Registered number: 00633552
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present the strategic report for the year ended 31 December 2025.
The Company is principally engaged in building development and associated activities.
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. During 2025 the Company completed sales of 67 new homes (up from 54 in 2024) from 5 sites ranging from Yorkshire in the North of England to Hampshire in the South. The specification of the homes varied and included detached family homes, luxury apartments and affordable housing. The UK housing market continued to be challenging but steady in 2025 and demand for properties was fairly consistent throughout the year. Sales demand in the first two months of 2026 was positive but demand has slowed again due to external global influences. The directors are keen to demonstrate increased levels of success with results from future developments.
Sales reservations at 31 December 2025 were 10 reservations, down from 22 the previous year.
2025 2024
Reservations 1 January 22 10
Sales Reservation in year 55 66
Sales Completions in year 67 54
Reservations 31 December 10 22
Sales were achieved from 5 sites achieving on average a gross margin of 19% (excluding affordable housing).
2025 2024
Reservations 1 January 22 10
Sales Reservation in year 55 66
Sales Completions in year 67 54
Reservations 31 December 10 22
Sales were achieved from 5 sites achieving on average a gross margin of 19% (excluding affordable housing).
Building work in progress was £28.473m at 31 December 2025 (last year £33.785m). Land stocks of £48.273m (2024 - £48.033m) have been reviewed and where necessary adjustments to net realisable value have been made. In the year to 31 December 2025 land stock write downs / write backs were £nil (2024 - £440,823).
The Company's operations expose it to a variety of risks which are continually assessed and managed. The principal risks are as set out below.
Business risk
The availability of finance, both to property developers and individual homeowners, remains a major risk to the industry. The Company has looked to mitigate the risk by reducing reliance on bank borrowings and instead to fund developments through internally generated cash and by reducing the level of stock and work in progress, however bank funding is used where necessary to boost working capital.
The effect of planning changes on the value of the Company's land stock remains a high risk area. The Company has looked to mitigate the risk through the use of high quality professional advisers, active involvement in public consultation and constant monitoring of all aspects of the planning process.
Credit risk
Upon completion of the sale of a property, the Company receives the full proceeds and there is thus no associated credit risk on these sales.
In past years, the Company has provided top-up loans to certain home buyers to assist them in the purchase of property from the Company. The loans are generally receivable upon the homeowners selling their property and the Company has a second legal charge over the properties for which the loans were provided. The loans are included in the accounts at fair value and with the benefit of a second legal charge over the properties, the Company is confident in obtaining full recovery, particularly if property values continue to increase. There is of course a risk that the fair value of the loans as reflected in the accounts will not be recovered, particularly if residential property values decreased substantially.
Business risk
The availability of finance, both to property developers and individual homeowners, remains a major risk to the industry. The Company has looked to mitigate the risk by reducing reliance on bank borrowings and instead to fund developments through internally generated cash and by reducing the level of stock and work in progress, however bank funding is used where necessary to boost working capital.
The effect of planning changes on the value of the Company's land stock remains a high risk area. The Company has looked to mitigate the risk through the use of high quality professional advisers, active involvement in public consultation and constant monitoring of all aspects of the planning process.
Credit risk
Upon completion of the sale of a property, the Company receives the full proceeds and there is thus no associated credit risk on these sales.
In past years, the Company has provided top-up loans to certain home buyers to assist them in the purchase of property from the Company. The loans are generally receivable upon the homeowners selling their property and the Company has a second legal charge over the properties for which the loans were provided. The loans are included in the accounts at fair value and with the benefit of a second legal charge over the properties, the Company is confident in obtaining full recovery, particularly if property values continue to increase. There is of course a risk that the fair value of the loans as reflected in the accounts will not be recovered, particularly if residential property values decreased substantially.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Cyber fraud risk
Risk from Cyber fraud is a real threat to most modern businesses, the most common being:
Risk from Cyber fraud is a real threat to most modern businesses, the most common being:
∙Invoice redirection whereby criminals pose as a new creditor or supplier seeking to redirect payments into a fraudulent bank account;
∙Email compromise whereby criminals impersonate Directors, Shareholders or key personnel hoping to redirect funds into a fraudulent bank account;
∙Ransomware encrypts the files on a device causing them to become inaccessible. The attacker will contact the victim, and demand payment to restore access;
∙Telephone Fraud. This is contact made by phone, which encourages you to give out PINs, passwords, or digital banking codes. These calls often involve fraudsters claiming they’re from the bank, the police, or another official organisation or company that you trust.
The Company makes every effort to educate staff to be vigilant against cyber crime and has implemented policies to help mitigate potential attacks.
The Company operates a defined benefit pension scheme. At 31 December 2025, the Scheme showed a surplus of £7,521,000 before tax, compared to a surplus at 31 December 2024 of £6,445,000 before tax. The Scheme was closed to new members in 2008.
The results of the year's trading and the financial position of the Company are shown in the annexed accounts.
Key performance indicators for the Company are as follows:
2025 2024
£ £
Turnover for the year 32,151,680 20,501,459
Profit/(Loss) for the year before tax (598,143) (2,747,055)
Shareholders' funds at the year end 71,173,687 70,995,258
Cash at bank and in hand at the year end 3,035,444 1,980,103
Stock at the year end 77,034,444 82,093,277
Key performance indicators for the Company are as follows:
2025 2024
£ £
Turnover for the year 32,151,680 20,501,459
Profit/(Loss) for the year before tax (598,143) (2,747,055)
Shareholders' funds at the year end 71,173,687 70,995,258
Cash at bank and in hand at the year end 3,035,444 1,980,103
Stock at the year end 77,034,444 82,093,277
The Company is long established with substantial reserves, good cash flows and further bank borrowing facilities if necessary. As a consequence, the directors believe that the Company is well placed to continue as a going concern.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors who served during the year were:
The loss for the year, after taxation, amounted to £500,321 (2024 - loss £2,153,758).
No dividends were paid during the year. The directors do not recommend payment of a dividend.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Where a company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 it must be stated in the Directors' Report that it has done so. This includes information that would have been included in the business review, the principal risks and uncertainties and future developments.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KEBBELL DEVELOPMENT LIMITED
We have audited the financial statements of Kebbell Development Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KEBBELL DEVELOPMENT LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KEBBELL DEVELOPMENT LIMITED (CONTINUED)
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
∙The Companies Act 2006;
∙Financial Reporting Standard 102;
∙UK employment legislation;
∙Building Regulations;
∙UK Health and Safety Legislation; and
∙General Data Protection Regulations.
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company are complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
∙Challenging assumptions and judgments made by management in its significant accounting estimates; and
∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation or fraud and identified the greatest potential for fraud in the following areas:
∙Revenue and stock cut off;
∙Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount; and
∙The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in their best interests.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KEBBELL DEVELOPMENT LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
2nd Floor, Midas House
62 Goldsworth Road
Surrey
GU21 6LQ
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 31 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Kebbell Development Limited is a private Company limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of its registered office and principal place of business are the same and are disclosed on the Company information page.
2.Accounting policies
The Company's functional and presentational currency is GBP.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Kebbell Holdings Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
At the time of approving the financial statements, the directors have a reasonable expectation that the Company 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Revenue in respect of the sale of residential properties is recognised at the fair value of the consideration received or receivable on legal completion of the sale transaction.
Revenue from Construction Services
This revenue arises from the provision of construction services. Revenue is recognised in accordance with the stage of completion. The stage of completion is determined using the output method.
Rental Income
Operating lease income from investment properties and rental agreements is recognised in profit and loss on a straight-line basis over the lease term.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Defined benefit pension plan
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic 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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Fair value of investment property
Investment properties are measured at fair value at each reporting date, with changes in fair value recognised in the profit or loss. The determination of fair value involves estimation of current market value by reference to equivalent properties, which is sensitive to prevailing market trends. Investment properties are discounted to 60% of market value where they are non-vacant.
The investment properties include residual freehold interest of £1,155,788 (2024: £1,155,788). This is valued at 18.75 times rent paid by tenants per property. Residual interests sold in prior years (2025: none sold) were on average 20% above the balance sheet value. If this percentage was applied to the remaining properties then the overall residual interest would be valued at £1,383,600 (2024: £1,383,600).
Valuation of stock
Stock and WIP are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving stock. Calculation of these provisions requires estimates to be made, which include forecast consumer demand and economic environment.
Property debtor
Kebbell Development Limited will sometimes retain a second charge over a property when sold on to a third party as security for a loan to the third party. The “loan” amount is recognised as a debtor balance and is recovered once the homes are sold. The amount recovered will generally be in relation to the sales price once the property is sold. The directors assess the fair value of the property debtors, using their knowledge of the local property market considering the nature and location of specific properties. The directors perform a desktop valuation using available data from appropriate sources, which involves an element of estimation.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The 2025 valuations were made by the directors, on an open market value basis by reference to market evidence of transaction prices for similar properties. There is a sitting tenant write down of the properties to 60% of this market value.
If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company operates defined contribution retirement benefit schemes for qualifying employees. The assets of the schemes are held separately from those of the Company. The Company contributes a specified percentage of payroll costs to the retirement benefit schemes to fund the benefits. The only obligation of the Company with respect to the schemes is to make the specified contributions.
The Company operates a Defined benefit pension scheme.
The Company operates a defined benefit pension scheme for eligible employees. It is a group scheme but under a Flexible Apportionment Arrangement the Company has taken over responsibility for all the liabilities. All active members of the scheme are employees of Kebbell Development Limited.
The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions to the scheme are charged to the Statement of Comprehensive Income so as to spread the cost of the pensions over the employees working lives with the Company. The Plan is managed by a board of Trustees appointed in part by the Company and in part from elections by members of the Plan. The Trustees have responsibility for obtaining valuations of the fund, administering benefit payments and investing the Plan's assets. The Trustees delegate some of these functions to their professional advisers where appropriate. There were no plan amendments, curtailments or settlements during the period.
The most recent comprehensive actuarial valuation of the Plan was carried out as at 2 April 2026. In the event that the valuation reveals a larger deficit than expected the Company may be required to increase contributions above those set out in the existing Schedule of Contributions. Conversely, if the position is better than expected, it is possible that contributions may be reduced.
The Company does not expect to pay contributions in the year to 31 December 2026.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
23.Retirement benefit scheme (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
23.Retirement benefit scheme (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company's immediate and ultimate parent company is Kebbell Holdings Limited, a company incorporated and operating in England and Wales. The registered office is Kebbell House, 21 London End, Beaconsfield, England, HP9 2HN.
The ultimate parent company prepares group consolidated accounts which may be obtained from Companies House, Crown Way, Cardiff, CF4 3UZ. Kebbell Holdings Limited is the smallest and largest group which prepares consolidated accounts.
Kebbell Holdings Limited is under the control of N R M Kebbell and D H A Newport who between them exercise control over 37,754 shares (including 22,079 shares as trustees) representing 55.3% of the issued share capital.
Kebbell Holdings Limited is under the control of N R M Kebbell and D H A Newport who between them exercise control over 37,754 shares (including 22,079 shares as trustees) representing 55.3% of the issued share capital.
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