Directors’ duties under S172

The Directors believe that, individually and together, they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole, having regard to the stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006 in the decisions taken during the year ended 31 March 2023.

Our Board of Directors remain aware of their responsibilities both within and outside of the Group. Within the limitations of a Group with so few employees we endeavour to follow these principles:

Purpose, vision and strategy: this is set out on pages 4-7 on this Strategic Report and we recognise our role in identifying opportunities to develop homes and apartments to the best quality standards.

Group policies: these are reviewed annually and staff and Directors are encouraged to improve their skillset as appropriate.

Culture and people: we fully support a culture where all customers, staff and suppliers are treated in an open and honest fashion, irrespective of race, gender, ethnic, disabilities or other scenarios.

Board structure: the role of the Board is reviewed annually with a clear focus on the specific roles assigned to each individual to enable the Board to properly support each member of staff.

Freedom within a framework: we are developing a new framework for communicating this freedom in a straight-forward methodology.

Risk and internal control framework: risks and controls are subject to discussion at quarterly Board meetings. Every project undertaken by the Group is analysed with a view to limiting the risks to the Group and its Stakeholders before proceeding with implementation.

Key performance indicators (KPIs)

Management are closely involved in the day to day operations of the Group and constantly monitor cashflows and expenditure. However, Management believe the key indicators of performance for the Group are the revenue and profitability achieved during the period. These measures are disclosed above in the operations review.

Development Pipeline & outlook

We acquired the Barden Road site during the year, with build funding provided by Lloyds Bank, and planning permission has now been received for the construction of one and two bedroom apartments, however, it has since been decided to build a single detached barn. We have incurred costs to date of £317,796 on this site as shown in inventory note 11 within the accounts. Contractors are on site and progressing well.

Paul Treadaway

CEO

15 December 2023

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