Registration number:
for the
Year Ended 31 March 2026
Lioncourt Homes Limited
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Directors' Report |
|
|
Statement of Directors' Responsibilities |
|
|
Independent Auditor's Report |
|
|
Consolidated Profit and Loss Account |
|
|
Consolidated Balance Sheet |
|
|
Balance Sheet |
|
|
Consolidated Statement of Changes in Equity |
|
|
Statement of Changes in Equity |
|
|
Consolidated Statement of Cash Flows |
|
|
Notes to the Financial Statements |
Lioncourt Homes Limited
Company Information
|
Directors |
D Andrews C J Cole R W Atterbury D Clarke S G Hughes |
|
Company secretary |
S G Hughes |
|
Registered office |
|
|
Solicitors |
|
|
Bankers |
Barclays Bank PLC |
|
Auditors |
Hazlewoods LLP |
Lioncourt Homes Limited
Strategic Report for the Year Ended 31 March 2026
The Directors present their strategic report for the year ended 31 March 2026.
Principal activity
The principal activity of the Group and Company is house building and land promotion.
Fair review of the business
Whilst the 2025/26 financial year has presented a challenging operating environment for the housebuilding sector, characterised by a combination of cost pressures and constrained market demand, the Group has achieved a pleasing outcome.
Overall, Group turnover increased by 16.6% to £54.1 million, from £46.4 million in the previous year, whilst the number of homes completed increased by 49% to 194 sales from 130 sales achieved in the 2024/25 financial year.
The Group's close control over borrowings throughout the year reduced the net debt to £16.2 million from £13.3 million whilst net assets increased to £67.8 million from £65.5 million in the previous financial year.
During the year the Directors were also extremely pleased to have retained HBF status as a 5 Star Quality Home Builder for the twelfth successive year. The Group are amongst just a handful of developers that have managed to achieve this consistent level of performance over such a long period of time. The Group were also delighted to receive two quality awards from the NHBC with one of our developments, at Heritage Walk in Ironbridge, reaching the national final in London.
The Group's culture, and reputation as an excellent employer, was also recognised by being ranked amongst the UK’s best work places by Great Places to Work. The Group were ranked 21st in the UK and recognised as the highest placed business in the West Midlands and the highest placed overall for construction.
The industry has suffered from ongoing margin pressure throughout the year as a consequence of more difficult trading conditions, cost inflation and additional costs arising from new building regulations, other regulatory costs linked to Future Homes Standards and additional taxes and levies.
Year on year, operating profit reduced from £6.0 million to £4.2 million although the previous year included a land sale that distorts the comparison and also distorts the reduction of the operating margin to 7.8%. There were no land sales in the current financial year.
The average selling price for the year was £279,000, compared to £323,000 in the prior year, as the Group adjusted the sales strategy to deliver the increased volume of sales in a challenging sales environment. Mortgage interest rates, although beginning to ease, have continued to impact affordability and suppress transaction volumes.
Despite the Government's best intentions, planning has remained slow and cumbersome and this is likely to continue given the political turmoil.
The land market remains highly competitive, even though the sales market is subdued, and the Group continues to adopt a disciplined and selective approach to land acquisition. Priority is placed on maintaining strict financial parameters, with a clear focus on securing high quality sites in the most attractive locations. The Group remains committed to capital discipline and will not compromise returns when securing new land. On this basis the Group secured three new sites at Stafford in Staffordshire, Ambrosden in Oxfordshire and Fernhill Heath in Worcestershire during the year.
The Group have also made further progress with strategic land during the year and secured two new sites at Newport in Shropshire and Cholsey in Oxfordshire, adding approximately 700 plots to the portfolio.
The Group's strategic land portfolio now comprises approximately 6,200 plots and 440 net acres of land. All of these sites are being actively progressed through the planning system, with the portfolio at various stages of promotion. 2,500 plots already have outline consent.
The Directors would like to take this opportunity to thank everyone in the Lioncourt team. The culture, resilience and unwavering determination of the Lioncourt team have been instrumental in navigating another challenging year. Their commitment, adaptability and shared sense of purpose have not only supported the business during a difficult period but have also laid strong foundations for the future. When market conditions improve, the Group is well positioned to build on this momentum.
The Group's key financial and other performance indicators during the year were as follows:
Lioncourt Homes Limited
Strategic Report for the Year Ended 31 March 2026
|
Unit |
2026 |
2025 |
|
|
Units sold |
194 |
130 |
|
|
Turnover |
£'000 |
54,068 |
46,432 |
|
Operating profit |
£'000 |
4,186 |
5,960 |
|
Profit before tax |
£'000 |
2,810 |
4,838 |
|
Net debt |
£'000 |
(16,189) |
(13,307) |
|
Net assets |
£'000 |
67,806 |
65,533 |
Future developments
The wellbeing of the Groups workforce, customers and local communities remain a key priority for the Group. The Board and Management continue to regularly review trading activity and market conditions in order to adapt as soon as possible to any changing circumstances. Supply chains are closely monitored to ensure adequate stock levels are maintained to enable continued delivery of new homes to customers. The shortages of skilled labour and materials and significant rising costs continue to be key issues for the business and the industry.
The business continued to focus on 3 key areas during the year and for future years.
1. Managing the Balance Sheet and ensuring we balance risk with opportunity.
2. Maintaining control over sales price and cost increases whilst monitoring inflation and interest rates.
3. Carefully selecting land opportunities to ensure targeted returns are maximised.
Whilst there remains uncertainty in the market demand has remained positive, albeit softening in recent times. Customers remain relatively active in the market at the current time but site visitors have reduced and there is increasing pressure on sales volumes, sales prices and incentives. We continue to closely monitor the economy and buyer behaviour in both the housing and land markets and to carefully manage our activities to limit exposure in the slower sales environment.
The key challenges are replacing the land bank at levels that comply with our financial and geographical parameters, minimising timescales to achieve planning consent, controlling labour costs and material price increases and minimising disruption from the increasing lead times.
Section 172 statement
The Directors of the Company must act in accordance with the duties detailed in section 172 of the Companies Act 2006 which is summarised as follows:
A Director of a Company must act in the way he considers, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
a) The likely consequences of any decision in the long term.
Lioncourt Homes is led by an experienced and effective Board of Directors, bringing together a broad range of commercial, housebuilding and financial expertise. The Board is collectively responsible for the long-term success of the Group and for providing strong strategic leadership. In discharging its duties, the Board carefully considers the long term implications of its decisions, ensuring that the Group’s strategy delivers sustainable value over time. This includes a continued focus on the careful selection of land opportunities, the delivery of high-quality homes, and the provision of excellent customer service. Maintaining the “Lioncourt culture” remains central to the Group’s long-term success, underpinning its operational approach and relationships with stakeholders. The Board is committed to preserving this culture while supporting the Group’s growth and development. The Group continues to operate in a prudent and disciplined manner, aligning its decision-making with prevailing market conditions to ensure resilience and long-term sustainability.
b) The interests of the Group’s employees.
Our employees are a key resource and are central to the Group’s success in building and delivering homes that meet the needs and expectations of our customers. The Group is committed to supporting employees in their personal development and career progression through strong leadership, a culture that promotes inclusion and diversity, and a competitive package of compensation and benefits. We actively encourage engagement across the business through a range of initiatives and forums that promote participation, collaboration and the sharing of ideas. These provide opportunities for employees to contribute their perspectives, ask questions and play an active role in shaping the continued success of the Group.
Lioncourt Homes Limited
Strategic Report for the Year Ended 31 March 2026
c) The need to foster the Group’s business relationships with contractors, suppliers, customers, and others.
Our contractors and suppliers are key stakeholders in the Group and play a critical role in enabling the successful delivery of the homes our customers expect. These relationships are fundamental to both the quality of our developments and the way in which the Lioncourt brand is represented in the market.
The Group is committed to working collaboratively with contractors and suppliers on a partnership basis, recognising that strong, transparent and mutually beneficial relationships are essential to long-term success. In support of this approach, the Group operates in accordance with a number of core principles, including:
operating tender processes for orders above agreed thresholds;
establishing open and transparent commercial arrangements;
ensuring timely payment in line with agreed terms and certified valuations; and
maintaining clear codes of conduct and policies governing ethical and responsible engagement.
Through this disciplined and consistent approach, the Group has built a number of long-standing contractor and supplier relationships, underpinned by its culture and values, which remain embedded in the way it conducts business.
The Group is also committed to maintaining strong relationships with its customers and continues to invest in enhancing customer satisfaction. This commitment is independently assessed, and the Group is proud to have retained its HBF 5 Star Quality Home Builder rating for the twelfth successive year reflecting consistently high levels of customer satisfaction and service delivery.
d) The impact of the Group’s operations on the community and the environment.
The Group demonstrates its culture and values through the way it engages with the communities in which it operates. Its objective is to enhance the locations in which it builds, creating developments that contribute positively to the local environment and community infrastructure. A comprehensive approach is taken to site planning, with a strong focus on delivering high quality public open spaces and amenities that support sustainable and attractive communities. The Group seeks to minimise and mitigate its environmental impact through the implementation of robust policies addressing ecology, resource use and biodiversity, which are applied throughout the development lifecycle. In addition, the Group works collaboratively with its contractors and suppliers to incorporate energy-efficient design principles across its developments, including improvements to building fabric, equipment and appliances.
e) The desirability of the Group maintaining a reputation for high standards of business conduct.
The Board is committed to maintaining the highest standards of business conduct and corporate governance. It seeks to ensure that the Group operates in a responsible and ethical manner, with robust governance frameworks that support effective decision making and long term value creation. Through strong leadership and oversight, the Board promotes a culture of integrity, accountability and professionalism across the organisation. This approach underpins the delivery of the Group’s strategic objectives and reinforces trust with all stakeholders.
The Group’s reputation is further supported by its ongoing focus on delivering high quality homes offering strong value for its customers. This commitment is reflected in consistently high levels of customer satisfaction, demonstrated by the Group retaining its HBF 5 Star Quality Home Builder rating for twelve consecutive years.
f) The need to act fairly between members of the Company.
The Board is committed to acting fairly and equitably between the Company’s shareholders, ensuring that all members are treated consistently and with due regard to their respective interests.
The Group maintains regular engagement with its shareholders, including an annual meeting at which performance, strategy and future plans are communicated. This provides shareholders with the opportunity to remain informed and to engage directly with the Board.
The Board also recognises the importance of maintaining strong relationships with the Group’s wider stakeholders, including insurers, suppliers, bankers, advisors, auditors, regulators and HMRC. The Directors maintain regular and open dialogue with these parties to ensure transparency and mutual understanding.
The Directors believe that this approach supports sound decision making, fosters trust across the Group’s stakeholder base, and is fundamental to maintaining strong and effective long term relationships.
Lioncourt Homes Limited
Strategic Report for the Year Ended 31 March 2026
Principal risks and uncertainties
The Directors consider that the most significant risks and uncertainties facing the Group arise from the wider UK economic environment and the consequent impact on the housing market. Ongoing macroeconomic pressures, including persistent inflation and a higher interest rate environment, have continued to affect economic growth, employment levels, consumer confidence and household spending, all of which influence demand for new homes.
Additional key risks include the availability and affordability of land, delays in the planning system, shortages of skilled labour and materials, continued cost inflation, limited funding for affordable housing and the potential impact of reduced sales rates and extended sales periods.
The Group seeks to mitigate these risks, where possible, through a disciplined and proactive approach:
• Land and planning – The Group maintains a cautious and selective approach to land acquisition, recognising that access to well located, competitively priced land is critical to future performance. The Group continues to work closely with local planning authorities to progress applications efficiently and secure viable outcomes.
• Sales and trading performance – The Directors hold regular operational meetings to monitor site-level sales activity, assess market conditions and review the broader economic outlook. New build releases are carefully aligned with prevailing sales rates to manage risk and optimise returns.
• Cash flow and financial control – The Directors closely monitor short-term cash flow forecasts, adopting a prudent approach to projected sales rates and pricing assumptions. Where necessary, mitigating actions are taken, including tight control of work in progress, deferral of discretionary expenditure and careful management of land investment.
Through these measures, the Group aims to manage exposure to market volatility while maintaining financial discipline and positioning the business for long term resilience.
Approved by the
Director
Lioncourt Homes Limited
Directors' Report for the Year Ended 31 March 2026
The Directors present their report and the for the year ended 31 March 2026.
Directors of the Company
The Directors who held office during the year were as follows:
Matters covered in the Strategic Report
Information on the engagement with contractors, suppliers, customers and others is included in the Strategic Report in the s172(1) statement. The Group's business environment and risks, together with details of monitoring undertaken by the Directors and future developments are dealt with elsewhere in the Strategic Report.
Financial instruments
Objectives and policies
The Group's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.
Price risk, credit risk, liquidity risk and cash flow risk
The Group's activities expose it to a number of financial risks including credit risk, cash flow risk, price risk and liquidity risk.
Cash flow risk
Active management of working capital is the key control used by management to manage cash flow risk.
Credit risk
The Group has no significant concentration of credit risk. As explained in the statement of accounting policies, turnover is recognised on legal completion for each individual home sold, at which point sale proceeds are received in cash and in full. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed annually. The Group is also exposed to credit risk on bank balances although this risk is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
Liquidity risk
The Group held cash of £2.8 million at the end of the period and debt of £19 million. The Group has a revolving credit facility with Barclays Bank of £35 million. During the year the facility was extended to December 2028. As such, the Directors consider that the Group has sufficient liquid resources to meet its operational requirements.
Interest rate risk
The Group’s borrowings bear interest at rates linked to SONIA. The Directors consider the Group is well placed to cope with the current interest rates and continue to explore further interest protection instruments to assist in mitigating interest rate increases.
Energy and emissions report
Under the Streamlined Energy and Carbon Reporting regulations the group must report annually on greenhouse gas emissions from scope 1 and scope 2 electricity, gas and transport. Scope 3 emissions from employee owned vehicles has been voluntarily disclosed.
Lioncourt Homes Limited
Directors' Report for the Year Ended 31 March 2026
|
2026 |
2025 |
|||
|
Energy consumption used to calculate emissions |
KwH |
1,687,762 |
1,725,717 |
|
|
Scope 1 emissions |
tonnes CO2e |
239.98 |
231.14 |
|
|
Scope 2 emissions |
tonnes CO2e |
57.57 |
70.21 |
|
|
Scope 3 emissions |
tonnes CO2e |
64.01 |
80.75 |
|
|
Total greenhouse gas emissions |
tonnes CO2e |
361.56 |
382.11 |
|
|
Greenhouse gas emissions per 100 metres squared of home sold |
tonnes CO2e |
2.06 |
2.82 |
Data is provided as tonnes of carbon dioxide equivalent (CO2e) for all operations. Scope 1 and 2 emissions are from our sites, offices, show homes and sales areas and homes before sale. Scope 1 emissions include gas and fuel for Group owned vehicles and scope 2 emissions comprise purchased electricity. Scope 3 emissions are from non-company owned vehicles. The Group's chosen intensity measure is emissions per 100m² of sold home.
In 2026, the Group emitted 2.06 tonnes of CO2e per 100m2 of sold plot. As the energy used is not sales volume related, we have seen a decrease in the intensity ratio. This is a due to the current year having more legal completions. As in the prior year building work continued on current active sites and significant infrastructure done on newer sites so the energy and CO2 consumption from this work was split between a lower amount of legal plot completions compared to the current year. Although emissions, have decreased overall, we have marginally reduced our scope 2 and 3 emissions. This is a result of improved fabric, enhanced technologies and renewable energy.
The report data has been collated internally. The data used to establish the emissions reported was obtained from average prices per kwh of energy and price per litre of fuel taken from supplier invoices. CO²e has been calculated using the National Energy Foundation Carbon Calculator. We do not consider refrigerant losses on our air conditioning units to be material and as such these are not reported in our emissions data.
We have reported on the emissions sources required under the Companies Act 2006 (Strategic Report and Directors' Reports) Regulations 2013 apart from the exclusions noted. The reported sources fall within our Consolidated Financial Statements and are for emissions over which we have financial control. We do not have responsibility for any emissions sources that are not included in our consolidated statements.
The above report includes Lioncourt Homes Holdings Limited consolidated emissions as it is not practical to reasonably split the emissions per entity.
Going concern
The financial statements have been prepared on the going concern basis which assumes that the Group will continue in operational existence for the foreseeable future.
Estimates of future performance based on changes in the economic environment have been prepared. These forecasts indicate that the Group will continue to operate within their existing facilities. As of 31 March 2026, £19 million (2024 - £17 million) had been drawn down under the wider groups £35 million (2025 - £35 million) revolving facility. The Group also has access to cash reserves of £2.8 million (2025 - £3.7 million),
Based on forecasts prepared and the funds available, sufficient resources are available for the Group to conduct business for at least 12 months post signing of the financial statements. As such, the Directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
Directors' Indemnity
The Group has indemnified, by means of Directors’ and officers’ liability insurance, the Directors of the Group against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act. Such qualifying third party indemnity provision was in force during the year and is in force at the date of approving the Directors’ Report.
Disclosure of information to the auditor
Each Director has taken the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Group's auditor is aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
Hazlewoods LLP have expressed their willingness to continue in office.
Lioncourt Homes Limited
Directors' Report for the Year Ended 31 March 2026
Approved by the
Director
Lioncourt Homes Limited
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the 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 Company and of the profit or loss of the group and Company for that period. In preparing these financial statements, the Directors are required to:
• | select suitable accounting policies and apply them consistently; |
• | make judgements 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; and |
• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company and group will continue in business. |
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the 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 the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Lioncourt Homes Limited
Independent Auditor's Report to the Members of Lioncourt Homes Limited
Opinion
We have audited the financial statements of Lioncourt Homes Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the Parent Company's affairs as at 31 March 2026 and of the Group's profit 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 auditor 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 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 original financial statements were 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
The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Group and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
Lioncourt Homes Limited
Independent Auditor's Report to the Members of Lioncourt Homes Limited
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 Directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 9, the Directors are 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 Directors determine is 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 directors are 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
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:
We considered the nature of the Group’s industry and its control environment and reviewed the Group’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, building regulations, including fire and building safety legislation, health and safety legislation and environmental laws, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
|
• |
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
|
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
|
• |
enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
Lioncourt Homes Limited
Independent Auditor's Report to the Members of Lioncourt Homes Limited
|
• |
reading minutes of meetings of those charged with governance. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at 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.
.....................................
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Lioncourt Homes Limited
Consolidated Profit and Loss Account for the Year Ended 31 March 2026
|
Note |
2026 |
2025 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Exceptional expenses |
- |
(55,089) |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar charges |
( |
( |
|
|
Share of loss of equity accounted joint ventures |
( |
( |
|
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Profit attributable to: |
|||
|
Owners of the Company |
|
|
The above results were derived from continuing operations.
The Group has no other comprehensive income for the year other than the results above.
Lioncourt Homes Limited
(Registration number: 05733989)
Consolidated Balance Sheet as at 31 March 2026
|
Note |
2026 |
2025 |
|
|
Fixed assets |
|||
|
Investments |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Share premium reserve |
|
|
|
|
Capital redemption reserve |
|
|
|
|
Profit and loss account |
|
|
|
|
Equity attributable to owners of the company |
|
|
|
|
Total equity |
|
|
Approved and authorised by the
Director
Lioncourt Homes Limited
(Registration number: 05733989)
Balance Sheet as at 31 March 2026
|
Note |
2026 |
2025 |
|
|
Fixed assets |
|||
|
Investments |
|
|
|
|
Current assets |
|||
|
Stocks |
- |
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
- |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
2,645,932 |
2,645,932 |
|
|
Share premium reserve |
5,190,466 |
5,190,466 |
|
|
Capital redemption reserve |
4,973,937 |
4,973,937 |
|
|
Profit and loss account |
22,123,830 |
22,836,805 |
|
|
Total equity |
34,934,165 |
35,647,140 |
The company made a loss after tax for the financial year of £712,975 (2025 - profit of £644,283).
Approved and authorised by the
Director
Lioncourt Homes Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2026
Equity attributable to the parent company
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 April 2025 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
At 31 March 2026 |
|
|
|
|
|
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 April 2024 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
At 31 March 2025 |
2,645,932 |
5,190,466 |
4,973,937 |
52,723,126 |
65,533,461 |
Lioncourt Homes Limited
Statement of Changes in Equity for the Year Ended 31 March 2026
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 April 2025 |
|
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
|
At 31 March 2026 |
|
|
|
|
|
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 April 2024 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
At 31 March 2025 |
2,645,932 |
5,190,466 |
4,973,937 |
22,836,805 |
35,647,140 |
Lioncourt Homes Limited
Consolidated Statement of Cash Flows for the Year Ended 31 March 2026
|
Note |
2026 |
2025 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Share of loss of equity accounted investees |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Increase in stocks |
( |
( |
|
|
(Increase)/decrease in trade debtors |
( |
|
|
|
Increase/(decrease) in trade creditors |
|
( |
|
|
Increase/(decrease) in provisions |
|
( |
|
|
Cash generated from operations |
( |
( |
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
( |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Amounts advanced to joint ventures |
( |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
|
|
|
|
Repayment of bank borrowing |
( |
( |
|
|
Net cash flows from financing activities |
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 April |
|
|
|
|
Cash and cash equivalents at 31 March |
2,810,616 |
3,693,238 |
|
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
General information |
The company is a private company limited by share capital, incorporated and domiciled in the United Kingdom.
The address of its registered office is:
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
These financial statements have been prepared using GBP as the presentational currency and are presented in round pounds.
Summary of disclosure exemptions
Lioncourt Homes Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its own financial statements. Exemptions have been taken in relation to presentation of a statement of cash flows and financial instruments.
Basis of consolidation
The Group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2026.
No income statement is presented for the company as permitted by section 408 of the Companies Act 2006.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The consolidated financial statements incorporate the results of group reconstructions using the merger method.
Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
2 |
Accounting policies (continued) |
Going concern
The financial statements have been prepared on the going concern basis which assumes that the Group will continue in operational existence for the foreseeable future.
Estimates of future performance based on changes in the economic environment have been prepared. These forecasts indicate that the Group will continue to operate within their existing facilities. As of 31 March 2026, £19 million (2024 - £17 million) had been drawn down under the wider groups £35 million (2025 - £35 million) revolving facility. The Group also has access to cash reserves of £2.8 million (2025 - £3.7 million),
Based on forecasts prepared and the funds available, sufficient resources are available for the Group to conduct business for at least 12 months post signing of the financial statements. As such, the Directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value 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.
Judgements
Apart from the significant judgement concerning the use of merger accounting described in the Departure from requirements of FRS 102 paragraph in these accounting policies, no other significant judgements have been made by management in preparing these financial statements.
Key sources of estimation uncertainty
The Group's margin recognition policy is based on the margin forecast for each site. These margins reflect estimated sales prices and costs for each site. This is a method of allocating the total forecast costs, representing both land and build costs, of a site to each individual unit. Sales prices and build costs are inherently uncertain as they are influenced by changes in external market factors, such as, the availability and affordability of mortgages, changes in customer demand or build cost inflation.
Management have implemented internal procedures to assess site acquisition and forecasting to assist financial appraisal processes. Site appraisals are prepared on a regular basis to account for any changes in sales price or forecast build costs, and thus the margin on the site. The carrying amount of work in progress is £44,916,941 (2025 - £42,987,419).
Management provide for the cost of land options and abortive short term land fees where it is considered planning permission is unlikely to be obtained. The amount charged to the profit and loss account in the year in relation to this judgement is £nil (2025 - £nil). The carrying value of land options at the year end is £8,102,427 (2025 - £7,321,053).
Management provide for the cost of remedials work required on completed plots. The carrying value of the remedials provision is £37,446 (2024 - £24,434).
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
2 |
Accounting policies (continued) |
Revenue recognition
Revenue is recognised at the fair value of consideration received or receivable, net of incentives.
Private housing sales
Revenue is recognised in the profit and loss account on legal completion for each individual unit sold.
Housing association sales
The group reviews housing association contracts on a contract by contract basis and determines the appropriate revenue recognition based on the specific terms of the contract.
Where the risks and rewards of ownership transfer to a housing association on legal completion (turn key agreement) revenue is recognised on legal completion of the units, similar to revenue recognition on private housing. Where a contract with a housing association transfers legal title at a specific point in the build process, generally once foundations and key utilities have been laid (golden brick agreement), revenue is recognised based on the stage of completion of the unit.
Land sales
Revenue is recognised on land sales on exchange of unconditional contracts.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Investments in jointly controlled interests of the group are accounted for under the equity method.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Stocks
Stocks which comprise land held for development, work in progress, finished and part exchange houses are stated at the lower of cost and net realisable value. Costs include materials, direct labour and production overheads appropriate to the relevant stage of production. Net realisable value is based on estimated selling price less all further costs to completion and all relevant marketing and selling costs.
Land options are valued at historical cost including promotional and other directly attributable expenditure. Net realisable value is based on the ultimate value of the site after consideration of development and other associated costs.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
2 |
Accounting policies (continued) |
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction cost. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the Group has an obligation at the reporting date as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the Group is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
2 |
Accounting policies (continued) |
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
|
Turnover |
The analysis of the Group's revenue for the year is as follows:
|
2026 |
2025 |
|
|
House sales |
|
|
|
Land sales |
- |
|
|
|
|
The total turnover of the Group has been derived from its principal activity wholly undertaken in the United Kingdom.
|
Exceptional items |
|
2026 |
2025 |
|
|
Exceptional expenses |
- |
55,089 |
During the year, the Group incurred £nil (2025 - £55,089) of professional and advisory fees in relation to restructuring.
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Other operating income |
The analysis of the Group's other operating income for the year is as follows:
|
2026 |
2025 |
|
|
Other income |
|
|
|
Other interest receivable and similar income |
|
2026 |
2025 |
|
|
Other interest receivable |
|
|
|
Interest income from joint ventures |
339,986 |
311,378 |
|
Bank interest received |
|
|
|
|
|
Interest on loans advanced to joint ventures accrue at a fixed rate of 8%.
|
Interest payable and similar expenses |
|
2026 |
2025 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Other interest payable |
|
|
|
Bank arrangement and professional fees |
|
|
|
|
|
The Group holds a £35 million revolving facility with Barclays. The bank loan is denominated in GBP with a nominal interest rate of 2.65% plus the Barclays daily compound rate. Interest charged to the P&L relating to this facility totalled £1,395,739 (2025 - £1,160,142). The carrying amount of this facility at the year end is £19,000,000 (2025 - £17,000,000).
The facility is secured on freehold land and property on current approved developments.
The facility imposes a negative pledge which prohibits the group from creating any security interests over the assets pledged as security.
|
Staff costs |
Group and Company
The aggregate payroll costs (including Directors' remuneration) were as follows:
|
2026 |
2025 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
8 |
Staff costs (continued) |
The average number of persons employed by the Group during the year, analysed by category was as follows:
|
2026 |
2025 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
Sales |
|
|
|
|
|
|
Directors' remuneration |
Group and company
The Directors' remuneration for the year was as follows:
|
2026 |
2025 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
586,479 |
585,009 |
During the year the number of Directors who were receiving benefits and share incentives was as follows:
|
2026 |
2025 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid Director:
|
2026 |
2025 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2026 |
2025 |
|
|
Audit of these financial statements |
7,030 |
6,695 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
43,910 |
35,755 |
|
|
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
All other non-audit services |
|
|
|
|
|
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2026 |
2025 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
( |
|
513,795 |
1,440,545 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2025 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2026 |
2025 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
11,260 |
25,849 |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
- |
17,303 |
|
Deferred tax expense relating to changes in tax rates or laws |
- |
3,743 |
|
Decrease in UK current tax from adjustment for prior periods |
(83,255) |
(6,576) |
|
Decrease from tax losses for which no deferred tax asset was recognised |
(19,605) |
(4,393) |
|
Tax increase from effect of capital allowances and depreciation |
- |
5,976 |
|
Decrease in UK tax from the effect of residential developer property tax |
(112,064) |
- |
|
Additional deduction for land remediation expenditure |
(95,193) |
- |
|
Tax increase (decrease) from effect of different UK tax rates on some earnings |
94,135 |
- |
|
Tax increase (decrease) from other tax effects |
63,360 |
- |
|
Tax increase (decrease) from effect of revenues exempt from taxation |
(4,168) |
- |
|
Tax increase (decrease) from effect of adjustment in research and development tax credit |
(19,666) |
- |
|
Total tax charge |
|
|
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
11 |
Taxation (continued) |
Deferred tax
Group
Deferred tax assets and liabilities
|
2026 |
Asset |
|
Accelerated capital allowances |
|
|
Short term timing differences |
|
|
Deferred tax on intra-group profit |
|
|
|
|
2025 |
Asset |
|
Accelerated capital allowances |
|
|
Short term timing differences |
|
|
Deferred tax on intra-group profit |
|
|
|
There are £124,384 of unused tax losses (2025 - £260,434) for which no deferred tax asset is recognised in the Balance Sheet on the basis that it is unlikely it will be utilised in the next 12 months.
Company
Deferred tax assets and liabilities
|
2026 |
Asset |
|
Accelerated capital allowances |
|
|
Short term timing differences |
|
|
|
|
2025 |
Asset |
|
Accelerated capital allowances |
|
|
Short term timing differences |
|
|
|
|
Investments |
Group
|
2026 |
2025 |
|
|
Investments in joint ventures |
|
|
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
12 |
Investments (continued) |
|
Joint ventures |
£ |
|
Cost and carrying amount |
|
|
Cost or fair value brought forward |
4,723,798 |
|
Investment in the year |
481,525 |
|
Share of joint venture loss |
(77,500) |
|
At 31 March 2026 |
5,127,823 |
The above investment represents the amounts funded by the group in a joint venture, Sharpness Development LLP. The value represents the initial investment, loans to the joint venture and its share of the operating loss for the year. The group owns 50% of the joint venture which has been set up to promote land options for development and subsequent disposal.
The registered address of Sharpness Development LLP is 178 Birmingham Road, West Bromwich, B70 6QG.
Company
|
2026 |
2025 |
|
|
Investments in subsidiaries |
|
|
There was no movement on investments in subsidiaries during the year, which are stated at cost.
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2026 |
2025 |
|||
|
Subsidiary undertakings |
||||
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
12 |
Investments (continued) |
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
|
|
Suite 2 Brook Court, Whittington Road, Worcester, WR5 2RX |
|
|
|
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Stocks |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Land |
|
|
- |
|
|
Work in progress |
|
|
- |
|
|
Land options and promotion agreements |
|
|
- |
- |
|
|
|
- |
|
|
Approved development are secured against the groups loan facility.
|
Debtors |
|
Group |
Company |
||||
|
Note |
2026 |
2025 |
2026 |
2025 |
|
|
Amounts owed by group undertakings |
- |
- |
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
Deferred tax assets |
|
|
|
|
|
|
Corporation tax asset |
|
- |
|
- |
|
|
|
|
|
|
||
|
Less non-current prepayments |
( |
( |
( |
( |
|
|
Total current trade and other receivables |
|
|
|
|
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Cash at bank |
|
|
|
|
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Creditors |
|
Group |
Company |
||||
|
Note |
2026 |
2025 |
2026 |
2025 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to parent undertakings |
|
|
|
|
|
|
Amounts due to group undertakings |
- |
- |
|
|
|
|
Amounts due to related parties |
- |
175,075 |
- |
175,075 |
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
|
Other creditors |
|
|
|
|
|
|
Accrued expenses |
|
|
|
|
|
|
Corporation tax liability |
- |
321,831 |
- |
59,459 |
|
|
Land vendor creditor |
|
- |
- |
- |
|
|
|
|
|
|
||
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Bank borrowings |
|
|
|
|
The group holds a £35 million revolving facility with Barclays. The bank loan is denominated in GBP with a nominal interest rate of 2.65% plus the Barclays daily compound rate. During the year £7,000,000 (2025 - £17,000,000) was drawn down on this facility and repayments of £5,000,000 (2025 - £4,000,000) were made.
The facility is secured on freehold land and property on current approved developments.
The facility imposes a negative pledge which prohibits the group from creating any security interests over the assets pledged as security.
|
Provisions for liabilities |
Group
|
Remedials |
|
|
At 1 April 2025 |
|
|
Increase in existing provisions |
|
|
Provisions used |
( |
|
Unused provision reversed |
( |
|
At 31 March 2026 |
|
|
|
|
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
18 |
Provisions for liabilities (continued) |
Company
|
Remedials |
|
|
At 1 April 2025 |
- |
|
Additional provisions |
|
|
At 31 March 2026 |
|
|
|
|
The remedials provision has been calculated based on management's best estimate of remedials costs to be incurred on a limited number of completed sites.
The provisions held are based on management's best estimate of the expected likely cash outflows.
|
Obligations under leases and hire purchase contracts |
Group and company
Operating leases
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Share capital |
Allotted, called up and fully paid shares
|
2026 |
2025 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2,478,562 |
|
2,478,562 |
|
|
|
167,370 |
|
167,370 |
|
|
|
|
2,645,932 |
|
The holders of the ordinary shares are entitled to dividends as declared from time to time and are entitled to one vote per share at meetings of the group.
The holders of the B shares are not entitled to dividends as declared from time to time, are entitled to twenty votes per share at meetings of the group and are not transferable.
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Reserves |
Group and Company
Called up share capital
This represents the nominal value of the issued share capital.
Share premium reserve
This contains the premium arising on the issue of share capital, net of issue expenses.
Capital redemption reserve
This represents paid up share capital from the buy back of shares by the company. These are undistributable reserves.
Profit and loss account
This distributable reserve represents the cumulative profits or losses, net of dividends and other adjustments.
|
Pension and other schemes |
Defined contribution pension scheme
The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to £
Contributions totalling £
|
Related party transactions |
Group
During the current financial year loans were advanced to Sharpness Development LLP, a jointly controlled entity, amounting to £141,539 (2025 - £706,360). The loan accrues interest at a fixed rate of 8%. interest of £339,986 (2025 - £311,378) has accrued during the year. The group provided services to Sharpness Development LLP receiving income of £100,000 (2025 - £100,000). Losses were allocated to the group in relation to this investment of £77,500 (2025 - £74,500). At the balance sheet date £5,127,822 (2025 - £4.723,798) is due from Sharpness Development LLP.
Group and Company
During the year ended 31 March 2026, £130,000 (2025 - £130,000) was charged to the profit and loss account in respect of fees due to Court Investments Limited. David Andrews who is a director of Lioncourt Homes Limited is also a director of Court Investments Limited. As at the year end the amount due in respect of these fees totalled £120,000 (2025 - £100,000).
David Clarke, a director of Lioncourt Homes Limited, is also an employee of Goodbody Stockbrokers. Goodbody Stockbroker Nominees is a shareholder of Lioncourt Homes Limited. During the year ended 31 March 2026 £30,000 (2025 - £30,000) was charged to the profit and loss account in respect of fees to Goodbody Stockbrokers. As at the year end the amount due in relation to David Clarke totalled £30,000 (2025 - £nil).
Lioncourt Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2026
|
Analysis of changes in net debt |
|
At 1 April 2025 |
Financing cash flows |
At 31 March 2026 |
|
|
Cash and cash equivalents |
|||
|
Cash at bank |
3,693,238 |
(882,622) |
2,810,616 |
|
Borrowings |
|||
|
Bank borrowings |
(17,000,000) |
(2,000,000) |
(19,000,000) |
|
|
|||
|
( |
( |
( |
|
|
Financial instruments |
Group
|
2026 |
Income |
Expense |
Net gains |
Net losses |
|
Financial assets measured at amortised cost |
426,961 |
- |
- |
- |
|
Financial liabilities measured at amortised cost |
- |
(1,395,739) |
- |
- |
|
426,961 |
(1,395,739) |
- |
- |
|
2025 |
Income |
Expense |
Net gains |
Net losses |
|
Financial assets measured at amortised cost |
462,110 |
- |
- |
- |
|
Financial liabilities measured at amortised cost |
- |
(1,160,142) |
- |
- |
|
462,110 |
(1,160,142) |
- |
- |
Company
Items of income, expense, gains or losses
The total interest income for financial assets not measured at fair value through profit or loss is £426,961 (2025 - £462,119). The total interest expense for financial liabilities not measured at fair value through profit or loss is £1,395,739 (2025 - £1,160,142).
|
Parent and ultimate parent undertaking |
The ultimate parent undertaking is Lioncourt Homes Holdings Limited, a company incorporated in the United Kingdom, into which the results of the group are consolidated. A copy of their financial statements is available from the registered address at Suite 2 Ground Floor, Brook Court, Whittington Hall, Worcester, WR5 2RX.