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FOR THE YEAR ENDED 31 MARCH 2026
Registered number:
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their strategic report for the year ended 31 March 2026.
During the year the Company has successfully continued house building operations in Norfolk.
The Company has continued to trade profitably and the directors are satisfied with the trading performance and the Company’s overall financial position.
The company operated across ten development sites throughout Norfolk during the year, achieving house completions at six sites including a new site in Holt. The Company results are shown in the Statement of Comprehensive Income on page 8 and the Balance Sheet on page 9. The company continues to focus on building and delivering a quality product in desirable and attractive locations. During the year the company continued to promote and seek potential development opportunities. The Company is primarily funded by reserves. Bank loans and an overdraft facility, together with other related party loans form the balance of funding requirements.
The directors and senior management are mindful at all times of the risks and factors which affect the successful operation and performance of the Company’s business. Appropriate processes are in place to monitor and manage operational risks on a regular basis and to also identify and mitigate potential risks.
The principal risks and uncertainties facing the company are as follows:
∙The economic climate, buyer confidence and the housing market. General housing demand and supply.
∙The availability of development land and the complexities of dealing with the planning process due to increased regulation and delays. The company has a substantial land bank sufficient to meet medium-term objectives and continues to obtain land and options over land in attractive locations.
∙Attracting and retaining the very best personnel, workforce, subcontractors and professional advisers. The directors regularly monitor the employment and construction services market to ensure that the company's exposure in this respect is minimised.
∙Ensuring adequate systems and procedures exist, to reduce as far as possible the health and safety risks associated with construction operations.
The following key performance indicators are highlighted:
Turnover for the year amounted to £51,725,359 (2025 - £53,596,794); Profit on ordinary activities before taxation £11,196,242 (2025 - £8,768,126); Total shareholder funds £65,065,842 (2025 - £59,828,491); The average number of employees was 54 (2025 - 54).
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The directors have a duty to act in good faith and to promote the success of the company for the benefit of its members.
The following, details how the directors have had regard to the matters set out in s172 of the Companies Act 2006.
∙The long term success of the company - is always considered when making strategic decisions and formulating strategies and risk management procedures within the company.
∙The interests of the company’s employees – The company has a very experienced and dedicated workforce which the directors appreciate and recognise is a valuable asset. The directors endeavour to create opportunities and the right environment for all employees to prosper and realise their full potential for mutual benefit.
∙The interests of customers and suppliers - The directors promote an environment to achieve a good and successful business relationship with customers, subcontractors, trade suppliers, third parties and professional advisers, recognising that this approach is important to ensure the company’s long term future and success.
∙The community and environment – The company continues to support various charities and good causes in the local areas in which the company operates. The directors consider carefully the impact of the company’s business on communities and the environment. All development opportunities are subject to detailed assessment, and are designed and undertaken with social responsibility, and for the benefit of customers and communities. The company are committed to electrifying their fleet of company vehicles, and to designing and building houses using the latest environmentally friendly materials, working practices and technologies.
∙Maintaining high standards and reputation – The directors and company operate and maintain high standards in all aspects of business. The directors are mindful of the importance of maintaining standards and protecting the company’s goodwill and reputation.
This report was approved by the board on 22 September 2026 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
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;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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.
The profit for the year, after taxation, amounted to £8,397,351 (2025 - £6,577,948).
The directors recommended the payment of a dividend amounting to £3,160,000 (2025 - £3,160,000) during the year. The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
The Company continually seeks new opportunities to acquire development land and options over potential development land.
The directors believe that the Company is well positioned to prosper in the future and to continue to operate profitably.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Company's greenhouse gas emissions and energy consumption data is included with other group companies in the consolidated financial statements of the ultimate parent Norfolk Homes Holdings Limited.
Information regarding the engagement with suppliers, customers and others is contained within the Strategic Report.
There have been no significant events affecting the Company since the year end.
The auditors, Larking Gowen LLP, will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006.
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK HOMES LIMITED
We have audited the financial statements of Norfolk Homes Limited (the 'Company') for the year ended 31 March 2026, which comprise the Statement of comprehensive income, the Balance sheet, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 Auditors' 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 AUDITORS' REPORT TO THE MEMBERS OF NORFOLK HOMES 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.
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 Auditors' 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:
Extent to which the audit was considered capable of detecting irregularities, including fraud
Due to the field in which the Company operates, we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK tax legislation, UK accounting standards and the Companies Act 2006. In addition, we considered the provisions of other laws and regulations which whilst not having a direct impact on the financial statements, are fundamental to the Company's ability to operate including compliance with building regulations; Health and Safety; employment law (including Working Time Directive); and anti-bribery and corruption.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK HOMES LIMITED (CONTINUED)
Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:
∙Enquiries with management and those charged with governance around actual and potential litigation and claims;
∙Enquiries of entity staff in the finance function to identify any instances of non-compliance with laws and regulations;
∙Reviewing minutes of management and board meetings;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Challenging assumptions and judgments made by management in their significant accounting estimates, in particular in relation to the net realisable value of land bank and work in progress adjustments and valuations; and
∙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.
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 Auditors' 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 an Auditors' 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 Auditors
Norwich
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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BALANCE SHEET
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 11 to 21 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Norfolk Homes Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered office is 52 Cambridge Road South, London, W4 3DA. The company's principal place of business is Weybourne Road, Sheringham, Norfolk, NR26 8WB.
The principal activity of the Company is house building.
2.Accounting policies
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 financial statements are presented in sterling which is the functional currency of the company.
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 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);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Norfolk Homes Holdings Limited as at 31 March 2026 and these financial statements may be obtained from Companies House.
The directors have considered the economic and trading outlook and the company's overall financial position at the time of signing these accounts. Based on this assessment, having reviewed budgets and forecast projections and taking account of the company's financial strength, the directors have concluded that they are confident that the company will have adequate resources to continue successful operations for the foreseeable future and for a period of no less than twelve months from the date of signing these financial statements, and accordingly continue to adopt the going concern basis of accounting in preparing these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Depreciation is provided at rates calculated to write off the cost of fixed assets over their estimated useful lives.
Depreciation is provided on the following bases:
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
The charge for taxation takes into account taxation deferred or accelerated as a result of all material timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets are recognised only to the extent that they are regarded as recoverable within the foreseeable future. Deferred tax assets and liabilities are not discounted.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
10.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 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
17.Deferred taxation (continued)
Profit & loss account
This reserve comprises all current and prior years retained profits and losses.
An election has been made for the group of undertakings of which this Company is a member to be treated as a single entity for VAT purposes. The Company has therefore been required to provide guarantees in respect of any liability for Value Added Tax by the other undertakings within the group. The level of exposure at year end is £Nil (2025 - £Nil).
The Company's bankers hold a letter of set-off and unlimited guarantees between the Company and the other members of the group. The arrangement is reciprocated. The level of exposure, beyond the liabilities included in the Company's balance sheet, is £Nil (2025 - £Nil).
The Company has provided bonds of £3,676,518 (2025 - £3,434,608) to Norfolk County Council and Anglian Water Services Ltd in respect of various development sites. The bonds would become payable following any default on the conditions of the bonds.
The Company has entered into agreements to purchase development land subject to certain conditions being fulfilled. Once these conditions have been met, the Company will acquire the development land. The estimated commitment amounts to £12,700,000.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £156,857 (2025 - £150,657). Contributions totalling £Nil (2025 - £27,436) were payable to the fund at the balance sheet date and are included in other creditors.
The immediate parent undertaking is Dacerell Limited, a company incorporated and registered in England and Wales.
The ultimate parent company is Norfolk Homes Holdings Limited, a company controlled by Mr A D Clark. The results of the company are consolidated in the financial statements of Norfolk Homes Holdings Limited which can be obtained from Companies House.
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