 1,112,072 | 200,000 | 120,000
| Prepayments and accrued income | 200,710 | 48,073 | - | -
| Amounts recoverable on long-term contracts | 676,167 | - | - | -
|  | 2,560,891 | 1,503,090 | 519,655 | 439,655
21. | Cash and cash equivalents
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Cash at bank and in hand | 58,841 | 60,237
| Less: bank overdrafts | (4,432) | -
|  | 54,409 | 60,237
22. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | 4,432 | - | - | -
| Bank loans | 3,674,611 | 67,879 | - | -
| Other loans | 253,000 | 578,000 | - | -
| Trade creditors | 1,653,340 | 1,487,885 | - | -
| Amounts owed to group undertakings | - | - | 1,186,738 | 1,103,154
| Corporation tax | 87,791 | 112,891 | - | -
| Other taxation and social security | 98,412 | 96,643 | - | -
| Obligations under finance lease and hire purchase contracts | 60,243 | 52,491 | - | -
| Other creditors | 4,481,035 | 8,275,619 | 1,180 | 18,617
| Accruals and deferred income | 390,816 | 436,837 | - | -
|  | 10,703,680 | 11,108,245 | 1,187,918 | 1,121,771
| Included in creditors due within one year are secured creditors amounting to £3,612,934 (2024 - £125,000). These loans are secured by way of fixed and floating charge over the land and property of the company.
Page 33
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
23. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Bank loans | 22,727 | 796,468
| Other loans | 1,453,413 | 1,453,343
| Net obligations under finance leases and hire purchase contracts | 24,557 | 127,540
| Other creditors | 21,000 | 21,000
|  | 1,521,697 | 2,398,351
24. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 60,243 | 84,479
| Between 1-5 years | 24,557 | 95,552
|  | 84,800 | 180,031
25. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | (57,582)
| Charged to profit or loss | (19,433)
| At end of year | (77,015)
Page 34
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 25.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | (77,015) | (57,582)
|  | (77,015) | (57,582)
26. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
|  | 2 (2024 - 2) Ordinary B shares of £1.00 each | 2 | 2
|  |  | 102 | 102
27. | Reserves
Profit and loss account This reserve records the retained earnings and accumulated losses.
28. | Pension commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. No contributions were payable to the fund at the reporting date (2024 - £Nil). Page 35
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
29. | Commitments under operating leases
| At 31 May 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 12,525 | 29,831
| Later than 1 year and not later than 5 years | 8,936 | 8,372
|  | 21,461 | 38,203
| The total lease payments relating to operating lese recognised as an expense in the financial year amounts to £35,174 (2024 - £8,209).
30. | Related party transactions
Group Dorrington Homes (UK) Limited Dorrington Homes (UK) Limited is owned by J Dorrington. During the period, Imperial Homes South Group paid expenses to Dorrington Homes (UK) Limited of £4,075,800 (2024 - £4,027,951) and provided services to the Imperial Homes South Group of £65,410 (2024 - £34,136). At the year end, Dorrington Homes (UK) Limited was owed £1,598,000 (2024 - £333,027). Imperial Homes Commercial Limited Imperial Homes Commercial Limited is owned by J Dorrington and R Paine. Imperial Homes South Group Limited paid expenses to the company of £15,001 (2024 - £Nil). Imperial Homes South Group has provided total services to Imperial Commercial for £4,829 (2024 - £543). At the year end, the company was owed £357,000 (2024 - £4,442).No interest is charged on the loan. Streetscene Addiction Recovery Limited Streetscene Addiction Recovery Limited is a company in which J Dorrington is appointed as director. Imperial Homes South Group Limited has provided total services to Streetscene Addiction Recovery Limited for £Nil (2024 - £8,692). PDL Southern Contracts Limited PDL Southern Contracts Limited is a company in which L Hollamby is appointed as director. Imperial Homes South Group Limited has made total purchases of £1,250 (2024 - £33,150). Page 36
IMPERIAL HOMES SOUTH GROUP LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 Related party transactions (continued) Refine Southern Limited Refine Southern Limited is a company in which J Dorrington is appointed as director. Imperial Homes South Group Limited has provided total services to Refine Southern Limited for £Nil (2024 - £126). IMS Hunts Pond Limited IMS Hunts Pond Limited is a company in which J Dorrington and R Paine are appointed as directors. Imperial Homes South Group Limited has made total purchases of £1,000 (2024 - £Nil). Imperial Residential Investments Limited Imperial Residential Investments Limited is a company in which J Dorrington and R Paine are appointed as directors. Imperial Homes South Group Limited has received a loan for £60,000 (2024 - Nil). The amount due to Imperial Residential Investments Limited as at year end is £Nil (2024 - £Nil) IHS Braxell Limited IHS Braxell Limited is a company in which J Dorrington and R Paine are appointed as directors. During the year Imperial Homes South Group Limited received a loan for £3,000 (2024 - £Nil). The amount due to IHS Braxell Limited as at year end is £Nil (2024 - £Nil). Refine BW Limited IRefine BW Limited is a company in which J Dorrington is appointed as director. Imperial Homes South Group Limited has recharged a total amount of £69 (2024-£Nil). Directors' close family members During the year salaries were paid to close family members of the Directors of £19,234 (2024 - £25,185) Richard Paine Richard Paine is a Director of the company. The balance due to Richard Paine as at 31/05/2025 is £25,000 (2024 -£Nil). Joseph Dorrington Joseph Dorrington is a Director of the company. The balance due to Joseph Dorrington as at 31/05/2025 is £25,000 (2024- £Nil).
31. | Post balance sheet events
On 1 August 2025 a subsidiary within the group entered into an agreement with Imperial Residential Investments Limited to borrow the sum of £800,000 by way of an unsecured loan.
32. | Controlling party
The directors consider there to be no ultimate controlling party.
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