In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S.E.H. (Developments) Limited for the year ended 31 December 2025 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the board of directors of S.E.H. (Developments) Limited, as a body, in accordance with the terms of the engagement letter dated 6 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of S.E.H. (Developments) Limited and state those matters that we have agreed to state to the board of directors of S.E.H. (Developments) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S.E.H. (Developments) Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that S.E.H. (Developments) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S.E.H. (Developments) Limited. You consider that S.E.H. (Developments) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of S.E.H. (Developments) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

S.E.H. (Developments) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 White House Road, Ipswich, IP1 5LT.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 part of the group headed by One Group Construction Limited. Detailed forecasts of the Company and Group for a period of at least 12 months from the approval of these financial statements have been considered. Taking into account the current economic climate and reasonably possible downsides, the directors have a reasonable expectation that the Company and the Group has sufficient resources to meet their obligations as they fall due and continue in operational existence for the foreseeable future.true

Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover comprises of property sale income.

Income from property sales is recognised when contracts have been exchanged and the sale becomes legally binding. Income is stated net of Value Added Tax.

Rental income

Rent receivable is credited to the statement of comprehensive income over the lease term.

Interest income

Interest income is recognised in the statement of comprehensive income using the effective interest method.

Interests in jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises directly attributable purchase costs including legal fees.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

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 income statement 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 company’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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Incentive payments to new tenants to occupy the group's investment properties are treated as a reduction in revenue and initially recorded as prepayments. The payments are charged to the staten,enl of comprehensive income over the term of the lease. Where such prepayments relate to investment properties, the properties are carried at open market value less the amount of the unamortised incentive.

All other leases are treated as operating leases. Their annual rentals are credited to the statement of comprehensive income on a straight-line basis over the term of the lease.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price, other financial liabilities, including bank loans. are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

In the application of the company’s accounting policies, the director is 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.

Determine whether there are indicators of impairment of the company's stock. Factors taken into consideration in reaching such a decision include the economic viability of the development, the expected sale price and potential for development to proceed.

The average monthly number of employees, during the year was Nil (2024: Nil).

The bank overdraft is secured by an unlimited intercompany composite guarantee between S.E.H. (Developments) Limited and other subsidiaries within the group. Debt is further secured by legal charges which are in place over property owned by the group.

The company's capital and reserves are as follows:

Called up share capital

Called up share capital represents the nominal value of the shares issued.

Profit & loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

There is a contingent liability in respect of guarantees given by the company in common with fellow subsidiaries, to its bankers for loan and overdraft facilities granted to the ultimate parent company, One Group Construction Limited, and its subsidiaries. Debt is further secured by legal charges over property owned by the group. At the year-end other companies in the group had gross overdrafts amounting to £12,256,499 (2024: £12,919,695).

The group has a right of set off between overdrafts and current account balances. At the year-end gross overdraft balances were fully offset, with a net current account balance across the group totalling £37,359,669 (2024: £33,294,418). 

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

During the year management charges of £8,596 (2024: £8,096) were paid to SEH (Property and Administration) Limited a fellow group subsidiary.

Included within other creditors is a balance of £3,000 (2024: £3,000) owed to a company related by virtue of common ownership.

The company is controlled by SEH (Projects) Limited. The ultimate controlling party is One Group Construction Limited.

The only group for which the results of the company are consolidated is that headed by One Group Construction Limited, the company's ultimate parent undertaking, which is registered in England and Wales. Copies of the consolidated financial statements are available from its registered office, 30 White House Road, Ipswich, Suffolk, IP1 5LT.