The directors present the strategic report for the period ended 31 October 2025.
There were tentative signs that buyer confidence was returning in February and March 2025, however, President Trump’s Liberation Day Tariff announcements introduced more uncertainty. Despite an interest rate cut in early May 2025, demand faded into the summer.
In spring 2025 we were still anticipating an increase in the number of legal completions compared to 2024, but a subsequent drop off in the sales rate and build delays on plots already contracted on one of our developments resulted in 13% fewer legal completions (59 legally completed homes in 2025 compared to 68 in 2024). Despite this, turnover increased by 14% to £25,429,384 (2024: £22,289,497). This was partly due to a differing tenure mix, with 2025 having less affordable homes (2025: 7, 2024:18), and partly due to an increase in the average price of the private homes sold (2025: £456,000, 2024: £380,000). The increase in the average price of the private homes was largely due to an increase in the average size of the homes in the mix (12.4% increase) but there was also a 6.7% increase in the average sales price per square foot.
Despite the higher turnover a lower gross margin of 14.7% (2024: 17.4%) resulted in a 3.6% fall in gross profit to £3,737,065 (2024: £3,877,364). The main reason for the falling margin was the continued subdued market.
Despite the improvement in government planning policy, we believe planning delays will continue to be a drag on housebuilding development, particularly due to the lack of trained planning officers available to planning authorities.
Over regulation is an area that also causes unnecessary delays, uncertainty and added cost.
Inflationary pressures had eased until the Iran War which started on 28 February 2026.
There was a distinct improvement in the housing market sentiment in January and February 2026. Our sales reservation levels in February 2026 were well ahead of the previous three years, however, the Iran War has caused further headwinds and uncertainty.
Number of private homes sold: 52 versus 50 for 2024
Number of affordable homes sold: 7 versus 18 for 2024
Average sales price (private homes): £456,000 versus £380,000 for 2024
Average sales price per sq. ft. (private homes): £316 versus £296 for 2024
Gross Margin: 14.7% versus 17.4% for 2024
Land bank (number of plots owned or controlled with detailed or outline planning permission): 450 on 31 October 2025 versus 387 on 31 October 2024
Trustpilot Score: 4.5 on 31 October 2025 versus 4.5 on 31 October 2024
We continued to invest in development land, increasing our plots owned with detailed planning permission to 450 (2024: 387). This will enable controlled and sustainable growth over the next few years.
We are in the process of diversifying into partnership housing schemes. We have agreed heads of terms with a housing association, subject to a change of planning, on a phase of one of our existing developments.
On behalf of the board
The directors present their annual report and financial statements for the period ended 31 October 2025.
The results for the period are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
The auditor, MHA, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the medium companies regime.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent 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 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 group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Eccleston Homes Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 October 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, 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 material 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).
Basis for 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's and 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial period 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 group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
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, is detailed below:
Enquiries with management, about any known or suspected instances of non-compliance with laws and regulations and fraud;
Auditing the risk of management override of controls, through testing journal entries and other adjustments for appropriateness, including with regard to performance related remuneration;
Challenging assumptions and judgements made by management in their accounting estimates;
Reviewing legal and professional expenditure to identify any evidence of ongoing litigation or enquiries;
Review of occurrence of costs and that development costs have been allocated to the correct site; and
Auditing the risk of fraud and management override of revenue through reviewing the systems for recording revenue, by testing income cut off application at the period end and by testing transactions from the nominal ledger to gain assurance that revenue occurrence is as stated in the financial statements.
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 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.
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 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 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.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,221,772 (2024: £1,086,058 profit).
Eccleston Homes Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 101 Dalton Avenue, Birchwood, Warrington, WA3 6YF.
The group consists of Eccleston Homes Limited and all of its subsidiaries.
The company’s accounting reference date is 31 October. The financial statements for the current period cover 2 November 2024 to 31 October 2025. Those for the previous period cover 8 November 2023 to 1 November 2024. The two financial periods are therefore not entirely comparable.
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 amounts 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 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Eccleston Homes Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 October 2025.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
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. The directors have prepared budgets which indicate that the group and company will have sufficient funds to meet its liabilities as they fall due for a period of at least 12 months from the approval of the financial statements.
The group and company has sufficient mitigants available to operate in market conditions which are more trying than the base scenario which the directors have considered. These include delaying the repayment of certain related party loans and the ability to dispose of significant land banks with planning permission in place, in addition to having a positive relationship with supportive financiers, both shareholders and third party funders.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for new build property, land and associated revenues provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account any sales incentives offered.
Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on legal completion), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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 profit and loss account.
In 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.
At each reporting period end date, the group reviews the carrying amounts of its tangible 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.
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.
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 balance sheet 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, which include debtors and cash and bank balances, 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.
Financial assets 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.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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, including creditors, bank loans and loans from fellow group companies, 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 payments 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 leased asset are consumed.
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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Management consider the area most subject to judgement is the calculation of work in progress and the release of costs on the sale of each property. Work in progress is calculated based on the costs incurred to date less the standard cost of any properties already sold from the site.
Standard costs are recognised on a site by site basis and are allocated to each development based on the expected margin for that development. These costs are then released to the profit or loss on the same basis when a property is sold.
Management have changed their estimation basis for calculating the standard cost of properties in the current year. In the prior year the standard costs were allocated to each development based on square footage rather than expected margin for the development. The estimated impact on this year's reported results as a consequence of this change in estimate is an increase in cost of sales of £154,478.
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).
The average monthly number of persons (including directors) employed by the group and company during the period was:
Their aggregate remuneration comprised:
In line with the group's accounting policies, elements of group payroll costs are capitalised where they are directly attributable to the progression of its work in progress. The above disclosure note states all payroll costs related to the group's employees before any such adjustments are made.
The actual credit for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:
Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:
Details of the company's subsidiaries at 31 October 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
Finance lease payments represent rentals payable by the group and company for all motor vehicles held. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Bank loans are secured against the company's work in progress. Interest is charged at between 4.5% and 5.25% per annum, above the Bank of England base rate. The bank loans are due for repayment in full within one year.
Amounts owed to other participating interests are secured against the company's work in progress. Interest and repayment terms are disclosed in note 24.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
As at the signing date of these financial statements, the group and company have not finalised its capital expenditure programme for the forthcoming year and therefore an assessment as to the likely movement of timing differences expected to reverse within the next 12 months cannot be made.
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.
As regards income rights, the Ordinary A and B shares shall rank pari passu with regard to entitlement to income, save that the Directors may at any time resolve to declare a dividend on one class of share and not on the other class.
As regards the rights to the return of assets in a liquidation, reduction in share capital or otherwise, each class of share has significantly similar rights.
As regards to voting rights, Ordinary A shares carry full voting rights, whilst Ordinary B shares carry no voting rights.
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:
On 6 January 2026 a new subsidiary company was incorporated under the name Eccleston Homes (Ashton Rise Hyde) Limited. The principal activity of the company is housebuilding.
Group and company
There is a loan facility from Sodecon Finance (of which FJ Lyons is a shareholder) and Blythe Capital (of which AJ Bell is a shareholder). The balance at the period end was £nil (2024: £3,300,000) and was secured against a development site. Interest totalling £42,214 (2024: £265,540) was charged in the period at a rate of 8% per annum.
There is a loan facility from Sodecon Finance (of which FJ Lyons is a shareholder) and Blythe Capital (of which AJ Bell is a shareholder). The balance at the period end was £4,500,000 (2024: £3,000,000). Interest is charged at 16% per annum on any drawn balance and 2% per annum on any undrawn element. Interest totalling £516,600 (2024: £473,422) was charged in the period. The balance is payable within 12 months.
There is a loan facility from Sodecon Finance (of which FJ Lyons is a shareholder) and Blythe Capital (of which AJ Bell is a shareholder). The balance at the period end was £nil (2024: £3,700,000) and was secured against a development site. Interest totalling £272,685 (2024: £36,493) was charged in the period at a rate of 10% per annum.
There is a loan facility from Sodecon Finance (of which FJ Lyons is a shareholder) and Blythe Capital (of which AJ Bell is a shareholder). The balance at the period end was £9,983,737 (2024: £nil) and was secured against a development site. No interest has been charged on this loan. The loan is repayable by 31 December 2027.
There was a loan facility from Sodecon Finance (of which FJ Lyons is a shareholder) and Blythe Capital (of which AJ Bell is a shareholder) which was taken out and repaid in full in the year. Interest totalling £322,192 was charged in the period at a rate of 10% per annum.
During the period, £5,140 (2024: £25,808) in total was paid to Sodecon Finance (of which FJ Lyons is a shareholder) and Blythe Capital (of which AJ Bell is a shareholder) in respect of finance costs for one development site’s loan facility.
Other information
The company has taken advantage of the exemption permitted under Section 33 "Related Party Disclosures" paragraph 33.1A of FRS 102 from disclosing transactions with wholly owned subsidiaries.