Chichester Homes Developments Ltd

Contents

Company Information	1
Strategic Report	2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 7
Statement of Comprehensive Income	8
Statement of Financial Position	9
Statement of Changes in Equity	10
Statement of Cash Flows	11 to 12
Notes to the Financial Statements	13 to 25

Chichester Homes Developments Ltd

Company Information

Directors

J W Sharman P J Harrison L M Sharman P How B Sharman

Company secretary

J T Haynes

Registered office

3 Brannam Crescent Roundswell Business Park Barnstaple Devon EX31 3TD

Auditors

Westcotts (SW) LLP Plym House 3 Longbridge Road Marsh Mills Plymouth Devon PL6 8LT

Chichester Homes Developments Ltd

Strategic Report for the Year Ended 30 September 2025

The directors present their strategic report for the year ended 30 September 2025.

Fair review of the business

The profit for the year, after tax, amounted to £1,226,796 (2024: £504,139). The directors are satisfied with the performance of the company for the year. Key financial performance indicators are turnover and gross profit which can be seen in the Profit and Loss Account. Given the nature of the company's operations turnover will fluctuate depending on the conditions within the housing market sector, progress of developments, type of developments and the percentage of open market and social housing completions in the year. Turnover in the year increased by 83% to £15,062,872. The gross profit margin has decreased slightly but remains stable compared to last year at 18.74% (2024:18.84%). Shareholders' funds increased to £13,833,877 from £12,607,187, reflecting the profit for the year.

Principal risks and uncertainties

The residential construction industry continues to go through a period of economic uncertainty. Risks which could impact the level of activity in the sector include fluctuations in the short-term supply and pricing of certain key raw materials, interest rates, the cost-of-living crisis, and competitive pressures in the sector.

The company manages these risks by maintaining a strong balance sheet and regularly reviewing construction costs and selling prices to ensure that current and future projects remain viable. The supply chain, including subcontractors and materials, are tendered to ensure costs are competitive and, where deemed appropriate, are fixed at an early stage of construction.

Approved and authorised by the Board on 14 May 2026 and signed on its behalf by:
 

......................................... P How Director

Chichester Homes Developments Ltd

Directors' Report for the Year Ended 30 September 2025

The directors present their report and the financial statements for the year ended 30 September 2025.

Directors of the company

The directors who held office during the year were as follows:

J W Sharman

P J Harrison

L M Sharman

P How

B Sharman

Objectives and policies

The company is exposed to price risk, credit risk; liquidity and cashflow risk. Appropriate policies have been developed and implemented to identify, evaluate, and manage key risks and the directors review the company’s risk management strategies regularly.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk - the company is exposed to price risk because of its operations. However, house sales prices are constantly reviewed and agreed by management to ensure they remain competitive within the market.

Credit risk - before sales are made, appropriate credit checks are undertaken on potential purchasers by our appointed sales agent, Webbers Estate Agents.

Liquidity and cash flow risk - the company’s exposure to risk is managed by ensuring appropriate working credit facilities are in place and that the company has adequate net current assets.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 14 May 2026 and signed on its behalf by:
 

P How Director

Chichester Homes Developments Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Chichester Homes Developments Ltd

Independent Auditor's Report to the Members of Chichester Homes Developments Ltd

Opinion

We have audited the financial statements of Chichester Homes Developments Ltd (the 'company') for the year ended 30 September 2025, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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 company's affairs as at 30 September 2025 and of its 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 responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Chichester Homes Developments Ltd

Independent Auditor's Report to the Members of Chichester Homes Developments Ltd (continued)

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the 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 Statement of Directors' Responsibilities [set out on page 4], 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

•

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit.

Chichester Homes Developments Ltd

Independent Auditor's Report to the Members of Chichester Homes Developments Ltd (continued)

•

The company is subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation, and other companies legislation. The company is also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial statements, including employment, anti-bribery, anti-money laundering and certain aspects of companies legislation.

•

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Use of our report

This report is made solely to the company’s 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.

......................................
Peter Lomax (Senior Statutory Auditor)
For and on behalf of Westcotts (SW) LLP, Statutory Auditor
 Plym House
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

14 May 2026

Chichester Homes Developments Ltd

Statement of Comprehensive Income for the Year Ended 30 September 2025

	Note	2025 £	2024 £
Turnover	3	15,062,872	8,247,921
Cost of sales		(12,239,691)	(6,693,824)
Gross profit		2,823,181	1,554,097
Distribution costs		(303,564)	(197,922)
Administrative expenses		(781,567)	(634,831)
Other operating income		29,497	12,798
Operating profit	4	1,767,547	734,142
Other interest receivable and similar income	5	14,810	62,289
Interest payable and similar expenses	6	(148,985)	(110,431)
		(134,175)	(48,142)
Profit before tax		1,633,372	686,000
Tax on profit	9	(406,576)	(181,861)
Profit for the financial year		1,226,796	504,139

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Chichester Homes Developments Ltd

(Registration number: 08261566)
Statement of Financial Position as at 30 September 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	10	286,854	216,839
Current assets
Stocks	11	15,132,761	16,815,928
Debtors	12	339,235	720,983
Cash at bank and in hand		1,869,390	1,631,661
		17,341,386	19,168,572
Creditors: Amounts falling due within one year	14	(3,754,603)	(6,719,232)
Net current assets		13,586,783	12,449,340
Total assets less current liabilities		13,873,637	12,666,179
Provisions for liabilities	15	(39,654)	(58,992)
Net assets		13,833,983	12,607,187
Capital and reserves
Called up share capital		106	106
Profit and loss account		13,833,877	12,607,081
Shareholders' funds		13,833,983	12,607,187

Approved and authorised by the Board on 14 May 2026 and signed on its behalf by:
 

P How Director

Chichester Homes Developments Ltd

Statement of Changes in Equity for the Year Ended 30 September 2025

	Share capital £	Profit and loss account £	Total £
At 1 October 2024	106	12,607,081	12,607,187
Profit for the year	-	1,226,796	1,226,796
At 30 September 2025	106	13,833,877	13,833,983