REGISTERED NUMBER: 04840085 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 30 September 2025

for

Strongvox Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

B P Amos-Yeo

K R Amos-Yeo

R Alford

T J Ballard

R Topazio

Mrs W J Trott

SECRETARY:

R Topazio

REGISTERED OFFICE:

Strongvox House

Blackbrook Park Avenue

Blackbrook Business Park

Taunton

Somerset

TA1 2PX

REGISTERED NUMBER:

04840085 (England and Wales)

SENIOR STATUTORY AUDITOR:

Adam Knight FCA

AUDITORS:

A C Mole LLP

Chartered Accountants

& Statutory Auditors

Stafford House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

BANKERS:

The Royal Bank of Scotland

14 Minster Street

Salisbury

Wiltshire

SP1 1TP

SOLICITORS:

Foot Anstey LLP

The Quad

Blackbrook Park Avenue

Blackbrook Business Park

Taunton

Somerset

TA1 2PX

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

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

We are pleased to present the Report and Financial Statements for Strongvox Limited for the financial year ended 30 September 2025.

Strongvox Limited is a privately owned house builder based in Taunton, Somerset. The principal activity of the company is the construction of residential housing focused around the M5 corridor between Bristol and Exeter.

The directors consider that the key financial performance indicators are Unit Completions, Turnover, Gross Margin, Profit After Tax and Net Assets. Together these demonstrate the financial performance and strength of the company. An overview for both the current and previous year are summarised below:

2025

2024

Unit completions:

74

114

Turnover:

£39,520,771

£40,115,654

Gross Profit:

£3,233,726

£4,138,625

Gross Margin:

8.2%

10.3%

(Loss)/Profit After Tax:

(£1,560,731

)

(£1,542,026

)

Net Assets:

£17,535,870

£19,096,601

The results for the year were disappointing and reflective of the continued downturn in the housing market. The sites that delivered completions in the year were still suffering from lower margins due to historic cost inflation, lower sales revenues and higher interest rates.

The Company still has a strong balance sheet with Net Assets of £17.5 million.

The Company has also maintained a healthy portfolio of owned and controlled land for 1,909 units with terms agreed or solicitors instructed on a further 138 units. We have a strong pipeline of controlled sites to deliver gross margins in line with historic margins delivered by the Company.

We have the same established strong management team that combine to perform well in these challenging times.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company's principle risk is the market in which it operates. The housing market remains more challenging given higher interest rates and lack of buyer confidence.

The Company recognises the importance of its environmental responsibilities. It monitors the impact and then designs and implements policies, wherever possible, to reduce any damage that might be caused by the Company's activity. In addition, the Company recognises its health and safety responsibilities for both visitors and employees and ensures that it complies with the relevant legislation.

The KPI's used by the company relate to health & safety, sales performance, unit volume and margin, as well as land bank plots. The Directors are happy with the performance of these KPI's in the period

ON BEHALF OF THE BOARD:

R Topazio - Director

10 December 2025

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of residential development and sales.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2025 (2024: £nil).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

B P Amos-Yeo

K R Amos-Yeo

R Alford

T J Ballard

R Topazio

Mrs W J Trott

POLITICAL DONATIONS

No political donations were made during the year (2024: £5,000 was paid to the Liberal Democrats).

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The directors are responsible for monitoring financial risk. Appropriate policies have been developed and implemented to identify, evaluate and manage the key risks.

Credit risk - The company is not exposed to material credit risk.

Liquidity risk - The company is reliant upon its loan note holders to continue to provide financial support. The loan note holders have confirmed that the loan notes are repayable on the basis set out in note 15. The company has a £20m revolving credit facility with NatWest bank which runs until 31 March 2026. At the year end, £18m of this facility had been utilised. The bank have indicated they will continue to support the business on the expiry of the existing facility. Cash reserves at 30 September 2025 are also strong. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Cash flow risk - The company has a number of controls in place, including a detailed rolling cash forecast, to ensure that there is sufficient working capital to operate efficiently.

Economic risk - The company's performance is directly impacted by the economic environment and housing market. The directors closely monitor the impact this has on the business.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 then apply them consistently;

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

-	state whether applicable 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

R Topazio - Director

10 December 2025

Opinion

We have audited the financial statements of Strongvox Limited (the 'company') for the year ended 30 September 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 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 Auditors' 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 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 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 in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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 three, 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 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.

Auditors' 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 a Report of the Auditors 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:

Identifying and assessing potential risks of material misstatement due to irregularities

We considered the following when identifying and assessing risks of material misstatement due to irregularities, including fraud and non-compliance with laws and regulations:

- the legal and regulatory framework in which the company operates

- the nature of the sector in which the company operates

- the control environment and controls established to mitigate such risks

- the results of our enquiries of management about their identification and assessment of risks of irregularities

- discussions with the audit engagement team about where fraud might occur

- the incentives for fraud.

Laws and regulations which are considered to be significant to the company include those relating to the requirements of financial reporting framework FRS102, the Companies Act 2006, UK tax legislation, building regulations, employment law and health and safety. In addition we consider other laws and regulation which may not directly impact the financial statements but may impact on the operation of the company.

As a result of these procedures we concluded, in accordance with International Auditing Standards, that a risk in relation to the potential for management override of controls existed.

Audit responses to risks identified

We undertook audit procedures to respond to the risks identified, and designed our audit testing to respond to these risks. The additional procedures we undertook included the following:

- gaining an understanding of the company's procedures for ensuring compliance with laws and regulations

- testing the appropriateness of journal entries and other adjustments

- considering whether accounting estimates were indicative of potential bias

- considering whether any transactions arose outside the normal course of business

- making enquiries of management

- corroborating our enquiries through review of Board Minutes and correspondence

- testing the estimated margins in the valuation of work in progress

- corroborating evidence to support the costs carried forward in work in progress in respect of future developments dependent of planning consent.

We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Adam Knight FCA (Senior Statutory Auditor)

for and on behalf of A C Mole LLP

Chartered Accountants

& Statutory Auditors

Stafford House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

15 December 2025

TURNOVER

2

39,520,771

40,115,654

Cost of sales

36,287,045

35,977,029

GROSS PROFIT

3,233,726

4,138,625

Administrative expenses

3,031,177

3,612,052

202,549

526,573

Other operating income

200

1,197

OPERATING PROFIT

4

202,749

527,770

Interest receivable and similar income

38,489

55,306

241,238

583,076

Interest payable and similar expenses

5

2,330,379

2,437,296

LOSS BEFORE TAXATION

(2,089,141

)

(1,854,220

)

Tax on loss

6

(528,410

)

(312,194

)

LOSS FOR THE FINANCIAL YEAR

(1,560,731

)

(1,542,026

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,560,731

)

(1,542,026

)

FIXED ASSETS

Tangible assets

7

1,725,773

2,043,706

Investments

8

1

1

1,725,774

2,043,707

CURRENT ASSETS

Work in progress

9

43,836,268

51,015,444

Debtors

10

777,056

1,333,167

Cash at bank

6,372,467

2,941,313

50,985,791

55,289,924

CREDITORS

Amounts falling due within one year

11

24,626,105

26,794,760

NET CURRENT ASSETS

26,359,686

28,495,164

TOTAL ASSETS LESS CURRENT LIABILITIES

28,085,460

30,538,871

CREDITORS

Amounts falling due after more than one year

12

(10,217,217

)

(10,472,963

)

PROVISIONS FOR LIABILITIES

16

(332,373

)

(969,307

)

NET ASSETS

17,535,870

19,096,601

CAPITAL AND RESERVES

Called up share capital

17

935,000

935,000

Share premium

18

35,000

35,000

Capital redemption reserve

18

40,000

40,000

Retained earnings

18

16,525,870

18,086,601

SHAREHOLDERS' FUNDS

17,535,870

19,096,601

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2025 and were signed on its behalf by:

T J Ballard - Director

R Topazio - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 October 2023

935,000

19,628,627

35,000

40,000

20,638,627

Changes in equity

Total comprehensive income

-

(1,542,026

)

-

-

(1,542,026

)

Balance at 30 September 2024

935,000

18,086,601

35,000

40,000

19,096,601

Changes in equity

Total comprehensive income

-

(1,560,731

)

-

-

(1,560,731

)

Balance at 30 September 2025

935,000

16,525,870

35,000

40,000

17,535,870

Cash flows from operating activities

Cash generated from operations

1

5,901,172

(1,769,401

)

Interest paid

(1,566,328

)

(1,685,128

)

Interest element of hire purchase payments paid

(16,517

)

(30,581

)

Loan note interest

(747,534

)

(721,587

)

Net cash from operating activities

3,570,793

(4,206,697

)

Cash flows from investing activities

Purchase of tangible fixed assets

(85,872

)

(126,946

)

Sale of tangible fixed assets

286,360

122,203

Interest received

38,489

55,306

Net cash from investing activities

238,977

50,563

Cash flows from financing activities

Revolving credit facility

-

4,000,000

Net movement in bank borrowings

(74,174

)

(85,225

)

Loan notes repaid in year

-

(3,000,000

)

Capital element of hire purchase

(304,442

)

(359,782

)

Net cash from financing activities

(378,616

)

554,993

Increase/(decrease) in cash and cash equivalents

3,431,154

(3,601,141

)

Cash and cash equivalents at beginning of year

2

2,941,313

6,542,454

Cash and cash equivalents at end of year

2

6,372,467

2,941,313

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Loss before taxation

(2,089,141

)

(1,854,220

)

Depreciation charges

256,233

564,396

Profit on disposal of fixed assets

(138,788

)

(65,745

)

Warranty provision increase/(decrease)

(108,523

)

18,334

Finance costs

2,330,379

2,437,296

Finance income

(38,489

)

(55,306

)

211,671

1,044,755

Decrease/(increase) in work in progress

7,179,176

(1,967,646

)

Decrease/(increase) in trade and other debtors

556,111

(80,173

)

Decrease in trade and other creditors

(2,045,786

)

(766,337

)

Cash generated from operations

5,901,172

(1,769,401

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

6,372,467

2,941,313

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

2,941,313

6,542,454

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.10.24

Cash flow

changes

At 30.9.25

£

£

£

£

Net cash

Cash at bank

2,941,313

3,431,154

6,372,467

2,941,313

3,431,154

6,372,467

Debt

Finance leases

(457,841

)

304,442

-

(153,399

)

Debts falling due

within 1 year

(18,077,301

)

74,174

(74,795

)

(18,077,922

)

Debts falling due

after 1 year

(10,279,087

)

-

74,795

(10,204,292

)

(28,814,229

)

378,616

-

(28,435,613

)

Total

(25,872,916

)

3,809,770

-

(22,063,146

)

1.	ACCOUNTING POLICIES

General information

Strongvox Limited engages in residential development and sales.

The company is incorporated and domiciled in the UK. The address of its registered office is Strongvox House, Blackbrook Park Avenue, Blackbrook Business Park, Taunton, Somerset TA1 2PX.

Statement of compliance and basis of preparation

These financial statements have been prepared in compliance with UK accounting standards including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102").

The financial statements have been prepared on the going concern basis. Having made appropriate enquiries of loan and loan note holders the directors consider it appropriate to prepare the financial statements on this basis.

The significant accounting policies adopted by the Company and applied consistently in the preparation of these financial statements are as follows:

Turnover

Open market residential property sales

Turnover and profit on open market residential property sales is recognised when the contract for sale is completed. Turnover is measured based on the fair value of consideration receivable. Profit is based on expected margins for the related development.

Housing Association contracts

Turnover and profit on housing association contracts for affordable housing are recognised in instalments in-line with construction.Turnover is measured based on the fair value of stage payments receivable. Profit is based on the expected margins for the related development and is recognised as stage payments fall due.

Land sales

Turnover from land sales is recognised on completion of the sale.

Sale proceeds from part exchange houses are not included in turnover.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Site Assets

-

20% on cost

Office Equipment

-

33% on cost and 25% on cost

Motor vehicles

-

20% on cost

All fixed assets are initially recorded at cost.

The carrying values of tangible fixed assets are reviewed for impairment in periods where events or changes in circumstances indicate the carrying values may not be recoverable.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost, less accumulated impairment losses.

Work in progress

Contract work in progress is stated at the lower of cost and net realisable value. Cost includes cost of direct material and labour. Net realisable value is based on estimated selling price less further costs expected to be incurred in the completion and disposal. Options over land are carried at cost unless it is unlikely they will be exercised at which point they are expensed.

Land purchases

The company enters into conditional and unconditional contracts to acquire land for future development. Where these contracts are conditional on events which have not yet taken place, such as obtaining planning permission, then a liability is not recognised until this event takes place and the contract completes. These contracts are therefore disclosed within these accounts as contingent liabilities.

Where unconditional contracts have been signed at the year end, but the completion date falls in the next financial year, then a liability is recognised within land creditors for the amount payable under the contract, and an asset recognised within other debtors, being the right to receive the land asset on completion.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Current and deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated over their estimated useful lives. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals payable under operating leases and vehicle hire contracts are charged to the profit and loss account on a straight line basis over the lease term.

Pension costs

Retirement benefits for employees of the company are provided by a defined contribution scheme. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits that are readily convertible to known amounts of cash with insignificant risk of change in value.

Consolidation

The company is a parent company. These financial statements are the company's separate financial statements and present the results of the company only. Consolidated accounts have not been prepared on the basis that the consolidation of any subsidiary companies would not be material to the group.

Contingent liabilities

Contingent liabilities arise as a result of past events when it is not probable that there will be an outflow of resources or the existence of the liability will be confirmed by the occurrence or non-occurrence of future events not wholly within the company's control. Contingent liabilities are disclosed within the financial statements unless the probability of an outflow of resources is remote.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors together with loans from related parties.

Debt instruments, such as trade debtors and creditors, are initially measured at transaction price and subsequently measured at amortised cost.

Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Critical accounting judgements and estimates

The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Having given due consideration to the estimates and assumptions that form part of the carrying amounts of assets and liabilities within the financial statements, the directors are of the opinion that the areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements and which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are set out below.

Valuation of work in progress

In valuing work in progress the directors are required to assess the expected selling price and the costs to complete and sell each unit on a particular site, to estimate the gross profit margin for the site as a whole. The expected gross profit margin is applied to unit sales in the year, to calculate the cost of sales of these units, and the value of work in progress in relation to unsold units or those being developed at the year end.

Estimating costs to complete may include estimates of the cost of acquiring sites, construction costs and legal and professional fees incurred during development and costs of sale.

Estimating sales prices is subject to inherent uncertainties in both demand and prices in the housing market.

The directors exercise due care to make reasonable and consistent estimates and judgements, taking into account all available information.

However actual sales prices achieved and actual costs incurred may differ from those estimated and there is a risk that such differences could be significant.

Likelihood of planning consent

Further, for some sites within work in progress, the directors judgement includes the probability that planning permission will be obtained. If permission was not obtained then a provision against certain sites would be required, or costs which are currently carried within work in progress may need to be written off.

Work in progress is discussed in note 9, and analysed between current developments and future developments, where planning permission may be in the process of being obtained.

2.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Open market residential sales

33,910,232

34,154,269

Housing association contracts

2,045,539

5,961,385

Land sales

3,565,000

-

39,520,771

40,115,654