REGISTERED NUMBER: 09306153 (England and Wales)

Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

for the Year Ended 30 September 2025

for

Mandale Homes Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTOR:

R T Harriman

SECRETARIES:

Mrs P Davidson

J Darragh

REGISTERED OFFICE:

Mandale House Mandale Park

Urlay Nook Road

Eaglescliffe

Stockton on Tees

TS16 0TA

REGISTERED NUMBER:

09306153 (England and Wales)

AUDITORS:

Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

The director presents his strategic report of the company and the group for the year ended 30 September 2025.

REVIEW OF BUSINESS

The group's loss for the year, attributable to equity shareholders, amounted to £479,183 (2024 : £1,944,545 - profit). The financial position of the group at the year end is considered to be satisfactory.

The director uses turnover and gross margin analysis as the group's key performance indicators:

2025

2024

£

£

Turnover (sale of properties and contract work)

12,490,340

32,646,787

Gross margin on sales of properties

6.2%

17.8%

Development activity levels have decreased over the previous year and the group has achieved lower margins on the sales of properties/flats in the year. As explained below the principal risks affecting performance are the general economic climate and in particular its effect on property prices and demand.

The director is of the opinion that there are no non-financial key performance indicators necessary for the understanding of the development and performance of the group.

PRINCIPAL RISKS AND UNCERTAINTIES

In common with other property development companies, the principal risks affecting performance continue to be the general economic climate and in particular its effect on property prices and demand.

EXCEPTIONAL ITEM

Following the Grenfell Tower tragedy in 2017, the Government and construction sector have been carefully considering and identifying which buildings may be exposed to potentially life-critical fire risks and how these risks should be mitigated. As a legislative response the Building Safety Act became law in April 2022.

As a consequence the group has recorded an exceptional charge of £324,514 (2024: £875,837) within these financial statements. This represents a refinement of the cost provision made in the prior year. Further details can be found in note 4.

ON BEHALF OF THE BOARD:

Mrs P Davidson - Secretary

13 August 2026

The director presents his report with the financial statements of the company and the group for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of property development and investment.

DIVIDENDS

The director does not recommend payment of a final dividend.

FUTURE DEVELOPMENTS

The group continues to source new development sites and expand its area of operation.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

R T Harriman held office during the whole of the period from 1 October 2024 to the date of this report.

FINANCIAL INSTRUMENTS

The group continues to finance its operations through a combination of loans, related party loans and intercompany balances. The group's activities expose it to a number of financial risks, principally liquidity, market and credit risk.

Liquidity risk

In order to maintain liquidity to ensure sufficient funds are available for ongoing activities the group is dependent on the support of its group and associated companies (refer note 12 and 13).

Market risk

The group is fundamentally affected by the level of UK property prices which in turn are affected by a number of external factors. Whilst it is not possible for the group to mitigate this risk directly it does continually monitor market conditions and attempt to balance this risk over its various developments within the residential and commercial property sectors to minimise, as far as possible, the effect of market fluctuations.

Credit risk

The nature of the group's business results in the group having minimal exposure to credit risk. Generally full cash receipt for each sale occurs on legal completion. The group is however dependent on the support of its group and associated companies (refer note 12 and 13).

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Anderson Barrowcliff Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs P Davidson - Secretary

13 August 2026

Opinion

We have audited the financial statements of Mandale Homes Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 September 2025 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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.

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.

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the group's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Audit procedures performed by the engagement team included:

-

Enquiry of management, those charged with governance and the group's solicitors around actual and potential litigation and claims.

-

Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

-

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

-

Challenging estimates and judgements made by management in their significant accounting estimates.

-

Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and accuracy of revenue and also to ensure revenue has been recognised in the correct period.

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. The 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 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.

David Shawcross FCA (Senior Statutory Auditor)

for and on behalf of Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

19 August 2026

TURNOVER

2

12,490,340

32,692,859

Cost of sales

11,712,057

26,830,497

GROSS PROFIT

778,283

5,862,362

Administrative expenses

775,509

1,478,397

2,774

4,383,965

Other operating income

32,144

30,787

OPERATING PROFIT

34,918

4,414,752

Exceptional item - combustible materials provision

4

324,514

875,837

(289,596

)

3,538,915

Interest receivable and similar income

4,618

1,607

Interest payable and similar expenses

5

(53,517

)

(1,217,348

)

(LOSS)/PROFIT BEFORE TAXATION

6

(338,495

)

2,323,174

Tax on (loss)/profit

7

140,688

378,629

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(479,183

)

1,944,545

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(479,183

)

1,944,545

(Loss)/profit attributable to:

Owners of the parent

(479,183

)

1,944,545

Total comprehensive income attributable to:

Owners of the parent

(479,183

)

1,944,545

FIXED ASSETS

Intangible assets

9

-

-

Investments

10

59

41

59

41

CURRENT ASSETS

Stocks

11

979,200

5,090,902

Debtors

12

17,496,423

16,137,861

Cash at bank

1,140,230

569,147

19,615,853

21,797,910

CREDITORS

Amounts falling due within one year

13

1,733,852

3,377,194

NET CURRENT ASSETS

17,882,001

18,420,716

TOTAL ASSETS LESS CURRENT LIABILITIES

17,882,060

18,420,757

PROVISIONS FOR LIABILITIES

15

650,688

710,202

NET ASSETS

17,231,372

17,710,555

CAPITAL AND RESERVES

Called up share capital

16

100

100

Retained earnings

17

17,231,272

17,710,455

SHAREHOLDERS' FUNDS

17,231,372

17,710,555

The financial statements were approved by the director and authorised for issue on 13 August 2026 and were signed by:

R T Harriman - Director

FIXED ASSETS

Intangible assets

9

-

-

Investments

10

113

213

113

213

CURRENT ASSETS

Debtors

12

288,424

303,258

CREDITORS

Amounts falling due within one year

13

319,795

291,875

NET CURRENT (LIABILITIES)/ASSETS

(31,371

)

11,383

TOTAL ASSETS LESS CURRENT LIABILITIES

(31,258

)

11,596

CAPITAL AND RESERVES

Called up share capital

16

100

100

Retained earnings

17

(31,358

)

11,496

SHAREHOLDERS' FUNDS

(31,258

)

11,596

Company's loss for the financial year

(42,854

)

(52,300

)

The financial statements were approved by the director and authorised for issue on 13 August 2026 and were signed by:

R T Harriman - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

100

15,765,910

15,766,010

Changes in equity

Total comprehensive income

-

1,944,545

1,944,545

Balance at 30 September 2024

100

17,710,455

17,710,555

Changes in equity

Total comprehensive income

-

(479,183

)

(479,183

)

Balance at 30 September 2025

100

17,231,272

17,231,372

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

100

63,796

63,896

Changes in equity

Total comprehensive income

-

(52,300

)

(52,300

)

Balance at 30 September 2024

100

11,496

11,596

Changes in equity

Total comprehensive income

-

(42,854

)

(42,854

)

Balance at 30 September 2025

100

(31,358

)

(31,258

)

Cash flows from operating activities

Cash generated from operations

1

(7,068,991

)

19,037,407

Interest paid

(53,517

)

(1,217,348

)

Tax paid

(206,150

)

(1,056,868

)

Net cash from operating activities

(7,328,658

)

16,763,191

Cash flows from investing activities

Purchase of fixed asset investments

(18

)

-

Sale of fixed asset investments

-

51

Interest received

4,618

1,607

Net cash from investing activities

4,600

1,658

Cash flows from financing activities

Loan repayments in year

-

(6,500,000

)

Related undertakings financing

7,895,141

(10,159,123

)

Net cash from financing activities

7,895,141

(16,659,123

)

Increase in cash and cash equivalents

571,083

105,726

Cash and cash equivalents at beginning of year

2

569,147

463,421

Cash and cash equivalents at end of year

2

1,140,230

569,147

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

(Loss)/profit before taxation

(338,495

)

2,323,174

Finance costs

53,517

1,217,348

Finance income

(4,618

)

(1,607

)

(289,596

)

3,538,915

Decrease in stocks

4,111,702

10,772,283

(Increase)/decrease in trade and other debtors

(8,816,132

)

6,090,583

Decrease in trade and other creditors

(2,074,965

)

(1,364,374

)

Cash generated from operations

(7,068,991

)

19,037,407

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

1,140,230

569,147

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

569,147

463,421

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.24

Cash flow

At 30.9.25

£

£

£

Net cash

Cash at bank

569,147

571,083

1,140,230

569,147

571,083

1,140,230

Total

569,147

571,083

1,140,230

1.	ACCOUNTING POLICIES

General information and basis of preparation

Mandale Homes Holdings Limited is a private company incorporated in the United Kingdom under the Companies Act. The address of the registered office and place of business is given on page 1. The nature of the group's operations and its principal activities are set out in the Directors' report on page 3.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" (FRS102) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the group and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and its subsidiary companies with the exception of certain subsidiary companies as detailed in note 10 that have been excluded on the grounds of immateriality. The subsidiaries excluded from the consolidation are accounted for at cost less impairment. The results of subsidiaries acquired are consolidated for the periods from the date on which control passed and are accounted for under the purchase method.

As permitted by section 408 of the Companies Act 2006, the profit and loss account of the parent company is not presented as part of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of valued added tax, rebates and discounts.

a) Turnover relating to the sales of properties is recognised at legal completion or when legal notice of completion has been issued and the property is subject to unconditional exchange.

b) Turnover for the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date.

c) Turnover also represents rents and service charges receivable, excluding value added tax.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised over time by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by surveys of work performed to date.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Goodwill

Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life. Provision is made for any impairment.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less impairment.

Stocks

Stock and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell.

Cost, in relation to work in progress, comprises direct development costs and those overheads, not including any general administrative overheads, that have been incurred in bringing the stocks to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Amounts recoverable on contracts

Amounts recoverable on contracts are stated at cost plus attributable profit to the extent that such profit is reasonably certain and after making provision for any foreseeable losses in completing contracts, less payments on account received.

Judgements and key sources of estimation uncertainty

In the application of the companies' accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements and key sources of estimation uncertainty that have the most significant effect on the amounts recognised in the financial statements:

Other provisions

In April 2022 the Building Safety Act 2022 became law. This legislation, amongst other things, extends the limitation period in relation to defects on certain buildings to 30 years for works completed before the commencement of the new provisions.

The group has been notified of a number of potential claims which the Director believes create a constructive or legal obligation to remediate certain legacy buildings. This has resulted in the group recording a further exceptional combustible materials related charge of £324,514 for the year ended 30 September 2025 (2024 : £875,837). This represents a refinement of the cost provision made in the prior year.

This provision is subject to the Director's estimates on costs and timing, and the existence and identification of legacy developments where the group may have an obligation to remediate or upgrade to meet new Government guidance where it is responsible to do so.

See notes 15 and 18 for additional information.

2.

TURNOVER

The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the group.

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

2025

2024

£

£

Sales of properties

10,266,337

23,383,852

Development contract work

2,198,219

9,262,935

Rents and service charges

25,784

46,072

12,490,340

32,692,859

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

265,014

561,584

Social security costs

35,766

67,278

300,780

628,862

The average number of employees during the year was NIL (2024 - NIL).

Payroll costs of 3 (2024 : 6) employees have been recharged to the group from associated companies.

2025

2024

£

£

Director's remuneration

-

-

4.	EXCEPTIONAL ITEMS

2025

2024

£

£

Exceptional item - combustible materials provision

(324,514

)

(875,837

)

Exceptional item - combustible materials related charges

In April 2022 the Building Safety Act 2022 became law. This legislation, amongst other things, extends the limitation period in relation to defects on certain buildings to 30 years for works completed before the commencement of the new provisions.

The group has been notified of a number of potential claims which the Director believes create a constructive or legal obligation to remediate certain legacy buildings. This has resulted in the group recording a further exceptional combustible materials related charge of £324,514 for the year ended 30 September 2025 (2024 : £875,837). Due to the material nature of the charge, it has been recognised as an exceptional item. See note 15 for additional information.

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Loan interest

-

1,154,919

Corporation tax interest

53,517

62,429

53,517

1,217,348