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"value": "1.7 PRIOR YEAR RESTATEMENT Consideration was given as to whether any of the additional forecast costs identified in the South Division, as described in the Financial Review on page 25, should have been identified and accounted for in prior periods. If there was a failure to use, or misuse of, reliable information that was a) available when the financial statements were authorised for issue and b) could reasonably be expected to have been obtained and taken into account in preparing those financial statements, then this could lead to an accounting error that requires adjustment to prior periods. If this was the case, the margin expectation should have been adjusted at the time. IAS 8 requires that information acquired with the benefit of hindsight should not be taken into account, therefore events that have occurred subsequently and which could not have been reasonably forecast at the time, such as subcontractor failure, updated cost estimates upon obtaining new tenders or operational challenges on site, do not constitute an error. These are changes in estimates, which are accounted for in the period in which the event triggering the change occurred. A review of the additional forecast costs on projects in the South Division was undertaken to identify the reasons for each of the changes and when they could and should reasonably have been known about. The results of the exercise showed that there were some items which could reasonably have been known about in prior periods. After considering a range of qualitative factors and the aggregate quantitative impact for the year ended 31 December 2023, it was concluded that there was a material error in the 2023 financial statements totalling \u00a320.5m that required restatement. The impact on individual line items is shown in the table opposite. The remaining cost movement have been recorded as a change in estimate. The impact to profit before tax in 2024 was \u00a391.5m, with the remainder impacting future years as a result of applying the revised life of site margin 1.7 PRIOR YEAR RESTATEMENT continued 2023 As previously reported \u00a3m Adjustment \u00a3m Restated \u00a3m CHANGES IN GROUP STATEMENT OF PROFIT OR LOSS Cost of sales (3,018.8) (11.8) (3,030.6) Gross profit 545.4 (11.8) 533.6 Operating profit 311.8 (11.8) 300.0 Profit before tax 304.8 (11.8) 293.0 Income tax expense (81.4) 3.4 (78.0) Profit for the year 223.4 (8.4) 215.0 Total comprehensive income for the year 221.7 (8.4) 213.3 CHANGES IN GROUP STATEMENT OF FINANCIAL POSITION Inventories 3,100.7 (20.5) 3,080.2 Current tax assets 3.2 5.9 9.1 Total current assets 4,148.6 (14.6) 4,134.0 Total assets 6,085.4 (14.6) 6,070.8 Net assets 3,318.5 (14.6) 3,303.9 CHANGES IN GROUP STATEMENT OF CASH FLOWS Operating profit in the year 311.8 (11.8) 300.0 Increase in inventories (286.1) 11.8 (274.3) Movements in working capital (387.7) 11.8 (375.9) The additional forecast costs which should have been identified in prior years would have reduced the estimated full-life margin on the impacted sites at that time. The full-life margin is used to determine the amount of inventories to be expensed as cost of sales. To correct the error, the full-life margin at the time has been recalculated to include the additional forecast costs, and the revised margin has been used to recalculate the amount of inventories that should have been expensed. This resulted in a total reduction in inventories of \u00a320.5m as at 31 December 2023 and a corresponding increase in cost of sales in the relevant years. The amount relating to years earlier than 2023 gave rise to an adjustment of \u00a36.2m (net of tax) to opening retained earnings as at 1 January 2023, as shown in the table, comprising a reduction of \u00a38.7m in inventories and an increase in the current tax asset of \u00a32.5m. SHAREHOLDERS\u2019 EQUITY RECONCILIATION \u00a3m As at 1 January 2023 as previously reported 3,249.7 Adjustment to opening reserves to correct prior year error (6.2) As at 1 January 2023 restated 3,243.5 Profit for the year restated 215.0 Total other comprehensive expense (1.7) Total transactions with shareholders (152.9) As at 31 December 2023 restated 3,303.9",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"fact-309": {
"value": "1.8 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of the Group\u2019s consolidated financial statements requires management to make judgements and estimates that affect the reported amounts of revenue, expenses, assets, and liabilities as at for the year ending 31 December 2024. CRITICAL ACCOUNTING JUDGEMENTS Partner Funded revenue recognition The determination of whether revenue on contracts should be recognised as work progresses (over time) or upon legal completion (point-in-time) requires judgement. The Group acts as a developer on a number of mixed tenure sites which will have multiple customers and contractual arrangements. An assessment is performed over each contract to determine when/how control is transferred to the customer. This includes assessing relevant factors such as the point at which legal ownership passes to the customer, the degree to which the customer can specify major structural design elements, whether the Group\u2019s performance creates an asset, such as work in progress, which is controlled by the customer as it is created, whether the asset being created has an alternative use to the Group and our enforceable right to receive payment throughout the development phase. Classification of exceptional items The determination as to whether an expense, income or cash flow should be classified as an exceptional item requires judgement. Exceptional items are those which, in the opinion of the Directors, are material by size and irregular in nature and therefore require separate disclosure within the Statement of Profit or Loss or Statement of Cash Flows in order to assist the users of the financial statements in understanding the underlying business performance of the Group. Information on the items which have been classified as exceptional is included in note 4 1.8 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY continued KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of the Group\u2019s consolidated financial statements includes the use of estimates including assumptions which are based on historical experience and other relevant factors and reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years. The key sources of estimation and uncertainty with a significant risk of a material change to the carrying value of assets and liabilities within the next year are described below: Margin forecasting and recognition Where the Group recognises revenue over time on an output basis or revenue at a point-in-time, the cost of sales on each unit sold is calculated and recognised based on the site-wide margin expected to be generated over the remainder of the project. The timing of cost of sales recognition differs from the timing of costs being incurred. Where the costs incurred to date exceed the amount recognised as cost of sales, the balance is shown in the statement of financial position as inventories. Where cost of sales exceeds the costs incurred to date, the difference is included in the statement of financial position as an accrual. Any future change in the life of site margin will be recognised in the calculation of cost of sales from the beginning of the year in which the change arises and future years, with a corresponding increase or decrease to inventories or accruals, which could be material. In circumstances where the remaining life of site margin becomes negative, the full amount of the future loss would be recognised immediately as an impairment of inventories. Where the Group recognises revenue over time on an input basis, revenue is calculated and recognised by taking the costs incurred in the year, plus the expected life of site margin for that contract. Any difference between the amount of revenue recognised and the amount invoiced to the customer is recognised as a contract asset or contract liability. Any change in the forecast margin is reflected as a revenue true-up in the current year. This could result in a material change to the carrying value of contract assets or contract liabilities. In determining the life of site margin, the Group must make assumptions relating to revenue to come and the estimated costs to complete. Forecast revenue assumptions include the expected tenure mix, number of saleable units and sales prices. Forecast cost assumptions include build and labour costs and the impact of climate change on the build requirements of new homes. The Group regularly reviews the assumptions used in the life of site margin based on latest available information, including assessing the degree of future uncertainty from changes in macroeconomic factors, and adjustments are made where necessary. The Group has considered the nature of the estimates involved in deriving these balances and concluded that it is possible, on the basis of existing knowledge, that outcomes within the next financial year may be different from the Group\u2019s assumptions applied as at 31 December 2024 and could require a material adjustment to the carrying amounts of these assets and liabilities in the next financial year. However, due to the level of uncertainty, combination of cost and income variables and timing across a large portfolio of sites (in excess of 350) at different stages of their life, it is impracticable to provide a detailed quantitative analysis of the aggregated estimates that are applied at a portfolio level. However, based upon the total forecast future revenue and costs to complete on the sites within the Group\u2019s land bank and the average timeframe over which those sites are expected to be delivered, it is estimated that the impact of the following changes on gross margin in the next financial year would be: Assumption Change in assumption Change in gross margin \u00a3m Unmitigated reduction in forecast revenue across all land bank sites +1% c. 40.0 Unmitigated increase in forecast costs to complete across all land bank sites +1% c. 25.0 Defined benefit pension schemes The Group has three defined benefit pension schemes, all closed to future accrual, which are subject to estimation uncertainty. Note 17 outlines the way in which these schemes are recognised in the Group\u2019s financial statements, the associated risks and sensitivity analysis showing the impact of a change in key variables on the defined benefit obligations and retirement benefit asset. Building safety The Group has reviewed all current legal and constructive obligations with regards to remedial works to rectify building safety issues, which are subject to estimation uncertainty. Note 22 outlines the way in which this provision is recognised in the Group\u2019s financial statements, the associated risks and sensitivity analysis illustrating the possible impact of changes in key assumptions used to determine the provision at 31 December 2024.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-310": {
"value": "2. REVENUE OPEN MARKET SALES Revenue is recognised at a point in time at legal completion at which point the Group has fulfilled its performance obligation. This revenue is recognised at the fair value of the consideration received or receivable, net of value added tax and discounts. In certain instances, property may be accepted in part consideration for a sale of a residential property. This is recorded as other revenue, as described below. Cash incentives are considered to be a discount from the purchase price offered to the acquirer and are therefore accounted for as a reduction to revenue. PARTNER FUNDED SALES The majority of Partner Funded sales contracts have two performance obligations. Revenue in relation to the upfront sale of land to the customer is recognised at a point in time when legal title transfers to the customer. Revenue in relation to the construction of homes is recognised over time when the Group transfers control of the development to the customer as the development progresses. The Group measures progress towards completion by reference to the stage of completion of development. This is normally measured by either: - a survey of work performed when the development has multiple customers; or - the proportion of total costs incurred at the reporting date relative to the estimated total cost of the contract. As the build progresses, customer-controlled assets are created, with the design tailored to the specification of the customer. The Group has an enforceable right to be paid for the work completed to date and invoices are issued and paid over the life of the development. Variations in contract work and claims are included to the extent that it is highly probable that there will not be a significant reversal when the value of such payments is finalised. Where progress towards the satisfaction of performance obligations cannot be reasonably determined, revenue is recognised over time as the work is performed to the extent that costs have been incurred and are expected to be recoverable. All contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately within cost of sales. The application of the above policies requires estimates to be made in respect of the total expected costs to complete for each site. The Group has in place established internal control processes to ensure that the evaluation of costs and revenues is based upon appropriate estimates. Where the Group provides design, construction, and mobilisation activities on a development across multiple units simultaneously, this is considered to represent one performance obligation. Where these services are provided across multiple development sites, each site is typically considered to represent a distinct performance obligation. OTHER REVENUE Other revenue includes the sale of part exchange properties, any non-residential elements of mixed use schemes and bare land sales. The fair value of part exchange properties is established by independent surveyors, reduced for costs to sell. The sale of the Open Market home is recorded in the normal way. The fair value of the part exchanged property is treated as being in lieu of cash receipts. Proceeds generated from the subsequent sale of part exchange properties are recorded at a point in time on legal completion. Revenue for the sale of non-residential properties and bare land is recognised when the performance obligations in the contract are met.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-311": {
"value": "2. REVENUE continued 2024 2023 REVENUE BY TYPE Point-in-time \u00a3m Over time \u00a3m Total \u00a3 Point-in-time \u00a3m Over time \u00a3m Total \u00a3 Open Market sales 1,256.1 - 1,256.1 1,474.2 - 1,474.2 Partner Funded sales 165.6 2,181.6 2,347.2 171.9 1,806.5 1,978.4 Other 176.0 - 176.0 111.6 - 111.6 Revenue 1,597.7 2,181.6 3,779.3 1,757.7 1,806.5 3,564.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-312": {
"value": "As at 31 December 2024 the aggregate amount of the transaction price allocated to unsatisfied performance obligations on contracts was \u00a33,711.6m (2023: \u00a33,722.9m), of which approximately \u00a31,894.6m (2023: \u00a31,755.8m) is expected to be recognised as revenue during 2025",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligationsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-313": {
"value": "During the year ended 31 December 2024, the Group had customers under common control from which it recognised revenue of \u00a3487.1m, which was more than 10% of total revenue.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-314": {
"value": "Joint arrangement management fee income is recognised as the Group fulfils its obligations under the contract over time",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-315": {
"value": "Government grant income is recognised when there is a reasonable assurance that the Group will be able to comply with the conditions attached to the grant and that the grant will be received. Grant income is recognised in other operating income as it represents a contribution to the sales price",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-316": {
"value": "2024 \u00a3m 2023 \u00a3m Joint arrangement management fee income 51.0 50.7 Government grant income 62.1 40.4 Other 11.9 9.4 Other operating income 125.0 100.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-317": {
"value": "Exceptional items are those which, in the opinion of the Directors, are material by size and irregular in nature and therefore require separate disclosure within the Statement of Profit or Loss in order to assist the users of the financial statements in understanding the underlying business performance of the Group. Restructuring expenses are those expenses, such as severance and other non-recurring items directly related to restructuring and integration activities, that do not reflect the Group\u2019s underlying trading performance. The building safety provision has previously been disclosed as an exceptional item and, accordingly, further related income and expenses have also been disclosed as exceptional items Profit before tax is stated after charging: Note 2024 \u00a3m 2023 restated (note 1) \u00a3m Depreciation of property, plant and equipment 13 2.8 3.0 Depreciation of right-of-use assets 14 30.6 24.4 Amortisation of acquired intangible assets 12 39.5 46.3 Amortisation of other intangible assets 12 1.0 0.4 Personnel expenses (not capitalised into work in progress) 178.3 227.8 Inventories expensed in the year 2,901.8 2,534.3 Exceptional items 4 128.8 65.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-318": {
"value": "AUDITORS\u2018 REMUNERATION 2024 \u00a3m 2023 \u00a3m Fees payable to the Company\u2019s auditors for the audit of the Company and Group\u2019s annual accounts 1.4 1.0 FEES PAYABLE TO THE COMPANY\u2019S AUDITORS AND ITS ASSOCIATES FOR OTHER SERVICES: Audit of the accounts of subsidiaries 1.0 1.0 Audit-related assurance services 0.1 0.1 Fees charged to profit before tax 2.5 2.1 The 2024 audit fee included an incremental amount of \u00a30.8m relating to additional procedures undertaken as a result of the cost forecasting issues in the South Division. The Group incurred non-audit fees during both 2024 and 2023 relating to a technical accounting subscription service of \u00a31k per year",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"fact-319": {
"value": "4569.0",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:AverageNumberOfEmployees",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-320": {
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"decimals": 4,
"dimensions": {
"concept": "ifrs-full:AverageNumberOfEmployees",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-321": {
"value": "A breakdown of staff numbers split by type of role is included on page 54",
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"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-322": {
"value": "307300000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:WagesAndSalaries",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
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}
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"value": "342200000.0",
"decimals": -5,
"dimensions": {
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},
"fact-324": {
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"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-326": {
"value": "16400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-327": {
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"dimensions": {
"concept": "ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
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},
"fact-330": {
"value": "5500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-331": {
"value": "8000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
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}
},
"fact-332": {
"value": "367600000.0",
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"dimensions": {
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"entity": "scheme:2138001KOWN7CG9SLK53",
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"fact-334": {
"value": "The aggregate remuneration for the Group\u2019s Directors during 2024 was \u00a32.5m (2023: \u00a36.3m), which is shown in further detail on page 130 in the Directors\u2019 Remuneration Report. The highest paid Director is the Executive Chairman and Chief Executive Officer, details of the remuneration is also provided on page 130 of the Directors\u2019 Remuneration Report. The Executive Leadership Team (ELT) and the Non- Executive Directors as shown on pages 7, 84 and 85 respectively are considered to be the only key management personnel.",
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}
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"fact-335": {
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},
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}
},
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}
},
"fact-341": {
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}
},
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"dimensions": {
"concept": "ifrs-full:KeyManagementPersonnelCompensationTerminationBenefits",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-343": {
"value": "9600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:KeyManagementPersonnelCompensation",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-344": {
"value": "12700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:KeyManagementPersonnelCompensation",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-345": {
"value": "The Group issues equity-settled share-based payments to certain employees in the form of share options over shares in the Company. Equity-settled share-based payments are measured at fair value at the date of grant calculated using an independent option valuation model, taking into account the terms and conditions upon which the options were granted. The fair value is expensed on a straight- line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest, with a corresponding credit to equity, except when the share-based payment is cancelled, in which case the charge will be accelerated",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-346": {
"value": "The Group operated three equity-settled share-based payment arrangements which are set out below. LONG - TERM INCENTIVE PLAN A long-term incentive plan for Executive Directors and senior executives was approved by shareholders at a General Meeting in December 2019. The first grant of awards under this plan was made in 2020. Details of the vesting conditions of these awards are included in the Directors\u2019 Remuneration Report on pages 131 to 133 Save As You Earn Option Scheme was established in 2007 and renewed in 2017. As part of the Combination with Countryside Partnerships PLC the Group offered replacement options for two SAYE schemes which were granted by Countryside in 2020 and 2022. Share options held in the Save As You Earn Option Scheme are not subject to performance conditions and may under normal circumstances be exercised during the six months after maturity of the agreement. Save As You Earn share options are generally exercisable at an exercise price which includes a 20% discount to the market price of the shares at the date of grant. DEFERRED BONUS SCHEME The Deferred Bonus Plan was approved and implemented in 2022, with one third of the Executive Leadership Team bonus award deferred into shares under the terms of the plan. Details of these awards are laid out in the Directors\u2019 Remuneration Report on page 132.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-347": {
"value": " Vistry Group PLC",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-348": {
"value": "At 1 January 2024 4,603 341 2,595 Granted 1,467 150 489 Lapsed (704) - (481) Exercised (248) (139) (596) At 31 December 2024 5,118 352 2,007 Exercisable at 31 December 2024 1,139 - - At 1 January 2023 3,071 139 2,356 Granted 2,301 202 1,466 Lapsed (676) - (698) Exercised (93) - (529) At 31 December 2023 4,603 341 2,595 Exercisable at 31 December 2023 812 - 474",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-349": {
"value": "Weighted average remaining contractual life (years) 7.6 1.3 2.0 Weighted average remaining contractual life (years) 7.9 0.8 2.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingShareOptionsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-350": {
"value": "Range of exercise prices (\u00a3) - - 4.68 \u2013 9.68 Range of exercise prices (\u00a3) - - 4.68 - 9.30",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-351": {
"value": "The weighted average fair value of the options granted during the year determined using the Monte Carlo model was \u00a310.24 per option (2023: \u00a34.49)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedShareOptionsGrantedDuringPeriodExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-352": {
"value": "-12.17",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:WeightedAverageSharePriceShareOptionsGranted2019",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-353": {
"value": "-0.36",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-354": {
"value": "-5.0",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DescriptionOfOptionLifeShareOptionsGranted",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-355": {
"value": "-0.0384",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-356": {
"value": "For the year ended 31 December 2024, the share-based payment expense recorded in the income statement was \u00a35.5m (2023: \u00a38.0m)",
"dimensions": {
"concept": "ifrs-full:ExplanationOfEffectOfSharebasedPaymentsOnProfitOrLoss",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-357": {
"value": "Finance income principally relates to interest income earned on loans made to joint ventures and amounts earned from cash held. Finance costs are included in the measurement of borrowings at their amortised cost to the extent that they are not settled in the year in which they arise",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-358": {
"value": "Finance expense predominantly relates to interest charges on external borrowings, lease liabilities and deferred land creditors. The finance costs and income associated with the time value of money on discounted payables and receivables are recognised within finance costs and income as the discount unwinds over the life of the relevant item",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-359": {
"value": "2024 \u00a3m 2023 \u00a3m Interest accrued on loans to joint ventures 15 25.1 24.7 Movement in provision against interest accrued on loans to joint ventures 15 0.6 (9.6) Bank interest 3.2 5.2 Net pension finance credit 17 1.6 1.7 Finance income 30.5 22.0 Imputed interest on deferred term land creditors (21.7) (11.5) Interest on lease liabilities 14 (5.4) (5.5) Exceptional discount unwind on building safety provision 4,22 (8.0) (19.4) Bank, commitment fees and other interest (60.8) (48.6) Finance expense (95.9) (85.0) Net finance expense (65.4) (63.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-360": {
"value": "Income tax expense comprises of the current and deferred tax recognised as an expense during the year. Income tax expense is recognised in the Statement of Profit or Loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-361": {
"value": "2024 \u00a3m 2023 restated (note 1) \u00a3m Current year excluding residential property developer tax 8.1 38.0 Residential property developer tax 1.6 7.1 Adjustments in respect of prior years 5.2 (3.6) Current income tax expense 14.9 41.5 Origination and reversal of temporary differences 22.5 34.0 Adjustments in respect of prior years (7.0) 2.5 Deferred income tax expense 16 15.5 36.5 Total income tax expense 30.4 78.0 8. INCOME TAX EXPENSE continued RECONCILIATION OF EFFECTIVE TAX RATE 2024 \u00a3m 2023 restated (note 1) \u00a3m Profit before tax 104.9 293.0 Income tax on profit before tax at standard UK corporation tax rate of 25.0% (2023: 23.5%) 26.2 68.9 Residential property developer tax 2.9 8.0 Non-deductible expenses 0.5 0.4 Tax effect of share of results of joint ventures 2.4 (2.0) Tax rate differences 0.5 3.3 Adjustments to the tax charge in respect of prior years (1.8) (1.1) Other timing differences (0.3) 0.5 Total income tax expense 30.4 78.0 Effective tax rate 29.0% 26.6% The Group\u2019s effective tax rate of 29.0% (2023: 26.6%) is higher than the weighted statutory rate of corporation tax of 25.0% (2023: 23.5%) principally due to the Residential Property Developer Tax (\u2018RPDT\u2019) charge in the year. RPDT is charged at a rate of 4% of relevant taxable profits. The corporation tax rate increased from 19% to 25% with effect from 1 April 2023. Deferred taxes at 31 December 2024 and 2023 have been measured using enacted rates and reflected in these financial statements. OECD PILLAR TWO MODEL RULE The Group is within the scope of the enacted OECD Pillar Two legislation which was effective for the Group\u2019s financial year beginning 1 January 2024. The Group is solely a UK group and does not operate in any non-UK jurisdiction. The Group has applied the mandatory temporary exception under IAS 12 in relation to the accounting for deferred taxes arising from the implementation of the Pillar Two legislation. Under the legislation, the Group is liable to pay a Domestic Top-up Tax (DTT) where UK profits are taxed below the minimum rate of 15%. The Group\u2019s effective tax rate for the year, calculated in accordance with IAS 12, is greater than 15% and the Group is not currently aware of any circumstances under which this might change. Therefore, the Group does not expect a potential exposure to any Pillar Two top-up tax. RECOGNISED DIRECTLY IN GROUP STATEMENT OF CHANGES IN EQUITY OR IN THE GROUP STATEMENT OF COMPREHENSIVE INCOME Note 2024 \u00a3m 2023 \u00a3m Deferred tax relating to actuarial movements on pension scheme 16 1.2 0.7 Deferred tax relating to equity-settled share-based payments 16 (3.1) 3.3 Deferred tax recognised directly in equity or other comprehensive income (1.9) 4.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-362": {
"value": "9. EARNINGS PER SHARE PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS Note 2024 \u00a3m 2023 restated (note 1) \u00a3m Profit for the year attributable to equity holders of the parent 74.5 215.0 Adjusted profit for the year attributable to equity holders of the parent 4 188.9 296.9 EARNINGS PER SHARE Note 2024 2023 restated (note 1) Basic earnings per share 22.0p 62.1p Diluted earnings per share 21.8p 61.3p Adjusted basic earnings per share 4 55.9p 85.8p WEIGHTED AVERAGE NUMBER OF SHARES USED AS THE DENOMINATOR Basic 2024 m Diluted 2024 m Basic 2023 m Diluted 2023 m Weighted average number of ordinary shares for the year ended 31 December 338.1 341.8 346.0 350.6 The basic weighted average number of ordinary shares is calculated by time-weighting the ordinary shares in issue during the period based on new issues and share buybacks. This figure excludes treasury shares and shares held in the Employee Stock Ownership Plan (ESOP) Trust but includes any outstanding vested nil-cost options in relation to equity-settled share-based payment arrangements. The diluted weighted average number of ordinary shares is calculated as the basic weighted average number, plus any other potentially outstanding shares in relation to the equity-settled share-based payment arrangements. A total of nil shares that could potentially dilute earnings per share in the future were excluded from the above calculations because they were anti-dilutive at 31 December 2024 (2023: nil shares).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-363": {
"value": "The Group has made the following distributions: 2024 \u00a3m 2023 \u00a3m Prior year final dividend per share of nil (2023: 32p per share) - 110.4 Share buyback in lieu of interim dividend 44.1 55.4 Share buyback in lieu of final dividend 100.7 - Distributions 144.8 165.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-364": {
"value": "Goodwill represents the value of people, track record and expertise acquired within business acquisitions that are not capable of being individually identified and separately recognised. It is calculated by deducting the fair value of the assets and liabilities acquired which are individually identified and separately recognised from the fair value of consideration payable",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-365": {
"value": "Goodwill of \u00a3827.6m comprises \u00a3280.1m on the Combination with Countryside Partnerships PLC in 2022 and \u00a3547.4m which arose on the acquisition of the Linden and Galliford Try Partnerships businesses from Galliford Try PLC in 2020. The Group undertook an annual test of the carrying value of goodwill as at 31 December 2024, noting that there was also an impairment trigger event when the Company\u2019s market capitalisation fell below the net asset value of the Group. On 8 October 2024, the Group reported that it had become aware of the underestimation of the total full-life cost projections to complete a number of its developments in its South Division. These cost forecasting issues and a greater level of market uncertainty led to the Group\u2019s full year profits being significantly below expectations, which itself represented evidence of a further indicator of impairment. This had a consequential impact to the Group\u2019s market capitalisation which followed a volatile period where the Group\u2019s share price decreased by 38% over the course of 2024 (following a 47% increase in 2023) leading to a closing price of the Company\u2019s shares on 31 December 2024 of \u00a35.72 (2023: \u00a39.18). In this context, the Directors have challenged the relevant assumptions used in estimating value-in-use. In particular, a review of estimated gross margin assumptions considered the findings of the independent review of the site forecasting process in the South Division and across the wider Group, and with strict adherence to the Group\u2019s life of site processes. The Directors also undertook an internal reconciliation of the value-in-use to the market capitalisation to consider the factors leading to the differential. The Directors concluded that the key assumptions are appropriate and robustly challenged in their determination. KEY ASSUMPTIONS USED FOR VALUE - IN - USE CALCULATIONS The cash flows used in the value-in-use calculations are consistent with the Board-approved medium-term targets, which are described in the CEO review on page 13. They comprise detailed cash forecasts for five years to 2029, with a terminal value derived from the 2029 cash flow with no additional growth applied. The key assumptions underpinning the base case cash flows and the value-in-use are forecast volume growth, adjusted operating margin, operating cash conversion and discount rates, as detailed below. ASSUMPTION APPROACH USED IN DETERMINING VALUES Volume growth The assumed annual volume growth of 6.3% is towards the lower end of the Directors\u2019 expectations based on the Group\u2019s strategy and expected market demand. The Group\u2019s medium-term target is growth of between 5.0% and 8.0%. Pricing expectations take account of local market conditions, as well as demand and product mix. The expected cash investment in land and inventories is aligned to the forecast growth in output. Adjusted operating margin Adjusted operating margin is expected to trend upwards from 8.3% in 2024 towards the Group\u2019s medium-term target of 12.0%. The Directors consider this target to be achievable based on: \u2022 Historical experience: the average adjusted operating margin over the past five years was 11.3% (11.7% excluding the one-off impact of the South cost forecasting issues on the 2024 adjusted operating margin). \u2022 Market conditions: challenging market conditions have prevailed for much of the previous five years. The Group is confident that market conditions will improve over the medium-term as described in the Market Environment section on pages 14 to 17. \u2022 Tenure split: the Group expects an increasing proportion of completions to come from higher-margin Open Market sales. In 2024, 73% of completions were from Partner Funded sales, compared to the Group\u2019s target of 65%. Operating cash conversion The Group expects operating cash conversion of greater than 100% in the short-term as it reduces capital employed in the more capital-intensive former Housebuilding sites. Cash conversion stabilises at 95% in 2029 and in the terminal value, consistent with the Group\u2019s capital-light Partnerships business model. Pre-tax discount rate The real discount rate of 13.9% (2023: 15.0%) is pre-tax and reflects the current market assessment of the time value of money and the risks specific to the Group. he Directors performed sensitivity analysis on the estimates of the recoverable amount and concluded that there were no key assumption changes, which they considered to be reasonably possible, that, individually or in aggregate, would reduce the excess of recoverable amount over the carrying value to nil. The excess of recoverable amount over the carrying value was \u00a3710m (2023: \u00a32,262m). In order to further stress-test the value-in-use model, the Directors assessed the changes in each of the key assumptions individually that would be required for the value-in-use to equal the carrying amount. None of these scenarios were assessed as being reasonably possible in the opinion of the Directors. This exercise showed that the key assumptions would need to change as follows: Volume growth CAGR of 6.3% reduced to 1.0% across the five years and in the terminal value. Adjusted operating margin An adjusted operating margin in 2029 and in the terminal value of 9.3%, with linear margin progression over the five-year period from the current margin of 8.3%. Operating cash conversion A reduction in operating cash conversion to 69% in the fifth years and in the terminal value. Discount rate Increased from 13.9% to 16.5% across the five years and in the terminal value. The Directors also considered a severe and unlikely scenario in which a number of the key operational assumptions in combination were all substantially worse than in the base case with no mitigating actions taken, as set out below. This would result in an impairment of goodwill of \u00a397m. Volume growth CAGR of 4.5% across the five years and in the terminal value, below the bottom end of the Group\u2019s target range and a reduction of nearly one third compared to the base case. Adjusted operating margin Adjusted operating margin capped at 9.8% across the five years and in the terminal value, a reduction of around 2ppts compared to the Group\u2019s five-year historical average and medium-term target. Operating cash conversion A reduction in operating cash conversion to 90% in the fifth years and in the terminal value, 5ppts below the base case. Under the base and reasonably possible sensitised cases, the Directors did not identify any impairment of goodwill and as at 31 December 2024",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-366": {
"value": "Intangible assets are recorded at cost or acquisition fair value, less accumulated amortisation. Brand names and customer relationships and contracts acquired in a business combination are recognised at fair value at the acquisition date. Brand names consist of the Linden and Countryside brands (acquired in 2020 and 2022 respectively) and are amortised on a straight-line basis over a 25-year period. Customer relationships and contracts acquired as part of the Linden acquisition in 2020 are amortised over a period of 15 years. Customer relationships and contracts acquired as part of the Countryside acquisition in 2022 are amortised on a straight-line basis over a period of 4 to 15 years. Amortisation of other intangible assets is recorded within administrative expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-367": {
"value": "COST Customer relationships and contracts \u00a3m Brand names \u00a3m Other intangible assets \u00a3m Total \u00a3m At 1 January 2023, 1 January 2024 and 31 December 2024 363.1 137.0 2.7 502.8 ACCUMULATED AMORTISATION At 1 January 2023 40.6 4.9 1.3 46.8 Charge for the year 40.8 5.5 0.4 46.7 At 31 December 2023 81.4 10.4 1.7 93.5 Charge for the year 34.2 5.3 1.0 40.5 At 31 December 2024 115.6 15.7 2.7 134.0 NET BOOK VALUE AT 31 DECEMBER 2023 281.7 126.6 1.0 409.3 2024 247.5 121.3 - 368.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-368": {
"value": "Plant, property, and equipment is recorded at cost less accumulated depreciation",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-369": {
"value": "The sub-categories are depreciated as follows: \u2022 Freehold buildings on a 2% straight-line basis; \u2022 Furniture, fittings and leasehold improvements on a 25% reducing balance basis, other than computer equipment which is depreciated on a straight-line basis over 3 years and leasehold improvements which are on a 10% straight-line basis or over the lease term (if shorter); \u2022 Plant, machinery, and vehicles on a 33.3% reducing balance basi The right-of-use asset is subsequently depreciated over the lease term",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-370": {
"value": "2024 2023 COST Property \u00a3m Plant and equipment \u00a3m Total \u00a3m Property \u00a3m Plant and equipment \u00a3m Total \u00a3m At 1 January 23.1 7.6 30.7 20.4 8.1 28.5 Additions 3.0 3.9 6.9 1.4 1.4 2.8 Reclassifications - - - 1.9 (1.9) - Disposals (4.5) (0.5) (5.0) (0.6) - (0.6) At 31 December 21.6 11.0 32.6 23.1 7.6 30.7 ACCUMULATED DEPRECIATION At 1 January 9.8 0.8 10.6 6.0 1.6 7.6 Charge for the year 1.8 1.0 2.8 2.1 0.9 3.0 Reclassifications - - - 1.7 (1.7) - Disposals (3.1) (0.5) (3.6) - - - At 31 December 8.5 1.3 9.8 9.8 0.8 10.6 Net book value 13.1 9.7 22.8 13.3 6.8 20.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-371": {
"value": "Where the Group is a lessee, a right-of-use asset and lease liability are recognised at the commencement of the lease other than those that are less than one year in duration or of a low value. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date and discounted using the interest rate implicit in the lease or using the Group\u2019s incremental borrowing rate, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The right-of-use asset is initially measured at cost, which comprises the amount of the lease liability, any lease payments made at or before the commencement date, less any lease incentives received, any initial direct costs incurred by the Group and an estimate of any costs that are expected to be incurred at the end of the lease to dismantle or restore the asset",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-372": {
"value": "RIGHT - OF - USE ASSETS 2024 2023 COST Property \u00a3m Plant and equipment \u00a3m Total \u00a3m Property \u00a3m Plant and equipment \u00a3m Total \u00a3m At 1 January 96.9 21.1 118.0 98.6 15.2 113.8 Additions 8.7 7.1 15.8 27.2 9.5 36.7 Impairment - - - (4.6) - (4.6) Modifications 15.1 2.0 17.1 (1.6) - (1.6) Disposals (10.4) (5.5) (15.9) (22.7) (3.6) (26.3) At 31 December 110.3 24.7 135.0 96.9 21.1 118.0 ACCUMULATED DEPRECIATION At 1 January 26.4 8.7 35.1 31.1 5.5 36.6 Charge for the year 23.7 6.9 30.6 17.8 6.6 24.4 Disposals (10.4) (5.5) (15.9) (22.5) (3.4) (25.9) At 31 December 39.7 10.1 49.8 26.4 8.7 35.1 Net book value 70.6 14.6 85.2 70.5 12.4 82.9 LEASING ARRANGEMENTS 2024 2023 RECONCILIATION OF MOVEMENT IN LEASE LIABILITIES Property \u00a3m Plant and equipment \u00a3m Total \u00a3m Property \u00a3m Plant and equipment \u00a3m Total \u00a3m At 1 January 85.7 12.6 98.3 76.8 9.8 86.6 Interest recognised 4.7 0.7 5.4 4.8 0.7 5.5 Payments made (25.3) (7.2) (32.5) (22.2) (7.2) (29.4) Additions 10.6 7.1 17.7 26.9 9.5 36.4 Modifications 5.5 2.0 7.5 (0.6) (0.2) (0.8) At 31 December 81.2 15.2 96.4 85.7 12.6 98.3 MINIMUM LEASE PAYMENTS 2024 \u00a3m 2023 \u00a3m Less than 1 year 34.8 30.2 Between 1 and 2 years 21.1 26.0 Between 2 and 5 years 29.5 32.8 Later than 5 years 30.6 34.2 Total lease payments 116.0 123.2 Effect of discounting to present value (19.6) (24.9) Total lease liabilities 96.4 98.3 Current 29.4 24.6 Non-current 67.0 73.7 Total lease liabilities 96.4 98.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-373": {
"value": "Joint ventures are those entities over which the Group has joint control, with rights to the net assets of the entity rather than to its individual assets and obligations for its individual liabilities. These arrangements are accounted for using the equity method in the Group\u2019s financial statements. Losses of joint ventures in excess of the Group\u2019s interest in those joint ventures are only recognised to the extent that the Group is contractually liable for, or has a constructive obligation to meet, the obligations of the joint ventures. The Group\u2019s interest in each joint venture includes both its equity investment and loans. Recognising the Group\u2019s share of the joint venture losses initially reduces the value of the Group\u2019s equity investment. Once this has been written down to nil, further losses will result in a provision against any outstanding loans. Any further losses in excess of this are not recognised in the Group\u2019s financial statements. These losses will be recognised against any future profits from those joint ventures. Unrealised gains and losses on downstream transactions with joint ventures are eliminated to the extent of the Group\u2019s interest in the relevant joint venture. The Group\u2019s share of joint venture results shown in the income statement reflect the Group\u2019s share of joint venture results shown below.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-374": {
"value": "Investments in subsidiaries are carried at cost less impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-375": {
"value": "incorporated in the United Kingdom",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-376": {
"value": "as set out in note 30. Details of related party transactions with joint ventures are given in note 27. The Group\u2019s investments and the movements in the year are set out in the table below: 2024 2023 Equity \u00a3m Loans \u00a3m Provisions against loans \u00a3m Total \u00a3m Equity \u00a3m Loans \u00a3m Provisions against loans \u00a3m Total \u00a3m Opening investments in joint ventures 199.6 429.2 (66.2) 562.6 196.7 412.2 (56.6) 552.3 Acquisition of joint venture 1 - 27.3 - 27.3 - - - - Loans advanced - 321.1 - 321.1 - 194.4 - 194.4 Loans repaid - (273.2) - (273.2) - (197.8) - (197.8) Fair value adjustments to loans - (0.8) 0.8 - 1.0 - 1.0 Share of net profit for the year before exceptional item 33.0 - (8.8) 24.2 56.0 - - 56.0 Exceptional item related to building safety (20.9) - - (20.9) - - - - Dividends received from joint ventures (42.5) - - (42.5) (42.3) - - (42.3) Interest accrued on loans to joint ventures - 25.1 - 25.1 - 24.7 - 24.7 Movement in provision against accrued interest on loans to joint ventures - - 0.6 0.6 - - (9.6) (9.6) Interest received on loans to joint ventures - (10.4) - (10.4) - (6.4) - (6.4) Other movements - - - - (10.8) 1.1 - (9.7) Closing investment in joint ventures 169.2 518.3 (73.6) 613.9 199.6 429.2 (66.2) 562.6 Other investments 0.1 - - 0.1 0.1 - - 0.1 Total investments 169.3 518.3 (73.6) 614.0 199.7 429.2 (66.2) 562.7 1 During the year the Group sold 50% of its interest in a wholly owned subsidiary, Linden Homes (Sherford) LLP, to an external partner. This has been accounted for as the disposal of a subsidiary undertaking and acquisition of a new joint venture. At the date of the transaction, the Group had advanced a loan of \u00a327.3m to the entity, which represents the Group\u2019s investment in the joint ventur INCOME STATEMENTS \u2013 CONTINUING OPERATIONS Countryside L&Q (Beaulieu Park) LLP \u00a3m Greenwich Millennium Village Ltd \u00a3m Acton Gardens LLP \u00a3m Stanton Cross Developments LLP \u00a3m Clapham Park (Metropolitan Countryside) LLP \u00a3m Other \u00a3m Total \u00a3m Group\u2019s share pre equity accounting adjustments \u00a3m Equity accounting adjustments \u00a3m Group\u2019s share post equity accounting adjustments \u00a3m Revenue 64.0 50.8 40.3 49.3 55.7 720.2 980.3 477.9 - 477.9 Gross profit 1 19.0 11.7 4.3 19.1 10.9 108.9 173.9 87.9 (2.3) 85.6 Administrative expenses (0.2) (1.4) (0.1) - (0.1) (2.3) (4.1) (2.0) - (2.0) Operating profit 1 18.8 10.3 4.2 19.1 10.8 106.6 169.8 85.9 (2.3) 83.6 Net finance income/ (expense) 2 0.2 - - (2.3) (0.2) (67.5) (69.8) (34.8) 9.6 (25.2) Income tax expense - (2.6) - - - (2.1) (4.7) (2.4) - (2.4) Profit/(loss) and total comprehensive income/ (expense) for the year 19.0 7.7 4.2 16.8 10.6 37.0 95.3 48.7 7.3 56.0 1 Where the Group\u2019s share of losses exceeds its interest in the entity, including any other loans, the Group does not recognise further losses. At 31 December 2023, the Group\u2019s share of losses which had not been recognised was \u00a310.0m (2022: \u00a312.3m), a decrease of \u00a32.3m. 2 Where the Group has recognised a provision against interest due from a joint venture, an equivalent adjustment is made when applying the equity method to reduce the Group\u2019s associated share of the net finance expense in the joint venture. The additional provision recognised in the year was \u00a39.6m.The Group\u2019s material joint ventures have been updated in 2024 and have been identified in both 2024 and 2023 based on their financial position and performance. The assets, liabilities, income, and expenses of these entities are shown below: FOR THE YEAR ENDED 31 DECEMBER 2024: BALANCE SHEETS AND GROUP\u2019S INVESTMENT CARRYING VALUE Countryside L&Q (Beaulieu Park) LLP \u00a3m Greenwich Millennium Village Ltd \u00a3m Stanton Cross Developments LLP \u00a3m Clapham Park (Metropolitan Countryside) LLP \u00a3m Other JVs with net assets \u00a3m Other JVs with net liabilities \u00a3m Total \u00a3m Cash and cash equivalents (100%) 8.3 5.2 3.9 0.2 62.3 27.3 107.2 Other current assets (100%) 82.6 95.8 182.6 65.4 738.0 783.3 1,947.7 Current liabilities (100%) (86.9) (16.7) (63.8) (59.7) (232.1) (484.7) (943.9) Non-current liabilities (100%) - (31.2) (40.9) - (356.2) (499.4) (927.7) Net assets/(liabilities) of joint ventures (100%) 4.0 53.1 81.8 5.9 212.0 (173.5) 183.3 Group\u2019s share of net assets/(liabilities) of joint ventures 2.0 26.5 40.9 3.0 100.0 (81.8) 90.6 Equity accounting adjustments: Losses in excess of Group\u2019s equity recognised as provisions against loans 1 - - - - - 73.6 73.6 Losses not recognised as in excess of Group\u2019s equity and loan investments 1 - - - - - 8.2 8.2 Deferred gains on downstream transactions 2 - - (3.2) - - - (3.2) Carrying value of equity in joint ventures 2.0 26.5 37.7 3.0 100.0 - 169.2 Gross loans to joint ventures 36.5 - - 13.5 195.5 272.8 518.3 Losses in excess of Group\u2019s equity recognised as provisions against loans - - - - - (73.6) (73.6) Carrying value of loans to joint ventures 36.5 - - 13.5 195.5 199.2 444.7 Total investment in joint ventures 38.5 26.5 37.7 16.5 295.5 199.2 613.9 1 The Group holds investments in some joint ventures that are in a net liability position. The Group\u2019s share of these net liabilities was \u00a381.8m as at 31 December 2024. The Group has written off its equity investment in these joint ventures in full. For those joint ventures where the Group has outstanding loans due from those joint ventures, the Group has provided \u00a373.6m against the loans. The remaining loss of \u00a38.2m has not been recognised as the loans to those joint ventures have been fully written off and the Group has no contractual or constructive obligations to meet the obligations of those joint ventures. 2 Unrealised gains on downstream transactions with joint ventures are eliminated to the extent of the Group\u2019s interest in the relevant joint venture. The adjustment of \u00a33.2m represents the deferred gain, which will be unwound to profit in future years as the gain is realised by the joint venture. INCOME STATEMENTS \u2013 CONTINUING OPERATIONS Countryside L&Q (Beaulieu Park) LLP \u00a3m Greenwich Millennium Village Ltd \u00a3m Stanton Cross Developments LLP \u00a3m Clapham Park (Metropolitan Countryside) LLP \u00a3m Other \u00a3m Total \u00a3m Group\u2019s share pre equity accounting adjustments \u00a3m Equity accounting adjustments \u00a3m Group\u2019s share post equity accounting adjustments \u00a3m Revenue 60.2 78.5 58.8 102.3 813.7 1,113.5 549.9 - 549.9 Exceptional item - (41.8) - - - (41.8) (20.9) - (20.9) Gross profit/(loss) 1 16.0 (30.0) 3.6 18.1 64.2 71.9 34.8 (1.5) 33.3 Administrative expenses (0.2) (1.7) - (0.1) (2.8) (4.8) (2.4) - (2.4) Operating profit/(loss) 1 15.8 (31.7) 3.6 18.0 61.4 67.1 32.4 (1.5) 30.9 Net finance income/(expense) 2 0.1 (0.1) - - (74.1) (74.1) (36.7) (0.6) (37.3) Income tax credit 1 - 4.8 - - 15.1 19.9 10.0 (0.3) 9.7 Profit/(loss) and total comprehensive income/(expense) for the year 15.9 (27.0) 3.6 18.0 2.4 12.9 5.7 (2.4) 3.3 1 Where the Group\u2019s share of losses exceeds its interest in the entity, including any loans, the Group does not recognise further losses. At 31 December 2024, the Group\u2019s share of losses which had not been recognised was \u00a38.2m (2023: \u00a310.0m). The reduction of \u00a31.8m in unrecognised losses comprised \u00a31.5m of operating profit and \u00a30.3m of income tax credit. 2 Where the Group has recognised a provision against interest due from a joint venture, an equivalent adjustment is made when applying the equity method to reduce the Group\u2019s associated share of the net finance expense in the joint venture. The change in the provision in the year was \u00a30.6m. FOR THE YEAR ENDED 31 DECEMBER 2023: BALANCE SHEETS AND GROUP\u2019S INVESTMENT CARRYING VALUE Countryside L&Q (Beaulieu Park) LLP \u00a3m Greenwich Millennium Village Ltd \u00a3m Acton Gardens LLP \u00a3m Stanton Cross Developments LLP \u00a3m Clapham Park (Metropolitan Countryside) LLP \u00a3m Other JVs with net assets \u00a3m Other JVs with net liabilities \u00a3m Total \u00a3m Cash and cash equivalents (100%) 0.7 21.5 0.6 11.8 7.3 56.1 19.6 117.6 Other current assets (100%) 1 68.9 74.7 23.8 156.8 27.3 760.4 538.9 1,650.8 Current liabilities (100%) 1 (65.4) (16.2) (27.1) (35.8) (37.9) (265.7) (305.4) (753.5) Non-current liabilities (100%) 1 - - - (37.8) - (350.4) (369.6) (757.8) Net assets/(liabilities) of joint ventures (100%) 4.2 80.0 (2.7) 95.0 (3.3) 200.4 (116.5) 257.1 Group\u2019s share of net assets/(liabilities) of joint ventures 2.1 40.0 (1.4) 47.5 (1.7) 113.2 (73.1) 126.6 Equity accounting adjustments: Losses in excess of Group\u2019s equity recognised as provisions against loans 2 - - 1.4 - 1.7 - 63.1 66.2 Losses not recognised as in excess of Group\u2019s equity and loan investments 2 - - - - - - 10.0 10.0 Deferred gains on downstream transactions 3 - - - (3.2) - - - (3.2) Other 1.1 - - - - (1.1) - - Carrying value of equity in joint ventures 3.2 40.0 - 44.3 - 112.1 - 199.6 Gross loans to joint ventures 25.7 - 6.7 - 8.4 190.7 197.7 429.2 Losses in excess of Group\u2019s equity recognised as provisions against loans - - (1.4) - (1.7) - (63.1) (66.2) Carrying value of loans to joint ventures 25.7 - 5.3 - 6.7 190.7 134.6 363.0 Total investment in joint ventures 28.9 40.0 5.3 44.3 6.7 302.8 134.6 562.6 1 The 2023 balances for other current assets, current liabilities and non-current liabilities have been amended to reclassify them following a re-evaluation undertaken by the Group of existing loan terms. 2 The Group holds investments in some joint ventures that are in a net liability position. The Group\u2019s share of these net liabilities was \u00a376.2m as at 31 December 2023. The Group has written off its equity investment in these joint ventures in full. For those joint ventures where the Group has outstanding loans due from those joint ventures, the Group has provided \u00a366.2m against the loans. The remaining loss of \u00a310.0m has not been recognised as the loans to those joint ventures have been fully written off and the Group has no contractual or constructive obligations to meet the obligations of those joint ventures. 3 Unrealised gains on downstream transactions with joint ventures are eliminated to the extent of the Group\u2019s interest in the relevant joint venture. The adjustment of \u00a33.2m represents the deferred gain, which will be unwound to profit in future years as the gain is realised by the joint venture",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-378": {
"value": "to develop and sell residential properties at Beaulieu Park, Chelmsford, Essex to develop and sell residential properties at Greenwich Millennium Village in London to develop and sell residential property at Stanton Cross, Wellingborough ts principal activity is the development of residential property and estate regeneration in Clapham, South West London in order to build new homes together with associated infrastructure and community facilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysRelationshipWithJointVenture",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-379": {
"value": "The tax currently payable or receivable is based on taxable profit or loss for the year and any adjustment to tax payable or receivable in respect of previous years. Taxable profit or loss differs from net profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability or asset for current tax is calculated using tax rates that have been enacted or substantively enacted by the year end. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from non-tax deductible goodwill, from the initial recognition of assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit, and from differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each year end and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the statement of profit or loss, except when it relates to items charged or credited directly to reserves",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-380": {
"value": "RECOGNISED DEFERRED TAX ASSETS AND LIABILITIES Deferred tax assets and liabilities are attributable to the following: Assets Liabilities Net GROUP 2024 \u00a3m 2023 \u00a3m 2024 \u00a3m 2023 \u00a3m 2024 \u00a3m 2023 \u00a3m Inventories 48.1 77.9 - - 48.1 77.9 Employee benefits \u2013 pensions 0.7 0.9 (9.2) (9.9) (8.5) (9.0) Employee benefits \u2013 share-based payments 4.0 5.5 - - 4.0 5.5 Provisions - 0.2 - - - 0.2 Intangible assets - - (107.1) (118.4) (107.1) (118.4) Losses 15.9 19.7 - - 15.9 19.7 Corporate interest restriction 6.4 1.0 - - 6.4 1.0 Other short-term temporary differences 6.3 3.9 (3.7) (2.0) 2.6 1.9 Deferred tax (liabilities) / assets 81.4 109.1 (120.0) (130.3) (38.6) (21.2) The deferred tax asset of \u00a36.2m (2023: \u00a3nil) in the Company relates to interest carried forward under the corporate interest restriction rules expected to be reactivated and deductible in future periods MOVEMENT IN TEMPORARY DIFFERENCES DURING THE YEAR GROUP Balance 1 Jan 2024 \u00a3m Recognised in income \u00a3m Note 8 Recognised in equity and other income \u00a3m Note 8 Balance 31 Dec 2024 \u00a3m Inventories 77.9 (29.8) - 48.1 Employee benefits \u2013 pensions (9.0) (0.7) 1.2 (8.5) Employee benefits \u2013 share-based payments 5.5 1.6 (3.1) 4.0 Provisions 0.2 (0.2) - - Intangible assets (118.4) 11.3 - (107.1) Losses 19.7 (3.8) - 15.9 Corporate interest restriction 1.0 5.4 - 6.4 Other short-term temporary differences 1.9 0.7 - 2.6 Movement in temporary differences (21.2) (15.5) (1.9) (38.6) GROUP Balance 1 Jan 2023 \u00a3m Recognised from Combination \u00a3m Recognised in income \u00a3m Recognised in equity and other income \u00a3m Balance 31 Dec 2023 \u00a3m Inventories 112.3 9.5 (43.9) - 77.9 Employee benefits \u2013 pensions (9.5) - (0.2) 0.7 (9.0) Employee benefits \u2013 share-based payments 0.7 - 1.5 3.3 5.5 Provisions (0.3) - 0.5 - 0.2 Intangible assets (131.9) - 13.5 - (118.4) Losses 25.0 - (5.3) - 19.7 Corporate interest restriction 5.4 - (4.4) - 1.0 Other short-term temporary differences 0.1 - 1.8 - 1.9 Movement in temporary differences 1.8 9.5 (36.5) 4.0 (21.2) UNRECOGNISED DEFERRED TAX ASSETS AND LIABILITIES For the year ended 31 December 2024, the Group has \u00a31.0m (2023: \u00a38.0m) of temporary differences upon which no deferred tax has been recognised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-381": {
"value": "The Group accounts for pensions and similar benefits under IAS 19 (Revised): \u201cEmployee benefits\u201d. In respect of defined benefit schemes, the net surplus or obligation is calculated as the fair value of the scheme assets, less the estimated amount of future benefit that employees have earned in return for their service in the current and prior years, such benefits are measured at discounted present value. The discount rate used to discount the benefits accrued is the yield as at 31 December 2024 on AA credit rated bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. The calculation is performed by a qualified actuary using the Projected Unit Credit Method. The operating and financing costs of such plans are recognised separately; service costs are spread systematically over the lives of employees and financing costs and credits are recognised in the years in which they arise. All actuarial gains and losses are recognised immediately in the Group statement of comprehensive income. The Schemes operate under trust law and are managed and administered by the Trustees on behalf of the members in accordance with the terms of the Trust Deed and Rules and relevant legislation. The Trustee board for each Scheme is made up of member appointed, Group appointed and independent trustees. Payments to defined contribution schemes are charged as an expense as they fall due",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-382": {
"value": "PENSION COSTS The Group is accountable for three UK registered trust-based pensions schemes, through one of the Group\u2019s subsidiaries, Vistry Homes Limited. The Bovis Homes Pension Scheme (Bovis Scheme), Galliford Try Final Salary Pension Scheme (GT Scheme) and Kendall Cross (Holdings) Limited Pension & Life Assurance Scheme (KC Scheme) are pension schemes that provide defined benefits linked to the members\u2019 final pensionable salaries and service at their retirement (or date of leaving if earlier). All schemes are closed to new members and future accrual. The Trustees of each scheme are responsible for running their scheme in accordance with their scheme\u2019s Trust Deed and Rules, which sets out their powers. The Trustees of each scheme are required to act in the best interests of the beneficiaries of their scheme. There are two categories of pension scheme members: \u2022 Deferred members: former active members of the Scheme, not yet in receipt of a pension \u2022 Pensioner members: in receipt of a pension The Group is ultimately responsible for making up any shortfall in the scheme over a period of time agreed with the Trustee of each scheme. To the extent that actual experience is different to that assumed, the Group\u2019s contribution could vary in the future. The defined benefit obligation has been calculated by approximately adjusting the results of the most recent triennial valuation performed by the Scheme Actuaries. The duration of the defined benefit obligations as at 31 December 2024 was 11 years for the Bovis Scheme and the KC Scheme (2023: 11 years), and 12 years for the GT Scheme (2023: 13 years). RISKS Through the Schemes, the Group is exposed to a number of risks: \u2022 Asset volatility: defined benefit obligations are calculated using a discount rate set with reference to corporate bond yields, however each Scheme invests in equities and other growth assets. These assets are expected to outperform corporate bonds in the long-term but provide volatility and risk in the short term. \u2022 Changes in bond yields: a decrease in corporate bond yields would increase the Schemes\u2019 defined benefit obligation, however this would be partially offset by an increase in the value of the Schemes\u2019 bond, insured annuity and liability driven instruments (LDI) holdings. \u2022 Inflation risk: a significant proportion of the Schemes\u2018 defined benefit obligation is linked to inflation; therefore, higher inflation will result in a higher defined benefit obligation (subject to the appropriate caps in place). Through LDI and annuities a proportion of the assets are linked to inflation, therefore an increase in inflation would also increase the assets. \u2022 Life expectancy: if Scheme members live longer than expected, the Schemes benefits will need to be paid for longer, increasing the Scheme\u2019s defined benefit obligations. This would be offset to some extent by the annuity policies held. \u2022 Liquidity: the majority of the Schemes\u2018 assets are liquid. The Trustees and Group manage risks in the Schemes through the following strategies: \u2022 Diversification: investments are well diversified, such that the failure of any single investment would not have a material impact on the overall level of assets. \u2022 Investment strategy: the Trustees are required to review their investment strategy on a regular basis. \u2022 LDI: the Schemes invest in LDI assets, whose investment returns are expected to partially hedge interest rates and inflation movements. The Group is recognising a surplus as the rules of each scheme state that it will be entitled to any surplus remaining if the Schemes are run on until the last members exit the Schemes. It is anticipated that any surplus remaining would be either received as a refund or used as a contribution to the Company\u2018s Defined Contributions schemes RETIREMENT BENEFIT SCHEME ASSETS AND OBLIGATIONS 2024 2023 Assets \u00a3m Obligations \u00a3m Net \u00a3m Assets \u00a3m Obligations \u00a3m Net \u00a3m As at 1 January 267.2 (233.0) 34.2 267.0 (232.7) 34.3 Employer contributions received 0.2 - 0.2 0.6 - 0.6 Benefits paid (11.6) 11.6 - (12.9) 12.9 - Interest income / (expense) 11.9 (10.3) 1.6 12.5 (10.8) 1.7 Actual return on assets less interest (27.5) - (27.5) - - - Change in assumptions used to value liabilities - 23.0 23.0 - (1.4) (1.4) Experience gains / (losses) - 0.2 0.2 - (1.0) (1.0) As at 31 December 240.2 (208.5) 31.7 267.2 (233.0) 34.2 The amount recognised in other comprehensive income was \u00a34.3m (2023: \u00a32.4m), giving rise to cumulative loss recognised in equity to date of \u00a321.9m (2023: \u00a317.6m). From 2023, scheme administration costs are met directly by the Group. Previously, these costs were met via scheme assets and the Group made a subsequent contribution to the scheme assets. Therefore, there are no administration costs shown in the above reconciliation of scheme assets, but administration costs do appear within personnel expenses in note 6. Including administrative expenses, the total net charge recognised in the statement of profit or loss was \u00a30.4m (2023: net credit of \u00a30.3m). THE MAJOR CATEGORIES OF SCHEME ASSETS ARE AS FOLLOWS: RETURN SEEKING 2024 \u00a3m 2023 \u00a3m Equities 11.6 21.0 OTHER Bonds 70.1 72.0 Cash 33.4 25.5 Insured annuities 48.7 54.4 Liability driven instruments 76.4 94.3 Total market value of assets 240.2 267.2 Equities, bonds and liability driven investments (LDIs) are held in pooled investment vehicles (PIVs), which are unquoted. The majority of the assets held by these PIVs have a quoted price in an active market. Cash and insured annuities are unquoted assets. The Schemes\u2019 assets were invested in cash, bonds, equities, insured annuities and LDIs. The value of liabilities of a defined benefit pension scheme is particularly sensitive to changes in the discount rate applied to future liabilities (which is determined by the long-term yield on investment grade corporate bonds or gilts) and the level of inflation (see sensitivity analysis table opposite). The Schemes hold matching assets (bonds, insured annuities and LDIs) which aim to hedge changes in the value of the Schemes\u2019 liabilities. Changes in the discount rate and inflation would therefore be partially offset by a change in the value of assets. ASSUMPTIONS Principal actuarial assumptions (for all defined benefit schemes) at the balance sheet date (expressed as weighted averages): Group 2024 % 2023 % Discount rate as at 31 December 5.5 4.5 Inflation - RPI 3.2 3.1 - CPI 2.9 2.8 Remaining years of life expectancies Current age at 43 Current age at 63 Men 25.1 23.8 Women 27.9 26.5 SENSITIVITY ANALYSIS The sensitivity analysis is illustrative only and is provided to demonstrate the degree of sensitivity of results to key assumptions. Generally, estimates are made by re-performing calculations with one assumption modified and all others held constant. Assumption Change in assumption Change in defined benefit obligation Discount rate +0.5ppts / -0.5ppts -5% / +6% RPI and CPI inflation +0.5ppts / -0.5ppts +3% / -3% Assumed life expectancy +1 year +3% LIMITATIONS OF THE SENSITIVITY ANALYSIS These calculations provide an approximate guide to the sensitivity of results and may not be as accurate as a full valuation carried out on these assumptions. Each assumption change is considered in isolation, which in practice is unlikely to occur, as changes in some of the assumptions are correlated. The schemes invest in LDI assets which aim to mirror changes in the value of the schemes\u2019 liabilities. Changes in the discount rate and inflation would therefore be partially offset by a change in the value of the assets. FUTURE FUNDING OBLIGATIONS The Trustees of each scheme are required to carry out actuarial valuations every 3 years. The most recent actuarial valuations for all the three schemes were carried out as at 30 June 2022 by the scheme\u2019s actuary. The results have highlighted a technical funding surplus of \u00a37.5m, \u00a37.3m and nil respectively. The Company agreed to pay contributions of \u00a315.3k per month between 30 June 2022 and 30 November 2024. All three schemes are closed to accrual and therefore no further contributions are required to cover the cost of future service accrual. As such, the Company expects to pay no contributions to any of the three schemes during the year ending 31 December 2025. Alongside the latest valuation, the Group has also agreed the principles of a longer-term plan to bring the schemes to buy out status. At the valuation date (30 June 2022), the Scheme Actuary estimated a buy-out shortfall (i.e. an estimate of the cash injection needed to secure benefits with an insurer) of \u00a312.8m for the GT Scheme, \u00a30.9m for the Bovis Scheme and \u00a30.5m for the KC Scheme. The shortfalls are expected to be removed through investment returns only, although the Group has committed to making a payment of up to \u00a32m to the Bovis Scheme in the event of a transactable buy-out quotation being available. The next actuarial valuation for the three schemes will be due as at 30 June 2025. As part of this valuation, a new Schedule of Contributions will be agreed for each scheme. Therefore, the contributions required by the Company during the accounting year beginning 1 January 2025 may differ from those set out above. CONSIDERATION OF THE IMPLICATIONS OF THE VIRGIN MEDIA VS NTL COURT CASE The Group is aware of the 2023 ruling in the Virgin Media vs NTL Pension Trustee case and subsequent court of appeal ruling published in July 2024. These ruled that certain historical amendments made between 1997 and 2016 to the NTL Pension Plan were invalid because they were not accompanied by the correct actuarial confirmation. The Group is aware that the outcome of these cases may have implications for the operation of other occupational defined benefit pension schemes. The Trustees of the schemes, and their legal advisors, have carried out an initial review of historic documentation relating to changes made over that same period for each of the schemes. This initial analysis has considered the nature of the changes, whether actuarial confirmation was required and whether the Trustees hold a copy of that actuarial confirmation. This initial assessment suggests that the majority of changes are unlikely to be affected by the Virgin Media judgement. There are some changes where further investigative work is needed to determine whether they were valid. If changes were not valid, actuarial calculations will then need to be carried out to assess the impact on benefits and liabilities. Until this further investigative legal and actuarial work is carried out, the Group cannot be certain as to whether any additional liabilities exist, nor of the potential size of those additional liabilities. Therefore, a sufficiently reliable estimate of any effect on the defined benefit obligation cannot be made at this time",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-383": {
"value": "Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads, not including any general administrative overheads, that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated net selling price less estimated total costs of completion of the finished units. Land held for development, including land in the course of development until legal completion of the sale of the asset, is initially recorded at cost along with any expected overage, or recognised acquisition value. An overage is the amount a landowner may be entitled to receive when completing the sale of a piece of land, provided specific conditions stipulated in the contract are met. Where, through deferred purchase credit terms, cost differs from the nominal amount which will actually be paid in settling the deferred purchase terms liability, an adjustment is made to the cost of the land, the difference being charged as a finance expense. Options in respect of land are held at the lower of their net realisable value and cost and are reviewed for impairment at each reporting date. Should planning permission be granted and the option be exercised, the option\u2019s carrying value is included within the cost of land purchased. Investments in land without the benefit of planning consent, either through purchase of freehold land or non-refundable deposits paid on land purchase contracts subject to residential planning consent, are capitalised initially at cost. Regular reviews are completed for impairment in the value of these investments, which are impaired to reflect any irrecoverable element. The impairment reviews consider the existing use value of the land and assesses the likelihood of achieving residential planning consent and the value thereof. Part exchange properties are held at the lower of cost and net realisable value and include a carrying value provision to cover the costs of management and resale",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-384": {
"value": "roup 2024 \u00a3m 2023 restated (note 1) \u00a3m Work in progress 1,091.3 1,166.8 Part exchange properties 42.0 31.7 Land held for development 1,875.0 1,881.7 Inventories 3,008.3 3,080.2 During the year, there was an impairment charge to inventories of \u00a361.2m (2023: \u00a34.7m) due to reductions in margins resulting in loss-making sites. This included the exceptional impairment relating to building safety, which is described in note 4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-385": {
"value": "Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost, less any loss provision. The Group applies the IFRS 9: \u201cFinancial Instruments\u201d simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade and other receivables have been grouped based on shared credit risk characteristics and the age of the outstanding amounts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-386": {
"value": "Group Company 2024 \u00a3m 2023 \u00a3m 2024 \u00a3m 2023 \u00a3m Trade receivables 211.0 240.6 - - Contract assets 272.7 165.9 - - Amounts due from subsidiary undertakings - - 240.8 406.9 Amounts due from joint arrangements 152.5 113.3 - - Prepayments and accrued income 60.5 60.6 - - Value added tax recoverable 24.3 26.1 - - Other receivables 39.4 19.9 4.4 4.7 Trade and other receivables 760.4 626.4 245.2 411.6 Trade and other receivables are shown net of their expected credit loss allowances of \u00a33.4m (2023: \u00a31.7m). The Group\u2019s standard invoice payment terms are 30 days. Trade receivables which are past due for which no loss provision has been recognised are not material in either year. The Directors consider that the carrying amount of trade receivables approximates to their fair value. The carrying value of amounts due from subsidiary undertakings represents the Company\u2019s maximum credit risk. Interest is charged on these amounts at a rate of 3.1% per annum. These balances are repayable on demand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-387": {
"value": "Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less and are subject to insignificant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the Statement of cash flows",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-388": {
"value": "Interest-bearing borrowings are initially recorded at fair value, net of direct issue costs, and subsequently at amortised cost. Finance charges are accounted for on an accruals basis using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise. The revolving credit facility, USPP Loan, and the Term Loan are all held by the Company",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-389": {
"value": "INTEREST RATE PROFILE OF BORROWINGS - GROUP At 31 December Rate Available facility \u00a3m Facility maturity Carrying value 2024 \u00a3m Carrying value 2023 \u00a3m Revolving credit facility 1 SONIA +160-250bps 500.0 2026 - - Term Loan 2 SONIA +190-310bps 400.0 2026 400.0 400.0 USPP Loan 3 403bps 100.0 2027 103.7 104.6 Prepaid facility fee n/a n/a n/a (2.7) (4.2) Homes England development loan 4 ECRR+120-220bps - 2029 - 6.7 Money market facility 5 SONIA plus margin 75.0 n/a - - Overdraft facility BoE Base +150bps 5.0 2025 - - Borrowings 1,080.0 501.0 507.1 1 This facility commenced on 17 December 2021. This is a sustainability linked finance agreement with a margin ratchet of +/-2.5bps in addition to the rate above, dependent on performance against sustainability KPIs. The facility includes two options to extend the agreement by one year, the first of which was exercised in November 2022, extending the facility maturity to 16 December 2026. 2 The term loan was entered into on 5 September 2022 with an original expiry date of 31 March 2025. In December 2023, this expiry date was extended for a further 18 months, with the loan now maturing on 30 September 2026. 3 The loan matures on 16 February 2027. The carrying value is quoted including the impact from the fair value of future interest payments as the loan was acquired as part of a historical acquisition. 4 The borrower under the Homes England development loan facility of \u00a310.7m is Linden Homes (Sherford) LLP, which in 2024 became a joint venture rather than a wholly owned subsidiary and is therefore not included in the Group consolidation. 5 The money market loan facility is an uncommitted facility to fund short-term working capital requirements. Drawdowns must be repaid in full at each quarter end. The margin is variable and is set at the time that the Group draws down on the facility. The \u00a3500m four-year revolving credit facility syndicate comprises eight banks, six of which form the syndicate for the \u00a3400m Term Loan. The revolving credit facility, Term Loan and USPP Loan all include a covenant package, covering interest cover, gearing and tangible net worth requirements, which are tested semi-annually",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-390": {
"value": "Trade payables on normal terms are not interest-bearing and are stated initially at their fair value and subsequently at amortised cost. They are classified as current liabilities if payment is due within 12 months. If not, they are classified as non-current liabilities. Trade payables on deferred payment terms, particularly in respect of land, are recorded at their fair value at the date of acquisition of the asset to which they relate. The discount to fair value relating to the liability is amortised over the period of the credit term and charged to finance costs using the effective interest rate method",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-391": {
"value": "Group Company 2024 \u00a3m 2023 \u00a3m 2024 \u00a3m 2023 \u00a3m Trade payables 334.0 316.1* - - Land creditors 324.0 321.2* - - Contract liabilities 51.3 73.9* - - Taxation and social security 11.8 6.8 - - Amounts payable to joint arrangements 143.3 126.0 - - Other payables 14.1 26.4 - - Accruals 411.2 455.2* 3.2 3.9* Deferred income 91.7 106.2* - - Other financial liabilities 22.3 50.1* 22.3 50.1* Trade and other payables - current 1,403.7 1,481.9 25.5 54.0 Trade payables - - - 0.8 Land creditors 415.9 341.0 - - Trade and other payables - non-current 415.9 341.0 - 0.8 * The 2023 Group and Company comparatives have been reclassified to better reflect the nature of the liabilities. For the Group, a total of \u00a3113.7m has been moved from trade payables to accruals and \u00a350.1m has been moved from accruals to other financial liabilities. For the Company, \u00a350.1m has been moved from accruals to other financial liabilities. There is no change to total trade and other payables for either the Group or the Company. Land creditors include \u00a3202.9m (2023: \u00a394.1m) due under the Group\u2019s promissory note and bill of exchange facilities. The Group has facilities totalling \u00a3220m with a number of the Group\u2019s lenders, which are uncommitted. These are typically utilised where the Group is unable to negotiate acceptable deferred payment terms with a land vendor. In this situation, the Group will issue a promissory note or bill of exchange to the land vendor, which the land vendor may then sell to the lending bank, without recourse, for immediate payment utilising the Group\u2019s promissory note and bill of exchange facilities. On maturity of the notes, the Group will repay the lender. The average maturity is 18 months. Interest is calculated as SONIA plus a margin. The Directors consider that the carrying amount of trade payables approximates to their fair value",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-392": {
"value": "Provisions are recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event which is probable to result in an outflow of economic benefits that can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-393": {
"value": "Building Safety \u00a3m Restructuring \u00a3m Other \u00a3m Total \u00a3m As at 31 December 2023 289.0 9.9 18.5 317.4 Additional provisions 117.1 5.3 22.5 144.9 Utilised in the year (68.8) (9.5) (15.2) (93.5) Unwind of discounting 8.0 - - 8.0 Transfer to joint venture (20.9) - - (20.9) Releases - - (2.7) (2.7) As at 31 December 2024 324.4 5.7 23.1 353.2 Of the total provisions detailed above \u00a3105.3m is expected to be utilised within the next year (2023: \u00a3105.0m) An additional provision of \u00a3117.1m was recognised in the year, driven by a number of factors. The Group has seen an increase in the number and value of claims received from building owners, driven by the regulatory changes introduced in recent years which have extended the liability period for developers across a broader range of building safety issues. The Group has also experienced additional costs arising from increases to the scope of works on buildings in the process of remediation. Detailed investigations are undertaken to enable the scope of works to be defined and approved ahead of works commencing, however when remediating existing buildings there is inevitably the possibility that previously unknown issues will be identified during the course of the works. Securing the necessary approvals to the scope of remediation works has been a challenge across the industry and the Group has experienced instances of previously agreed scopes needing to be increased based on revised professional advice from consultants. There has been a substantial step up in remediation activity across the sector as developers seek to meet their obligations to building owners and residents as quickly as possible. This has resulted in high demand for the services of specialist suppliers and subcontractors, adding to the general upward inflationary pressure. Utilisation in the year was \u00a368.8m and spend is expected to increase to c\u00a385m in 2025 and c\u00a3100m in 2026. The remaining remediation spend is expected to be phased relatively evenly over 2027 and 2028. The provision previously included an amount of \u00a320.9m relating to the Group\u2019s share of the expected costs to remediate 10 buildings that were developed by Greenwich Millennium Village Ltd, one of the Group\u2019s joint ventures. During 2024, the joint venture accepted responsibility for completing the works and recorded a provision for the full amount. Accordingly, the Group provision was released. At 31 December 2024 the Group has a \u00a3324.4m provision for future obligations on remedial works and additional costs. At the beginning of the year, the Group was engaged in remediating 237 buildings. During the year, a net additional 41 buildings were identified, work completed on 28 buildings and responsibility for 10 buildings was transferred to a joint venture. At 31 December 2024 the Group was engaged in remediating 240 buildings (2023: 237) excluding those in the joint venture. Risks and estimation: The Directors have made estimates as to the extent of the remedial works required and the associated costs, using current available information including third party quotations where possible. The quantification of the cost of these remedial works is inherently complex and depends on a number of factors including the number of buildings potentially requiring remediation; the extent of remedial works required; the size of the buildings; the timeframe over which the remediation will take place; the associated costs of investigation, materials and labour; the potential cost of managing disruption to residents; and the impact of inflation over the next five years. The Group has now commenced works on multiple sites and are developing a greater understanding of the complications of delivery on occupied buildings, however every project still needs to be assessed on its own constraints. It is also highly likely that there will be further revisions to these estimates as Government legislation and regulation in this area evolves. Management have completed extensive work to identify properties requiring remediation and considers the buildings identified and the value of works provided for reflect management\u2019s best view of where remedial action is needed. Sensitivity: The key assumption where a reasonably possible movement could result in a material adjustment to the carrying amount of the provision in the next financial year is the Group\u2019s estimate of the remediation spend. This is affected by a range of factors including the number of buildings, scope of works, cost inflation and discount rate. Assumption Change in assumption Change in provision \u00a3m Number of buildings +5% +16.2 Total remediation spend +10% +32.4 Discount rate +/-50bps +/-3.0 RESTRUCTURING During the year, additional restructuring occurred to reduce the number of divisions within the Group. OTHER PROVISIONS Other provisions primarily relate to site related costs, property related costs, such as dilapidation provisions, and expected legal and insurance claim obligations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-394": {
"value": "3. FINANCIAL RISK MANAGEMENT GROUP The Group\u2019s activities expose it to a variety of financial risks which have been identified as: market risk, credit risk and liquidity risk. Given that the Group trades exclusively in the UK and all financial assets and liabilities are denominated in Pounds sterling, there is no material currency risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-395": {
"value": "a. Market risk Property market volatility: The Group is affected by price fluctuations in the UK housing market. These are in turn affected by the wider economic conditions such as mortgage availability and associated interest rates, employment and consumer confidence. Market downturns could adversely affect property prices, sales volumes, and project profitability. Whilst these risks are beyond the Group\u2019s ultimate control, the Group\u2019s Partnerships model provides resilience by reducing the reliance on Open Market sales. The geographical spread of the Group\u2019s sites across the UK also reduces the risk of adverse conditions in regional housing markets significantly impacting the Group. Interest rate volatility: Interest rate risk reflects the Group\u2019s exposure to fluctuations in interest rates in the market. This risk arises from bank loans that are drawn under the Group\u2019s loan facilities with variable interest rates based upon various interest benchmarks. The interest rate profile of the Group\u2019s interest-bearing financial instruments is set out in note 20. In managing interest rates, the Group aims to reduce the impact of short-term fluctuations in the Group\u2019s earnings, given that Group borrowings are variable in terms of interest rate. Over the longer-term, however, permanent changes in interest rates would have an impact on consolidated earnings. For the year ended 31 December 2024, a general increase of one percentage point in interest rates applying for the full year would equate to \u00a36.8m (2023: \u00a35.9m) of additional interest expense in 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-396": {
"value": "b. Credit risk The Group\u2019s exposure to credit risk is limited by the fact that the Group generally receives cash at the point of legal completion of its Open Market sales. For the Group\u2019s Partner Funded sales, the Group collects cash at regular intervals in line with build progress in order to minimise its credit risk. The total amount outstanding from customers which are recognised as trade receivables and contract assets are shown in note 19. The Group also has credit exposure through amounts recoverable from joint ventures. These amounts relate to the funding mechanism in place to enable the joint venture to invest in land or work in progress and outstanding trading balances. The Group\u2019s credit risk is limited by the fact that, through our joint venture equity ownership, we retain title to our proportionate share of any assets held by the joint venture. There are limited occasions where debt advanced to joint ventures is not proportionate to the equity holding. Additionally, the Group performs regular credit assessments of our joint venture partners. The total amount outstanding from joint ventures is shown in note 15. In managing risk, the Group assesses the credit risk of its counterparties before entering into a transaction. This assessment is based upon management knowledge, experience, and where possible independent assurance. In the event that land is disposed of, the Group seeks to mitigate any credit risk by retaining a charge over the asset disposed of, so that in the event of default, the Group is able to seek to recover its outstanding asset",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-397": {
"value": "c. Liquidity risk Liquidity risk is the risk that the Group will be unable to meet its liabilities when they fall due. The Group\u2019s strategy in relation to managing liquidity risk is to ensure that the Group has sufficient liquid funds to meet all its potential liabilities as they fall due. The Group\u2019s banking arrangements, outlined in note 20, are considered to be adequate in terms of flexibility and liquidity for the Group\u2019s medium-term cash flow needs, thus mitigating its liquidity risk. The Group\u2019s approach to assessment of liquidity risk is outlined in the going concern section of note 1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-398": {
"value": "ESTIMATION OF FAIR VALUES The following summarises the major methods and assumptions used in estimating the fair values of financial instruments: LAND PURCHASED ON EXTENDED PAYMENT TERMS When land is purchased on extended payment terms, the Group initially records it at its fair value with a land creditor recorded for any outstanding monies based on this fair value assessment. Fair value is determined as the outstanding element of the price paid for the land discounted to present day. The difference between the nominal value and the initial fair value is amortised over the period of the extended credit term and charged to finance costs using the \u2018effective interest\u2019 method, increasing the value of the land such that at the date of maturity the land creditor equals the payment required. Land creditor (estimated ageing) Balance as at 31 Dec \u00a3m Total undiscounted cash flows \u00a3m Due within 1 year \u00a3m Between 1-2 years \u00a3m Between 2-3 years \u00a3m Between 3-4 years \u00a3m Between 4-5 years \u00a3m Due beyond 5 years \u00a3m 2024 739.9 767.8 337.2 328.1 76.3 13.6 12.5 0.1 2023 662.2 690.8 328.5 180.0 106.2 36.6 24.0 15.5 The fair value of land creditors is lower than the carrying value at \u00a3712.8m (2023: \u00a3632.5m). BORROWINGS The carrying amount of the Group\u2019s borrowings approximate to fair value as they earn either a variable market interest rate or the fixed interest rate is not materially different to current market interest rates. See note 20 for further details of loan facilities. TRADE AND OTHER RECEIVABLES AND PAYABLES Trade and other receivables and trade and other payables (excluding land purchased on extended payment terms) approximate to their fair value as the transactions which give rise to these balances arise in the normal course of trade and with industry standard payment terms. Non-current trade payables compromise land purchased on extended payment terms as discussed above. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-399": {
"value": "MATURITIES OF FINANCIAL INSTRUMENTS \u2013 GROUP 31 December 2024 Less than 6 months \u00a3m 6-12 months \u00a3m Between 1-2 years \u00a3m Between 2-5 years \u00a3m Over 5 years \u00a3m Total undiscounted cash flows \u00a3m Carrying amount \u00a3m NON - DERIVATIVE FINANCIAL ASSETS Trade and other receivables 1 427.2 - - - - 427.2 427.2 Cash and cash equivalents 320.3 - - - - 320.3 320.3 NON - DERIVATIVE FINANCIAL LIABILITIES Borrowings (16.7) (16.7) (433.4) (102.0) - (568.8) (501.0) Trade and other payables 2 (677.9) (595.9) (328.1) (102.5) (0.1) (1,704.5) (1,676.4) Lease liabilities (17.4) (17.4) (21.1) (29.5) (30.6) (116.0) (96.4) Net financial assets/(liabilities) 35.5 (630.0) (782.6) (234.0) (30.7) (1,641.8) (1,526.3) 1 Trade and other receivables excluding prepayments, accrued income and contract assets which are not financial instruments 2 Trade and other payables excluding deferred income and contract liabilities which are not financial instruments Land creditors, recognised within trade and other payables, and a USPP loan, recognised within borrowings are recognised initially at fair value and subsequently at amortised cost. For all other financial instruments, there is no material difference between fair value and carrying value MATURITIES OF FINANCIAL INSTRUMENTS - GROUP 31 December 2023 Less than 6 months \u00a3m 6-12 months \u00a3m Between 1-2 years \u00a3m Between 2-5 years \u00a3m Over 5 years \u00a3m Total undiscounted cash flows \u00a3m Carrying amount \u00a3m NON - DERIVATIVE FINANCIAL ASSETS Trade and other receivables 1 399.9 - - - - 399.9 399.9 Cash and cash equivalents 418.3 - - - - 418.3 418.3 NON - DERIVATIVE FINANCIAL LIABILITIES Borrowings (18.0) (18.0) (35.9) (533.7) (6.8) (612.4) (507.1) Trade and other payables 2 (724.0) (585.1) (179.6) (167.2) (15.5) (1,671.4) (1,642.7) Lease liabilities (15.1) (15.1) (26.0) (32.8) (34.2) (123.2) (98.3) Net financial assets/(liabilities) 61.1 (618.2) (241.5) (733.7) (56.5) (1,588.8) (1,429.9) 1 Trade and other receivables excluding prepayments, accrued income and contract assets which are not financial instruments 2 Trade and other payables excluding deferred income and contract liabilities which are not financial instruments Land creditors, recognised within trade and other payables, and a USPP loan, recognised within borrowings are recognised initially at fair value and subsequently at amortised cost. For all other financial instruments, there is no material difference between fair value and carrying value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-400": {
"value": "Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Where there is a bonus share issue the nominal value of the shares are deducted from reserves and recognised within share capital",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-401": {
"value": "OWN SHARES HELD BY ESOP TRUST Transactions of the Group-sponsored ESOP trust are included in the Group financial statements. In particular, the trust\u2019s purchases of shares in the Company are debited directly to equity through an own shares held reserve. SHARE CAPITAL 2024 2023 Ordinary shares Number of shares m Issued capital \u00a3m Share premium \u00a3m Number of shares m Issued capital \u00a3m Share premium \u00a3m In issue at 1 January 346.9 173.4 361.0 347.2 173.6 360.8 Issued for cash - - 0.3 0.1 - 0.2 Cancellation of shares (15.1) (7.5) - (0.4) (0.2) - In issue at 31 December - fully paid 331.8 165.9 361.3 346.9 173.4 361.0 The holders of ordinary shares (nominal value 50 pence) are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. The share premium account is added to when any authorised shares are issued above nominal value",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-402": {
"value": "RESERVE FOR OWN SHARES HELD The cost of the Company\u2019s shares held in the ESOP trust by the Group is recorded as a reserve in equity. The opening balance of \u00a314.7m on the own shares held reserve represented a holding of 1.8m shares. During 2024 the Group repurchased 15.1m shares through buybacks, of which 0.2m shares at a total cost of \u00a32.9m were retained in Treasury (2023: 0.3m shares, \u00a32.0m cost). The Group awarded 0.5m shares for exercises under the Group\u2019s long-term incentive plan (2023: 0.1m shares) and 0.5m shares were awarded for exercises under the Group\u2019s Save As You Earn Option Scheme (2023: 0.5m). The closing balance of \u00a39.4m on the own shares held reserve represents a holding of 1.0m shares",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-403": {
"value": "MERGER RESERVE The merger reserve relates to the 2020 acquisition of Linden Homes and Galliford Try Partnerships and the 2022 Combination with Countryside.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-404": {
"value": "27. RELATED PARTY TRANSACTIONS Transactions between fellow subsidiaries, which are related parties, have been eliminated on consolidation, as have transactions between the Company and its subsidiaries during this year. Transactions between the Group, Company and key management personnel in the year ended 31 December 2024 were limited to those relating to remuneration, which are disclosed in note 6. Mr. Greg Fitzgerald, Executive Chair and CEO, is Non-Executive Chairman and a shareholder of Ardent Hire Solutions Limited (\u201cArdent\u201d). The Group hires forklift trucks from Ardent. Mr. Stephen Teagle, CEO Partnerships and Regeneration, is the Chair of The Housing Forum. The Group paid for a subscription to The Housing Forum during the year. Ms. Katherine Innes Ker, former Non-Executive Director who resigned in May 2023, was also non-executive Director of Forterra PLC. The Group incurred costs with Forterra PLC in relation to the supply of bricks during the term that Katherine was a non-executive Director in 2023 which is presented in the table below. Any transactions with Forterra PLC in the period after Katherine\u2019s departure from the Board are excluded from the table below. Dr. Margaret Christine Browne, a Non-Executive Director, is also a Non-Executive Director of Kier Group PLC. The Group holds shares in four joint ventures for which Kier Group PLC are also an investor. No transactions were made during the year directly between the Group and Kier Group PLC in relation to these joint ventures or otherwise, and there were no amounts payable to or owed by Kier Group PLC as at 31 December 2024. The total net value of transactions with related parties excluding joint ventures have been made at arms length and were as follows: Expenses paid to related parties Amounts payable to related parties Amounts owed by related parties TRADING TRANSACTIONS 2024 \u00a3000 2023 \u00a3000 31 Dec 2024 \u00a3000 31 Dec 2023 \u00a3000 31 Dec 2024 \u00a3000 31 Dec 2023 \u00a3000 Ardent Hire Solutions Limited 13,819 7,898 669 380 - 159 The Housing Forum 32 15 - - - - Forterra PLC - 6 - - - - Transactions between the Group and its joint ventures are disclosed as follows: Sales to related parties Interest income and dividend distributions from related parties 2024 \u00a3m 2023 \u00a3m 2024 \u00a3m 2023 \u00a3m Trading transactions 383.2 232.1 - - Non-trading transactions - - 68.1 68.9 Amounts owed by related parties Amounts owed to related parties 31 Dec 2024 \u00a3m 31 Dec 2023 \u00a3m 31 Dec 2024 \u00a3m 31 Dec 2023 \u00a3m Balances with joint ventures 548.7 433.7 97.6 85.8 Sales to related parties including joint ventures are based on normal commercial payment terms available to unrelated third parties, without security. Interest rates on the loans made to joint ventures are set as part of the joint venture agreement. Typically, the partners charge interest based on the Bank of England base rate plus a margin, although the Group has some loans to joint ventures where interest is charged at a fixed rate of between nil and 5.0%. Loans are repayable when the joint venture has surplus funds and must be fully repaid by the completion of the development. All balances with related parties will be settled in cash. As at the reporting date, two (2023: two) of the Group\u2019s employees have a close family member on the ELT. These individuals were recruited through the normal interview process and are employed at salaries commensurate with their experience and roles. The combined annual salary and benefits of these individuals is less than \u00a30.3m (2023: \u00a30.3m). There have been no other related party transactions in the financial year which have materially affected the financial performance or position of the Group, and which have not been disclosed",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-405": {
"value": "The Group is subject to various claims, audits and investigations that have arisen in the ordinary course of business. These matters include but are not limited to employment and commercial matters. The outcome of all these matters is subject to future resolution, including the uncertainties of litigation. Based on information currently known to the Group and after consultation with external lawyers, the Directors believe that the ultimate resolution of these matters, individually and in aggregate, will not have a material adverse impact on the Group\u2019s financial condition. Where necessary, applicable costs are included within the cost to complete estimates for individual developments or are provided for in the financial statements. As Government legislation, regulation and guidance further evolves in relation to building safety, including the Defective Premises Act (DPA), this may result in additional liabilities for the Group to carry out remediation works. These possible liabilities cannot currently be reliably estimated and as such no provision for them has been recognised at the balance sheet date. Where the Group is aware of potentially defective works through communications from building owners, leaseholders or managing agents on buildings and the unfit for habitation test has been established, an appropriate provision has been recognised. The Directors believe that the Group may be able to recover some of the remediation costs via insurance or, in the case of defective workmanship, from subcontractors or other third parties, however, any such recoveries are not deemed to be virtually certain and therefore no contingent assets have been recognised at the balance sheet date",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-406": {
"value": "In the period from 1 January 2025 to 25 March 2025, the Company purchased 2.8m ordinary shares, which were subsequently cancelled, for a total consideration of \u00a316.7m (including stamp duty and fees). During March 2025, the Group secured an additional \u00a350m facility with one of the lenders from the Group\u2019s existing lender pool. The uncommitted facility is available on-demand with flexible borrowing tenors to support the Group\u2019s short-term, in-month, borrowing requirements. There were no other material events arising after the reporting date",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-407": {
"value": "30. GROUP UNDERTAKINGS The subsidiaries and joint ventures in which the Group has interests are all incorporated in the United Kingdom. In each case for the majority of companies their principal activity is related to property development but there are a small number of entities whose role is to support these activities. As at 31 December 2024, the Group had 165 wholly owned subsidiaries, plus two majority owned, which are listed on the following pages (with the company names as at 25 March 2025). Ownership interest in ordinary shares % Ownership interest in ordinary shares % Registered Office Country of incorporation 2024 2023 Registered Office Country of incorporation 2024 2023 Arlesey East LLP\u2020 1 UK 100 100 Countryside Properties (Strategic Land) Limited 16 UK 100 100 Berrywood Estates Limited\u2020 16 UK 100 100 Countryside Properties (Uberior) Limited 16 UK 100 100 Blythe Park LLP 1 UK 100 100 Countryside Properties (UK) Limited 16 UK 100 100 Bovis Country Homes Limited 1 UK 100 100 Countryside Properties (WGL) Limited 16 UK 100 100 Bovis Homes (Broadbridge Heath) Limited 1 UK 100 100 Countryside Properties (WHL) Limited 16 UK 100 100 Bovis Homes (Quest) Company Limited 1 UK 100 100 Countryside Properties (WPL) Limited 16 UK 100 100 Bovis Homes BVC Limited 1 UK 100 100 Countryside Properties Land (One) Limited 16 UK 100 100 Bovis Homes Cornwall Limited 1 UK 100 100 Countryside Properties Land (Two) Limited 16 UK 100 100 Bovis Homes Eastern Limited 1 UK 100 100 Countryside Properties Residential (ABC) Limited \u2021 16 UK 100 100 Bovis Homes Freeholds Limited 1 UK 100 100 Countryside Properties Residential (Chelmsford) Limited \u2021 16 UK 100 100 Bovis Homes Insulation Limited 1 UK 100 100 Countryside Properties Residential (Dartford) Limited \u2021 16 UK 100 100 Bovis Homes Limited 1 UK 100 100 Countryside Residential (South Thames) Limited 16 UK 100 100 Bovis Homes Midlands & Northern Limited 1 UK 100 100 Countryside Residential (South West) Limited 16 UK 100 100 Bovis Homes North Whiteley LLP 1 UK 100 100 Countryside Residential Limited 16 UK 100 100 Bovis Homes Pension Scheme Trustee Limited\u2020 1 UK 100 100 Countryside Seven Limited 16 UK 100 100 Bovis Homes Projects Limited 1 UK 100 100 Countryside Sigma Limited\u2020 16 UK 75 75 Bovis Homes Scotland Limited 2 UK 100 100 Countryside Thirteen Limited 16 UK 100 100 Bovis Homes South East Limited 1 UK 100 100 Countryside Timber Frame Limited 16 UK 100 100 Bovis Homes Southern Limited 1 UK 100 100 Dunton Garden Suburb Limited 16 UK 100 100 Bovis Homes Wessex Limited 1 UK 100 100 Elite Homes (North West) Limited 1 UK 100 100 Brenthall Park (One) Limited 16 UK 100 100 Elite Homes (Yorkshire) Limited 1 UK 100 100 Brunel Street Works Energy Services Limited 1 UK 100 100 Elite Homes Group Limited 1 UK 100 100 Chartdale Limited 1 UK 100 100 Emerald (Ealing) LLP\u2020 1 UK 100 100 Copthorn Holdings Limited 16 UK 100 100 Enhance Interiors Limited\u2020 1 UK 100 100 Countryside (UK) Limited 16 UK 100 100 Fairfield Redevelopments Limited 1 UK 100 100 Countryside 26 Limited 16 UK 100 100 Gigg Lane Limited 1 UK 100 100 Countryside 28 Limited 16 UK 100 100 Graylingwell Energy Services Limited 1 UK 100 100 Countryside Cambridge One Limited 16 UK 100 100 Greyhound Regeneration LLP 1 UK 100 100 Countryside Cambridge Two Limited 16 UK 100 100 H.Newbury & Son (Builders) Limited 1 UK 100 100 Countryside Developments Limited 16 UK 100 100 Hall Green JV LLP\u2020 1 UK 100 100 Countryside Four Limited 16 UK 100 100 Hill Place Farm Developments Limited 1 UK 100 100 Countryside Partnerships Limited 16 UK 100 100 Ink Homes Limited 1 UK 100 100 Countryside Partnerships Southern Limited 1 UK 100 100 Kendall Cross Limited\u2020 1 UK 100 100 Countryside Partnerships Southern No.1 Limited 1 UK 100 100 Kenilworth Woodside Conference Centre JV LLP 1 UK 100 100 Countryside Places for People (Cowley Hill) LLP 16 UK 100 100 Kilbride Tavistock Limited 1 UK 100 100 Countryside Properties (Commercial) Limited 16 UK 100 100 Knight Strategic Land Limited 16 UK 100 100 Countryside Properties (Housebuilding) Limited 16 UK 100 100 Linden (Ashlar Court) Limited\u2020 1 UK 100 100 Countryside Properties (In Partnership) Limited 16 UK 100 100 Linden (Beverley 2) LLP 1 UK 100 100 Countryside Properties (Joint Ventures) Limited 16 UK 100 100 Linden (Beverley 3) LLP 1 UK 100 100 Countryside Properties (London & Thames Gateway) Limited 16 UK 100 100 Linden (Beverley 4) LLP 1 UK 100 100 Countryside Properties (Northern) Limited 16 UK 100 100 Linden (Beverley 5) LLP 1 UK 100 100 Countryside Properties (Salford Quays) Limited 16 UK 100 100 Linden (Beverley) LLP 1 UK 100 100 Countryside Properties (Southern) Limited 16 UK 100 100 Linden (Cawston) LLP 1 UK 100 100 Countryside Properties (Special Projects) Limited 16 UK 100 100 Linden (Highfields Caldecote) LLP 1 UK 100 100 Countryside Properties (Springhead) Limited 16 UK 100 100 Linden (Houghton) LLP 1 UK 100 100 Ownership interest in ordinary shares % Ownership interest in ordinary shares % Registered Office Country of incorporation 2024 2023 Registered Office Country of incorporation 2024 2023 Linden (St Bernard\u2018s) Limited\u2020 1 UK 100 100 Newhall Land Limited 16 UK 100 100 Linden (Summerstown) LLP 1 UK 100 100 Olive Farm LLP 1 UK 100 100 Linden (Thurston) LLP 1 UK 100 100 Orchard Homes (Pitt Manor) Limited 1 UK 100 100 Linden Barnet LLP 1 UK 100 100 Oxford Land Limited\u2020 1 UK 67 67 Linden Cornwall Limited\u2020 1 UK 100 100 Page-Johnson Properties Limited 1 UK 100 100 Linden Devon Limited\u2020 1 UK 100 100 R.T.Warren (Builders, St.Albans) Limited 1 UK 100 100 Linden First Limited 1 UK 100 100 Rasen Estates Limited\u2020 1 UK 100 100 Linden Guildford Limited\u2020 1 UK 100 100 Redplay Limited\u2020 1 UK 100 100 Linden Holdings Limited\u2020 1 UK 100 100 Redplay Partnerships Limited 1 UK 100 100 Linden Homes (Bath Road) LLP 1 UK 100 100 Rissington Management Company Limited 1 UK 100 100 Linden Homes (Blackberry Hill) LLP\u2020 1 UK 100 100 Rosemullion Homes Limited 1 UK 100 100 Linden Homes (Marksbury) LLP 1 UK 100 100 Skyline 120 Management Limited \u2021 16 UK 100 100 Linden Homes Chiltern Limited\u2020 1 UK 100 100 Skyline 120 Nexus Management Limited \u2021 16 UK 100 100 Linden Homes Eastern LLP\u2020 1 UK 100 100 The Ricardo Community Foundation\u2020\u2021 9 UK 100 100 Linden Homes South-East Limited\u2020 1 UK 100 100 Unitpage Limited 1 UK 100 100 Linden Homes Southern Limited\u2020 1 UK 100 100 Urban Hive Hackney Management Limited \u2021 16 UK 100 100 Linden Homes Western Limited\u2020 1 UK 100 100 Vista Portsmouth Limited 1 UK 100 100 Linden JV No12 LLP 1 UK 100 100 Vistry Affordable Homes Limited 1 UK 100 100 Linden JV No17 LLP 1 UK 100 100 Vistry Developments Limited 1 UK 100 100 Linden JV No18 LLP 1 UK 100 100 Vistry Homes Central Limited\u2020 1 UK 100 100 Linden JV No19 LLP 1 UK 100 100 Vistry Homes Limited 1 UK 100 100 Linden JV No20 LLP\u2020 1 UK 100 100 Vistry Limited 1 UK 100 100 Linden JVCo No8 Limited 1 UK 100 100 Vistry Linden Homes Limited 1 UK 100 100 Linden JVCo No9 Limited 1 UK 100 100 Vistry Linden Limited 1 UK 100 100 Linden Limited 1 UK 100 100 Vistry Partnerships (Wolverhampton) Limited 1 UK 100 100 Linden London (Hammersmith) Limited\u2020 1 UK 100 100 Vistry Partnerships Investments Limited 1 UK 100 100 Linden London Developments Limited\u2020 1 UK 100 100 Vistry Partnerships JV NO17 LLP 1 UK 100 100 Linden London LLP 1 UK 100 100 Vistry Partnerships Limited 1 UK 100 100 Linden Midlands Limited\u2020 1 UK 100 100 Vistry Partnerships North Limited\u2020 1 UK 100 100 Linden North Limited\u2020 1 UK 100 100 Vistry Partnerships Yorkshire Holdings Limited 1 UK 100 100 Linden Partnerships Limited\u2020 1 UK 100 100 Vistry Partnerships Yorkshire Limited 1 UK 100 100 Linden Properties Western Limited 1 UK 100 100 Vistry Pension Trustee Ltd\u2020 1 UK 100 100 Linden South West Limited\u2020 1 UK 100 100 Vistry Secretary Limited\u2020 1 UK 100 100 Linden St Albans LLP 1 UK 100 100 Vistry Ventures Limited 1 UK 100 100 Linden Wates (Hungerford) Limited\u2020 1 UK 100 100 Westcountry Land (Perranporth) Ltd 1 UK 100 100 Millgate (UK) Holdings Limited 16 UK 100 100 Westleigh Construction Limited 16 UK 100 100 Millgate Developments Limited\u2020 16 UK 100 100 Westleigh Homes Limited 16 UK 100 100 Mountsorrel JV LLP 1 UK 100 100 Westleigh LNT Limited 16 UK 100 100 Nether Hall Park Open Space Management Company Limited 1 UK 100 100 \u2020 Denotes entities where the accounting year end is not 31 December. \u2021 Company Limited by Guarante RESIDENT MANAGEMENT COMPANIES The Directors set out below information relating to resident management companies which are held by the Group as at 31 December 2024. Control is exercised by the Group\u2019s power to appoint directors and the Group\u2019s voting rights in these companies. All the resident management companies listed below are limited by guarantee, without share capital, unless otherwise indicated, and are incorporated in the UK. The capital, reserves and profit or loss for the year have not been stated for the resident management companies listed below as the beneficial interest in any assets or liabilities of these companies is held by the residents. The Group does not have exposure, or rights to variable returns from these companies and therefore they are not included in the consolidated financial statements. They are temporary members of the Group and will be handed over to residents in due course. Entity name Registered Office 36 Mill Hill Road (Acton) Management Company Limited Kfh House, 5 Compton Road, London, United Kingdom, SW19 7QA Abbey Cross Management (Tividale) Limited Queensway House, 11 Queensway, New Milton, England, BH25 5NR Abbey Farm Blunsdon Management Company Limited Gateway House 10 Coopers Way, Temple Farm Industrial Estate, Southend-on-Sea, England, SS2 5TE Allium Park Management Company Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT Alma Estate (Enfield) Management Company Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT Ash Heights Residents Management Company Limited Unit 7 Portal Business Park, Tarporley, England, CW6 9DL Ashdown Gardens (Eridge Road) Residents Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN Ashmere Resident (2) Management Company Limited Countryside House The Drive, Great Warley, Brentwood, Essex, United Kingdom, CM13 3AT Ashmere Resident Management Company Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT Aspen Park (Apsley) Management Company Limited 13a, Building Two, Canonbury Yard, 190 New North Road, London, N1 7BJ Aspire 95 (Ifield) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Aston Brook (Aston Clinton) Management Limited 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ Aura 4 (Cambridge) Management Company Limited 2 Hills Road, Cambridge, United Kingdom, CB2 1JP Avery Hill Residents Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, England, B3 2HJ Avisford Grange (Walberton) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Ayton Park Managing Company Limited Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER Bamford Park (Lighthorne) Management Company Limited 11 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY Barleyfields Ashchurch Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Barnwood Place (Smarden) Management Company Limited 94 Park Lane, Croydon, CR0 1JB Barrack Road (Ottery St Mary) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Barton Park (Oxford Phase 2, Phase 4A & Phase 4B) Estate Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN Bay View (Northam) Management Company Limited C/O Gateway Property Management Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, England, SS2 5TE Beacon Road At Seamer Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Beaulieu Park E (Chelmsford) Management Limited Countryside House, The Drive, Great Warley, Brentwood, Essex, CM13 3AT Beaulieu Park M&N (Chelmsford) Management Limited Countryside House, The Drive, Great Warley, Brentwood, Essex, CM13 3AT Beaulieu Park O&P (Chelmsford) Management Limited Countryside House, The Drive, Great Warley, Brentwood, Essex, CM13 3AT Beaulieu Park T (Chelmsford) Management Limited Countryside House The Drive, Great Warley, Brentwood, Essex, United Kingdom, CM13 3AT Beaumont Gardens at Sutton Courtenay Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, United Kingdom, BH25 5NR Beechgrove (Sunninghill) Management Company Limited Countryside House The Drive, Great Warley, Brentwood, Essex, England, CM13 3AT Bella Wood View (Goldthorpe) Management Company Limited Rmg House, Essex Road, Hoddesdon, EN11 0DR Berengrave Gardens Residents Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, England, B3 2HJ Bestwood (Ridgeway) Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, CW6 9DL Beuley View (Peters Village) Management Company Limited Gateway Property Management Gateway House 10 Coopers Way, Temple Farm Industrial Estate, Southend-On-Sea, Essex, England, SS2 5TE Bicester (KM3/4) Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Binfield (Blue Mountain) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, HP2 7DN Birch Gate (Wymondham) Management Company Limited Gateway House, 10 Coopers Way, Southend on Sea, SS2 5TE Bishops Park (Bishop Auckland) Managing Company Limited Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER Bitton Mill Bristol Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Blackberry Hill Residents Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Blackmore Meadow (Stalbridge) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Bluebell Manor Residential Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Blunsdon Chase Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Bollin Grange (Macclesfield) Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL Boorley Green (Southampton) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Bowbrook Meadows (Shrewsbury) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Bracebridge Manor (Bracebridge Heath) Managing Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Brackenhoe Managing Company Limited Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER Bradley Bends (Bovey Tracey) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Bramble Park (Hurstpierpoint) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Brampton Park Parcel C (Brampton) Managing Company Limited Queensway House, Queensway, New Milton, Hampshire, BH25 5NR Entity name Registered Office Breedon Place Management Company Limited Countryside House The Drive, Great Warley, Brentwood, Essex, England, CM13 3AT Brewery Place Residents Management Company Limited Central 40 Crockford Lane, Chineham, Basingstoke, England, RG24 8GU Bridgeside Walk (Peters Village) Management Company Limited Gateway Property Management Limited Gateway House, 10 Coopers Way, Southend On Sea, Essex, United Kingdom, SS2 5TE Brimington Heights (Brimington) Managing Company Limited c/o Firstpoint Property Services No. 4 Limited, Queensway House 11 Queensway, New Milton, Hampshire, BH25 5NR Brindly Edge (Hawkesbury) Management Company Limited Rmg House, Essex Road, Hoddesdon, Hertfordshire, United Kingdom, EN11 0DR Brook Valley (Congleton) Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Brook View Residents Management Company Limited 21-33 Dyke Road Dyke Road, Brighton, England, BN1 3FE Brookfields (Inkberrow) Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Brookmill Meadows Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL Brookvale Management Company (2) Limited C/O Keepmoat Homes Limited The Waterfront, Lakeside, Doncaster, United Kingdom, DN4 5PL Brox Road (Ottershaw) Resident Management Company Limited One Eleven, Edmund Street, Birmingham, United Kingdom, B3 2HJ Brunel Street Works Management Company Limited 94 Park Lane, Croydon, Surrey, United Kingdom, CR0 1JB Buckby Grange At Burton Latimer Management Company Limited Queensway House, Queensway, New Milton, Hampshire, BH25 5NR Buckby Meadows Management Limited 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ Bucklers Park Estate Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN Burfield Grange Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ Byrons Wood (Hucknall) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Campton Fields Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Carnaval Gardens Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Catherington Park (Waterlooville) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Catkin Gardens (Headcorn) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Celsea Place (Cholsey) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, HP2 7DN Chapel Gate (Nethermount) Management Company Limited Vistry, The Jacobs Building, Berkeley Place, Clifton, Avon, United Kingdom, BS8 1EH Charlton Gardens Residents Management Company Limited Unit 7 Portal Business Park, Tarporley, CW6 9DL Charlton Hayes Community Management Limited Gateway House, 10 Coopers Way, Southend on Sea, SS2 5TE Charnwood Place (Rothley) Management Company Ltd RMG House, Essex Road, Hoddesdon, Hertfordshire, United Kingdom, EN11 0DR Chatham Maritime Sector 15 Resident Management Company Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT Cherry Fields (Bickington) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Chivenor Cross (The Landings) Management Company Limited C/O Gateway Property Management Limited Gateway House, 10 Coopers Way, Temple Farm Industrial Estate, Southend-On-Sea, England, SS2 5TE Church Crookham (Vistry) Management Company Limited 11 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY Church Meadows (Catshill) Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR City Fields (East Wakefield) Management Company Limited Rmg House, Essex Road, Hoddesdon, EN11 0DR Cleobury Park Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Cloakham Lawns (Axminster) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, SS2 5TE Cobblestones at Milton Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, United Kingdom, BH25 5NR Coburg Field (Chudleigh) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, SS2 5TE Coggeshall Mills Resident Association Limited 11 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY Collegegate Sandwell Management Company Limited 13a Building Two Canonbury Yard, 190 New North Road, London, England, N1 7BJ Collingtree Park 72 Watermill Way Management Limited 13a Building Two Canonbury Yard, 190 New North Road, London, United Kingdom, N1 7BJ Collingtree Park 77 Watermill Way Management Limited 13a Building Two Canonbury Yard, 190 New North Road, London, United Kingdom, N1 7BJ Collingtree Park Residents Management Company Limited 13a Building Two Canonbury Yard, 190 New North Road, London, United Kingdom, N1 7BJ Coopers Hill (Bracknell) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Cotterstock Meadows (Oundle) Managing Company Limited Queensway House, Queensway, New Milton, Hampshire, England, BH25 5NR Countryside Places For People Lower Herne Management Company Limited Countryside House, The Drive, Brentwood, Essex, United Kingdom, CM13 3AT Courtenay Grange (Exminster) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Cribbs Triangle (Almondsbury) Residents Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Herts, United Kingdom, HP2 7DN Cromwell Abbey (Ramsey) Managing Company Limited C/O A Dandy Wren Limited 13a Building Two Canonbury Yard, 190 New North Road, Islington, London, N1 7BJ Crowdhill Green Management Company Limited Ashby Road, Donisthorpe, Swadlincote, Derbyshire, England, DE12 7PJ Crowhurst (Pikes Lane) Residents Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ Crown Park (Chester) Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Davington Fields (Faverhsam) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Didcot Grove Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, United Kingdom, BH25 5NR Dracan Village Residents Management Company Limited Unit 7 Portal Business Park, Tarporley, England, England CW6 9DL Drakes Mead Management (No 2) Limited 250 Aztec West, Almondsbury, Bristol, England, BS32 4TR Drovers Way Residents Management Company Limited Gateway House 10 Coopers Way, Temple Farm Industrial Estate, Southend-on-Sea, Essex, England, SS2 5TE Duporth Development Community Interest Company Office 31 Genesis Building, 235 Union Street, Plymouth, Devon, United Kingdom, PL1 3HN Earl's Croft Management Company Limited Rmg House, Essex Road, Hoddesdon, Hertfordshrie, England, EN11 0DR Eden Park (BH) Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Entity name Registered Office Edge, Manford Way Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Edwalton (Sharp Hill) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Elberry Gardens (Paignton) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, SS2 5TE Emmer Green Drive Residents Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, United Kingdom, B3 2HJ Ensleigh Residents Management Company Limited ** Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Fairclough Farm (Warfield) Management Company Limited 550 Oracle Parkway, Thames Valley Park Drive, Reading, RG6 1PT Fairfield Park Residents Company Limited C/O Scanlans Property Management Carvers Warehouse Suite 2b, 77 Dale Street, Manchester, Greater Manchester, England, M1 2HG Falfield Grange Residents Management Company Limited Gateway House 10 Coopers Way, Temple Farm Industrial Estate, Southend-on-Sea, Essex, England, SS2 5TE Fellowship Square Residents Management Company Limited 2 Hills Road, Cambridge, United Kingdom, CB2 1JP Finches Park (Frinton-on-Sea) Managing Company Limited c/o Stiles Harold Williams, Lees House, Dyke Road, Brighton, BN1 3FE Firs Road (Linden) Management Company Limited 11 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY Fletchers Rise (Wombourne) Management Company Limited Trinity Vantage Point, 23 Mark Road, Hempstead. HP2 7DN Folders Meadows Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, England, B3 2HJ Forest Edge (Cuddington) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR French Furze Management Company Limited Queensway House, 11 Queensway, New Milton, England, BH25 5NR Fresh Wharf Residents Management Company Limited C/O Pod Group Services Limited Floor 1, Unit 1, Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, United Kingdom, WD6 1JD Froghall Road (Flitwick) Management Limited 11 Little Park Farm Road, Fareham, Hampshire, England, PO15 5SN Furrowfields Residents Management Company Limited 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ Garvey Glade (Padstow) Residents Management Company Limited Unit 7 Portal Business Park, Tarporley, England, CW6 9DL George Park (Lotmed) Management Company Limited Countryside House, The Drive, Brentwood, Essex, United Kingdom, CM13 3AT Glebe Meadows (BH) Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Gosford Fields Management Company Limited Gateway House, 10 Coopers Way, Southend On Sea, Essex, England, SS2 5TE Grange Park (Thurston) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Great Haddon Wood (Peterborough) Managing Company Limited C/O Vistry Homes East Midlands, Ashurst, Southgate Park, Bakewell Road, Peterborough, Cambridgeshire, PE2 6YS Greenwell Park (Garforth) Managing Company Limited C/O Firstport Property Services Limted Malborough House, Wigmore Place, Luton, United Kingdom, LU2 9EX Greyfriars Quarter Community Interest Company 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ Hainbury Meadows (Ilchester) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Haldon Reach (Alphington) Management Company Limited Gateway House Coopers Way, Temple Farm Industrial Estate, Southend-on-Sea, Essex, England, SS2 5TE Hall Road Elsenham Estate Management Company Limited 11 Tower View, Kings Hill, West Malling, Kent, ME19 4UY Hallside (Mowden Park) Managing Company Limited Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER Hampton Lea Management Company Limited 13a, Building Two, Canonbury Yard, 190 New North Road, London, N1 7BJ Hampton Meadow (Stadhampton) Estate Management Company Limited 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ Hampton Water (Peterborough) Management Ltd Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Hanbury Place Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Hanstead Park Management Company Limited Gateway House 10 Coopers Way, Temple Farm Industrial Estate, Southend-on-Sea, England, SS2 5TE Harfleet Gardens (Ash) Management Company Limited 10 Coopers Way, Southend on Sea, SS2 5TE Harold Wood Management Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT Harpers Heath (Hatfield) Managing Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Harrington Park (Pinhoe) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Hartshead View A Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, United Kingdom, CW6 9DL Hartshead View Management Company Limited Vistry Homes Limited 11 Tower View, Kings Hill, West Malling, Cheshire, United Kingdom, ME19 4UY Hatters Chase Management Company Limited 301 Bridgewater Place, Birchwood, Warrington, England, WA3 6XF Haversham Gardens (Newport) Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Hawkswood (Bicester) Managing Company Limited Firstport Property Services No. 4 Limited, Queensway House, 11 Queensway, New Milton, Hamphire, BH25 5NR Haygate Fields (Wellington) Estate Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL Hazelmere (Haslington) Management Company Limited 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ Heath Farm Lane Residents Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, United Kingdom, BH25 5NR Heathcote Park (Warwick) Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Heathlands Residents Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Heron's Reach (Cranbrook) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, SS2 5TE High Street (Flore) Management Company Limited Queensway House, 1 Queensway, New Milton, Hampshire, England, BH25 5NR Highfields Road (Highfields Caldecote) Management Company Ltd Vistry Homes, Eastwood House, Glebe Road, Glebe Road, Chelmsford, England, CM1 1QW Hilborn Management Company Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT Hillmorton (Rugby) Management Limited 13a Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ Hitchin Road, Bovis (Shefford) Management Company Ltd 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ Hogwood Park Estate Management Company Limited 11 Tower View Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY Hollin B (Littleborough) Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, CW6 9DL Holmes Meadow Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5N Entity name Registered Office Homelands Farm (Bishops Cleeve) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Honeycombe Heath Management Company Limited 94 Park Lane, Croydon, CR0 1JB Honeyvale Gardens (Management Company) Limited 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ Houghton Regis Parcel 8 Residents Management Company Limited Countryside House, The Drive, Brentwood, United Kingdom, CM13 3AT Hounsome Fields (Basingstoke) Management Company Limited ** Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY Isleport Grove Residents Management Company Limited Unit 7 Portal Business Park, Tarporley, England, CW6 9DL Judith Gardens (Sawtry) Managing Company Limited Queensway House, Queensway, New Milton, Hampshire, BH25 5NR Kempsey Mead Residents Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Keresley (Coventry) Management Company Limited 11 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY Kingfisher Green (Cranbrook) Management Co Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN Kingsmere Estate Management Limited ** Countryside House, The Drive, Brentwood, Essex, CM13 3AT Knights Mount Management Company Limited * Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, SS2 5TE Laithwaite Gardens (Sutton) Managing Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Langham Meadows, School Road Limited 250 Aztec West, Almondsbury, Bristol, England, BS32 4TR Langley Park RMC Limited C/O Vistry Company Secretariat, 11 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY Langshott Park (Horley) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN Lenham Phase 1 Residents Management Company Limited 11 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY Liberty Place (Hailsham) Management Company Limited C/O Gateway Property Management Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, England, SS2 5TE Lime Quarter (Bow) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Limewood Grange (Fair Oak) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Linby Meadows Management Company Limited 11 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY Liskettett (Liskeard) Management Limited 11 Queensway House Queensway, New Milton, Hampshire, England, BH25 5NR Little Glen (Glen Parva) Management Company Limited Rmg House, Essex Road, Hoddesdon, Hertfordshire, United Kingdom, EN11 0DR Livingstone Gardens (Chipping Ongar) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Loachbrook Meadow (Congleton) Management Company Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN Locksley Place Residents Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN Longbridge (Birmingham) Management Company Limited 11 Tower View, Kings Hill, West Malling, Kent ME19 4UY Longhedge Village (Salisbury) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Lower Stondon Management Company Ltd Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Lunar Park Vistry (West Cambourne) Management Company Ltd 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ Lyneham Fields Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL Lyneham Management Company Limited 11 Tower View Kings Hill, West Malling, United Kingdom, ME19 4UY Malago Residents Management Company Ltd Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Mallard Quarter (Grantham) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Mandeville Place (Radwinter) Management Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT Mann Island Estate Limited ** Countryside House, The Drive, Brentwood, Essex, CM13 3AT Manor View (East Grinstead) Residents Management Company Limited Victoria House, 178-180 Fleet Road, Fleet, Hampshire, England, GU51 4DA Manor View Block Residents Management Company Limited One Eleven, Edmund Street, Birmingham, United Kingdom, B3 2HJ Manor Woods (Kirkbymoorshide) Management Company Limited Rmg House, Essex Road, Hoddesdon, EN11 0DR Marbury Meadows (Wrenbury) Management Company Limited C/O Paramount Estate Management Limited Herons Way, Chester Business Park, Chester, United Kingdom, CH4 9QR Marine View (Teignmouth) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Marlowe Road Management Company Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT Martello Lakes (Nickolls) Management Company Limited 11 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY Matthews Green (Wokingham) Management Company Ltd Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Meadow View (Crowborough) Residents Management Company Limited One Eleven, Edmund Street, Birmingham, United Kingdom, B3 2HJ Meadows View Residents Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ Meridian End Residents Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ Meridian Gate (Royston) Managing Company Limited C/O Stiles Harold Williams Partnership Llp Lees House, Dyke Road, Brighton, England, BN1 3FE Meridian One Block A Management Company Limited C/O Rendall And Rittner Limited, 13b St. George Wharf, London, England, SW8 2LE Meridian Two Management Company Limited 11 Tower View Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY Meridian Water Estate Management Company Limited C/O Rendall And Rittner Limited, 13b St. George Wharf, London, England, SW8 2LE Middleton Chase Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, United Kingdom, BH25 5NR Mildenhall (Sherborne) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Millfields (Hall Green) Management Company Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT Millwood Meadows Management Limited 13a Building Two Canonbury Yard, 190 New North Road, London, England, N1 7BH Millwood Park (Hailsham) Residents Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Mindenhurst Residents Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, HP2 7DN Mindenhurst Residents Management Company No.1 Limited Vantage Point, 23 Mark Road, Hemel Hempstead, HP2 7DN Entity name Registered Office Minerva Heights (Chichester) Management Company Limited ** 2 Centro Place, Pride Park, Derby, Derbyshire, United Kingdom, DE24 8RF Moat Farm Management Company Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT Monarch Oaks Residents Management Company Limited 72-74 King Edward Street, Macclesfield, England, SK10 1AT Monks Wood Management Company Limited RMG House, Essex Road, Hoddesdon, Hertfordshire, EN11 0DR Moreteyne Park Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, United Kingdom, BH25 5NR Morris Gardens Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ Morva Reach (Longrock) Management Company Limited 84 Fisherton Street, Salisbury, England, SP2 7QY Mulberry Green Management Company Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT New Avenue (Cockfosters) Management Company Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT Newhall Resident Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, HP2 7DN Newton Heath Management Company Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, England, SY1 3BF Nightingale View (Hamstreet) Management Company Limited C/O Gateway Property Management Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, England, SS2 5TE North West Quartet Estate Management Company Limited Unit 7, Astra Centre, Edinburgh Way, Harlow, Essex, England, CM20 2BN Northfields (Somerton) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Northstowe H5 Residents Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN Oakford Grange (Telford) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, United Kingdom, BH25 5NR Oakhurst Residents Management Company Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT Oaklands Hamlet Resident Management Limited ** Countryside House, The Drive, Brentwood, Essex, CM13 3AT Ocean Rise (Hayle) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Ogwell Brook Management Company Limited C/O Vickery Holman 2 Brandons House, 27-29 Great George Street, Bristol, England, BS1 5QT Olive Farm (Hoghton) Managing Company Limited FIRSTPORT PROPERTY SERVICES NO.4 LIMITED, Queensway House 11 Queensway, New Milton, Hampshire, BH25 5NR Olympia (Hall Green) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Orchard Brooks (Williton) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN Orchard Fields Residents Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ Orchard Green Estate Management Company Limited 2 Hills Road, Cambridge, Cambridgeshire, United Kingdom, CB2 1JP Orchard Grove (Comeytrowe) Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY Orton Copse (Peterborough) Management Company Limited Rmg House, Essex Road, Hoddesdon, Hertfordshire, England, EN11 0DR Orwell Park (Sutton Courtenay) Management Company Limited ** Queensway House, 11 Queensway, New Milton, Hampshire, United Kingdom, BH25 5NR Osprey Rise (Peters Village) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Ospringe Brickworks Residents Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, England, B3 2HJ Ospringe Gardens (Faversham) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Oteley Gardens (Management Company) Limited North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, SY1 3BF Otthershaw (Linden & Bovis) Management Company Limited 11 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY Oxley Gardens At Milton Keynes Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Paddock Fields (Killinghall) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, United Kingdom, BH25 5NR Paddock Fields II (Killinghall) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Park Gate (Hurcott) Management Company Limited ** Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Parklands Manor Management Company Limited Fisher House, 84 Fisherton Street, Salisbury, SP2 7QY Parsonage Road (Horsham) Residents Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Paulton Community Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Pear Tree Walk Residents Management Company Limited 1 Bromwich Court , Gorsey Lane, Coleshill, Birmingham, United Kingdom, B46 1JU Peartree Village Management Limited ** Countryside House, The Drive, Brentwood, Essex, CM13 3AT Pebble Beach (Seaton) Management Company Limited 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN Peel Hall Farm (Warrington) Management Company Limited 301 Bridgewater Place, Birchwood, Warrington, England, WA3 6XF Pembers Hill Park Management Company Limited Central 40 Crockford Lane, Chineham, Basingstoke, England, RG24 8GU Penn Hill Gardens (Exeter) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Herts, United Kingdom, HP2 7DN Pippins Place (West Malling) Management Company Limited Queensway House, Queensway, New Milton, Hampshire, England, BH25 5NR Porthgwari (Penzance) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN Portland Great Park (Kirkby) Management Company Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN Potteric Edge (Doncaster) Managing Company Limited C/O Firstport Property Services No. 4 Limited Queensway House, 11 Queensway, New Milton, Hampshire, BH25 5NR Poverty Lane Management Company Limited Unit 7 Portal Business Park, Tarporley, England, CW6 9DL Priory Fields (Wells) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN Quartz (Leicester) Management Company Limited 13a Building Two Canonbury Yard, 190 New North Road, London, England, N1 7BJ Radford Semele (BH) Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Reades Lane Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, United Kingdom, BH25 5NR Rectory Farm At Grantham Managing Company Limited C/O Vistry Homes Limited Ashurst, Southgate Park, Bakewell Road, Orton Southgate, Cambridgeshire, PE2 6YS Rectory Gardens (Vistry) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, HP2 7DN Redlands Grove Management Limited 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7B Entity name Registered Office Regency Grange Residents Management Company Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT Residents Management Company (Beaconside) Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL Ribbans Park Residents Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ Rissington Management Company Limited 11 Tower View, Kings Hill, West Malling, Kent, England, ME19 4UY Roman Fields (Banbury) Management Limited 13a Building Two Canonbury Yard, 190 New North Road, London, United Kingdom, N1 7BJ Rosemead Farm (Horam) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Rosewood (Maidstone) Managing Company Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT Saint Cloud Way Management Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT Salford Road (Bidford) Management Company Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN Sancerre Grange (Eccleshall) Management Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN Sandbach (Saxon Lea) Management Company Limited 13a Building Two 190 New North Road, London, England, N1 7BJ Sangs (Frimley) Management Company Limited Central 40 Lime Tree Way, Chineham, Basingstoke, England, RG24 8UT Saxon Gate (Wickwar) Residents Management Company Ltd Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN Saxon Grove(Gt Denham) Management Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN Sayers Meadow Residents Management Company Limited 21-33 Dyke Road Dyke Road, Brighton, England, BN1 3FE Seabridge Management Co Ltd 13a Building Two, Canonbury Yard, 190 New North Road, London, United Kingdom, N1 7BJ Seymour Place (Undy) Management Company Limited 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ Shefford Road (Meppershall) Management Company Limited 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ Sherford (She1, Sho2 and Sho3) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Sherford Estate Management Company Limited ** 11 Queensway House Queensway, New Milton, Hampshire, England, BH25 5NR Sherford Estate Parcel P Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Sherford Estate Parcel Q Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Sherford SL04 Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN Shinfield Meadows Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN Shorelands (Bude) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Silverstone Leys Management Limited 13a Building Two 190 New North Road, Canonbury Yard, London, United Kingdom, N1 7BJ Smithills Glade (Bolton) Management Limited C/O Pad Unit 13 Dunscar Business Park, Blackburn Road, Bolton, United Kingdom, BL7 9PQ South Gate Lamb North (Apartments) Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR South Gate Lamb North Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Spinnaker Westbury Residents Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Springfields (Deeping St James) Managing Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Springhead Resident Management Company Limited * Countryside House, The Drive, Brentwood, Essex, CM13 3AT St Andrews At Biddenham Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR St Clements Fold (Urmston) Management Company Limited C/O Scanlans Property Management Carvers Warehouse Suite 2b, 77 Dale Street, Manchester, Greater Manchester, England, M1 2HG St Clements Site Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR St Congar's Place Management Company Limited Vistry Linden House, The Jacobs Building, Berkley Place, Clifton, Bristol, United Kingdom, BS8 1EH St George's Park (Stafford) Management Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN St James Gate (Bulkington) Residents Management Company Limited 13a Canonbury Yard, 190 New North Road, London, United Kingdom, N1 7BJ St Johns Chelmsford Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR St Marys At Biddenham Management Company Limited C/O Scanlans Property Management Carvers Warehouse Suite 2b, 77 Dale Street, Manchester, Greater Manchester, England, M1 2HG St Mary's Gate (BHDW) Management Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN St Thomas Park At Ramsey Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Stamford Gardens (Uffington) Management Company Limited Rmg House, Essex Road, Hoddesdon, England, EN11 0DR Stonefields Edge (Bilston) Management Company Limited Unit 7, Portal Business Park, Eaton Lane, Tarporley, England, CW6 9DL Stoneleigh View (Kenilworth) Management Company Limited RMG House, Essex Road, Hoddesdon, England, EN11 0DR Stortford Fields (Bishops Stortford) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Stortford Fields Estate Management Company Limited Gateway House 10 Coopers Way, Temple Farm Industrial Estate, Southend-on-Sea, Essex, England, SS2 5TE Stour Valley Management Phase 1 Limited 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ Stowupland (Stowmarket) Managing Company Limited Vistry Homes, Eastwood House, Glebe Road, Chelmsford, England, CM1 1RS Stratford Leys Management Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN Strawberry Fields At Great Yeldham Managing Company Limited Vistry Homes, Eastwood House, Glebe Road, Chelmsford, England, CM1 1RS Strawberry Grange Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL Sulis Down Apartments Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL Summer Lane Management Company Limited Central 40 Crockford Lane, Chineham, Basingstoke, England, RG24 8GU Sunnybower Meadow Management Company Ltd Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL Tap Works At Wolverhampton Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Tara Fields (East Ayton) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Entity name Registered Office Tattenhoe Park Residents Management Company Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT The Acorns (Regent Street) Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, England, CW6 9DL The Aspens (Birtley) Limited Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER The Buntings (Exminster) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR The Burrows (Paddock Wood) Management Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT The Cedars (Birtley) Limited Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER The Chancery (Shottery) Management Company Limited C/O 13a Building Two Canonbury Yard, 190 New North Road, Islington, London, N1 7BJ The Chase (Wincanton) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR The Claremonts Management Company Limited 119-120 High Street High Street, Eton, Windsor, Berkshire, England, SL4 6AN The Ferns (Farnworth) Management Company Limited 29 Lee Lane, Horwich, Bolton, BL6 7AY The Gateway (Bexhill-on-Sea) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE The Graylingwell Community Management Company Limited Central 40 Crockford Lane, Chineham, Basingstoke, England, RG24 8GU The Green (Grendon) Management Company Limited Rmg House, Essex Road, Hoddesdon, Hertfordshire, United Kingdom, EN11 0DR The Gwel (Truro) Management Company Limited Camberwell House Grenadier Road, Exeter Business Park, Exeter, England, EX1 3QF The Hamlets (Milborne Port) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE The Leys (Ridge Hill) Management Company Limited RMG House, Essex Road, Hoddesdon, England, EN11 0DR The Maltings At Penwortham Management Company Limited C/O Rmg House, Essex Road, Hoddesdon, Hertfordshire, EN11 0DR The Meadows (Staplehurst) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE The Meadows (Uckfield) Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR The Oaks Management Company (Chudleigh) Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN The Orchards Thornbury Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR The Paddocks Tye Green Management Company Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT The Park Chippenham Residents Management Co. Ltd. Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR The Pastures (Bideford) Management Company Limited C/O Gateway Property Management Gateway House, 10 Coopers Way, Temple Farm Industrial Estate, Southend-on-Sea, Essex, England, SS2 5TE The Pavilions (Freehold) Residents Management Company Limited 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ The Pines (Lindley) Management Company Limited Rmg House, Essex Road, Hoddesdon, EN11 0DR The Priors (Europa) Management Company Limited ** Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR The Quarters (Redhill) Management Company Limited 13a Building Two Canonbury Yard, 190 New North Road, London, England, N1 7BH The Riddings Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR The Steadings (Essington) Management Company Limited Trinity Vantage Point, 23 Mark Road, Hempstead, United Kingdom, HP2 7DN The Sycamores (Birtley) Limited Cheviot House, Beaminster Way East, Newcastle Upon Tyne, Tyne And Wear, NE3 2ER The Tannery Grampound Management Company Limited 7 1 Athelstan Park, Bodmin, Cornwall, United Kingdom, PL31 1DT The Tors (Tavistock) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE The Triangle (Paignton) Management Company Limited Gateway House 10 Coopers Way, Temple Farm Industrial Estate, Southend-on-Sea, Essex, England, SS2 5TE The View (Swanpool) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Thurston (Bury St Edmunds) Managing Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, England, SS2 5TE Trelowan (Gloweth) Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, SS2 5TE Treswell Gardens (Retford) Managing Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Trilogy 1 (Saltwell) Management Company Limited Cheviot House, Beaminster Way East, Newcastle Upon Tyne, Tyne And Wear, United Kingdom, NE3 2ER Uplands Mill (Biddulph) Management Limited 11 Little Park Farm Road, Fareham, England, PO15 5SN Upper Froyle Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Verdica Management Company Limited 13b St. George Wharf, London, England, SW8 2LE Victory Fields (Rissington) Management Company Limited Gateway House, 10 Coopers Way, Southend On Sea, Essex, SS2 5TE Wadebridge (Cornwall) Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Herts, United Kingdom, HP2 7DN Walkmill Place (Cannock) Management Company Limited ** Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Walstead Park(Lindfield) Residents Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, United Kingdom, B3 2HJ Walton Peaks (Chesterfield) Management Company Limited RMG House, Essex Road, Hoddesdon, Hertfordshire, England, EN11 0DR Wards Keep Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, England, CW6 9DL Watermans Park (Gravesend) Residents Management Company Limited Gateway House, 10 Coopers Way, Southend-on-Sea, Essex, United Kingdom, SS2 5TE Watersplash Lane Management Company Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT Wendelburie Rise (Stanton Cross) Management Ltd Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Westminster Place Management Ltd 94 Park Lane, Croydon, CR0 1JB Westwood Point (Thanet) Management Company Limited C/O Gateway Property Management, Gateway House 10 Coopers Way, Southend-On-Sea, Essex, United Kingdom, SS2 5TE Whitehill Management Company (Newton Abbot) Ltd Vantage Point, 23 Mark Road, Hemel Hempstead, England, HP2 7DN Whitehouse Park (M Keynes) Management Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Whitelands Way (Bicester ) Management Company Limited 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ Whiteley Meadows Northern Ph1 Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN Entity name Registered Office Whiteley Meadows Southern Limited Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN Wilford Fields Management Company Limited ** Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Willow Park Buckingham (Vistry) Management Limited 3a, Building 2 Canonbury Yard, 190 New North Road, London, England, N1 7BJ Wilmington Estate Management Company Limited One Eleven, Edmund Street, Birmingham, West Midlands, England, B3 2HJ Wilton Gate Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Wilton Mews (Denton) Management Company Limited Sapphire House, White Hall Road, Colchester, CO2 8YU Wincanton Management Company Limited 11 Tower View Kings Hill, West Malling, United Kingdom, ME19 4UY Wirral (Carlett Park) Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Wolvey Residents Management Company Limited Unit 7 Portal Business Park, Eaton Lane, Tarporley, England, CW6 9DL Woodland Glade Residents Management Company Limited 11 Tower View Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY Woodland Park (Costessey) Management Company Ltd Gateway House, 10 Coopers Way, Southend on Sea, Essex, SS2 5TE Woodlands (South Marston) Management Company Limited 11 Tower View Kings Hill, West Malling, Kent, England, ME19 4UY Woodlands Park (Acton) Management Company Limited Kfh House, 5 Compton Road, London, England, SW19 7QA Woodston Mews (Peterborough) Management Company Limited Rmg House, Essex Road, Hoddesdon, England, EN11 0DR Woolley Grange Development Management Company Limited Rmg House, Essex Road, Hoddesdon, EN11 0DR Wroughton Management Company Limited Vantage Point, 23 Mark Road, Hemel Hempstead Industrial Estate, Hemel Hempstead, Hertfordshire, England, HP2 7DN Wychwood H Management Company Limited Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR Yapton View Management Company Limited 11 Tower View, West Malling, ME19 4UY Yardley Manor Bovis (Olney) Management Ltd 13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ Yew Tree Lane Management Company Limited C/O Residential Management Group Limited Rmg House, Essex Road, Hoddesdon, Hertfordshire, EN11 0DR York Road (Maidenhead) Management Limited Countryside House, The Drive, Brentwood, Essex, CM13 3AT * Private Limited Company wholly owned by the Group. ** Company is a 50/50 joint venture",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"fact-408": {
"value": "JOINT VENTURES At 31 December 2024 the Group had an interest in the following 133 joint ventures which have been equity accounted to 31 December 2024 and are registered and operate in England and Wales. Ownership interest in ordinary shares % Ownership interest in ordinary shares % Registered Office Country of incorporation 2024 2023 Registered Office Country of incorporation 2024 2023 Acton Gardens LLP \u2020 16 UK 50 50 Gallions 2A Developments LLP \u2020 11 UK 50 50 Belmont Street JV LLP \u2020 1 UK 50 50 Gallions New LLP \u2020 11 UK 50 50 Beverley South Developments Limited \u2020 1 UK 50 50 Gateshead Regeneration LLP \u2020 1 UK 25 25 Bishops Park Limited 1 UK 50 50 Glen Parva JV LLP \u2020 1 UK 50 50 Boorley Green LLP \u2020 1 UK 50 50 Grange Walk LLP \u2020 1 UK 50 50 Bovis Homes Cambourne West LLP \u2020 1 UK 50 50 Greenwich Millennium Village Limited 16 UK 50 50 Bovis Latimer (Sherford) LLP \u2020 1 UK 50 50 Heath Farm Lane LLP \u2020 1 UK 50 50 Bracknell Forest Cambium Partnership LLP \u2020 16 UK 50 50 IIH Oak Investors LLP 4 UK 26 26 Brenthall Park (Commercial) Limited \u2020 16 UK 50 50 Kier Countryside Great Haddon LLP 16 UK 50 - Brenthall Park (Infrastructure) Limited \u2020 16 UK 50 50 Kier Countryside Holdings 1 LLP \u2020 16 UK 50 50 Brenthall Park (Three) Limited \u2020 16 UK 50 50 Kier Countryside Holdings 2 LLP \u2020 16 UK 50 50 Brenthall Park Limited \u2020 16 UK 50 50 Kilnwood Vale LLP \u2020 1 UK 50 50 Bromley Regeneration (Calverley Close) LLP \u2020 16 UK 50 50 Lea Castle JV LLP \u2020 1 UK 50 50 Bromley Regeneration (Pike Close) LLP \u2020 16 UK 50 50 Linden (Avery Hill) LLP \u2020 1 UK 50 50 Brookmill Meadows LLP \u2020 16 UK 50 50 Linden (Basingstoke) Limited 1 UK 50 50 C.C.B.(Stevenage) Limited 6 UK 67 67 Linden (Battersea Bridge Road) LLP 1 UK 50 50 Cambridge Road (RBK) LLP \u2020 16 UK 50 50 Linden (Biddenham) LLP \u2020 1 UK 50 50 Camden Development Partnership LLP \u2020 16 UK 50 50 Linden (Brampton) LLP \u2020 1 UK 50 50 Cedar House Securities Limited 13 UK 50 50 Linden (Enfield) LLP \u2020 1 UK 50 50 Clapham Park (Metropolitan Countryside) LLP \u2020 16 UK 50 50 Linden (Hartfield Road) LLP \u2020 1 UK 50 50 Countryside 27 Limited 16 UK 50 50 Linden (Manse Farm) LLP \u2020 1 UK 50 50 Countryside Abri Ford North LLP \u2020 16 UK 50 - Linden (Mowbray View 2) LLP \u2020 1 UK 50 50 Countryside Annington (Mill Hill) Limited \u2020 16 UK 50 50 Linden (Northstowe) LLP \u2020 1 UK 50 50 Countryside Clarion (Eastern Quarry) LLP \u2020 16 UK 50 50 Linden (Rainham) LLP \u2020 1 UK 50 50 Countryside L&Q (Beaulieu) LLP \u2020 16 UK 50 50 Linden (Sayers Common) LLP \u2020 1 UK 50 50 Countryside L&Q (North East Chelmsford) LLP \u2020 16 UK 50 50 Linden (Vencourt) LLP \u2020 1 UK 50 50 Countryside L&Q (Oaks Village) LLP \u2020 16 UK 50 50 Linden (York Road) LLP \u2020 1 UK 50 50 Countryside Maritime Limited \u2020 16 UK 50 50 Linden and Dorchester Limited \u2020 1 UK 50 50 Countryside Neptune LLP \u2020 16 UK 50 50 Linden and Dorchester Portsmouth Limited \u2020 1 UK 50 50 Countryside Places for People (Lower Herne) LLP \u2020 16 UK 50 50 Linden Homes Westinghouse LLP \u2020 15 UK 50 50 Countryside Properties (Accordia) Limited \u2020 3 UK 50 50 Linden Homes (Sherford) LLP \u2020 1 UK 50 100 Countryside Properties (Bicester) Limited \u2020 16 UK 29 29 Linden Sovereign Brockworth LLP \u2020 15 UK 50 50 Countryside Properties (Booth Street 2) Limited \u2020 16 UK 39 39 Linden Wates (Barrow Gurney) Limited 1 UK 50 50 Countryside Properties (Merton Abbey Mills) Limited \u2020 16 UK 50 50 Linden Wates (Bricket Wood) Limited 1 UK 50 50 Countryside Sovereign Swindon LLP \u2020 16 UK 50 50 Linden Wates (Cranleigh) Limited 1 UK 50 50 Crest/Vistry (Epsom) LLP \u2020 14 UK 50 50 Linden Wates (Dorking) Limited 1 UK 50 50 Crewe Lane Kenilworth JV LLP \u2020 1 UK 50 50 Linden Wates (Horsham) LLP 1 UK 50 50 D R 4 Developments LLP \u2020 1 UK 50 50 Linden Wates (Kempshott) Limited 1 UK 50 50 Develop Warwickshire LLP \u2020 16 UK 50 50 Linden Wates (Lovedean) Limited 1 UK 50 50 Develop Warwickshire (Nominee) Limited 16 UK 50 50 Linden Wates (Ravenscourt Park) Limited 1 UK 50 50 Europa Way JV LLP \u2020 1 UK 50 50 Linden Wates (Ridgewood) Limited 1 UK 50 50 Evolution (Saffron Walden) LLP \u2020 1 UK 50 50 Linden Wates (Ringwood) LLP 1 UK 50 50 Evolution (Shinfield) LLP \u2020 1 UK 50 50 Linden Wates (Royston) LLP 1 UK 50 50 Evolution Gateshead Developments LLP \u2020 1 UK 50 50 Linden Wates (Salisbury) LLP 1 UK 50 50 Evolution Morpeth LLP \u2020 1 UK 50 50 Linden Wates (The Frythe) Limited 1 UK 50 50 Evolution Newhall LLP \u2020 1 UK 50 50 Linden Wates (Walberton) LLP 1 UK 50 50 wnership interest in ordinary shares % Ownership interest in ordinary shares % Registered Office Country of incorporation 2024 2023 Registered Office Country of incorporation 2024 2023 Linden Wates (West Hampstead) Limited 1 UK 50 50 Ramsden Regeneration LLP \u2020 1 UK 50 50 Linden Wates (Westbury) Limited 1 UK 50 50 Saffron Walden LLP \u2020 16 UK 50 - Linden Wates Developments (Chichester) Limited 1 UK 50 50 Sandymoor JV LLP \u2020 1 UK 50 50 Linden Wates Developments (Folders Meadow) Limited 1 UK 50 50 Shoo 22 Limited \u2020 12 UK 38 38 Linden/Downland Graylingwell LLP \u2020 1 UK 50 50 Signal Park LLP 16 UK 50 50 Littleport Developments LLP \u2020 1 UK 50 50 Stanton Cross Developments LLP 1 UK 50 50 Marrco 25 Limited \u2020 16 UK 50 50 The Piper Building Limited \u2020 1 UK 50 50 Milby Meadows LLP 16 UK 50 50 Thornbury Pickedmoor Development LLP \u2020 15 UK 50 100 Northwick Park Developments LLP 1 UK 50 50 Vistry Latimer Collingtree LLP \u2020 1 UK 50 50 One Dovercourt LLP \u2020 16 UK 50 - Vistry Wates (Buckingham) LLP \u2020 1 UK 50 50 One New Fosseway LLP \u2020 16 UK 50 - Vistry Wates (Leybourne) LLP \u2020 1 UK 50 50 One Lockleaze LLP \u2020 1 UK 50 50 Vistry Wates (Tenterden) LLP 1 UK 50 50 Opal (Earlsfield) LLP \u2020 1 UK 50 50 Vistry Wates (Walshes) LLP 1 UK 50 50 Opal (Silvertown) LLP \u2020 1 UK 50 50 Vistry Wates Finance LLP 1 UK 50 50 Opal (St Bernard's) LLP \u2020 1 UK 50 50 Vistry Wates Holdings LLP 1 UK 50 50 Opal Land LLP \u2020 1 UK 50 50 Vistry Wates Nominee Limited 1 UK 50 50 Overton View LLP \u2020 16 UK 50 50 West Bridgford JV LLP \u2020 1 UK 50 50 Peel Hall JV LLP \u2020 1 UK 50 50 Westleigh Cherry Bank LLP \u2020 16 UK 50 50 Pembers LLP \u2020 1 UK 50 50 White Rock Land LLP \u2020 1 UK 50 50 Pickford Gate JV LLP \u2020 16 UK 50 - Wilmington Regeneration LLP \u2020 1 UK 50 50 Pudding Mill Lane LLP \u2020 16 UK 50 - \u2020 Denotes entities where the accounting year end is not 31 December. Significant holdings in undertakings other than subsidiary or joint venture undertakings Registered office Country of incorporation Ownership interest in ordinary shares % 2024 2023 Berkshire Land Limited 1 United Kingdom 33 33 Bishop's Stortford North Consortium Limited \u2020 5 United Kingdom 33 33 Haydon Development Company Limited \u2020 7 United Kingdom 39 39 Langley Sustainable Urban Extension Limited \u2020 17 United Kingdom 33 33 Oxfordshire Land Limited 8 United Kingdom 25 25 Monkerton Heat Company Limited \u2020 18 United Kingdom 17 - S4B (Holdings) Limited \u2020 10 United Kingdom 7 - \u2020 Denotes entities where the accounting year end is not 31 Decembe",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138001KOWN7CG9SLK53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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}