FOR THE YEAR ENDED 31 MARCH 2026
HOMES FOR THE WEST MIDLANDS LLP
INFORMATION
HOMES FOR THE WEST MIDLANDS LLP
CONTENTS
HOMES FOR THE WEST MIDLANDS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The Members present their annual report together with the audited financial statements of Homes for the West Midlands LLP (the "LLP") for the year ended 31 March 2026.
PRINCIPAL ACTIVITIES
The LLP was incorporated on 17 May 2024 and commenced trading on that date.
The principal object of the LLP is to work with the West Midlands Combined Authority on ways to accelerate delivery of the region’s affordable housing ambitions by identifying new opportunities and sites for the construction of homes that are affordable for local people.
DESIGNATED MEMBERS
Bromford Housing Group Investments Limited, Citizens New Homes Limited, GreenSquareAccord 1 Limited, Midland Heart Developments Limited and WHG Trading Company Limited were designated members of the LLP throughout the period.
MEMBERS' CAPITAL AND INTERESTS
Each Member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
Details of changes in Members' capital in the year ended 31 March 2026 are set out in the financial statements.
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between Members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
DISCLOSURE OF INFORMATION TO AUDITORS
Each of the persons who are Members at the time when this Members' Report is approved has confirmed that:
∙so far as that Member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and
∙that Member has taken all the steps that ought to have been taken as a Member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
AUDITORS
The auditors, Bishop Fleming Audit Limited, have indicated their willingness to continue in office. The Designated Members will propose a motion re-appointing the auditors at a meeting of the Members.
This report was approved by the Members and signed on their behalf by:
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HOMES FOR THE WEST MIDLANDS LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
The Members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the Members to prepare financial statements for each financial year. Under that law the Members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, the Members 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 LLP and of the profit or loss of the LLP for that period.
In preparing these financial statements, the Members are required to:
∙select suitable accounting policies for the LLP's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the entity will continue in business.
The Members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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HOMES FOR THE WEST MIDLANDS LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMES FOR THE WEST MIDLANDS LLP
We have audited the financial statements of Homes for the West Midlands LLP (the 'LLP') for the year ended 31 March 2026, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Reconciliation of Members' Interests 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).
In our opinion the financial statements:
∙give a true and fair view of the state of the LLP's affairs as at 31 March 2026 and of its loss for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
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 LLP 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 Members' 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 LLP'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 Members 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 Members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and 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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HOMES FOR THE WEST MIDLANDS LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMES FOR THE WEST MIDLANDS LLP (CONTINUED)
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HOMES FOR THE WEST MIDLANDS LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMES FOR THE WEST MIDLANDS LLP (CONTINUED)
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:
∙We have considered the nature of the sector, control environment and financial performance;
∙We have considered the results of enquiries with management and members in relation to their own identification and assessment of the risk of irregularities within the limited liability partnership;
∙Any matters identified having obtained and reviewed the limited liability partnership’s documentation of their policies and procedures relating to:
∙Identifying, evaluation and complying with laws and regulations and whether they were aware of any instances of non-compliance;
∙Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
∙The internal controls established to mitigate risks of fraud or noncompliance with laws and regulations;
∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the limited liability partnership for fraud. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained understanding of the legal and regulatory frameworks that the limited liability partnership operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, FRS 102 and UK tax legislation.
In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the limited liability partnership’s ability to operate or avoid a material penalty. These included data protection regulations, occupational health and safety regulations, and employment legislation.
Our procedures to respond to risks identified included the following:
∙Reviewing the financial statement disclosures and 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 unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Enquiring of management in relation to actual and potential claims or litigations; and
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
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HOMES FOR THE WEST MIDLANDS LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMES FOR THE WEST MIDLANDS LLP (CONTINUED)
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 LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP'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 LLP and the LLP'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
55 Colmore Row
B3 2AA
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HOMES FOR THE WEST MIDLANDS LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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HOMES FOR THE WEST MIDLANDS LLP
REGISTERED NUMBER:OC452327
BALANCE SHEET
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the Members and were signed on their behalf on 23 October 2026 .
The notes on pages 9 to 11 form part of these financial statements.
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HOMES FOR THE WEST MIDLANDS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Homes for the West Midlands LLP (the "LLP") is a limited liability partnership, incorporated in England and Wales (registered number: OC452327). Its registered office is Floor 5, 49 King Street, Manchester M2 5AY.
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 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared on the going concern basis.
The designated members have assessed the LLP’s ability to continue as a going concern, taking into account current financial position, expected future trading performance, and available financial resources. This assessment covers a period of at least twelve months from the date of approval of the financial statements.
In making this assessment, the designated members have considered:
∙Cash flow forecasts and expected profitability;
∙The LLP’s working capital position;
∙The level of committed income and pipeline of work;
∙The availability of financing and partner funding, where applicable.
Based on this review, the designated members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover represents the invoiced value of goods sold and services supplied, net of value added tax and trade discounts. There were no sales of goods or services during the accounting period.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives. As at the reporting date there are no tangible fixed assets within Homes for the West Midlands LLP.
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work in progress is reflected in the accounts on a contract-by-contract basis by recording turnover and related costs as contract activity progresses. There were no stocks or work in progress during the accounting period.
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HOMES FOR THE WEST MIDLANDS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.ACCOUNTING POLICIES (CONTINUED)
Taxation on all the LLP's profits is solely the personal liability of individual members and is not dealt with in these financial statements.
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Statement of Comprehensive Income.
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
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HOMES FOR THE WEST MIDLANDS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Audit fees of £3,000 were identified as omitted from accruals within the period ended 31 March 2025. The adjustment to the prior period has had the effect of increasing accruals as at 31 March 2025 from £nil to £3,000 as restated. Administrative expenses for the period ended 31 March 2025 have also increased from £116,143 to £119,143 as restated.
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