These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime). As noted below the company is not a going concern and therefore the accounts have been prepared on a basis other than a going concern.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. As noted below the company is not a going concern and therefore the accounts have been prepared on a basis other than a going concern.

In November 2025 Cabinet approved proposals for a New Local Strategic Partnership to deliver 1,000 new affordable homes in the borough by 2030. They also agreed that no further development sites are proposed for Sandway Homes at this time.

Following the decision, the shareholder has confirmed the company will complete the ongoing developments and meet the obligations as the principal developer towards its current and past developments with a view to the Company becoming dormant thereafter.

The directors acknowledge that, as of March 2025, the Company’s liabilities exceed its assets. Based on current projections, anticipated future income alone may not be sufficient to enable the Company to settle its liabilities to the Council in full; however, the directors are activity engaged in constructive discussions with the Council about how this position can be mitigated as far as possible – with the Council ultimately responsible should the Company be unable to settle all of its liabilities with the Council. The directors are confident all 3rd party liabilities will be settled in full.

Turnover comprises the fair value of the consideration received or receivable for the sale of properties in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue on completion of the sale of the property.

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 operates and generates taxable income.

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods comprises direct materials. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.