Company Registration No. 11646331 (England and Wales)
Hayfield Homes Development Group Limited
Annual report and
group financial statements
for the year ended 31 December 2024
Hayfield Homes Development Group Limited
Company information
Directors
Patrick Shovlin
Rohit Chadha
Amit Chadha
Mark Booth
Secretary
James Thompson
Company number
11646331
Registered office
Hayfield House
Arleston Way
Shirley
Solihull
West Midlands
England
B90 4LH
Independent auditor
Saffery LLP
10 Wellington Place
Leeds
LS1 4AP
Hayfield Homes Development Group Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 8
Directors' responsibilities statement
9
Independent auditor's report
10 - 13
Income statement
14
Group statement of comprehensive income
15
Group statement of financial position
16
Company statement of financial position
17
Group statement of changes in equity
18
Company statement of changes in equity
19
Group statement of cash flows
20
Notes to the financial statements
21 - 37
Hayfield Homes Development Group Limited
Strategic report
For the year ended 31 December 2024
1

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

Trading Review

The UK housing market continued to be constrained during 2024 as a result of a combination of an ineffective planning system, continual increases in construction costs and uncertainty from consumers, together with a hold on planning decisions as a result of the UK General Election in July.

Interest rates continued to fall slowly during 2024 from the highs of the previous year however this had little effect on a stagnant housing market as consumers were still in the midst of the ongoing cost of living crisis and mortgage rate uncertainties.

Private house sales of 92 units led to turnover of £66m. Several of the Group’s developments saw the final builds completed of affordable housing. As a result of timing of builds on new developments, affordable housing turnover significantly reduced this year to £3.7m.

Gross margin percentage was in line with forecasts, reflecting the different timing of developments and their stage of completion.

At the end of 2024 Hayfield holds and controls over 711 plots with planning and subject to planning permission.

Outlook

2025 has seen a continuation of a difficult housing market with Hayfield selling 71% of production for the year.

We continue to refine our presentation, in both brand and product, ensuring we have our team trained and ready to reach out to every opportunity. We are confident that we will lead the way with our competitors.

Customer Care continues to be a key objective of the business, and we pride ourselves on our commitment of giving our customer one point of contact throughout their entire journey with us. We have created a quality focused environment within Customer Care which will ensure quality is maintained throughout the build process and ensure all contractors fully understand “The Hayfield Way”. We are pleased to report that Hayfield is once again recognised and certified as a HBF 5-star rating.

Hayfield Homes Development Group Limited
Strategic report (continued)
For the year ended 31 December 2024
2
Principal risks and uncertainties

Risk management

Risk management is a high priority, and we have processes in place designed to identify, mitigate and manage risk. These are reviewed regularly by the Board and the key risks and mitigations are set out below.

Risks | Mitigants
Build cost | Due to continuation of the Ukrainian war, build cost inflation remains forefront in our analysis albeit it is back to low single digits and so remains a focus of the business. Our dedicated Procurement and Supply Chain Department continue to review our supply chain, giving us access to preferential terms and distribution agreements. In line with the parameters of our ESG strategy, we are cultivating new relationships with companies that can offer the quality, sustainability credentials, and supply the certainty that Hayfield requires. To further mitigate this risk, as mentioned above, we constantly review our build inflation estimates in our land appraisals to ensure that costs are covered from day one.
Liquidity and cash flow | Trading and cash flow forecasting are seen as a key part of the reporting within the company. Working capital and capital investments are regularly monitored and reported to the board of directors. Key to the mitigation of this risk is a close working relationship with the company’s key debt provider, Oaknorth PLC. All schemes are monitored by a third-party monitoring surveyor with cash requirements reviewed monthly.
Health and safety | The safety of our employees and sub-contractors is a core Hayfield principle. The company has a constantly evolving health and safety management system that reflects the growth of the business and the changing regulatory requirements. To facilitate this, we have our own internal health and safety team, and their success continues to be recognised with a RoSPA Gold award for the third year in a row.
Mortgage availability | Mortgage constraints, applied through appropriate regulation and sensible lending criteria, provide a sustainable base for the UK housing market. The housing market is however sensitive to macro-economic conditions such as changes in interest rates, employment levels and consumer confidence.

Hayfield Homes Development Group Limited
Strategic report (continued)
For the year ended 31 December 2024
3
Principle Risks and Uncertainties (Continued)

Hayfield Homes Development Group Limited (“Hayfield”) continued to trade through 2024 despite the difficulties faced by the UK housing market.

A summary of the key performance indicators for the business is set out below:

KEY PERFORMANCE INDICATORS

Key performance indicator | 2024 | 2023 | Movement
Residential equivalent completion numbers* | 111 | 164 | (32%)
Turnover £000’s | 66,041 | 72,532 | (9%)
Average selling price £000’s | 593 | 430 | 38%
Operating (loss) / profit | (5,883) | 248 | (2472%)
Land Bank Plots (with planning and subject to planning permission) | 711 | 915 | (22%)

*Residential equivalent completion numbers contain both private sales and sales to housing associations. This figure excludes part exchange sales. Private sale completion numbers are recognised as the number of units completed during the year. Housing association equivalent numbers are calculated as the income recognised on the accruals basis in the year divided by the average plot value of a site at year end, not as actual completions with the relevant housing association.

Section 172 - promoting the success of the company

In accordance with s.172 of the Companies Act (the “Act”), the Directors understand their statutory duties to promote the success of the Company for the benefit of its primary stakeholders, being its customers, people, sub-contractors, and shareholders.

The Company regularly engages with its primary stakeholders through various methods to ensure their needs are met in a way that promotes the success of the Hayfield brand for the benefit of all stakeholders.

The Company recognises the importance of all its stakeholders to the business including its shareholders who are regularly provided at Board meetings with business and performance updates so that long term sustainability and growth can be maximised through informed decision making.

Hayfield prioritises the health and safety of our employees and sub-contractors, whilst providing customers with an enjoyable journey towards their Hayfield home.

On behalf of the board

Mark Booth
Director
18 March 2026
Hayfield Homes Development Group Limited
Directors' report
For the year ended 31 December 2024
4

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company and group continued to be that of the construction of domestic buildings.

Results and dividends

The results for the year are set out on page 14.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Patrick Shovlin
Rohit Chadha
Amit Chadha
Mark Booth
Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

The group has consumed more than 40,000 kWh during the period and is required to report emissions, energy consumption and energy efficiency activities.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
348,840
466,079
Hayfield Homes Development Group Limited
Directors' report (continued)
For the year ended 31 December 2024
5
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
3.70
22.05
- Fuel consumed for owned transport
26.60
28.21
30.30
50.26
Scope 2 - indirect emissions
- Electricity purchased
67.90
71.14
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
98.20
121.40
Intensity ratio
Tonnes CO2e per employee
0.90
0.99
Quantification and reporting methodology

The methodology applied to the calculations of these emissions is the GHG Protocol Corporate Accounting and Reporting Standard which is available on the Greenhouse Gas Protocol website at https://ghgprotocol.org/corporate-standard. Conversion factors have been taken from the UK Government’s Greenhouse Gas Reporting: conversion factors 2024 which are valid up to a date of 10 June 2025 and can be found on the Government’s website at https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2023.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Hayfield Homes Development Group Limited
Directors' report (continued)
For the year ended 31 December 2024
6
Measures taken to improve energy efficiency

The Hayfield Group maintains a sustainable and responsible approach towards minimising its impact on the environment for the benefit of its customers, people, and business. Hayfield develop initiatives that go above and beyond its legislative obligations, together with strong compliance and the utmost consideration for the social environment.

Our Zero Carbon Ready Homes are powered and heated by electricity only. We do not use fossil fuels (this is well in advance of the 2025 statutory requirements). This combined with other low carbon technologies we install as standard, and the high thermal efficiency of our homes, means our private homes have the potential to not add any carbon dioxide to the atmosphere during its use by a homeowner.

As part of our aim to ensure we minimise our impact on the environment, we have created an eight- step strategy:

1. Zero Carbon Ready Homes

   Actively implementing initiatives that deliver low carbon solutions and enhance energy efficiency of our homes.

2. Transport

   Accelerating the shift towards zero emissions with staff vehicles, construction vehicles and onsite plant. Our developments are designed to support and access low carbon public modes of transport.

3. Construction Activity

   Implemented a carbon measuring system, in order to make quantifiable decisions to remove carbon from our construction process.

4. Modern Methods of Construction (MMC)

   Optimising the use of Modern Methods of Construction (MMC) to reduce waste and minimise our on-site/off-site logistics.

5. Innovation

   Supporting the development and implementation of innovative, low carbon materials in our construction process.

6. Championing Sustainability

   Committed to designing out carbon in our homes, with constant technical and specification reviews and modifying procurement modes to reward measurable carbon deductions in our supply chain.

7. Responsible Resourcing

Committed to responsible resourcing:

- 100% of electricity supplied in our homes comes from zero carbon generation.

- 100% of our timber is sourced from certified Forest Stewardship Council (FSC) sources who operate responsibly and resource efficiently.

8. Circular Economy

Actively promote recycling, minimising single-use plastics and are committed to reducing our waste generation.

Hayfield Homes Development Group Limited
Directors' report (continued)
For the year ended 31 December 2024
7
Measures taken to improve energy efficiency (continued):

As part of our commitment to provide Zero Carbon Ready Homes, we install the following eight items in each home:

1. Air Source Heat Pump – sustainable heating technology.

2. Underfloor heating – increased efficiency and comfort levels, reducing the movement of dust.

3. Electric car charging point – smart green technology helping to reduce your carbon footprint.

4. Fibre optic broadband – enabling homeworking and reducing the carbon footprint.

5. Renewable energy – supplied to our homes.

6. Energy performance – high levels of insulation. Environmentally and energy efficient homes.

7. Home working – sound reduced insulation, enabling enhanced homeworking.

8. Water efficiency – 100% dual flush toilets, water saving baths and restrictors on taps.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Going concern

Hayfield began operations in 2018 with a view of building housing developments over a finite number of years. Hayfield has prided itself in building eco-efficient houses, winning national awards year on year and becoming a well-known name in the industry.

2025 sees the Group enter it’s eighth year of trading and the latter stages of the scheme’s timeframe, so in line with forecasts, the Group will begin to reduce the number of housing developments it builds. The Group continues to hold a substantial land bank of plots and will look for future opportunities to sell the land.

Hayfield continues to have a strong relationship with its key debt provider, Oaknorth PLC who have assisted the business through a difficult 2025 providing injection of funds as and when required, with continued commitment through 2026 and beyond. With the continued support of other stakeholders as well, the Group will continue to trade, meeting all of its operational obligations.

The Group’s Board of Directors remain focused on taking the actions necessary to safeguard the operational strength of the Hayfield brand. The directors consider monthly management accounts and forecasts to enable them to make the appropriate decisions to ensure the operational existence of the business. Given the ongoing instability of the housing market, Hayfield continues to prepare sensitised forecasts which show the ability of the Group to work within the facilities provided by Oaknorth PLC for a period of at least 12 months from post approval of these financial statements.

At the same time, Hayfield prioritises the health and safety of our employees and sub-contractors, whilst providing customers with an enjoyable journey towards their Hayfield home.

Forecasts

The directors consider monthly management accounts and forecasts to enable them to make the appropriate decisions to ensure the operational existence of the business going forward.

The pressure of a downturn in the housing market has led to Hayfield preparing sensitised forecasts which show the ability of the Group to work within the facilities provided by Oaknorth PLC for a period of at least 12 months from post approval of these financial statements. The forecasts have been sensitised to take into account the Board’s worst-case scenario but with reasonable levels of completions over the going concern period. The current performance of the Group and the sales pipeline for Q1 2026 remain favourable against this downside position.

Conclusion

The directors have a reasonable expectation that the Group and therefore the company will have adequate resources available to continue in operational existence for the foreseeable future.

Hayfield Homes Development Group Limited
Directors' report (continued)
For the year ended 31 December 2024
8
On behalf of the board
Mark Booth
Director
18 March 2026
Hayfield Homes Development Group Limited
Directors' responsibilities statement
For the year ended 31 December 2024
9

The directors are responsible for preparing the Annual 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 company, 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Hayfield Homes Development Group Limited
Independent auditor's report
To the members of Hayfield Homes Development Group Limited
10
Opinion

We have audited the financial statements of Hayfield Homes Development Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 and of the parent company's affairs as at 31 December 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; 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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group 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 directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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.

Hayfield Homes Development Group Limited
Independent auditor's report (continued)
To the members of Hayfield Homes Development Group Limited
11

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' r eport 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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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 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 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.

Hayfield Homes Development Group Limited
Independent auditor's report (continued)
To the members of Hayfield Homes Development Group Limited
12

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Hayfield Homes Development Group Limited
Independent auditor's report (continued)
To the members of Hayfield Homes Development Group Limited
13

Use of our report

This report is made solely to the parent 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 parent company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Davis (Senior Statutory Auditor)
For and on behalf of Saffery LLP
18 March 2026
Statutory Auditors
10 Wellington Place
Leeds
LS1 4AP
Hayfield Homes Development Group Limited
Group income statement
For the year ended 31 December 2024
14
2024
2023
Notes
£
£
Turnover
3
66,040,618
72,532,124
Cost of sales
(65,033,301)
(62,988,497)
Gross profit
1,007,317
9,543,627
Administrative expenses
(8,368,607)
(7,751,629)
Exceptional item
4
(378,456)
(1,543,987)
Operating (loss)/profit
5
(7,739,746)
248,011
Interest payable and similar expenses
9
(8,053,322)
(14,952,169)
Loss before taxation
(15,793,068)
(14,704,158)
Tax on loss
10
-
0
-
0
Loss for the financial year
(15,793,068)
(14,704,158)
Loss for the financial year is all attributable to the owners of the parent company.
Hayfield Homes Development Group Limited
Group statement of comprehensive income
For the year ended 31 December 2024
15
2024
2023
£
£
Loss for the year
(15,793,068)
(14,704,158)
Other comprehensive income
-
-
Total comprehensive income for the year
(15,793,068)
(14,704,158)
Total comprehensive income for the year is all attributable to the owners of the parent company.
Hayfield Homes Development Group Limited
Group statement of financial position
As at 31 December 2024
16
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
326
5,628
Tangible assets
12
579,981
793,270
580,307
798,898
Current assets
Stocks
15
90,385,340
101,148,413
Debtors
16
2,480,352
7,025,488
Cash at bank and in hand
572,958
770,036
93,438,650
108,943,937
Creditors: amounts falling due within one year
17
(74,992,294)
(76,263,144)
Net current assets
18,446,356
32,680,793
Total assets less current liabilities
19,026,663
33,479,691
Creditors: amounts falling due after more than one year
18
(13,130,528)
(11,474,078)
Net assets
5,896,135
22,005,613
Capital and reserves
Called up share capital
22
1,138
1,138
Share premium account
54,821,674
54,821,674
Other reserves
3,437,035
3,753,445
Profit and loss reserves
(52,363,712)
(36,570,644)
Total equity
5,896,135
22,005,613
The financial statements were approved by the board of directors and authorised for issue on 18 March 2026 and are signed on its behalf by:
Mark Booth
Director
Company registration number 11646331 (England and Wales)
Hayfield Homes Development Group Limited
Company statement of financial position
As at 31 December 2024
17
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
3
3
Current assets
Debtors
16
5,870,872
22,005,518
Cash at bank and in hand
25,260
92
5,896,132
22,005,610
Net current assets
5,896,132
22,005,610
Net assets
5,896,135
22,005,613
Capital and reserves
Called up share capital
22
1,139
1,139
Share premium account
54,821,674
54,821,674
Profit and loss reserves
(48,926,678)
(32,817,200)
Total equity
5,896,135
22,005,613

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £16,109,478 (2023 - £32,816,775 loss).

The financial statements were approved by the board of directors and authorised for issue on 18 March 2026 and are signed on its behalf by:
Mark Booth
Director
Company registration number 11646331 (England and Wales)
Hayfield Homes Development Group Limited
Group statement of changes in equity
For the year ended 31 December 2024
18
Share capital
Share premium account
Capital Contribution
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
1,056
-
0
-
(21,866,486)
(21,865,430)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(14,704,158)
(14,704,158)
Issue of share capital
22
100
54,821,674
-
-
54,821,774
Reduction of shares
22
(18)
-
-
-
(18)
Capital Contribution
-
-
3,753,445
-
3,753,445
Balance at 31 December 2023
1,138
54,821,674
3,753,445
(36,570,644)
22,005,613
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
-
(15,793,068)
(15,793,068)
Capital Contribution
-
-
(316,410)
-
(316,410)
Balance at 31 December 2024
1,138
54,821,674
3,437,035
(52,363,712)
5,896,135
Hayfield Homes Development Group Limited
Company statement of changes in equity
For the year ended 31 December 2024
19
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1,057
-
0
(425)
632
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(32,816,775)
(32,816,775)
Issue of share capital
22
100
54,821,674
-
54,821,774
Reduction of shares
22
(18)
-
-
(18)
Balance at 31 December 2023
1,139
54,821,674
(32,817,200)
22,005,613
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
(16,109,478)
(16,109,478)
Balance at 31 December 2024
1,139
54,821,674
(48,926,678)
5,896,135
Hayfield Homes Development Group Limited
Group statement of cash flows
For the year ended 31 December 2024
20
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
6,083,681
(10,995,273)
Interest paid
(8,053,322)
(14,952,169)
Net cash outflow from operating activities
(1,969,641)
(25,947,442)
Investing activities
Purchase of intangible assets
-
(900)
Purchase of tangible fixed assets
(95,327)
(436,254)
Proceeds from disposal of tangible fixed assets
-
(12,543)
Net cash used in investing activities
(95,327)
(449,697)
Financing activities
Proceeds from issue of shares
-
54,821,756
Proceeds from new bank loans
9,229,218
-
Repayment of bank loans
(7,361,303)
(29,536,002)
Net cash generated from financing activities
1,867,915
25,285,754
Net decrease in cash and cash equivalents
(197,053)
(1,111,385)
Cash and cash equivalents at beginning of year
769,989
1,881,374
Cash and cash equivalents at end of year
572,936
769,989
Relating to:
Cash at bank and in hand
572,958
770,036
Bank overdrafts included in creditors payable within one year
(22)
(47)
Hayfield Homes Development Group Limited
Notes to the group financial statements
For the year ended 31 December 2024
21
1
Accounting policies
Company information

Hayfield Homes Development Group Limited (“the company”) is a private limited company incorporated in England and Wales. The registered office is Hayfield House, Arleston Way, Shirley, Solihull, West Midlands, England, B90 4LH.

The group consists of Hayfield Homes Development Group Limited and all of its subsidiaries.

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.

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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

Hayfield Homes Development Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
22
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Hayfield Homes Development Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The assessment the Directors have made on the validity of the group remaining a going concern is included in the Directors' Report.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of construction is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
3 years straight line
Hayfield Homes Development Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
23
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
3 years straight line
Computers
3 years straight line
Motor vehicles
3 years straight line
Show home furniture
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Hayfield Homes Development Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
24

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 debtors, 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.

Hayfield Homes Development Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
25
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Hayfield Homes Development Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
26
1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Stock Impairment

At each reporting date, an assessment is made for Stock impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Housing sales
66,040,618
72,532,124
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
66,040,618
72,532,124
Hayfield Homes Development Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
27
4
Exceptional item
2024
2023
£
£
Expenditure
Realease and discharge of loan instruments
378,456
1,543,987
378,456
1,543,987

During the year, a balance with Living Space Housing Ltd of £254,399 was written off.

A balance owed from Hayfield Homes Ltd £124,057 was written off in the year.

In the prior year, a balance with Living Space Housing Ltd of £917,649 and a balance of £626,337 with Hayfield Homes Limited were written off.

5
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
308,616
404,211
(Profit)/loss on disposal of tangible fixed assets
-
14,820
Amortisation of intangible assets
5,302
25,849
Operating lease charges
146,990
237,844
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
70,000
70,000
Audit of the financial statements of the company's subsidiaries
55,000
55,000
125,000
125,000
Hayfield Homes Development Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
28
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
25
28
-
-
Sales
12
13
-
-
Administration
72
82
-
-
Total
109
123
0
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,991,184
7,043,038
-
0
-
0
Social security costs
771,075
858,565
-
-
Pension costs
159,878
165,747
-
0
-
0
7,922,137
8,067,350
-
0
-
0
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
6,000
6,000
9
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
8,053,322
14,952,169
Hayfield Homes Development Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
29
10
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(15,793,068)
(14,704,158)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(3,948,267)
(3,458,418)
Tax effect of expenses that are not deductible in determining taxable profit
2,810,136
4,044,980
Tax effect of income not taxable in determining taxable profit
(51,977)
(683,190)
Other permanent differences
326
-
0
Deferred tax adjustments in respect of prior years
(89,524)
-
0
Fixed asset differences
405
45,734
Other permanent differences
464,289
-
0
Remeasurement of deferred tax for changes in tax rates
-
0
(3,201)
Deferred tax not recognised
814,612
54,095
Taxation charge
-
-
Hayfield Homes Development Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
30
11
Intangible fixed assets
Group
Software
£
Cost
At 1 January 2024 and 31 December 2024
113,690
Amortisation and impairment
At 1 January 2024
108,062
Amortisation charged for the year
5,302
At 31 December 2024
113,364
Carrying amount
At 31 December 2024
326
At 31 December 2023
5,628
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
12
Tangible fixed assets
Group
Fixtures and fittings
Computers
Motor vehicles
Show home furniture
Total
£
£
£
£
£
Cost
At 1 January 2024
528,885
256,822
110,938
648,123
1,544,768
Additions
-
0
19,105
-
0
76,222
95,327
At 31 December 2024
528,885
275,927
110,938
724,345
1,640,095
Depreciation and impairment
At 1 January 2024
243,653
207,206
107,301
193,338
751,498
Depreciation charged in the year
142,128
36,017
3,637
126,834
308,616
At 31 December 2024
385,781
243,223
110,938
320,172
1,060,114
Carrying amount
At 31 December 2024
143,104
32,704
-
0
404,173
579,981
At 31 December 2023
285,232
49,616
3,637
454,785
793,270
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
Hayfield Homes Development Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
31
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
3
3
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
3
Carrying amount
At 31 December 2024
3
At 31 December 2023
3
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

shares held
Direct
Indirect
Hayfield PM Limited
1
Ordinary
100.00
-
HH Facilities Limited
1
Ordinary
100.00
-
HH Development Group Limited
1
Ordinary
0
100.00
Hayfield Homes Construction Limited
1
Ordinary
100.00
-
HH (Clifton) Limited
1
Ordinary
0
100.00
Hayfield (Clifton) Limited
1
Ordinary
0
100.00
HH (Great Gransden) Limited
1
Ordinary
0
100.00
HH (Clophill) Limited
1
Ordinary
0
100.00
HH (Moggerhanger) Limited
1
Ordinary
0
100.00
HH (Upper Quinton) Limited
1
Ordinary
0
100.00
HH (Blunsdon) Limited
1
Ordinary
0
100.00
HH (Woburn) Limited
1
Ordinary
0
100.00
HH (Hanslope) Limited
1
Ordinary
0
100.00
HH (Bromham) Limited
1
Ordinary
0
100.00
HH (Stoke Mandeville) Limited
1
Ordinary
0
100.00
HH (Over) Limited
1
Ordinary
0
100.00
HH (Little Kimble) Limited
1
Ordinary
0
100.00
HH (Wokingham) Limited
1
Ordinary
0
100.00
HH (Knowle) Limited
1
Ordinary
0
100.00
HH (Clifton 2) Limited
1
Ordinary
0
100.00
HH (Finmere) Limited
1
Ordinary
0
100.00
HH (West Lavington) Limited
1
Ordinary
0
100.00
HH (Codicote) Limited
1
Oridanry
0
100.00
HH (Parkway) Limited
1
Ordinary
0
100.00
HH (Beadlow) Limited
1
Ordinary
0
100.00
Hayfield Homes Development Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
14
Subsidiaries
shares held
Direct
Indirect (continued)
32
HH (Eastern Villages) Limited
1
Ordinary
0
100.00
HH (Adderbury) Limited
1
Ordinary
0
100.00
HH (Upper Caldecote) Limited
1
Ordianry
0
100.00
HH (Hallow 3) Limited
1
Ordinary
0
100.00
HH (Woburn 2) Limited
1
Ordinary
0
100.00
HH (Clophill 2) Limited
1
Ordinary
0
100.00
Wises Farm (East Challow) Limited
1
Ordinary
0
100.00
HH (Toddington) Limited
1
Ordinary
0
100.00
HH (Campton) Limited
1
Ordinary
0
100.00
HH (Twyning) Limited
1
Ordinary
0
100.00
HH (Gotherington) Limited
1
Ordinary
0
100.00
HH (Martley) Limited
1
Ordinary
0
100.00
HH (Drakes Broughton) Limited
1
Ordinary
0
100.00
HH (Little Harrowden) Limited
1
Ordinary
0
100.00
HH (Orwell) Limited
1
Ordinary
0
100.00
HH (Stotfold) Limited
1
Ordinary
0
100.00
HH (Cleeve Prior) Limited
1
Ordinary
0
100.00
HH (Worminghall) Limited
1
Ordinary
0
100.00
HH (Hanslope 2) Limited
1
Ordinary
0
100.00
HH (Castlethorpe) Limited
1
Ordinary
0
100.00
HH (Malmesbury) Limited
1
Ordinary
0
100.00
HH (Lemsford) Limited
1
Ordinary
0
100.00
HH (Fairfield) Limited
1
Ordinary
0
100.00
HH (Prestbury) Limited
1
Ordinary
0
100.00
HH (Aston Clinton) Limited
1
Ordinary
0
100.00
Marlow Road (Henley on Thames) Limited
1
Ordinary
0
100.00
HH (Eaton Bray) Limited
1
Ordinary
0
100.00
HH (Maulden) Limited
1
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Hayfield House Arleston Way, Solihull, B90 4LH
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
9,035,981
7,076,616
-
-
Work in progress
81,025,029
93,304,227
-
-
Finished goods and goods for resale
324,330
767,570
-
0
-
0
90,385,340
101,148,413
-
-
Hayfield Homes Development Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
33
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
553,149
1,112,506
-
0
-
0
Amounts owed by group undertakings
-
-
5,870,872
22,005,518
Other debtors
1,373,616
3,607,518
-
0
-
0
Prepayments and accrued income
553,587
2,305,464
-
0
-
0
2,480,352
7,025,488
5,870,872
22,005,518
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
61,005,459
60,794,019
-
0
-
0
Trade creditors
10,024,851
11,511,329
-
0
-
0
Other taxation and social security
191,558
233,807
-
-
Deferred income
20
119,267
94,737
-
0
-
0
Other creditors
2,445,394
1,542,389
-
0
-
0
Accruals and deferred income
1,205,765
2,086,863
-
0
-
0
74,992,294
76,263,144
-
0
-
0
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
13,130,528
11,474,078
-
0
-
0
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
74,135,965
72,268,050
-
0
-
0
Bank overdrafts
22
47
-
0
-
0
74,135,987
72,268,097
-
-
Payable within one year
61,005,459
60,794,019
-
0
-
0
Payable after one year
13,130,528
11,474,078
-
0
-
0
Hayfield Homes Development Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
19
Loans and overdrafts (continued)
34

The Bank Loan of £53,376,385 is issued by Oaknorth Bank Plc and is secured by a fixed charge over the freehold property held by the company. Interest accrues on the loan at a 6.69% + Bank of England Base rate with a floor of 0.25% per annum. The loan is repayable on demand.

OakNorth Bank Limited held a fixed and floating charge over the land at Adderbury, Blunsdon, Bromham, Clifton, Clophill, Hanslope, Hallow 3, Hanslope, Little Kimble, Over, West Lavington, Toddington, Gotherington, and Campton.

Included in the loans payable within one year are three loans totalling £7,629,052 which are owed by Hayfield Homes Construction Limited to multiple different lenders.

Loan 1 has a balance of £263,442, secured, with interest of 18% per annum. Loan 2 has a balance of £2,590,174, secured, with interest of 24% per annum. Loan 3 has a balance of £4,719,153, secured, with interest of 24% per annum.

The above long-term amount of £13,130,528 is payable to Abaca Limited for two separate loans:

Loan 1 is non-interest bearing loan notes of £7.6m with a maturity date of December 2028. Loan 2 for £5.4m incurs interest at 14% per annum.

20
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
119,267
94,737
-
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
159,878
165,747

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 0.1p each
100,000
100,000
100
100
B Ordinary shares of 0.1p each
800,000
800,000
800
800
C Ordinary Shares of 0.1p each
38,500
38,500
39
39
Deferred Ordinary shares of 0.1p each
100,000
100,000
100
100
1,038,500
1,038,500
1,039
1,039
Hayfield Homes Development Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
22
Share capital (continued)
35
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of 0.1p each
100,000
100,000
100
100
Preference shares classified as equity
100
100
Total equity share capital
1,139
1,139

A class shares are entitled to voting rights, a right to a distribution, on a return of capital of assets, upon liquidation or otherwise. A shares are not redeemable.

B class shares are entitled to voting rights, a right to a distribution, on a return of capital of assets, upon liquidation or otherwise. B shares are not redeemable.

C class shares do not carry voting rights or a right to any distributions. The shares are entitled to a return of capital of assets, upon liquidation or otherwise. C share are not redeemable.

Deferred shares do not carry voting rights or a right to any distributions. The shares are entitled to a return of capital of assets, upon liquidation or otherwise. Deferred share are not redeemable.

Preference shares are entitled to voting rights, a right to a distribution, on a return of capital of assets, upon liquidation or otherwise. Preference shares are not redeemable.

23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
86,959
227,178
-
-
Between two and five years
-
40,438
-
-
86,959
267,616
-
-
Hayfield Homes Development Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
36
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
652,392
1,084,751
Transactions with related parties

Hayfield Homes Development Group Limited has elected to use the exemption from reporting intragroup transactions with 100% owned companies during the year.

At year end £196,600 (2023: £nil) was owed by CSL Strategic to Hayfield Homes Construction Limited, a wholly owned subsidiary of Hayfield Homes Development Group Limited. During the year there were cost recharges to CSL Strategic of £28,100 (2023: £9,704), Cost recharges of £209,986 (2023: £8,087) were paid to CSL Strategic Limited during the year from Hayfield Homes Construction Limited. This is a related party as it shares the same directors as Hayfield Homes Developments Limited,

At year end £nil (2023: £nil) was owed by Hayfield Homes Limited to Hayfield Homes Construction Limited, a wholly owned subsidiary of Hayfield Homes Development Group Limited. A balance of £124,057 (2023: £1,209,222) was written off in the year. During the year there were cost recharges to Hayfield Homes Limited of £5,057 (2023: (£254)). During the year there were cost recharges paid to Hayfield Homes Limited of £nil (2023: £38,773). This is a related party as it shares the same directors as Hayfield Homes Developments Limited,

At year end £nil (2023: £nil) was owed by Living Space Housing to Hayfield Homes Construction Limited, a wholly owned subsidiary of Hayfield Homes Development Group Limited. A balance of £254,399 (2023: £917,649) was written off in the year. During the year there were cost recharges to Living Space Housing of £268,368 (2023: £795,364). During the year there were cost recharges paid to Living Space Housing of £6,413 (2023: £42,859). This is a related party as it shares the same directors as Hayfield Homes Developments Limited,

At year end £159,938 (2023: £919,453) was owed to Real Estate Capital Holdings by Hayfield Homes Construction Limited, a wholly owned subsidiary of Hayfield Homes Development Group Limited. During the year there were management fees paid to Real Estate Capital Partners of £474,310 (2023: £720,000). This is a related party as it shares the same directors as Hayfield Homes Developments Limited,

At year end £nil (2023: £nil) was owed to Real Estate Capital Partners by Hayfield Homes Construction Limited, a wholly owned subsidiary of Hayfield Homes Development Group Limited. During the year there were management fees paid to Real Estate Capital Partners of £497,840 (2023: £830,005). This is a related party as it shares the same directors as Hayfield Homes Developments Limited,

At year end £10,500,000 of loan notes (2023: £10,500,000) was owed to Abaca Limited by Hayfield Homes Construction Limited, a wholly owned subsidiary of Hayfield Homes Development Group Limited. The loan notes are non-interest bearing and are repayable December 2028. This is a related party due to shareholdings of Hayfield Homes Development Group Limited.

Hayfield Homes Development Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
24
Related party transactions (continued)
37

At year end £5,468,209 (2023: £4,755,885) was owed to Abaca Limited by Hayfield Homes Construction Limited, a wholly owned subsidiary of Hayfield Homes Development Group Limited. The loan bears interest at 14% per annum and is repayable November 2026. This is a related party due to shareholdings of Hayfield Homes Development Group Limited.

A balance of £nil(2023: £205,201) with Main Street Silsoe Limited was written off in the year. This is a related party as it shares the same directors as Hayfield Homes Development Group Limited.

The nature of the above balances are loans which are repayable on demand and do not attract interest.

M.Booth received a salary of £6,000 (2023: £6,000) during the year.

25
Controlling party

There is no ultimate controlling party.

26
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Loss for the year after tax
(15,793,068)
(14,704,158)
Adjustments for:
Finance costs
8,053,322
14,952,169
Capital redemption reserve movement
(316,410)
3,753,445
(Gain)/loss on disposal of tangible fixed assets
-
14,820
Amortisation and impairment of intangible assets
5,302
25,849
Depreciation and impairment of tangible fixed assets
308,616
404,211
Movements in working capital:
Decrease/(increase) in stocks
10,763,073
(22,780,164)
Decrease/(increase) in debtors
4,545,136
(67,157)
(Decrease)/increase in creditors
(1,506,820)
7,310,975
Increase in deferred income
24,530
94,737
Cash generated from/(absorbed by) operations
6,083,681
(10,995,273)
27
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
770,036
(197,078)
572,958
Bank overdrafts
(47)
25
(22)
769,989
(197,053)
572,936
Borrowings excluding overdrafts
(72,268,050)
(1,867,915)
(74,135,965)
(71,498,061)
(2,064,968)
(73,563,029)
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