Keepmoat Annual Report 2025

CHIEF EXECUTIVE’S REVIEW | STRATEGIC REPORT DIRECTORS’ REPORT AUDITORS’ REPORT FINANCIAL REVIEW

Annual Report

& Financial Statements

2025

KEEPMOAT.COM Annual Report & Financial Registered Statements number: 01998780

2025 | 1

CONTENTS

STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS

Contents

I

I

I

STRATEGIC REPORT

DIRECTORS’ REPORT

FINANCIAL STATEMENTS

Directors and Advisors

I

03

I

I Corporate Governance 77 I

Strategic Report

I

04

I

Our Heritage

I

04

I

Mission, Vision and Values

I

06

I

Performance Summary

I

07

I

Business Profile

I

08

I

Market Overview

I

09

I

Our Partnership Model

I

15

I

Chief Executive Officer’s Review

I

19

I

Partners

I

23

I

Place

I

34

I

People

I

45

I

Chief Financial Officer’s Review

I

60

I

Non-financial and Sustainability Information Statement

I

63

I

Section 172 Statement 80

Keepmoat Executive Team 80

Principal Risks and Uncertainties 83

Directors’ Report 92

Independent Auditor’s Report to the Members of Keepmoat Limited 96

Consolidated Statement of Comprehensive Income 98

Consolidated Balance Sheet 99

Consolidated Statement of Changes in Equity 100

Consolidated Cash Flow Statement 101

Notes to the Consolidated Financial Statements 102

Company Balance Sheet 129

Company Statement of Changes in Equity 130

Notes to the Company Financial Statements 131

Appendix A – Management Company Information 136

Appendix B – Non-financial Information 138

KEEPMOAT.COM

Annual Report & Financial Statements 2025 | 2

DIRECTORS AND ADVISORS

STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS

Directors and advisors

of Keepmoat Limited

Directors

I Hoad

M Dilley

Company secretary

L Casey

Registered office

The Waterfront

Lakeside Boulevard

Doncaster

South Yorkshire

DN4 5PL

Independent auditors

Ernst & Young LLP

12 Wellington Place

Leeds

LS1 4AP

Bankers

Lloyds Bank plc

3rd Floor

10 Gresham Street

London

EC2V 7JD

KEEPMOAT.COM Annual Report & Financial Statements 2025 | 3

OUR HERITAGE

| STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS

Our Heritage

For almost 100 years, Keepmoat has

been working in partnership with public

and private sector stakeholders to shape

the future of communities and improve

the lives of local people. From its early

beginnings, when Frank Haslam Milan

began trading in Doncaster, the business

has grown from foundations firmly rooted

in the principles of partnership building.

What began as a vision to improve and

regenerate communities has grown into

a national legacy of tens of thousands

of new homes right across the country.

From our earliest developments to today’s sustainable new

neighbourhoods, our story is one of resilience, sustainable

growth and progress. Our unique business model has enabled

us to stand the test of time and grow to become one of the UK’s

oldest partnership housebuilders.

KEEPMOAT.COM


OUR HERITAGE


Our history timeline

1928

Regeneration

and construction

company Frank

Haslam Milan

founded

1934

Property

Services

company

Milnerbuild

founded

1983

Keepmoat Plc

was formed as

the holding

company

following the

purchase of

Frank Haslam

Milan &

Company Ltd

2010

Keepmoat

acquires

Milnerbuild to

specialise in

responsive

maintenance

2016

Acquisition of

MCI

Developments

Limited, an

established

business building

high-quality

homes for

registered

providers

2019

We achieved an

Investors in

People (IIP)

accreditation

2021

Launched our

first Graduate

programme

We have over

200 LA & RSL

partners

We are a Top 10

UK homebuilder

Continue to be

HBF 5* builder

Employer of

choice for the

construction

industry

1930 1980 2010 2015 2020 Present day The future

1931

Bramall & Ogden

is formed to

improve

sanitation for

Wath Urban

council

1976

Apollo Property

Services founded

as a roofing

specialist in

London and

South East

regions

2009

Keepmoat

became a

member of

Homes England

of Consecutive

Delivery Partner

Panel

2012

Keepmoat group

of companies and

the Apollo group

of companies

merge (Bramall,

FHM and

Milnerbuild)

2018

Keepmoat announced

modular construction

venture, Ilke Homes,

with Elliot

2017

Keepmoat group

completed a sale

agreement to

dispose of 100%

of the Keepmoat

Regeneration

division to ENGIE

We employ

1,036 people and

have 10 regional

offices

We had a record

financial and

operational

performance

with record sales

of 4,074 new

homes

Signed

Developer

Remediation

Contract

Nationally

renowned as a

trusted partner

for community

transformations

KEEPMOAT.COM


MISSION, VISION AND VALUES


Mission, vision

and values

Our values

Our mission

We are committed to building

long-term partnerships to

deliver high-quality homes which

revitalise communities and create

places where people want to live.

Straightforward

We are straightforward

and we deliver in the

right way

Passionate

We are passionate

and we care

Our vision

Building Communities,

Transforming Lives

We think and act beyond bricks

and mortar. As well as creating

better places for people to live,

we know our success depends on

us playing our part in building the

strong communities our partners

and customers want.

Collaborative

We are collaborative

and we succeed

together

Creative

We are creative and

we find the right

solution

KEEPMOAT.COM


PERFORMANCE SUMMARY | STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS

KPI October 2025 October 2024

KPI October 2025 October 2024

Revenue

4.1% decrease

£732.8m

£764.0m

Plots secured

Representing c. 9 years

of delivery at current

volumes

>28,800 >24,400

Homes sold

11.1% decrease

3,124 3,516

Homes on

brownfield

Average

selling price

8.3% increase

£235k £217k

Homes sold on

brownfield land

61% 69%

Employees

Adjusted

EBITDA

12.2% decrease

£65.4m

£74.5m

5% of which are trainees,

apprentices or graduates

(as at July 2025)

1,036 1,042

Adjusted

EBITDA

margin %

0.8ppt decrease

8.9% 9.7%

Scope 1 & 2

carbon emissions

(tCO2e)

18.0% decrease

2,799 3,412


BUSINESS PROFILE


We operate across the country,

with over 80 live developments

ranging from Scotland in the

North down to Somerset in

the South West. Each of our

regional businesses has its

own management board and

is empowered to deliver in line

with our overarching operational

excellence strategy, applying the

Group’s policies and systems to

local markets and circumstances.

This agile structure and approach

mean we are well positioned for

future growth.


MARKET OVERVIEW


Image: Foxlow Fields, Buxton

Market

Overview


MARKET OVERVIEW


Meeting the UK’s

housing needs:

Keepmoat’s role in

a changing market

The UK continues to face a significant

housing shortfall, particularly in

affordable homes, and the aspiration

for homeownership remains strong –

especially among first-time buyers.

Keepmoat is uniquely positioned to meet this enduring

demand. Our focus on delivering high-quality, energyefficient

homes at prices below regional new-build averages

ensures accessibility and value. Keepmoat continues to play

a vital role in helping more people to take their first step onto

the property ladder.

01

Affordability and demand

The cost of living challenge has continued to be an

issue for customers, with affordability still a challenge.

National house prices averaged £270,000 in July

2025 1 , while Keepmoat’s average selling price

remained significantly lower at £235,000 and lower

than the average new-build price in the regions in

which we operate. Combined with innovative support

schemes like Own New Rate Reducer, Deposit Unlock

and Shared Ownership, we continue to make home

ownership more attainable.

Mortgage rates have also eased through 2025, with

two-year fixed rates averaging 4.42% 2 and five-year

deals around 4.35% 3 . The introduction of flexible

mortgage products, including part-interest-only

mortgages, is further enabling buyers with smaller

deposits to access the market for new homes.

(1)

UK House Price Index summary: July 2025 - GOV.UK

(2)

Bank of England | Database (90% LTV) at 31 December 2025

(3)

Bank of England | Database (90% LTV) at 31 December 2025

Image: Heaton Quarter, Newcastle Upon Tyne


MARKET OVERVIEW


Image: Waterside, Leicester

02

Rental market pressures

Although rental growth has begun to moderate in 2025 4 , the

affordability constraints continue to encourage many to explore

home ownership. Keepmoat’s developments offer a compelling

alternative – combining lower running costs, superior energy

efficiency and long-term financial security for residents.

03

Government support and

Keepmoat’s response

The Government’s £39 billion Social and Affordable Homes

programme aims to deliver 300,000 homes over the next

decade, with 60% designated for social rent 5 . Keepmoat’s multitenure

model and strong partnerships with local authorities and

housing associations align seamlessly with this ambition.

With a forward land pipeline exceeding 28,800 plots and a

continued focus on regeneration and brownfield development,

Keepmoat is well placed to scale delivery and contribute

meaningfully to national housing targets.

(4)

UK Residential Forecasts Q3 2025

(5)

Delivering a decade of renewal for social and affordable

housing – GOV.UK


MARKET OVERVIEW


Keepmoat’s

advantage

in a changing

environment

Image: Beaconsfield Park, Cramlington

01

Housing targets and supply

While only just over 200,000 new homes

were completed in the year to Q3 2025 6 ,

below the Government’s annual target

of 300,000, the outlook is improving.

Housing starts are increasing and trending

towards the long-term average 7 , supported

by planning reforms that are expected to

unlock stalled developments.

(6)

Based on new EPC registrations in the period –

Savills UK | English Housing Supply Update Q3 2025

(7)

Indicators of house building, UK: permanent

dwellings started and completed by country –

Office for National Statistics


MARKET OVERVIEW


Image: Marble Square, Derby

02

Planning and land strategy

Planning delays remain a challenge across the housebuilding

sector, but recent reforms, including mandatory

housing targets and increased funding for local planning

departments, are expected to yield results. Keepmoat’s

capital-light land strategy, underpinned by longstanding

partnerships, provides a robust nine-year supply pipeline

of over 28,800 plots.

As land prices stabilise and viability improves, Keepmoat

is well positioned to accelerate delivery, particularly on

brownfield and regeneration sites, where we have a proven

track record of success.

03

Build costs and supply

chain resilience

Build cost inflation has now eased, with tender pricing

broadly neutral. While labour costs remain under pressure,

Keepmoat’s Supplier Framework Agreements and

standardised house types help mitigate cost volatility.

Following the implementation of the recommendations

noted in the FY24 ISO 20400 evaluation, we have further

strengthened our sustainable procurement practices and

enhanced supply chain resilience.


MARKET OVERVIEW


Image: Timeless, Leeds

04

Regulatory changes and

sustainability leadership

The Future Homes Standard (FHS), which targets

a 75–80% reduction in carbon emissions compared with

2013 standards, remains a key area of focus. Keepmoat

is pioneering the trialling of mass-scale FHS developments

such as Gedling Green and integrating low-carbon

technologies including heat pumps, solar panels and

high-efficiency insulation across our portfolio. Through

successfully implementing the first stage of the Future

Homes Standard – Parts F, L, O and S regulation changes

– 39% of the homes we sold were Energy Performance

Certificate (EPC) A rated.

As environmental regulations such as Biodiversity Net Gain

and nutrient neutrality continue to develop, our expertise

in brownfield regeneration and sustainability designs

ensures we remain compliant and ahead of the curve.

Conclusion

Keepmoat enters the coming year with strong

momentum and a clear strategy. Our resilient

business model, extensive land pipeline,

affordability and commitment to sustainable

development position us to thrive in a dynamic

market.

As planning reforms take effect and Government

investment flows into affordable housing,

Keepmoat is ready to expand delivery, strengthen

partnerships and continue supporting the UK

Government’s long-term housing ambitions.


OUR PARTNERSHIP MODEL


Image: Warren Wood View, Gainsborough

Our Partnership

Model




How our Partnership Model

creates value

Our Partnership Business Model is what

sets us apart from our competitors. It is a

model of housebuilding that is well suited

to building sustainable developments

that align with our Building Communities,

Transforming Lives vision.

We work closely with local authorities, Registered

Providers (RPs) of affordable housing, the Private

Rental Sector (PRS) and other landowners to source

land for development, underpinned by our multi-tenure

strategy. This allows us to enter contracts with RPs and

PRS customers with favourable cash flow benefits and

strengthens our sales security position. This provides

resilience, even in challenging market conditions, at the

same time as maximising opportunities for delivery.

It allows us to secure land on a capital light basis, by

agreeing payment terms aligned to site development,

delivering strong capital returns and lower business risk.

We have built our reputation by aligning our approach

with our partners’ objectives, helping them to achieve

their housing ambitions through the delivery of successful

mixed-tenure developments which support the

communities we work with through our commitment to

social value. We have a proven track record of revitalising

communities by delivering high-quality new homes at

prices that our customers can afford and in places in

which they want to live.




Our longstanding strength and resilience in

Partnership Housebuilding

Buying Land Building Houses Selling Homes

We enable development

Our capital light model and partnership heritage

enables land acquisition and development

We are a national

housebuilder operating locally

Our regeneration expertise creates great places and

opportunity for local communities

We have a market

resilient sales model

Our flexible multi-tenure model allows us to meet local

market needs and conditions

Partnership characteristics:

Brownfield regeneration

Capital light solutions

RP / PRS contributions

Building communities,

Transforming lives

Local employment

opportunity & training

Successful local supply

chains

Multi-tenure flexibility

More reliable sales

security

Lower ASPs &

inherently affordable

homes

Key strengths:

Greater planning

certainty

Enhanced access

to grant funding

Flexibility with

market dynamics

Shorter build duration,

limiting market risk




Our Partnership Model delivers many

advantages, including:

• An ability to deliver multi-phased developments,

providing a strong forward pipeline of land

• The opportunity to work with partners who are

motivated not only by financial returns but also

by non-financial outcomes, including accelerated

delivery, affordability, social value, sustainability

and design quality

• It allows us to enter contracts with RPs and PRS

customers with favourable cash flow benefits and

which strengthens our sales security position

• This provides resilience, even in challenging

market conditions, at the same time as maximising

opportunities for delivery

• It allows us to secure land on a capital light basis,

by agreeing payment terms aligned to site

development, delivering strong capital returns

and lower business risk

• The potential to access grant funding or investment

support from Homes England and local authority

partners

• Established long-term relationships with our partners

which generate ongoing partnership opportunities and

opportunities for new partnership relationships on the

strength of our track record and reputation for delivery


CHIEF EXECUTIVE OFFICER’S REVIEW


A year of

consolidation

for growth

I was proud to take over as CEO of Keepmoat at the end of June

2025 and to be trusted with the opportunity to lead the business

through its next stage of growth and development. I would like

to thank my predecessor, Tim Beale, for the significant contribution

he made to Keepmoat during his eight years with the business,

and I would also like to thank the Board for their continued support.

The financial year to 31 October 2025 (FY25) saw the business

deliver a resilient performance against a backdrop of ongoing

challenging market conditions and continued economic uncertainty.

Group revenue was down 4.1% at £732.8m (2024: £764.0m) and

adjusted EBITDA was £65.4m (2024: £74.5m) achieved on the

delivery of 3,124 new homes. The average selling price of our homes

increased by 8.3% to £235,000, reflecting changes in both the

regional mix and tenure of homes sold.




Our performance in the year reflects a continued challenging

market, with ongoing cost inflation and interest rates remaining

higher than expected, impacting consumer confidence,

affordability and therefore activity levels. In addition, a more

conservative approach to land buying in recent years has led

to a reduction in outlets year-on-year, further affecting

activity levels.

Encouragingly, we performed strongly in the land market during

FY25, securing over 60 new sites to build our pipeline and outlet

growth over the coming years. Our differentiated Partnership

Business Model and multi-tenure offering has once again proved

to be resilient in a challenging economic environment. As we

increase our investment in our land pipeline, we will maintain

our focus on ensuring that we secure high-quality partnership

land in the right locations and at the right price to achieve our

growth objectives.

We have grown our strong forward pipeline to over 28,800

secured plots from 24,400, equivalent to approximately nine

years of delivery at current levels, and as a result, we are

well positioned to deliver shareholder value and delight our

customers by building more high-quality new homes, in the

places they want to live.

Our multi-tenure offering has been further strengthened

this year with the growth in our successful partnerships with

PRS providers, Lloyds Living, Gatehouse Living Group and

others; during FY25 we have agreed deals to deliver over 500

high-quality single-family homes across our Yorkshire and East

Midlands regions over the next 2 years.

On 1 November 2025, at the start of our new financial year, we

announced the opening of our tenth regional business in the

South West, following significant success in growing our land

pipeline in that geography. With an experienced Keepmoat

team in place managing our existing developments in the area,

the new region has the people and land resources to grow at

pace and deliver much-needed affordable new homes in the

South West.

Government support for

the housebuilding sector

It is pleasing to see the Government’s continued commitment

to the housebuilding sector, with the introduction of further

measures to remove barriers to delivery and increase the supply

of land. While the regulatory environment remains challenging,

green shoots are starting to appear with the focus on planning

reform, an update to the National Planning Policy Framework

(NPPF) and the new “grey belt” designation to facilitate green

belt housing development.

Additional initiatives to accelerate development are welcome.

The New Homes Accelerator has been expanded to cover

another 12,000 homes across 6 sites and a shortlist of 12 sites

for the New Towns programme was announced, with 3 of these

likely to start before the end of this Parliament.

There are also some positive steps in addressing some of the

more challenging impacts of new environmental regulation. For

example, Defra has consulted on revising the implementation of

Biodiversity Net Gain for brownfield developments, including

for open mosaic habitats, which are among the most difficult

to replace, to reduce the high-cost barrier to development that

this legislation has introduced. Measures in the Planning and

Infrastructure Bill to create a Nature Restoration Fund have also

been created to remove localised barriers to development due

to nutrient neutrality.

However, significant financial, regulatory and compliance

burdens continue to be introduced and could potentially impact

delivery. The Building Safety Levy is payable by developers on

all new homes from October 2026, with already consented sites

retrospectively applicable for payment before the first home is

completed.

Increased financial burdens alongside the regulatory landscape

could also create challenges to the acquisition of land for

development in an already highly competitive land market.

Additionally, the Future Homes legislation is now expected to

bring a significantly higher carbon reduction target than the

75% originally anticipated.

That said, our Partnership Business Model means that we

are well placed to navigate the current challenges. We remain

committed to working with the Government, our partners and

our communities to deliver more high-quality new homes of all

tenures, and we are well positioned to deliver in line with the

Government’s ambitions.




Delighting our customers

I am pleased to report that, in the last financial year, we once

again maintained our 5-star builder status in the annual HBF

Customer Satisfaction Survey, with over 90% of our customers

saying that they would be happy to recommend us. The business

is also performing well against the new expanded scoring

criteria and question base, covering both quality and service

and a broader timeline, with the survey now including customer

feedback from the nine-month survey in addition to the eightweek

survey.

In order to further enhance our customer experience, we have

invested in a new best-in-class, Microsoft Dynamics, customer

relationship management (CRM) system, which is already

delivering measurable results and supporting our people in

sales, marketing and customer care as they continue to provide

an excellent service for our customers.

Commitment to sustainability

Sustainability remains at the core of all our business practices,

and we have continued to take significant steps forward with

the delivery of our Sustainability Roadmap. Delivering social

value and supporting the communities we work with is a key

element of our Sustainability Strategy, so I was delighted when

our North West Social Value Manager, Julie Baker, was awarded

the Housebuilder Star Award at the 2025 Housebuilder Awards

in recognition of her fantastic contribution to supporting

communities across the North West.

Looking ahead

I am confident that the business is well placed to deliver its

growth plan. The changes implemented over the past year will

enable us to execute our strategy and achieve our collective

objectives. I look forward to continuing to work with our

public and private sector partners and our highly experienced

management team, to deliver the high-quality multi-tenure

homes and communities that the country so desperately needs.

Image: Gedling Green, Nottingham




Our strategy

Our Partnership Business Model underpins our

strategy. It is built on the three fundamental

principles of Partners, Place and People and

supports the delivery of our vision of Building

Communities, Transforming Lives.

It enables us to deliver high returns and

operational excellence by employing a

partnership approach through every aspect of

our operating model.

Finally, I want to thank our people. Our people

are at the heart of our business and fundamental

to everything we do. I am proud to lead a

fantastic team and look forward to sharing the

next stage of the Keepmoat journey with them

as we move towards our centenary in 2028.

Partners

Create homes in

strategic partnerships

Building

Deliver

high returns

Capital light, strong

ROCE, operational

Transforming Lives

excellence

Communities

Place

Build a mature

land pipeline

across our regions

People

Deliver through people,

for people

Ian Hoad

Chief Executive Officer


OUR STRATEGY: PARTNERS


Image: Roman Fields, Peterborough

Partners

We work collaboratively with over

200 public and private sector partners

to deliver thousands of high-quality new

homes across the country every year.

We are passionate about creating longterm

relationships with our partners,

many of which we have worked with for

over 20 years. Our expertise comes from

our unrivalled experience of transforming

brownfield and regeneration land into

thriving new communities. It enables us to

deliver well-designed neighbourhoods that

transform the lives of local people.




Delivering

affordable

homes through

partnership

– Keepmoat, South

Tyneside Council and

Places for People

To address a critical shortage of affordable housing

in South Tyneside, Keepmoat partnered with

Places for People (PfP, the UK’s leading social

enterprise and provider of affordable homes)

and South Tyneside Council to deliver a 100%

affordable housing scheme at Lord Nelson Street

in South Shields.

Following a meeting with the Director of South

Tyneside Council, we proposed trialling a site

dedicated solely to affordable rent and shared

ownership. The land at Lord Nelson Street, which

was owned by the council, was identified as the

ideal location.

Following a one-to-one offer, we were appointed

as the preferred developer in August 2023.

Planning was submitted in November 2023

and approved in March 2024. Construction

commenced in April 2024.

Image: River’s Edge, South Shields

Delivery and outcomes

The scheme delivered 66 plots, with a mix of two- and

three-bedroom homes for affordable rent and shared

ownership, managed by PfP.

The Lord Nelson Street development directly addresses

the borough’s housing shortage, providing high-quality,

energy-efficient homes for local families. It clearly

demonstrates how partnership working between

Keepmoat, Places for People and South Tyneside Council

delivered a meaningful outcome for the people of South

Shields and with a strong return on capital employed.

Image: River’s Edge, South Shields




The Rise in

Scotswood

– Keepmoat and

Newcastle City Council




Overview

The Rise in Scotswood, Newcastle, is a flagship

regeneration project that demonstrates

the power of partnership working. Through

collaboration between Keepmoat and

Newcastle City Council, the development has

transformed a once-declining industrial area

into a thriving, sustainable community.

Background

Following large-scale demolition in 2002 due

to industrial decline, the 60-hectare Scotswood

site required a bold vision for regeneration.

In 2011, the New Tyne West Development

Company (NTWDC) was established as a Joint

Venture to lead this transformation. NTWDC

is now a partnership between Newcastle City

Council and Keepmoat.

The £265m project began in 2013 with an

ambition to deliver 1,800 family homes

across five phases, with over 500 new homes

delivered to date. This long-term commitment

reflects a shared goal: creating high-quality

housing while fostering social and economic

growth.

Social and economic impact

The Rise has generated significant benefits

for the local economy and community:

• Community investment: 155 hours have

been provided to support employment

skills, including mock interviews, careers

fairs, painting and gardening projects

• Sustainability: A combined heat and power

plant provides efficient heating and hot

water for residents

Community engagement

Going beyond bricks and mortar, the

partnership prioritises community wellbeing:

• A planned new neighbourhood centre

offering a convenience store and health

facilities, improving access to essential

services

• Funding to support Healthworks –

a charity supporting health and wellbeing

by promoting active lifestyles

• An apprenticeship programme aiming

to employ 75 apprentices, with 22 already

supported, creating pathways into

construction careers

Image: Geoff Scott, Social Impact Manager

for North East

Image: The Rise, Newcastle




NHBC Training Hub

at The Rise in

Scotswood




The Rise is also home to

Keepmoat’s NHBC Bricklaying

Hub, which was opened three

years ago to train the next

generation of bricklayers and plays

a vital role in helping to address

the well-documented construction

industry skills shortage.

Looking back over the three years, the hub has

been extremely successful, and the fantastic work

that has been carried out by everyone involved

has been widely acknowledged throughout the

industry and the region.

At the time of opening, there had been a significant

decline in construction training within further

education.

Since opening the NHBC Training Hub in October

2022, we have achieved the following:

• Starts – 68 apprentices have enrolled onto the

18-month programme

• Success rate – 96% have completed and passed

as at October 2025

68

apprentices

have enrolled onto the

18-month programme




Hull Citywide

Partnership

– delivering large-scale

regeneration and

high-quality new

homes in Hull

Overview

For over 20 years, Keepmoat has been a key strategic

partner to Hull City Council, driving housing-led

regeneration and community development.

In 2015, Keepmoat became a founding member

of the Hull Citywide Developer Partnership (HCDP)

Consortium, created to deliver one of Hull’s largest,

longest and most ambitious housing-led regeneration

programmes. This initiative will bring over £500m of

private investment into the city over a 13-year period,

creating new homes, jobs and opportunities for local

people.

Working collaboratively with Hull City Council and

consortium partners, we committed to delivering highquality

new homes across multiple sites and embedding

social value through local employment, training,

apprenticeships and community initiatives. So far,

we have built or are in the process of building over

1,100 new homes across 7 sites in Hull.

Our dedicated Social Value & Partnership Manager

works with the consortium partners, including the

council, councillors and community groups, to deliver

a wide-ranging programme of social value initiatives,

including representing the sector on the Hull and

East Yorkshire (HEY) Skills Board and the Local Skills

Improvement Plan Board (LSIP), and represents

Keepmoat as a HEY Cornerstone Employer. Keepmoat

was instrumental in enabling Efficiency North to secure

DFE and CITB funding to develop the New Humber

Construction Learning centre next to its Citywide site

at Wawne, Hull.

Since 2015, the partnership has brought forward land

to facilitate the delivery of over 1,900 new homes,

of which over 800 modern new mixed-tenure homes

are now complete. One of the key aspects of the HCDP

is the shared expertise and resources provided by each

partner. This approach has enabled the partnership

to create new, vibrant and affordable housing options

in areas of the city that historically struggled for inward

investment. The council was clear that this strategic

partnership was about more than just bricks and

mortar. A long-term strategic approach set out clear

economic benefits associated with job creation and

training opportunities where targets are monitored

through the development agreement. The partnership

has created many additional social, economic and

environmental outcomes for the city and local

residents.

Social value outcomes

• Local employment: Sustained jobs for over 850 Hull

residents since 2016

• Apprenticeships: Supported 64 apprenticeships

since 2016

• Social value: Generated £15.9m in social value since

2016

• Community initiatives: Delivered projects such as

the nationally recognised Prison Planter Project

with HMP Hull, environmental schemes, Kickstart

placements and new programmes supporting young

care leavers aged 16–24

Image: Liberty Rise, Hull




The former

Gedling Colliery

- a thriving new community in partnership

with Homes England, Gedling Borough

Council, Nottinghamshire County Council

and Nottingham City Council

The former Gedling Colliery in Nottingham is a strategic

brownfield site that had been stalled for over 25 years.

For over 10 years, we have worked with our partners to

transform the area into a vibrant new community, including

helping our partners to secure a £17m funding package for

the Gedling Access Road, which was a key element of the

sustainable redevelopment of the former colliery site.




Our approach reflects our

commitment to collaboration,

innovation and delivery

Through our partnership approach, we aligned all key

stakeholders behind a shared vision to deliver a mixedtenure

community of over 950 new homes across four

new developments: Chase Farm, Park View, Gedling

Green and Gedling Quarter.

Image: Gedling Green

Through multi-phase planning and remediation

strategies, we accelerated delivery, ensuring progress

was achieved efficiently and sustainably.

There is also future provision for education, retail,

commercial and leisure spaces, ensuring a vibrant and

sustainable community. Affordable housing delivery

has exceeded the 10% Section 106 allocation, alongside

significant contributions under S106 agreements.

Additionally, an innovative profit-share model with

public sector partners underpins the project, reinforcing

its collaborative and forward-thinking approach.

Gedling Country Park now occupies the former colliery

spoil heap, one of the largest in the Nottinghamshire

coalfield. After the colliery’s closure, a tip recycling

process from 1991 to 2001 recovered 200,000 tonnes

of coal from the spoil heap. The site was subsequently

landscaped to form a country park and residential

housing, marking the beginning of Keepmoat’s

involvement in the project.

Gedling is a prime example of successful regeneration.

It represents over a decade of collaboration between

the public and private sectors, showcasing the power

of partnership working. By the end of October 2025,

725 homes have been delivered, with a further 227

scheduled for completion.

Image: Park View

Image: Gedling Quarter Sales Office

Image: Chase Farm




Lloyds Living

and Keepmoat

– delivering mixed-tenure

developments to shape

new communities

As a partnership housebuilder,

our recent deal with Lloyds Living

to deliver c.300 two-, threeand

four-bedroom family homes

across four of our developments

in Yorkshire demonstrates our

commitment to delivering an

inclusive, multi-tenure housing

offer, based on local housing needs

and underpinning the delivery

of sustainable communities.

All the places delivered will achieve NextGeneration Bronze-level certification, a nationally recognised

sustainability benchmark for housing developments, clearly demonstrating the importance of sustainability

to both Lloyds Living and Keepmoat.

Outcome

We have contracted on multiple deals with Lloyds Living

through our growing partner relationship, with two

concluded within the last financial year.

• c.300 homes

• All homes are EPC B or better

• Over 70% of the homes use air source

heat pumps




Partnership

working with

our strategic

supply chain

Copyright: Jewson

We aim to be a leader in best

practice and recognised for

our innovative and transparent

procurement process. We work

with local suppliers and also

operate a number of Group-wide,

long-term strategic frameworks,

providing mutually beneficial

terms and service levels nationally.

One example of this is our

longstanding partnership with

Jewson.

Keepmoat and Jewson

We have continued to operate a highly effective and

mutually beneficial partnership, built on the shared

values of reliability, efficiency and long-term project

success.

Through consistent communication, responsive service

and a commitment to delivering high-quality materials,

Jewson has supported us in meeting demanding build

schedules and maintaining high standards across

developments nationwide. This collaboration has

strengthened over the last 15+ years, enabling both

organisations to streamline operations and enhance

overall supply chain performance.

A key example of this strong partnership is the strategic

use of Jewson’s MBS National Distribution Hubs,

offered specifically to support our growing operational

needs. These hubs provide centralised stock

management, faster underwritten volume material

availability, and improved logistical coordination,

ensuring sites remain productive and well resourced.

By granting us priority access to these facilities, Jewson

has demonstrated its commitment to continuous

improvement and collaborative growth, reinforcing a

partnership that delivers real, measurable value to both

businesses. Jewson, supported by trusted supply chain

partners such as IG Lintels, Freefoam, BSW and West

Fraser, has established a resilient and consistent flow of

premium-quality materials into our six national supply

chain hubs.

Wayne Harding, National Key Account Director

at Jewson, said:

“Our close collaboration with Keepmoat Homes ensures

our stock profiles mirror their needs, enabling us to

underwrite secure volumes, maintain uniformity of

product, and deliver to site 100% on time and in full.

Throughout challenging periods, including during the

COVID-19 pandemic, we uphold exceptional supply

continuity due to our strong collaborative supplier

relationships and agile forecasting processes.

By sharing data regularly and aligning on evolving

project and sustainability priorities, we continue

to support Keepmoat Homes with proactive, futurefocused

supply chain excellence.”


OUR STRATEGY: PLACE | STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS

Place

Placemaking at Keepmoat is about creating

more than just homes – it’s about shaping

vibrant, sustainable communities where

people truly belong. Our approach goes

beyond bricks and mortar, focusing on

sustainable new homes, thoughtful design,

green spaces and connectivity that foster

social interaction and wellbeing.


OUR STRATEGY: PLACE


We work collaboratively with

local partners to ensure every

development reflects the character

of its surroundings, while delivering

modern infrastructure and amenities

that support long-term growth.

Sustainable design is a key element of our approach.

By embedding strategies for sustainable placemaking

within our developments, we ensure that every

project contributes positively to both people and our

environment.

• Guided by best practice

We use robust design guidance informed by

nationally recognised standards, including Building

for a Healthy Life and Streets for a Healthy Life.

These frameworks shape layouts that encourage

connectivity, safety and wellbeing

• Early design review

Sustainable design starts by assessing the character

of a potential new development. Our Architectural

Design Sequence provides clear guidance on

ensuring local character and architectural

opportunities are factored into layout at the earliest

stages, with layouts reviewed centrally to maintain

consistent quality

• Architect-led innovation

Our architect-designed new house type range

prioritises plotting configurations that support

quality layout principles with home designs that

are both efficient to build and great to live in

• Landscape and nature first

Landscaping is central to our design philosophy.

We often integrate above-ground sustainable

drainage systems (SuDS) and pollinator planting

throughout developments. We are signatories of

the industry Homes for Nature pledge to provide

nature-friendly features on new developments

• Collaborative consistency

Quarterly regional design team meetings ensure

a unified approach to sustainable design across all

projects, embedding best practice and innovation

throughout the business

Outcomes and impact

• Meeting stakeholder expectations

Our approach aligns with local authority and

community aspirations for sustainable, attractive

and safe new neighbourhoods

• Planning confidence

By addressing key sustainability considerations

upfront, we reduce risk during the planning process

• Legacy and value

Our developments leave a lasting legacy, improving

desirability and creating homes for our customers in

harmony with wildlife

Image: Antler Park, Hartlepool


OUR STRATEGY: PLACE


Image: Spirit Quarters, Coventry

Multi-tenure

developments

and homes for

private rent

A key part of our partnership

and placemaking approach is

the delivery of mixed-tenure

developments to shape truly

sustainable new communities

and support the delivery of

large housing-led regeneration

schemes.

This includes working with multiple delivery

partners to create an inclusive, multi-tenure

offer including homes for open market sales and

different tenures of affordable housing – social

and affordable rent – as well as homes for shared

ownership and responsibly managed homes for

private rent.


OUR STRATEGY: PLACE


Evolving our house

type range

The need to meet customer expectations

for modern living, comply with regulatory

requirements for sustainability and

accessibility, and the need for operational

efficiency all inform the way that our new

homes are designed and delivered.



OUR STRATEGY: PLACE


The challenge

Today’s new homes must offer flexibility, affordability

and excellent environmental performance. To meet

these standards, we needed to design a house type

range that not only meets customer aspirations, from

entry-level affordability to enhanced accessibility, but is

also prepared for new regulatory standards, including

zero-carbon readiness, water efficiency and improved

space standards. This all needed to be achieved without

impacting delivery.

Our approach

Our newly developed house type range and

specification have been developed to support our

land-buying process, ensuring viability and to

complement our sustainable design strategies,

including:

• Density and delivery of sustainable communities

• Adaptability in line with regional design guide

requirements to support planning

• Customer aspirations for entry-level affordability

and low running costs

• Comfort and safety by the incorporation of

approved construction details for the prevention

of fire, overheating and sound transmission

• Choice and tenure transferability

• Standardised components and design to improve

operational efficiency

• Extras and incentives to support customer choice

in the finishes and look of their new home

• Transition to new regulatory standards without

impact on delivery, including:

o Future zero-carbon-ready homes

o Reduced water consumption

o Enhanced accessibility standards

o Durability

• Digital integrated design with third-party designers

and procurement for efficiency, accuracy, material

management and waste reduction

Outcome

Our evolved house type range delivers:

• Flexibility across tenures – with simplified plotting

footprints and tenure transferability

• Customer choice and affordability – through extras

and incentives for personalisation

• Alignment with stakeholder expectations – for

inclusivity and sustainability

• Operational efficiency and supply chain resilience

– through standardisation and digital design

• Cost efficiency – with the new house types designed

to offset cost price inflation and future regulatory

change

By anticipating future statutory changes and

embedding sustainability at the core, we are not just

building homes, we are shaping the communities of

the future.

Image: Primrose Lodge, Goscote


OUR STRATEGY: PLACE


The journey to

net-zero homes

We are committed to delivering

high-quality new homes and

driving sustainable growth while

preparing for upcoming regulatory

changes and meeting the evolving

expectations of our customers.

Quality, comfort and affordability

remain at the heart of everything

we do.


OUR STRATEGY: PLACE


How we’re delivering

The transition to the Future Homes Standard

is already underway. All of our sites have

already adopted Phase 1 (FLOS), implementing

fabric-first solutions that lay the foundation for

the next stage of compliance. This approach

ensures that our homes are not only energy

efficient now but also ready for future

standards.

Innovation and collaboration are central to

our approach. We are actively participating

in national trials of low- and zero-carbon

homes through our partnerships with

academic institutions, such as Birmingham

City University, and direct engagement with

customers to allow us to ensure that our

solutions meet real-life needs.

Designing our new homes for an all-electric,

net-zero future is a key objective. We are

securing electrical connections and capacity,

designing homes to integrate low-carbon

technologies and smart controls, and

incorporating solutions that are supported

by strong supply chain agreements. This

approach ensures resilience and adaptability

as the energy landscape evolves. We have

developed flexible designs that meet planning

requirements and the potential challenges of

further regulatory change.

Customer engagement and training are an

important part of our strategy. For example, we

recognised that in order to get the best from a

new home built to the Future Homes Standard,

our customers needed to understand how to

live in them. At Gedling Green in Nottingham,

which was the UK’s first development built to

the Future Homes Standard, for open market

sale, we built a dedicated education suite in

our sales centre to enable us to demonstrate

the new technologies to our customers so they

were prepared to understand and enjoy the

benefits of their energy-efficient new homes.

Outcome

Our work to date means we are well positioned

to meet our customers’ expectations by

delivering the sustainable new homes and

communities of the future, while meeting the

requirements of the Future Homes Standard

and zero-carbon specifications.

Our homes at Gedling Green were designed

to provide affordable warmth and hot water

with reduced energy costs, targeting just over

£1,000 per year. Birmingham City University

are currently monitoring the performance

of all our homes, and our customers living

at Gedling Green have verbally reported

significantly reduced energy bills compared

with their previous experiences in similar-sized

properties.


OUR STRATEGY: PLACE


Driving innovation

with Modern

Methods of

Construction


OUR STRATEGY: PLACE


Overview

Modern Methods of Construction (MMC)

has potential to transform the way we

build our homes. MMC has potential to

accelerate production, address industry-wide

challenges such as an ageing workforce and

skills shortages, and reduce the embodied

carbon in our homes. By adopting design-formanufacture

principles, we aim to maximise

quality, improve site productivity and ensure

predictable costs – laying the ground for

increasing our uptake of MMC methods.

Our approach

• We established a network of suppliers

committed to innovation, consistency,

collaboration and standardised detailing

between all partners

• We worked closely with timber frame

manufacturers when developing our new

house type range, which supports both

traditional and timber frame construction

methods. This flexibility allows us to adapt

quickly to market and site conditions

• By incorporating standardised design

components into our house type range, we

have laid the foundation for increased use

of pre-manufactured elements and site

assembly techniques

• We have incorporated innovation into

multi-occupancy buildings. For apartment

projects like NorthBridge in Glasgow,

we introduced light gauge steel design

solutions, enhancing efficiency and

sustainability in apartment construction

Outcomes

Currently, 12% of our homes are built using

Modern Methods of Construction – either

timber frame or light gauge steel developed for

multi-occupational buildings. Where we have

adopted MMC, it has already delivered some

measurable benefits:

• Improved build efficiency and reduced

waste

• Greater flexibility in choosing build

methodologies and suppliers

• Alignment with stakeholder expectations

for modern, sustainable construction

practices

• Lower embodied carbon footprints,

supporting our environmental

commitments, according to design-led

calculations of a house type

Looking ahead – Our journey with MMC is

ongoing. By embedding innovation into our

design and delivery processes, we are creating

homes that are not only faster and more

efficient to build but also more sustainable for

future generations.


OUR STRATEGY: PLACE


Delivering

new homes for

Northstowe

– the UK’s newest town

in partnership with

Homes England and

Capital&Centric


OUR STRATEGY: PLACE


Background

Northstowe is the UK’s largest new town,

currently under construction, and the largest

residential scheme in northern Europe.

It is located on the site of the former RAF

Oakington World War II airbase, just 12 miles

north west of Cambridge. From 2010, the

site has remained derelict until development

started in 2015. The land is owned by Homes

England, who have invested c.£120m to date in

infrastructure, schools and amenity space, to

facilitate housing development.

Working in partnership with Homes England

and town centre partner Capital&Centric, we

will deliver up to 1,500 high-quality sustainable

new homes over c.12 years.

Our approach

In June 2024, we signed a collaboration

agreement with Homes England and Capital

&Centric to drive step change in the delivery

of Phase Two of the development. This is an

exclusive agreement to draw down a parcel of

land for development to accelerate the delivery

of the scheme. This unique partnership

agreement demonstrates the strength of our

working relationship with Homes England, our

track record of delivery and our current work

on site.

Our current live development, Stirling Fields,

is built to the Building for a Healthy Life

design code and underpins our placemaking

approach through our inclusive multi-tenure

offer, amenity and commercial space, and

investment in infrastructure and connectivity.

The development is close to completion and is

comprised of 300 new homes, including 121

for open market sale, 119 discounted market

sale, 60 affordable homes and one retail unit/

community space.

Outcome

• The creation of a sustainable new

community with up to 1,500 new homes

across multiple phases with identified

delivery partners

• Quality design, connectivity and amenities

• Zero-carbon-ready homes – c.80%

reduction in CO2 emissions and c.£900 per

plot to run

• A new town centre to be delivered by

Capital&Centric

• Public transport connections – 17 minutes

to Cambridge

Northstowe new town is intended to ease the

acute housing shortage in nearby Cambridge

and the surrounding areas. This large-scale

brownfield regeneration scheme is an

excellent example of great layout design and

partnership working in action. It extends over

540 hectares, with plans to deliver 10,000

new homes, c.1,800 of which will be delivered

by Keepmoat, schools, a new town centre,

two local centres, sports facilities and quality

amenity space.


OUR STRATEGY: PEOPLE


People

The success of our Partnership Model

is driven by our people, culture and ways

of working. Our aim is to be the employer

of choice in the housebuilding sector,

with access to the best talent, and for our

people to have the opportunity to thrive

in a healthy workplace where our culture

is aligned with our values.

As a business with ten regional offices, supported by divisional

management and central service functions, our success is

driven by the way we all work together to support our vision,

which is underpinned by our values and behaviours. Our

OneKeepmoat framework helps us to achieve consistent

operational excellence, through a joined-up way of working,

which helps us to build and maintain strong local development

and partnerships. Key to this is our shared dedication to our

Building Communities, Transforming Lives vision and our values:

Ambitious, Passionate, Collaborative and Straightforward.

By empowering our regional businesses to grow and thrive,

through strong regional decision making, budget control

and development of their own business plans, we have seen

considerable success in the land market.

KEEPMOAT.COM




Opening our

tenth region in

the South West

Building on our success in the

land market, in the South West,

we have now established a new

standalone regional operation,

based at our existing satellite

office in Bristol. This is a significant

milestone for the business and our

ambitious growth plans.

The South West business has a strong and growing

pipeline of live and future developments, providing

an excellent platform for the new region to further

expand our operation in the South West. The new

region extends from Tewkesbury in the North to

Exeter in the South and from Bristol in the West

to Swindon in the East. The experienced regional

leadership team are focused on delivering the

Keepmoat partnership approach in collaboration

with both existing and new partners.




Growing our

presence in

Scotland

Image: NorthBridge, Glasgow

We capitalised on a significant

market opportunity to expand

the footprint of our business in

Scotland. The strategic priority

was clear: leverage our proven

Partnership Model to deliver

multi-tenure developments,

secure quality land in key

locations, and build on our highperformance

culture that puts

customers at the heart of every

decision.

To achieve rapid growth in a competitive market,

we needed the right people in the right roles and

a disciplined approach to operations, to secure

the right quantity and quality of land in key

locations, delivering multi-tenure projects on

a capital-light basis.

Our approach

To achieve our goal of growing the business, we focused

on the following key priorities:

• Strengthening our leadership team

• Winning in the land market by actively competing for

prime sites and building on our strong reputation for

delivery and partnership

• Telling our story by raising the profile of our business

to share a clear and inspiring narrative about our

journey and vision for growth

Outcome

• Land acquisition – Secured 6 new sites in the past

12 months, set to deliver over 1,600 plots in

strategic locations

• Flagship development – Continued to work with our

local authority partners to replan and develop our

NorthBridge development in Glasgow and started

work on the next 2 phases

• Leadership strength – Built a stable, driven senior

team capable of leading through rapid growth

Looking ahead – With a strong foundation, a motivated

team and a clear strategy, we are excellently placed to

strengthen our position as one of Scotland’s leading

housebuilders – delivering quality homes, creating

thriving communities and driving sustainable growth.




Setting the standard

for customer

excellence in

Yorkshire East

Our high-performance culture and

commitment to delivering quality homes

for our customers, driven by the quality

of our people, helped our Yorkshire East

region to achieve an industry-leading

99% score in the HBF Customer

Satisfaction Survey, the benchmark for

excellence in the housebuilding industry.

Image: Edenhill Gardens Sales Office, Doncaster


OUR STRATEGY: PEOPLE | STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS

We have proudly maintained our 5-star status

for five consecutive years, and with the sixth

year on the horizon, our Yorkshire East region

has played a pivotal role in this achievement.

The industry’s criteria for star ratings have

evolved significantly. What began as a single

recommendation question now encompasses

a broader set of measures, including quality,

service and feedback from both the eight-week

and nine-month customer surveys.

Our approach

We implemented a rigorous quality inspection

process, designed to elevate standards

across every stage of the customer journey.

This process, combined with a culture of

empowerment, enables our teams to make the

right decisions at the right time and challenge

anything that doesn’t feel right.

Our Yorkshire East team embraced the

collective challenge, worked collaboratively

across disciplines, and maintained a focus on

delivering high-quality homes and exceptional

service. Building strong relationships both

internally and externally has been central to

their success, ensuring that every decision keeps

the customer at the heart of the process.

• Weekly on site project review meetings are

held in person, with an accountable member

from each department in attendance to

ensure that all identified issues have agreed

actions and timelines to be resolved. These

meetings place top priority on our customer

journey

• Our customer services teams also hold

weekly meetings to discuss and action all

customer issues. This helps us provide the

best possible service for our customers,

ensuring that we do the right thing in a fair

and transparent manner

Outcome

Yorkshire East achieved an industry-leading

99% recommend score for the HBF 2025 year.

Beyond the numbers, the region has cultivated

a stable, confident team with low attrition rates

and a shared commitment to transparency,

fairness and responsiveness. Their proactive

approach and dedication to doing the right

thing have created a culture where excellence

is not just an aspiration – it is the standard.

• Weekly sales/build meetings take a

customer-first approach. This ensures that

forecasts are realistic and we consistently

deliver high-quality homes. For example,

key topics for discussion include the level of

commitment required from all departments

to deliver customer excellence




Project

Connect

– empowering teams

and enhancing customer

experience through

a best-in-class CRM

system

Giving our people the right tools to help them

succeed in their roles is a key part of our strategy.

To improve the productivity of our sales, marketing

and customer care teams, we have invested in

a best-in-class Microsoft Dynamics customer

relationship management (CRM) system designed

to transform how we work and improve our

customer experience.




The challenge

As our business has grown, so has the

complexity of managing customer relationships.

Disconnected systems and manual processes

were slowing productivity and limiting our

ability to deliver a seamless experience. We

needed a solution that could support our teams,

streamline workflows and provide actionable

insights – all while putting the customer at the

heart of everything we do.

The solution

We implemented a leading CRM platform that

integrates sales, marketing and customer care

into one intuitive system. The implementation

will be complete by the end of the first quarter

of FY26. This investment will:

• Boost productivity: Automated tasks and

centralised data allow teams to focus on what

matters most – building relationships and

driving results

• Enhance collaboration: Shared dashboards

and real-time updates ensure everyone

works from the same source of truth

• Improve customer experience: With a

360-degree view of every customer, we can

anticipate needs, personalise interactions

and resolve issues faster

Outcome

Since its initial launch, the CRM system has

already delivered measurable benefits:

• Efficiency gains: Reduced administrative

time means more time spent with customers

• Data-driven decisions: Advanced analytics

empower smarter strategies and targeted

campaigns

• Customer satisfaction: Faster response

times and personalised service strengthen

trust and loyalty

Looking ahead – This investment is more than

a technology upgrade – it’s a commitment to

excellence. By equipping our teams with the

best tools, we’re creating an environment where

they can thrive and ensuring every customer

interaction reflects the quality and care we are

committed to delivering.

360°view

With a 360-degree view of every

customer, we can anticipate needs,

personalise interactions and

resolve issues faster




Investing

in our people

through our Senior Leadership

Development programme

To strengthen organisational resilience and

ensure a robust pipeline of future leaders,

we identified the need to improve senior

leadership capability.

The goal was to reduce reliance on costly external recruitment and

instead focus even harder on growing our own talent, supporting

succession planning and stability in a competitive labour market.

Our approach

We created our bespoke Senior Leadership

Development programme built around our

core values and leadership framework. This

programme was designed to be significantly

different from previous internal leadership

initiatives, offering a critically evaluated and

innovative learning experience.

Delivery combined internal expertise with

external specialists, ensuring a blend of

perspectives and best practices. A key

differentiator was the involvement of

Executive Board members and Directors

as mentors, providing strategic insight and

guidance throughout the programme.

Participants engaged in stretch assignments

and collaborative projects, driving

innovation and business change aligned with

organisational priorities. These challenges

were sponsored by Executive mentors,

ensuring real-life impact and clear commercial

objectives. Evaluation was embedded from the

outset, using ROI analysis, individual learning

logs, challenge assessments and reporting

mechanisms to meet external grant funding

requirements.

Implementation highlights

• Programme launched and delivered using

a mix of internal and external expertise

• Executive Board and Directors actively

involved as mentors

• Collaborative projects designed to deliver

measurable business improvements

• Robust evaluation framework established

to track outcomes and impact

Desired outcomes

• Greater stability and retention within

the senior leadership team, driving high

performance

• Improved collaboration across regions

and Group central services, reinforcing

the OneKeepmoat ethos and operational

excellence

• Stronger succession planning through

identification and development of internal

talent, reducing external recruitment costs

• Enhanced leadership capability in areas

such as performance management,

coaching, emotional intelligence and

high-performance culture




Addressing the

skills shortage

and training bricklayers

of the future

We are committed to playing our

part in tackling the construction

industry skills shortage through

sustained investment in

apprenticeships.

Our training hub at The Rise in Scotswood

continues to successfully deliver bricklaying

apprentice roles, and in 2026 we will launch an

exciting new multi-trade hub in partnership with

the NHBC at our Stirling Fields development in

Northstowe. This initiative will create further

opportunities to attract and develop new talent,

extending recruitment into other critical trades

such as groundworkers and joinery.




Our approach

• We recruit two to three bricklaying apprentice cohorts

annually, with scope to increase based on market conditions,

business growth and the rollout of multi-trade NHBC hubs

like Northstowe

• Our priority is to maintain and grow apprentice numbers in

the established northern regions, while gradually introducing

cohorts into the Midlands and southern regions over the next

12 months

• We work closely with training partners and our supply chain to

ensure apprentices receive high-quality hands-on experience

that accelerates their readiness for employment

• Investment in multi-trade hubs will broaden opportunities

beyond bricklaying, supporting a pipeline of skilled trades for

the future

Outcome

• 22 apprentices have successfully completed accelerated

training at the hub, achieving a level 2 qualification which

includes practical, professional discussion and knowledge

assessments

• Nine out of ten qualified apprentices have secured

employment with Keepmoat, with our supply chain, or as

self-employed professionals – a conversion rate more than

double the traditional college-based apprenticeship success

rate

• The upcoming Northstowe multi-trade hub will expand

opportunities for bricklaying and introduce new

pathways for groundworking and joinery apprenticeships,

strengthening the industry talent pool

• These initiatives position us as a leader in addressing skills

shortages and building a sustainable workforce for the

future of homebuilding

22

apprentices

have successfully completed

accelerated training at the hub




Addressing the

skills shortage

and giving ex-offenders

a second chance –

Prison Hub Bricklaying

Academy

At Keepmoat we believe that

everyone deserves a second

chance. We also recognised that

there was potentially an untapped

talent pool in prisons among

offenders who are approaching

release.

To make the most of this opportunity, we

launched our first Prison Bricklaying Academy

in collaboration with HMP Moorland, providing

practical training for ex-offenders seeking a career

in homebuilding post-release. This industryfirst

initiative offers ex-offenders meaningful

opportunities for employment post-release.

Our approach

While we are unable to go into prisons and train the

offenders ourselves, we have invested and ensured that

the right resources are in place to support the scheme.

We have:

• Invested expertise, materials and resources into

the Bricklaying Academy and other prison industry

programmes to create future employment pathways

• Collaborated with multiple prisons and a specialist

temporary labour recruitment partner to scale

the model and increase post-release employment

opportunities

• Provided employability support, careers advice and

awareness sessions to ex-offenders nearing release,

in partnership with HMP services

Looking ahead – Following the success of the pilot

scheme, we have plans to expand and replicate this

groundbreaking initiative in our other operating

regions. In line with our ethos of partnership working

and commitment to delivering social value, we are

leading the way by working with HMP services across

the Yorkshire, North East and North West regions,

supporting reintegration into society and helping to

reduce reoffending. Our aim is to:

• Increase the number of ex-offenders entering the

homebuilding industry with bricklaying skills and

qualifications

• Drive social value by enabling more ex-offenders to

secure temporary labour roles with Keepmoat or its

supply chain through a new recruitment partnership

• Strengthen industry resilience by addressing skills

shortages while supporting reintegration and

reducing reoffending

• Work with HMP and recruitment partners

to improve tracking of employment outcomes

post-release




Building a talent

pipeline

– work experience, trainees,

apprentices and graduates

To build our talent pipeline, we invest in

career pathways to showcase the many

and varied opportunities that are available

in the housebuilding and construction

industries.




Through work experience, traineeships, apprenticeships and graduate programmes, we are not

only building the future workforce of our business but also creating lasting social value in the

communities we serve.

This initiative reflects our commitment to inclusivity, skills development and long-term growth,

ensuring that homebuilding remains an attractive, accessible and rewarding career choice. It also

helps us develop and retain our own talent and plays an important role in helping to address skills

gaps and the ageing workforce in the sector.

Our approach

• The delivery of a credible two-year Land

& Partnerships Graduate programme, now

in its third year, securing our future pipeline

through high-calibre talent

• Maintaining Gold Status in The 5% Club for

the fifth consecutive year, reinforcing our

commitment to “earn and learn” roles across

office and trade positions

• Active representation on the National

Skills Sector Plan led by the Home Builders

Federation, supporting initiatives such as

Women into Homebuilding, Partner

a College and ex-offender recruitment

• Expanding work experience and T Level

placements as a foundation for long-term

careers, creating a cost-neutral talent

pipeline for apprentices, trainees and

graduates

Outcome

• Success stories showcasing resilience and

progression, including individuals from

neurodiverse and challenging backgrounds

who now mentor others

• Retention and promotion rates:

o 75% from the 2023–25 graduate

programme

o 100% retention after one year for the

2024–26 cohort

• Increased bricklaying apprenticeships

across five regions, with 15 currently at the

Training Hub and an anticipated 80–90%

employment rate post-training

• Social value ROI research evidencing

improved confidence, resilience and job

satisfaction among apprentices, with further

research planned for current cohorts

• Five T Level candidates currently placed in

the North West and Yorkshire regions, with

growing interest in commercial, technical and

land roles




KeepWell

– creating a healthy workplace

where everyone feels valued

KeepWell is a cornerstone of our People

and Culture Strategy, designed to create

a healthy, supportive workplace where

every individual feels valued.

It forms an integral part of our Employee Value Proposition

(EVP), enhancing the overall employee experience by creating

a safe and inclusive environment. With a holistic approach to

wellbeing, covering physical, mental, emotional and social needs,

KeepWell seeks to address key topics such as mental health and

musculoskeletal issues.




Through focused interventions and

measurable outcomes, we aim to reduce

absence, lost days and associated costs,

delivering sustainable improvements and a

strong return on investment for the business.

• Clear identity and purpose: KeepWell, part

of our Wellness Strategy, focuses on the

health and wellbeing of our people

• Targeted focus: It prioritises key areas

such as mental health (stress, anxiety,

depression) and musculoskeletal health,

aiming to reduce incidents, lost days and

associated costs

• Data-driven interventions: It implements

measurable actions to achieve year-on-year

improvements and deliver strong ROI

Our approach

• Leadership and advocacy: Championed

by our Group HR Director and supported

by nine regional wellbeing champions and

trained mental health first aiders (MHFA)

• Structured plan: Annual calendar aligned

with key themes and awareness days,

enhanced by partnerships with Lighthouse

Charity, Andy’s Man Club and other expert

providers

• Continuous communication: Multi-channel

updates via Teams, regional and Group

huddles, weekly posts and interactive Lunch

& Learn sessions to raise awareness and

build knowledge

• Upskilling and support: Training for

managers and MHFA, clear absence

processes, toolkits and extended services

to equip people and strengthen resilience

• Responsive and measurable: Objectives

set against identified concerns, ensuring

accountability and progress tracking

Progress and impact

• Strong foundations in FY25: Wellness

Strategy approved by the Executive Board,

brand identity established, and KeepWell

embedded across the business

• Expanded support network: 76 mental

health first aiders active across ten regions,

supported by wellbeing champions and

advocates

• Engagement and awareness: Delivered

themed Lunch & Learns on mental health,

financial wellbeing, neurodiversity and

menopause; site visits with Lighthouse

Charity and Andy’s Man Club for

operational teams

• Inclusive forums: Neurodiversity and

menopause working groups created to

develop guidance and resources

• Momentum for FY26: Building on learnings

to set sharper targets and measure ROI


CHIEF FINANCIAL OFFICER’S REVIEW


Image: Marble Square, Derby

Chief Financial

Officer’s Review




Chief Financial

Officer’s

Review

The housebuilding sector has continued to face a challenging

backdrop, with inflationary pressures and mortgage rates

continuing to challenge affordability for private buyers. Despite

these conditions, the Group has delivered a solid operational

and financial performance for the year ended 31 October 2025

(FY25), reflecting the resilience and adaptability of our business

model.

A key driver of performance during the year has been our

outlet opening trajectory, which has been limited by two key

factors; firstly, a deliberate and conservative slowdown in land

acquisition in the post COVID period as inflation increased,

driving market uncertainty, which was compounded in late 2022

by the step up in interest rates; and secondly, the extension of

planning timelines through this period. This has meant that we

operated on fewer outlets in FY25 than in previous years. While

we are now increasing our land pipeline, and are seeing some

improvement in the planning system, the delay in approvals has

constrained the number of homes sold in the year.

Our flexible, multi-tenure Partnership Model has enabled us

to respond effectively to evolving market dynamics. We have

maintained a high proportion of our total homes sold delivered

to our Registered Provider and Private Rental Sector partners

through multi-unit transactions across all regions. This has

enabled us to maintain strong levels of output from all our open

outlets and reinforced our position as a trusted delivery partner.

While the wider market environment continues to impact

consumer confidence and private buyer activity levels,

which remain below normal market level, our homes remain

attractively priced for first-time buyers and continue to be

offered below the average new build selling prices in the regions

in which we operate. This continued affordability underpins

demand for our product and supports our long-term growth

ambitions.

Looking forward, we remain focused on increasing our

land pipeline and are confident in the opportunities in the

current land market, with a clear drive to secure high-quality,

strategically located sites that will underpin future delivery

and sustainable returns. Alongside this, accelerating outlet

openings remains a priority, as this will be critical to unlocking

growth in homes sold and driving volume progression over

the medium term. Our strong balance sheet and disciplined

investment approach provide a solid foundation from which to

grow our pipeline of land and mean that we are well positioned

to capitalise on emerging opportunities as market conditions

improve.

The strength of our Partnership Model and our proactive

approach to investment leave the Group well placed to continue

delivering high-quality, affordable homes across our regions,

supporting communities and driving long-term value creation.

Financial performance

Revenue for the year was £732.8m (2024: £764.0m), a decrease

of 4.1% driven by an 11.1% decrease in the number of homes

sold and a 8.1% increase in average selling price (ASP). The

continued lower activity levels from private buyers in the year

was mitigated through our multi-tenure Partnership Model,

with the Group delivering 671 (2024: 847) completions to

Registered Providers and to the Private Rented Sector through

elective, multi-unit deals contracted for in the year. Sales prices

have remained flat as affordability pressures persist, while build

cost inflation and ongoing labour and regulatory costs continue

to constrain margins. Closing cash and cash equivalents of

£131.0m places the Group in a strong financial position to invest

for growth in the medium term.

Homes sold a in the year were 3,124, a decrease of 11.1% on the

prior year (2024: 3,516 homes) reflecting the lower number of

outlets in the year. Average selling prices increased by 8.3% to

£235k (2024: £217k) during the year, reflecting the effect of mix

across tenure and sites.

Our delivery to Registered Providers (including elective deals)

made up 40.4% of the Group’s volume (2024: 48.4%) with our

delivery to the PRS sector increasing from 2.5% of 2024 volume

to 9.0% in 2025, reflecting the focus on our mixed tenure

partnership model and providing resilience in the medium term.

Gross Profit for the Group decreased by 1.1% to £136.5m

(2024: £138.2m). The Group’s Gross margin b increased to

18.6% (2024: 18.1%), primarily due to mix effects, as selling

prices remained stable, whilst build cost inflation continued

throughout the year, albeit at a lower rate than in 2024.

Operating profit remained consistent at £57.1m (2024: £65.9m),

with Adjusted EBIT c being lower in the year at £60.9m (2024:

£70.5m) at an Adjusted EBIT margin of 8.3% (2024: 9.2%),

primarily due to higher staff costs reflecting wage inflation and

the increase in NIC rates.

Net financing costs at £12.2m were £0.3m higher than the

prior year, reflecting primarily a higher unwind of discount on

deferred land payments. As a result, the Group delivered a profit

before tax for the year of £44.9m (2024: £54.0m).

(a)

(b)

(c)

(d)

For private homes, this is the number of legal completions during the period.

For Registered Provider homes, this represents the equivalent number of

units sold, based on the proportion of work completed under a contract

during the period

Gross margin represents Gross Profit divided by Revenue

Adjusted EBIT is earnings before interest, tax, amortisation and impairment

of acquisition intangible assets and share based payment charges (a

reconciliation of operating profit to Adjusted EBIT is provided in note 5)

Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation,

impairment and share based payment charges (a reconciliation of operating

profit to adjusted EBITDA is provided in note 5)




Financial position

At 31 October 2025, the Group had net assets of £561.2m

(2024: £520.7m), an increase of 7.7%.

Inventories have increased by 8.0% to £587.0m (2024:

£543.3m). Land inventory represents approximately forty-two

per-cent of the inventory balance (2024: approximately fortyfive).

The Group ended the year with cash of £131.0m (2024:

£148.9m).

The Group was cash negative, with cash outflow from operating

activities before tax of £9.5m (2024: inflow of £2.0m) after

investing £74.1m in working capital in the year (2024: investing

£72.0m in working capital). Net cash outflow from financing

activities was £5.0m (2024: outflow of £4.0m).

The Group has facilities which include £275.0m, 6% Senior

Secured Notes due October 2027, which were fully drawn in

October 2021. In addition, the Group has a £70.0m revolving

credit facility maturing in April 2027 which was undrawn at 31

October 2025.

Finance expense and taxation

Financing costs were £12.4m (2024: £12.0m) leading to a cash

outflow of £0.7m (2024: £nil). The charge includes non-cash

amounts of £10.2m (2024: £9.7m) in respect of the unwind of

discount on deferred land payments.

The total tax charge for the year was £7.9m (2024: charge of

£8.7m) and was made up of a current tax charge of £7.8m and

a deferred tax charge of £0.1m.

Working capital

The amount of working capital required to service the Group’s

operations is closely monitored and controlled and forms a

key part of the management information reviewed on a daily,

weekly and monthly basis. Current assets mainly comprise trade

receivables, work in progress and land held for the development

of housing through partnership schemes. As the Group’s

trade receivables relate mainly to public sector and Housing

Association clients, there is no significant history of bad or

doubtful debts.

Performance bond facilities

The Group, like most developers, may in some cases rely on

the use of performance bonds issued by surety companies to

our clients. The directors are pleased to report that the Group

has adequate performance bonding lines in place with surety

companies to meet the Group’s growth plans.

Land pipeline

At 31 October 2025, the number of planned future completions

within our land pipeline, including sites where we have been

appointed as preferred developer, was over 28,800, increasing

from 24,400 at the start of the year, representing approximately

9 years of delivery at current volumes, providing significant

forward visibility for the Group.

Mark Dilley

Chief Financial Officer – Keepmoat Group

In order to provide clearer visibility of the underlying performance of the

Group, the Board elect to measure profits on an adjusted basis alongside

other key KPIs as follows:

Year ended

31 October

2025

Year ended

31 October

2024

£m £m

Revenue 732.8 764.0

Gross Profit 136.5 138.2

Adjusted EBITDA (d) 65.4 74.5

Adjusted EBIT (c) 60.9 70.5

Operating Profit 57.1 65.9

Profit Before Tax 44.9 54.0

Operating Cash Flows (14.5) (10.0)

Homes sold (a) 3,124 3,516


NON-FINANCIAL AND SUSTAINABILITY

INFORMATION STATEMENT


Image: Beaconsfield Park, Cramlington

Non-financial and

Sustainability

Information Statement

KEEPMOAT.COM





SCHOOL

Sustainability

strategy

PEOPLE

BUILDING

COMMUNITIES

TRANSFORMING

LIVES

LIVING

Our Sustainability Roadmap provides

a pathway over the short, medium

and long term to realising our

Building Communities, Transforming

Lives vision. It is based around three

themes – People, Living and Building

Launched in 2023, the Roadmap was based on a

robust materiality exercise consisting of 38 internal

and external interviews to identify key issues which

were then prioritised by our Executive Committee for

importance to the business and our stakeholders.

BUILDING

During this year, we’ve made progress against the following areas of the Roadmap.

PEOPLE

• Created plans and

storyboards for ‘top tips

for trades’ to deliver the

anticipated Future Homes

Standard efficiently

LIVING

• Assessed the affordability

ratios of our homes

compared to regional

averages, presenting

findings to colleagues

• Developed a Sustainable

Places Model to define our

approach to placemaking

BUILDING

• Learned from trials of

innovative sustainability

studies including a solar

PV assisted generator,

customer home move

waste solution and

calculator to monitor

groundworker carbon

emissions at a project level

KEEPMOAT.COM




Nonfinancial

and

Sustainability

Information

Statement

Reporting requirement Description of policies and standards Risk management and

additional information

Environmental matters

Employees


Policies:

• Sustainability Policy

• Environment Policy

• Sustainable Procurement Policy

Most relevant principal risk:

Climate change and sustainability

Policies:

• Operating entities health and safety policy

statement

• Recruitment Privacy Policy

Most relevant principal risk:

People

Pages: 64, 66

Page: 91

Page: 90

Keepmoat recognises that non-financial issues can have

an important impact on principal business risks. These nonfinancial

matters are governed through the business’s policy

framework and management activities that are described

throughout the strategic section of this Annual Report.

The table on the right summarises non-financial themes

identified in 414CA and 414CB of the Companies Act 2006

and sets out relevant policies, standards and management

information, and connectivity with the principal risk register.

Social matters

Respect for human rights

Policies:

• Sustainability Policy

Most relevant principal risks:

Climate change and sustainability

Policies:

• Modern Slavery Act Transparency

Statement and Policy

• Data Protection Policy

• Sustainable Procurement Policy


Legal and Regulatory Compliance

Pages: 64, 66

Page: 91

Page: 79

Page: 91

Anti-corruption and bribery matters

Policies:

• Anti-bribery and corruption policy

• Anti Money Laundering Policy

• Whistleblowing Policy


Legal and Regulatory Compliance

Page: 79

Page: 91

Principal Risks and impact of business activity Pages: 83-91

Business model Pages: 8, 15-18, 23-59

Non-financial Key Performance Indicators Pages: 74-75, 138-139




Our business and climate change

This section of the report discloses our processes for

governance and management of climate issues in line with

Companies (Strategic Report) (Climate-related Financial

Disclosure) Regulations 2022, drawing on the

recommendations of the Taskforce for Climate-related

Financial Disclosures (TCFD).


TCFD Theme Compliance theme Further information

Governance

Board oversight

Pages: 66-68

Management role

Strategy

Describe the risks and opportunities

Impact on organisation

Resilience of strategy

Pages: 70-71

Risk management

Metrics and targets

Risk identification

Risk management processes

Integration into risk management processes

Climate-related metrics

Carbon emission metrics

Climate targets

Pages: 67-71, 91

Pages: 72, 74-75

Governance

Identification, governance and management of risk flows

through from central service functions up to the Board. Climate

risks identified as part of our climate change and sustainability

principal risk follow this same process, as do climate risk

implications for any other principal risks.

Further detail relating to the involvement of governance and

management in climate-related issues is described in the table

on the right.

Climate role Governance Role in climate risk

Governance Board Climate discussion frequency: As matters arise

Governance

Executive

Committee

The Directors meet 10 times a year. Climate-related matters from the

Executive Committee are shared with the Board as required, as with other

matters of strategic significance.

Climate discussion frequency: As matters arise

Climate-related issues are discussed as required at the Executive

Committee, with the Sustainability Director invited to attend.

Executive

Sponsorship

Management

Group Land and

Partnerships

Director

Executive

Committee

Climate discussion frequency: Quarterly

The Group Land and Partnerships Director is the named sponsor of our

climate change and sustainability principal risk and is responsible for

ensuring the correct mitigations are in place for this risk.

Climate discussion frequency: As matters arise

The Executive Committee are assigned principal risks which relate to their

accountability areas. As outlined above, climate change may have an impact

on any of these principal risks in addition to the principal risk of climate

change and sustainability.





How we identify significant

climate risks

Keepmoat’s significant climate change risks are identified by

understanding whether our principal risks are likely to change in

severity under climate change scenarios with higher transitional

or physical profiles in terms of magnitude or frequency.

The outcome is a set of climate risks and opportunities which

feed into our high-level sustainability and climate change

principal risk. We can also relate these to other principal risks

which have potential to be impacted by climate change and

mitigation of it.

Principal Risk

Register

ESG materiality

process

Environmental

management

system

CAPEX / land

approval

Principal risks are described on pages 86-91 of this report. “Climate change and sustainability”

is one such risk and is integrated into the business’s highest level risk monitoring process.

Management

Each principal risk identified in the corporate risk register has a mitigation plan against it, closely

monitored by the Executive Committee.

A robust ESG materiality process was carried out in FY23 by a third-party consultant taking into

account interviews, desktop research and Executive Committee workshops. This was used to

identify a matrix of the most important “material” ESG issues, including climate-related issues.

Management

The materiality findings provide the underlying detail to our ESG and climate change principal risk.

Mitigation is in the form of our Sustainability Roadmap – a strategy to address the materiality

findings.

Keepmoat’s ISO 14001:2015 certified environmental management system applies a Context

of the Organisation and Interested Parties Assessment every three years. Internal stakeholders

are consulted to identify key environmental risks and opportunities on which to focus. Legal and

regulatory considerations are added to populate a risk register. Significant risks are escalated to the

corporate risk register as part of an annual process.

Management

Mitigations for risks identified in the environmental management system process are factored into

the management system, introduced via the cascade process and colleague training. This is backed

by site inspections from health and safety managers and environmental advisors.

Climate-related risk that could impact development viability is included in a robust risk assessment

submitted to the “CAPEX” (Land Approvals Committee), before land purchases are approved.

Management

Management of risks identified within the land approvals process is conducted via requests for

the submitting region to amend and resubmit a land purchase proposal.





Climate change is discussed in relation to these aspects

of governance oversight.

Climate consideration

Reviewing and guiding strategy

Plans of action

Risk Management Policies

Annual budgets

Business plans

Setting objectives and managing

performance

Monitoring and overseeing goals

and targets

Example

The relationship of ESG material issues, including climate-related issues and how

these relate to the Group’s strategy were discussed at multiple committee meetings.

An ambitious Sustainability Roadmap Action Plan covering transition and physical

climate-related themes was shared and discussed at multiple committee meetings.

Our Net Zero 2045 Plan was published in December 2024.

Climate risk forms an important part of the business's Environment and Sustainability

Policies. Changes to formal Company policies are approved by the Executive

Committee.

Climate change financial impacts are likely to become material only if they impact

a sizeable proportion of our housing developments where our business operations

take place. Financial implications of mitigating physical climate impacts and reducing

carbon emissions are both estimated and costed by our Regional level Commercial

Teams, then aggregated into Regional and Central financial planning processes.

Climate change and sustainability has formed a substantial part of Company business

planning documents that have been discussed by the Executive Team.

Business performance objectives on climate change have been set out in the

Sustainability Roadmap, discussed by the Executive Committee. Each Roadmap

action has an Executive member sponsor. Carbon emissions are reported to the

Board monthly as part of Sustainability Board reports.

Science-based carbon emission targets were discussed and agreed with the Executive

Committee in FY23 for submission to the Science-Based Targets Initiative and were

verified in FY24. Progress updates on carbon and the Sustainability Roadmap are

delivered at the Executive Committee.





The physical impacts of climate change and implications

of moving to a low carbon economy are changeable over time

and are therefore an important consideration in understanding

climate risks and opportunities and how to manage them.

The level of international ambition over reducing carbon

and mitigating climate impacts also has a high level of influence

on what will take place in the years ahead. On the right we

outline how we understand these processes impacting on

our climate strategy. We have opted to use the Network for

Greening the Financial System (NGFS) climate scenarios, which

we believe allow for the best comparability with industry

peers and, due to the relative simplicity of the scenarios, aid a

transparent disclosure.

Time horizon Length Rationale

Short term 1-3 years Business timeframes:

• Encompasses mainstream Keepmoat financial forecasting

timeframes

Contextual timeframes:

• Future Homes Standard implementation – the defining low

carbon regulation for our industry

Medium term 4-9 years Business timeframes:

• Sustainability Roadmap

• Carbon target commitments


• Science requires considerable carbon reduction progress

to safeguard against severe climate impacts within this time

period

• Changes to weather patterns and indication

Long term 10-22 years Business timeframes:

• Long-term and net zero carbon target commitments


• Significant to extremely severe physical climate impacts and

social implications depending on scenarios

Scenario Description Characterisation

Orderly

Disorderly

Hothouse Earth

This scenario assumes a strong, consistent

global effort to reduce carbon emissions

and limit global heating to below 2°C.

This scenario assumes that climate action is

delayed until around 2030, at which point

there is a renewed effort to combat the

issue at great speed and with less available

technology. Global heating is limited to

below 2°C.

This scenario assumes a breakdown in

international carbon reduction agreements

resulting in 3°C of global heating or more.

The implications for this are high short- and

medium-term transitional risks, i.e. through

legislation and taxation. Physical risks in the

long-term exist but are limited.

This could result in very high medium-term

transitional risk, but less transitional risk

in the short term. It would result in some

greater short- and medium-term physical

risk implications.

This scenario would see very little

transitional risk but considerably higher

physical risk than other scenarios

particularly in the medium and long term.





Climate risks and opportunities

Informing our climate risk register has been consideration

of the following strategic risk areas and the potential largest

implications based on the time horizons and potential scenario

options described on page 69. The business has a high level of

awareness of these considerations and therefore considers

them to be integrated into business planning to the extent that

the risks related to each of these scenarios would be expected to

arise over the medium-term business planning horizon. As such,

Keepmoat sees no material risk to the viability of our business

model resulting from these strategic considerations.

Risk Theme Significance

(high/med/low)

a. Availability of

materials

Acute or chronic

weather conditions

could impact raw

material availability.

Supply chain/

value chain

Likelihood: High

Magnitude:

Medium

Highest impact

scenario(s)

Hothouse Earth

Management

Engagement with suppliers over

required products, and use of

strategic supplier frameworks

with regular catchups, provide

early warning of availability issues

which can then be mitigated

through protection of supply

due to supply chain loyalty, and

early warning of need to diversify

supply if required in advance of

the market.

The business has increased

supply chain visibility by joining

the Achilles supply chain auditing

network.

b. Demand for low

carbon materials

and technology

impacts costs

Supply chain/

value chain

Likelihood: High

Magnitude:

Medium

Orderly

Disorderly

Analysis of house type embodied

carbon profiles.

Progression of scope 3 Category 1

reporting to include quantities and

carbon factors for key materials.

c. High energy

costs due to

market fluctuation

and carbon pricing

Increasing energy

costs due to

demand, supply

and carbon pricing.

Operations

Likelihood: High

Magnitude: Low

Orderly

Disorderly

Fuel reduction initiatives included

in environmental management

systems and training processes,

as well as in the Net Zero 2045

Plan and sustainability strategy.

Initiatives include: regional

league tables on telehandler and

generator efficiency and hire

lengths. Telehandler efficient

driving training video, adoption of

JCB Livelink telematics portal for

immediate driving efficiency data.

Minimum generator specification

(batteries to be used for

>8 week 60KVA hires).

See SECR disclosure.





Risk Theme Significance

(high/med/low)

Highest impact

scenario(s)

Management

d. Changes to

home specification

due to building

regulations

and planning

requirements

Products and

services

Likelihood: High

Magnitude: High

Orderly

Disorderly

Design routes to achieve actual

and anticipated low carbon

performance in the most efficient

way have been developed and

costed.

Increasing build

cost due to

requirements of

low carbon build

methods and

technology.

e. Trades “green

skills” shortages

Risk to build

programmes or

delay to customer

handover.

Operations

Likelihood: High

Magnitude: High

Orderly

Disorderly

Keepmoat is a partner of the

Supply Chain Sustainability

School, which aims to upskill

the construction supply chain in

sustainability skills.

f. Increased cost

of environmental

pollution risk

mitigation

Due to impact of

weather extremes

on construction

sites.

Operations

Adaptation and

mitigation

Likelihood: High

Magnitude: Low

Hothouse Earth

More advanced, frequent or

substantial use of pollution

mitigation techniques – e.g. gully

bags, silt fencing, road sweepers

with damping.





Climate metrics and targets

The following carbon emission targets were verified by the

Science-Based Targets Initiative (SBTi) in February 2024

in accordance with our public commitment to do so.

-51% scope 1+2

by 2032

-59% scope 3 per

m²

by 2032

Net zero by 2045

-90% scope 1+2

by 2045

-97% scope 3 per

m²

by 2045

All the above targets are based on a market-based approach to scope 2, and from an FY22 base year.

Scope Base year (FY22) Current year (FY25) % change base year to

current year

1+2 (tonnes CO2e) 3,807 2,799 -26%

3 (tonnes CO2e/m 2 build) 0.81 0.71 -12%




Carbon reduction plan

To establish the practical possibilities of meeting science-based

targets, we modelled carbon reduction pathways for scope

1, scope 2 and scope 3, using the initiatives outlined in the

summary on the right, based upon a market-based approach.

For more detailed information, a Net Zero 2045 Plan is available

on the sustainability pages of our website.

Scope Top contributing factors Reduction initiatives

Scope 1

(“fuel we burn”)

• Site diesel

• Business travel by company car

• Plot gas


• Hybrid generators with battery pack assistance

• Telehandler Stage V engines

• Telehandler driver training

• Hydrotreated vegetable oil (HVO)

• Future Homes Standard

• Availability of electric vehicles on company car fleet

Scope 2

(“electricity we

purchase”)

Scope 3

(“emissions in our

value chain outside

direct control”)

• Not material for market-based

approaches due to tariff choice

but considered for energy and

cost saving potential and locationbased

carbon emission impact

• Purchased goods and services

• Homes in use over their lifetime

• Purchased electricity is on renewable tariffs

• Office energy audits

• Supply chain engagement

• Purchase of low carbon materials

• Future Homes Standard




Scope 3 methodology improvements

Until this reporting period, Keepmoat’s scope 3 purchased

goods and services emissions used an entirely spend-based

approach. This works through multiplying spend with suppliers

by a carbon emission factor relevant to the activities of that

supplier. In FY25, we obtained quantities information for

selected construction materials that we order in high volume

and that are likely to have a substantial lifecycle carbon impact,

requesting supplier specific carbon data on these products with

Environmental Product Declarations the preferred course.

The improved methodology is reflected in FY25 reporting

on the right.

The chart on the right shows the proportion of spend for which

we have improved carbon data.


FY23 FY24 FY25

Carbon emission reporting: scope 3 breakdown

Purchased goods and services (spend-based method) 170,087 161,897 155,991

Purchased goods and services (hybrid-based method) ^ ^ 150,458

Use of sold products over their lifetime 97,106 68,818 42,838

Scope 3 (other categories) 8 14,371 12,413 11,637

Total scope 3 across all categories 281,564 243,128 204,933 9

Scope 3 intensity (tC02e per m 2 ) 0.81 0.92 0.73 10

Climate reporting: other key metrics

Homes with an EPC score of A (%) (Opportunity a.) 2 10 39

Homes with an EPC score of B or above (%) (Opportunity a.) 99 99 97

Tonnes of construction waste per 100m² completed build

area (Risk a.)

8.86 8.17 6.62

PGS spend with quantities-based carbon calculation (%) ^ ^ 7.8

^ New metric not previously reported on

(8)

Relevant categories according to GHG Protocol Scope 3 Guidance. Cat 1, 3, 5, 6, 7, 8, 11, 12

(9)

Using hybrid method of calculating Purchased Goods and Services

(10)

Using hybrid method of calculating Purchased Goods and Services




Carbon emission reporting: Streamlined

Energy and Carbon Reporting (SECR)

The table on the right shows the energy usage and carbon

emissions for the Group in line with the Streamlined Energy

and Carbon Reporting (SECR) requirements. All energy and

carbon emissions originate in the UK. Our carbon emissions are

calculated in accordance with the Greenhouse Gas Protocol –

a Corporate Accounting and Reporting Standard. The Group

reports location-based and market-based scope 2 electricity

data. Market-based data is based on the emissions from

electricity purchased by the Group. Location-based uses the

average emissions intensity of the UK electricity grid. Purchased

renewable sources of electricity used on our sites is supported

by tariffs which use Renewable Energy Guarantees of Origin

(REGO) certificates.

Keepmoat uses the Operational Control Model for carbon accounting and includes all the emissions from Joint

Ventures where the Group’s interest is 50% or more in our carbon footprint. Information for scopes 1 and 2:

FY23 FY24 FY25

Scope 1 (tC02e) 3,704 3,412 2,799

Scope 2 (location based) (tC02e) 509 536 486

Scope 2 (market based) (tC02e) 7 - -

Scope 3 business travel by car (tC02e) 785 657 520

Scope 1, 2 and 3 business travel by car (market based) (tC02e) 4,496 4,069 3,319

Scope 1, 2 and 3 business travel by car (tC02e per 100m²

completed build area)


1.30 1.54 1.16

Total energy consumption (1,000 kWh) 22,641 20,401 19,221

The material aspects of scope 1 are sourced from invoices,

meter readings and mileage claims data and converted using

DEFRA carbon conversion factors. Scope 3 purchased goods

and services are calculated using a hybrid method of spend and

quantities information. Scope 3 use of sold product emissions

are calculated using estimated carbon emissions per m²

obtained from Energy Performance Certificates on the homes

we build over a 60-year period with predictions made over grid

decarbonisation.

Restatement of FY23 & FY24

As part of internal reviews, the basis on which the Scope 1, 2

and 3 business travel by car (market based) (tCO2e per 100m²

completed build area) has been calculated has been amended

to include the build area in progress. This has resulted in changes

to the previously reported FY23 and FY24 metrics.





As part of SECR, businesses are requested to provide narrative

on energy saving actions which took place during the year.

Cleaning air conditioning filters in our headquarters data room

was actioned in July 2024 after an energy saving audit and is

estimated to continue to save 17,746 kWh in FY25. A planned

Energy Saving and Opportunities Scheme (ESOS) action to

install solar PV panels on the headquarters roof has been

prepared and agreed, though installation is delayed until FY26

due to contractor availability for preliminary roof works.

In October a driving efficiency video was rolled out to

telehandler operators via our construction training system,

following an idling league table and long-hire generator league

table earlier in the year enabling our regions to compare their

carbon and diesel performance on a quarterly basis. This is

likely to have partly aided the 17.8% scope 1 carbon reduction

between FY24 and FY25 alongside a fall in production between

these years. A reduction in carbon intensity is suggestive of

carbon reduction impacts which exceed the fall in production.

Our performance

In FY25 the Future Homes Hub created a framework of New

Homes Environmental Metrics to create better alignment in the

ESG reporting of the housebuilding industry. Refer to Appendix

B on pages 138 to 139.


CORPORATE GOVERNANCE


Image: The Orchards, Batley

Corporate

Governance

KEEPMOAT.COM


CORPORATE GOVERNANCE


Corporate

Governance

The Directors and Executive Team recognise the

importance of good corporate governance and operate

a governance framework in a manner that reflects the

size, risks and complexities of the business.

The Directors and Executive Team are considered to

have oversight of the Company and are responsible

for its long-term success. Together, they set the

Group’s long-term strategic aims and objectives, key

management decisions and financial reporting, as

well as approving significant expenditure and land

acquisition over a certain level.

Examples of the key decisions made up to and including

31 October 2025 are as follows:

Topic

Financial and risk

Controls and governance

Strategy

People and employee

engagement

Sustainability

Key activities

Approved:

• The Annual Report and Accounts ending 31 October 2024

• The appointment of a new auditor, Ernst & Young, following a tender exercise

• The Group’s tax strategy

• The Group’s insurance policies, including an increase to cyber insurance cover

• The budget and plan for financial year ending 31 October 2026 and the medium-term

targets for October 2027 and October 2028

• The Group’s Enterprise Risk register

• The Group’s liquidity and cash position

Reviewed monthly business and trading updates.

Monitored the impact of the Building Safety Self Remediation terms in England and the

progress in Scotland.

Approved:

• Capital allocations in year

• Land acquisitions

• Multi-site portfolio disposals in year

Reviewed and approved a framework of policies and procedures to ensure compliance

with the Economic Crime and Corporate Transparency Act, including a colleague code of

conduct, supplier code of conduct and a consolidated economic crime risk assessment.

Reviewed legal and regulatory updates.

Undertook an annual review of the business plans for the Group.

Increased interaction with Government and local government to enhance understanding of

Keepmoat and brownfield regeneration.

Undertook a review via the Executive Directors of the Employee Engagement Survey.

Reviewed the Executive Committee and appointed:

• Ian Hoad as Chief Executive Officer following the resignation of Tim Beale

• Dan Crew as a new Divisional Chair

• Karl Wiseman as a replacement Group Production Director following the retirement

of Tom Dwyer

Reviewed progress against sustainability targets and actions undertaken.

Investor engagement

Presented quarterly results to investors and analysts.


CORPORATE GOVERNANCE | STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS

The Directors are supported by the following:

Remuneration Committee

The Remuneration Committee meets twice

a year or as needed by the business. The

Remuneration Committee considers and

makes recommendations to the Directors

on all aspect of remuneration, benefits and

employment conditions subject to certain

thresholds.

The Remuneration Committee is chaired by

an Independent Advisor and comprises three

Investment Directors.

Audit Committee

The Audit Committee meets twice a year or as

needed by the business. The Audit Committee

considers the external audit process. The

Committee is chaired by Paul Golding and

comprises two further Investor Directors. The

audit partner from Ernst & Young and some of

the Executive Leadership Team are invited to

attend these meetings.

Executive Leadership Team

The Executive Leadership Team, led by the

Chief Executive Officer, is responsible for

the day-to-day execution of the business

strategy management of the Group, HR

matters, including talent, development, culture

and people, and the oversight of legal and

regulatory matters. They discuss all important

matters that are brought to the attention of the

Directors of the Group.

The Executive Leadership Team comprises

the Chief Executive Officer, Chief Financial

Officer, the Divisional Chairs, the Group Land

and Partnerships Director, Group Production

Director and the Group HR Director.

The Group operates within a framework

of policies available to all employees on its

internal website. Its principal policies are:

• Anti-Bribery

• Modern Slavery

• Equality

• Economic Crime Prevention

• Data Protection

• Safety, Health and Environment

• Whistleblowing

Additionally, the Executive Leadership Team

is responsible for evaluating significant risks

to the business. A rigorous evaluation process

is carried out twice yearly and is specifically

supported by cross-functional working groups.


SECTION 172 STATEMENT


Section 172

Statement

The Board and the Keepmoat Executive

Team follow a robust decision-making

process to ensure they make informed

decisions, taking into account the interests

of all stakeholder groups relevant to

the decision, to promote the long-term

sustainable success of the business.

It is understood that the environment that we operate in is

changing and our stakeholders’ interests change too; the Board

is committed to doing the right thing.

Ian Hoad

Chief Executive

Officer

Mark Dilley

Chief Financial

Officer

Debbie Waddington

Group HR Director

Tim Wray

Group Land and

Partnerships Director

The Board and the Keepmoat Executive Team are therefore

pleased to confirm, in accordance with Section 172 of the

Companies Act 2006 (the Act), as Directors they act in good

faith, in a way that would most likely promote the success of the

Company for the benefit of its shareholders. In doing so, the

Director must have regard, among other matters, to the:

• Likely consequences of any decision in the long term

• Interests of the Company’s employees

• Need to foster the Company’s actions on the community and

the environment

• Desirability of the Company maintaining a reputation for

high standards of business conduct

• Need to act fairly between members of the Company

Daniel Crew

Divisional Chair

Andy Mason

Executive Director for

Business Excellence and

Divisional Chair

Karl Wiseman

Group Production Director


SECTION 172 STATEMENT


Examples of the factors and key decisions taken in the year and the stakeholder engagement is set out below and on the following page:

Factor Considerations in year Actions taken by the board

Long-term

consequences

- Annual Strategy Review

- Investment in information technology and cyber security

- Annual reward, retention and succession planning at all levels

- Legislative and regulatory changes

- Increased investment in a Group Strategic Land team

- Continued monitoring of the investment and rollout of the new CRM system to

improve the customer journey, increase productivity, streamline processes, ensure

compliance with laws and voluntary codes and mitigate the risk of cyber security

- A number of the colleagues that participated in the new Keepmoat Senior

Leadership Development programmes have taken up new expanded roles within

the business, which continues to support succession planning

- Review of processes and systems to ensure compliance with the laws

Employees - Succession planning for outgoing Directors and review of Executive roles and

responsibilities

- Independent annual Employee Engagement Survey

- Annual pay, bonus and rewards benchmarking exercise

- Directors carry out regular site visits

- Quarterly Director divisional listening groups

- Women in construction

- Wellbeing focus and talent development

- Undertook a rigorous selection process to identify the successor Chief Executive

Officer upon Tim Beale’s resignation and considered the reallocation of roles

and responsibilities between the remaining Executive Committee, including the

reintroduction of the Group Production Director Executive role

- Responded to the action points arising from the Employee Engagement Survey

- Executive Team attending regional sites monthly to review operations as a Group

- Invested in recruitment and training

- Maintained Gold membership of “The 5% Club” for employing more than 5% of

colleagues on “earn and learn” schemes

Suppliers - Supporting the development of skills - Bricklaying Hub in North East and joiners in North West

- Partners of the Supply Chain Sustainability School and active participants in the

School’s Homes Group

Customers - Customer journey and service

- Customer feedback is obtained through surveys

- Cost of living challenges

- Aims to be a 5-star builder in all regions

- An early signatory to the New Homes Quality Code

- Online reservation platform facilitating “know your customer” checks automatically

- Introduced a 7-month survey check


SECTION 172 STATEMENT | STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS

Factor Considerations in year Actions taken by the board

Community and

environment

- Environmental considerations - Active members of the Future Homes Hub. Signed the Homes for Nature Pledge

and New Homes Sector Net Zero Transition Plan

- Publish a Net Zero 2045 Plan

- Reduced scope 1+2 carbon emissions by 26% on FY22

- Trialled a new generator set-up with solar PV arrays

- Secured agreement for investment in Head Office solar PV installation

- Launched a telehandler fuel efficiency video

Reputation for

high standards of

business conduct

Fairness between

members of the

Company

- Raising consistent legal and ethical standards

- Zero tolerance on failure to prevent fraud, facilitation of tax avoidance,

violations of human rights, slavery, bullying and harassment

- Overseeing compliance

- Reviewing the effectiveness of external auditors

- Whistleblowing referrals

- Continued consideration given to all shareholders as part of business

decision making

- Launched a colleague code of conduct to support employees in understanding how

Keepmoat expects employees to conduct themselves

- Compulsory compliance training modules across fraud awareness, tax evasion,

money laundering, bribery, modern day slavery, competition and data protection

- Regular reporting on governance and compliance matters to the Board and various

committees

- Regular engagement with shareholders


PRINCIPAL RISKS AND UNCERTAINTIES


Image: Kingsfield Park, Hull

Principal Risks

and Uncertainties




To successfully deliver our business

strategy and objectives, it is vital that we

are effectively managing risks and that

processes and controls to mitigate these

risks are embedded across our business.

Our Risk Management Framework

considers strategic, operational, financial,

legal and reputational risks throughout

the whole business and ensures we have

sufficient controls and measures in place,

or future planned actions, to bring residual

risks to appropriate and acceptable levels.

Risk Management Policy and process

Our Risk Management Policy is that as part of business

management processes, all risks are identified, assessed

and effectively managed to within acceptable levels. Risk

management is a continuous process, running from strategy

through to operational processes and project and programme

activities. Risk management operates at all levels of our business,

within regions, divisions and central teams. Executive Leadership

considers risks and monitors risk activities on a quarterly

basis, with the Board having ultimate responsibility for risk

management.

Our financial, operational and strategic performance can be

impacted by potential risks and uncertainties and by missed

opportunities. The successful continuation of our business

requires decision making to be informed by a clear understanding

of our risks and opportunities. Our Risk Management Framework

provides mechanisms to identify, address and manage our risks.

Report

Monitor

Risk

register

Identify

Action

plans

Evaluate

Risk

appetite

Treatment




Risk appetite

To determine actions required to further mitigate risks and

reach a rating where the risk is acceptable, each risk is assessed

against our risk appetite. Risk appetite sets out how much risk

we are prepared to accept based on our:

• Risk philosophy

• Tolerance for uncertainty

• Choice between risk and return

Risk appetite forms the basis of risk discussions. The Board is responsible for approving the risk

appetite, as proposed by the Exec.

Category Flexible Cautious Minimalist Averse

Risk philosophy

Will take well

justified risks

Preference for

safe delivery

Extremely

conservative

Avoidance of risk is core

objective

Tolerance for uncertainty Expect some Limited Low Extremely low

• Trade-off against achieving other objectives

Choice between risk

and return

Will choose

option with

highest return

Will accept if

impact is heavily

outweighed by

benefits

Will accept

risk if essential

and limited

possibility of

failure

Will always select lowest

risk option

Trade-off against achieving

other objectives

Willing under the

right conditions

Prefer to avoid

With extreme

reluctance

Never

Principal risks overview

The table summarises our principal risks and uncertainties,

showing how each risk links to delivery of value through our

Partnership Model.

Risk Change in Year Partnership Model

1 Economic environment No change Place, Returns

2 Government policy No change Place, Partners, Returns

3 Land Reduced risk Place, Partners

4 Commercial partnerships No change Partners, People, Returns

5 Build cost & resource availability No change Partners, People, Returns

6 Health, safety & environment No change Place, Partners, People, Returns

7 Financial control & security No change People, Returns

8 Quality & customer service No change People, Returns

9 People No change People

10 IT, data & cyber Increased risk Partners, People, Returns

11 Legal & regulatory compliance Increased risk Place, Partners,

12 Climate change & sustainability Reduced risk Place, Partners, People




Risk Potential impact Mitigation Development in the year

Economic environment

Volatility in the UK economy leading to uncertainty in the

housing sector from loss of buyer confidence, increasing

interest rates and unemployment, resulting in decreased

affordability, reduced demand for housing and falling

house prices.

Significant global events or other crisis leads to a negative

effect on the economy and market conditions.

UK economic downturn

adversely impacts the

housing market and demand

for new homes, having

consequential impacts

on revenues, profits and

business delivery.

• Strong partner relationships and the use of multi-tenure

delivery model provide greater resilience to the housing

market cycle and a strong, visible pipeline.

• Close monitoring of key economic and housing market lead

indicators.

• Maintenance of an appropriate capital structure and

balance sheet controls.

• Monitoring of cash flows, forward sales and work in

progress, including regular assessment of the most effective

use of capital investment in build and land.

No change

While demand for affordable

homes remains robust, pressures

on the cost of living, high interest

rates and high inflation continue.

The outlook for the UK economy

remains uncertain. These

factors contribute to continuing

uncertainty for home buyers,

which may further impact demand.

• Robust and tested business interruption planning, including

procedures to slow down and stop activities if so required.

Government policy

Changes to Government policy or legislation in areas

such as housing policy, planning and building regulations,

impacting buyer demand, ability to secure planning

consent on a timely basis, or the cost or time to complete

our developments.

Changes in Government

policies may adversely

impact the Group’s ability

to secure and open new

developments on a timely

basis and adversely impact

revenue, profitability and

growth.

• Regular assessment of the policy landscape and

development of strategies to meet changing requirements.

• Regular consultation with Government agencies, local

authorities, industry bodies and specialist external advisors.

• In-house expertise in legal, regulatory, health and safety

and technical functions who advise and support on related

policy matters.

No change

We continue to monitor the

regulatory environment for

changes and implement changes

to our business processes for new

regulatory requirements.





Land

An increase in land prices or decrease in land availability

would impact our ability to procure suitable land at

appropriate margins, in the right locations and at the right

time in relation to our strategic and economic cycles.

If we are unable to secure

sufficient appropriate land, it

could adversely affect both

our volume growth targets

and have a detrimental effect

on future profitability.

• Geographic focus and threshold returns applied to all land

investments.

• Thorough due diligence conducted on all potential land

purchases to ensure investments in land are strategically

aligned to the business model.

Reduced risk

The pipeline of land opportunities

remains healthy and sufficient to

deliver our strategic and business

objectives.

• Proactive regional and Group engagement with partners to

maintain strong relationships.

• Land actively sourced from partnership and private sources.

Commercial partnerships

We enter partnership arrangements for the delivery of

high-value housing developments, some of which involve

Joint Ventures, through which we incur commercial

risk in relation to the acquisition and execution of these

developments.

A failure to adequately

control project execution

could have a significant

impact on delivery and

financial performance.

• Clear and robust project approval and authorisation

processes applied to all developments in line with our land

acquisition process.

• Structured performance reviews monitor for any emerging

risks and actively manage project delivery programmes as

required.

No change

While there remain challenges

in the supply chain, by working

in close partnership with our

suppliers we are able to effectively

manage delivery across the Group’s

developments.





Build cost & resource availability

Development delivery is dependent on availability of

subcontractors and materials.

Limited availability of

labour or materials would

impact our ability to

operate efficiently and

deliver output in line with

development programmes,

with consequent impacts

on customer satisfaction.

Increases in prices of

materials and resources

would impact profitability.

• Strategic supply agreements are in place with major material

suppliers.

• Project scheduling allows material orders to be raised with

appropriate lead times.

• A broad subcontractor base delivers services across the

Group without dependence on any single subcontractor in

any region.

• Continued review and monitoring of supplier and

subcontractor performance.

No change

There are signs that build cost

inflation is starting to ease, but the

ongoing economic uncertainty in

the UK, with high energy costs and

interest rates, means there remains

an ongoing risk.

• A collaborative approach is taken with suppliers to identify

downstream supply chain issues.

Health, safety & environment

A failure in health, safety or environmental processes

could result in a significant incident occurring for an

employee, subcontractor or visitor.

Significant environmental damage could occur due to

operations on site or in our offices.

A health, safety or

environmental failure

resulting in injury or damage

could cause delay to

construction, reputational

damage, prosecution or

litigation, with consequent

fines, damages and other

additional costs.

• Policies, procedures, training and reporting are all in place,

maintained to industry standards and carefully monitored to

ensure high standards are maintained.

• The Executive Board considers health, safety and

environmental matters during regular and structured

meetings.

• Regular site visits by senior management and external

consultants to monitor the implementation of policies and

procedures.

No change

The health and safety of our

employees, subcontractors and

visitors is of critical importance,

and we continue to improve our

health, safety and environmental

controls and awareness.

• Appropriate and adequate insurance covering the risks

associated with housebuilding.





Financial control & security

Failure to maintain sufficient liquidity to manage

the short- and long-term funding and investment

requirements of the Group.

A constraint on short-term

liquidity could impact the

Group’s ability to invest in

land and build, constraining

growth and/or the Group’s

ability to meet its liabilities

as they fall due, which

could result in a breach of

the Group’s facilities or

insolvency.

• The Group maintains strong financial discipline.

• Cash generation and facility headroom is monitored by

robust budgeting, forecasting and cash management

disciplines.

• Regular contact is maintained with lenders to ensure

adequate overall bank facilities are in place.

• Strong partner, supplier and subcontractor relationships

facilitate the effective management of site-level liquidity.

No change

Our balance sheet is strong

and we maintain operational

capital discipline and effective

management of liquidity.

Quality & customer service

Failure to provide the customer with a high-quality new

home and act in accordance with the New Homes Quality

Code, resulting in poor customer satisfaction.

Failure to provide highquality

homes, the desired

customer journey or timely

and appropriate defects

resolution could negatively

impact our customer

satisfaction, impacting

reputation and profitability.

• Regular monitoring of key performance indicators, including

8-week and 9-month survey results, open defects, defects

outside of our service-level commitments and defects per

plot.

• Customer Hallmark process, with multiple inspections and

strict timelines for rectification of issues.

• Rigorous management of build programmes and customer

service activity to ensure high build standards and effective

defects resolution.

No change

Providing a quality product to

delight our customers is at the

heart of our strategy. We continue

to work to high standards in

this area and implemented the

requirements of the New Homes

Quality Code during 2023.

• Implementation of the New Homes Quality Code.





People

Inability to attract, develop and retain quality people.

A failure to attract, develop

and retain quality people

with the skills required by

the business could impact

delivery, growth, ability to

meet strategic targets and

profitability.

• The Group has a clear vision, mission and values, which are

shared with all employees.

• Benchmarking of our remuneration and benefits package to

ensure it remains competitive and attractive.

• The Group provides comprehensive training and

development opportunities to all employees.

• Regular performance and development reviews.

• Succession planning for all key roles.

• Action taken in response to regular employee surveys

focused on employee satisfaction and engagement.

No change

We have continued to invest in our

people, increasing the provision

of training and development

opportunities, investing in

apprenticeships, graduate

programmes and future leaders.

We are committed to making

Keepmoat a great place to work,

enabling us to attract the brightest

and best talent, making Keepmoat

the employer of choice in the

homebuilding sector.

IT, data & cyber

Failure or loss from a business system, in particular those

relating to customer information, surveying and valuation.

Risks of security incidents, outages, data loss or leakage

are further impacted by external factors such as the

increased prevalence and sophistication of AI.

Failure of or unauthorised

access to the Group’s IT

systems or a cyber attack

could result in a data

breach, business disruption,

reputational damage and/or

financial loss.

• Regular scans and security testing of all key business

systems to identify any areas of weakness, vulnerability and

technical improvement.

• Technical and procedural controls help to identify, protect,

detect and respond to cyber-related events.

• Cyber Security Operations Centre responds to incidents

and monitors the business.

• Documented business policies, processes and procedures.

Increased risk

The threat of external cyber

security risks and increased

prevalence and sophistication of

AI is leading to increased risk. We

have continuously monitored and

mitigated through investment in

our IT systems, networks and cyber

security policies and procedures.

We have continued to strengthen

our security through 2025,

retaining Cyber Essentials Plus

accreditation.





Legal & regulatory compliance

An inability to comply with regulatory requirements,

including the implementation of legislative changes across

all areas of the Group’s operations.

Failure to comply with all

required legislation and

regulations brings a risk

of financial loss, business

disruption and reputational

damage.

• Group-wide policies, processes, procedures and training

covering key compliance, legislative and regulatory areas.

• Whistleblowing procedures.

• Monitoring of compliance with key legislative and regulatory

requirements, as well as providing guidance, training and

support to the business.

Increased risk

Increasing legal and regulatory

compliance requirements are

leading to increased risk.

We continue to assess and plan

for developments and changes

in legislative and regulatory

requirements.

Climate change & sustainability

Failure to set a clear route to the Group’s carbon-netzero

targets and anticipate the impact of climate change

on the Group’s operations and the requirements and

expectations of Government, investors, customers and

stakeholders.

The requirements of the

climate change, ESG and

sustainability agendas

creates risk in business

requirements.

Failure to achieve our

climate change, ESG and

sustainability goals and

respond to the expectations

of all our stakeholders could

impact our reputation, our

ability to acquire land and

the delivery of our business

goals.

• A clear strategy and adoption of science-based targets to

reduce Green House Gas (GHG) emissions.

• Tracking GHG emissions, waste, climate change and other

sustainability performance indicators to monitor progress

towards our targets and inform risk management.

• Executive Sustainability Committee oversees the delivery

of our Sustainability Strategy and assesses climate-related

risks and opportunities.

• Our environmental management system (certified to

ISO 14001:2015) assures the effective assessment and

control of environmental risks and opportunities across the

development lifecycle.

• Project work completed towards reporting in accordance

with the disclosure requirements of the Taskforce on

Climate-Related Financial Disclosures framework.

Reduced risk

We continue to dedicate resource

to successfully progressing

our climate change, ESG and

sustainability agenda.

• Developing standard products to meet the climate

and environmental requirements of the Future Homes

Standard and to support regeneration and development of

sustainable communities.

The Strategic Report on pages 4 to 91 has been approved by the Board and signed on its behalf by:

M Dilley

Director

30 January 2026


DIRECTORS’ REPORT

STRATEGIC REPORT | DIRECTORS’ REPORT



Directors’

Report

KEEPMOAT.COM


DIRECTORS’ REPORT

STRATEGIC REPORT | DIRECTORS’ REPORT


The directors present their annual report and the audited

consolidated financial statements of the Group for the year

ended 31 October 2025.

Principal activities

Keepmoat Limited is a holding company heading a group of

companies. The principal business of the Group is residential

housebuilding.

Control

The Company’s immediate parent undertaking is Castle 1

Limited and the ultimate parent company is Maison Grafton

S.à.r.l.

The Company’s subsidiaries are listed in note 24 to the financial

statements.

Business review and future

developments

The consolidated profit for the financial year was £37.9m (year

ended 31 October 2024: profit of £45.3m). The Group paid

a dividend of £0.3m (2024: £nil) to non-controlling interests

during the year. A review of the results, performance and future

developments for the Group are presented in the Strategic

Report on pages 4 to 91 which forms part of this report.

Key performance indicators

The Group monitors various financial and non-financial key

performance indicators. Further information on these can be

found in the Strategic Report on pages 7, 61 and 62 and 138 to

139.

Going concern

The Group’s business activities, together with the factors likely

to affect its future development, are set out in the Strategic

Report on pages 4 to 91. The financial position of the Group, its

cash flows and borrowing facilities are described on pages 61 to

62 of the Strategic Report.

Having considered the Group’s forecast cashflows for the

period to 31 July 2027, and the letter of support received from

Maison Bidco Limited, the directors are satisfied that the Group

has sufficient liquidity and covenant headroom to enable the

Group to conduct its activities and meet its liabilities as they fall

due for the foreseeable future being the period to 31 July 2027.

Accordingly, these financial statements are prepared on the

going concern basis.

Further details of the Directors’ assessment of going concern

can be found in the material accounting policies on page 102.

Financial risk management

In the course of its ordinary activities, the Group is exposed to

financial risks which include liquidity, credit and market risks.

These risks are monitored and managed through robust policies

and procedures. Further details are included in note 23 of the

financial statements.

Liquidity risk relates to the Group generating sufficient cash

flow to meet its operational requirements while avoiding debt

covenant breaches or excessive debt levels. Total borrowings

are a combination of long-term loans and long term committed

revolving working capital credit facilities.

Credit risk is in relation to trade receivables from customers.

Given that the majority of trade receivables are with public

and regulated organisations, the exposure to credit risk is

very limited.

Market risk primarily relates to the impact of interest rate

increases on the Group’s floating rate borrowings. Following

the Group’s acquisition by Aermont Capital LLP and subsequent

refinancing, the Group’s high yield securities are at a fixed rate.

The revolving credit and overdraft facilities are all on floating

rates. The Group’s interest rate risk has decreased following

the acquisition of the group by Aermont Capital LLP referred

to above.

Directors

The directors who held office during the year and up to the date

of signing the financial statements are given below:

T Beale (resigned 1 July 2025)

I Hoad (appointed 1 July 2025)

M Dilley

In accordance with the Articles of Association, none of the

directors are required to retire by rotation.

Employees

The Group believes that its success depends upon its employees

and their development. Further details, including the Group’s

policy on employment of people with disabilities and how

the Group engages with employees, are provided within the

Strategic Report on page 81.

Greenhouse gas emissions

The Group monitors the greenhouse gas emissions produced

in the normal course of business. Details on these can be found

in the Strategic Report on pages 72 and 74 to 75.

Engagement with suppliers, customers

and others in a business relationship

Details of how the Directors engage with customers, suppliers

and others in a business relationship with the Group can be

found in the Strategic Report on pages 81 to 82.

Directors’ indemnities

The Maison Holdco Limited Group maintains liability insurance

for its directors and officers which remains in place up to the

date of this Annual Report. The Group has also provided an

indemnity for its directors, which is a qualifying third-party

indemnity provision for the purposes of the Companies

Act 2006.

Statement of directors’ responsibilities

in respect of the financial statements

The directors are responsible for preparing the Annual Report

and the financial statements in accordance with applicable law

and regulation.

Company law requires the directors to prepare financial

statements for each financial year. Under that law the directors

have prepared the group financial statements in accordance

with UK-adopted international accounting standards and


DIRECTORS’ REPORT STRATEGIC REPORT | DIRECTORS’ REPORT FINANCIAL STATEMENTS

the company financial statements in

accordance with United Kingdom Generally

Accepted Accounting Practice (United

Kingdom Accounting Standards, comprising

FRS 101 “Reduced Disclosure Framework”,

and applicable law).

Under company law, directors must not

approve the financial statements unless they

are satisfied that they give a true and fair view

of the state of affairs of the group and company

and of the profit or loss of the group for that

period. In preparing the financial statements,

the directors are required to:

• select suitable accounting policies and then

apply them consistently;

• state whether applicable UK-adopted

international accounting standards have

been followed for the group financial

statements and United Kingdom

Accounting Standards, comprising FRS

101, have been followed for the company

financial statements, subject to any material

departures disclosed and explained in the

financial statements;

• make judgements and accounting estimates

that are reasonable and prudent; and

• prepare the financial statements on the

going concern basis unless it is inappropriate

to presume that the group and company will

continue in business.

and Company’s transactions and disclose with

reasonable accuracy at any time the financial

position of the group and company and enable

them to ensure that the financial statements

comply with the Companies Act 2006.

Directors’ confirmations

In the case of each director in office at the date

the Directors’ Report is approved:

• so far as the director is aware, there is

no relevant audit information of which

the group’s and company’s auditors are

unaware; and

• they have taken all the steps that they ought

to have taken as a director in order to make

themselves aware of any relevant audit

information and to establish that the group’s

and company’s auditors are aware of that

information.

Independent auditors

Ernst & Young LLP have been appointed as

independent auditors in the year and have also

indicated their willingness to continue in office.

Approved by and signed on behalf of the Board.

M Dilley

Director

30 January 2026

The directors are responsible for safeguarding

the assets of the group and company and hence

for taking reasonable steps for the prevention

and detection of fraud and other irregularities.

The Directors are also responsible for

keeping adequate accounting records that

are sufficient to show and explain the Group’s



STRATEGIC REPORT DIRECTORS’ REPORT | FINANCIAL STATEMENTS

Image: The Vale, Upton

Financial Statements

KEEPMOAT.COM


INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF KEEPMOAT LIMITED


Opinion

We have audited the financial statements of Keepmoat Limited

(‘the parent company’) and its subsidiaries (the ‘group’) for the

year ended 31 October 2025 which comprise the Consolidated

statement of comprehensive income, Consolidated balance

sheet, Consolidated statement of changes in equity,

Consolidated cash flow statement, and the related notes 1 to 37,

including a summary of material accounting policy information.

The financial reporting framework that has been applied in

the preparation of the group financial statements is applicable

law and UK adopted international accounting standards. The

financial reporting framework that has been applied in the

preparation of the parent company financial statements is

applicable law and United Kingdom Accounting Standards,

including FRS 101 “Reduced Disclosure Framework” (United

Kingdom Generally Accepted Accounting Practice).

In our opinion:

• the financial statements give a true and fair view of the

group’s and of the parent company’s affairs as at 31 October

2025 and of the group’s profit for the year then ended;

• the group financial statements have been properly prepared

in accordance with UK adopted international accounting

standards;

• the parent company financial statements have been properly

prepared in accordance with United Kingdom Generally

Accepted Accounting Practice; and

• the financial statements have been prepared in accordance

with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International

Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further

described in the Auditor’s responsibilities for the audit of the

financial statements section of our report. We are independent

of the group in accordance with the ethical requirements that

are relevant to our audit of the financial statements in the UK,

including the FRC’s Ethical Standard, and we have fulfilled

our other ethical responsibilities in accordance with these

requirements.

We believe that the audit evidence we have obtained is

sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that

the directors’ use of the going concern basis of accounting in

the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified

any material uncertainties relating to events or conditions

that, individually or collectively, may cast significant doubt on

the group and parent company’s ability to continue as a going

concern for a period from when the financial statements are

authorised for issue to 31 July 2027.

Our responsibilities and the responsibilities of the directors

with respect to going concern are described in the relevant

sections of this report. However, because not all future events

or conditions can be predicted, this statement is not a guarantee

as to the group’s ability to continue as a going concern.

Other information

The other information comprises the information included

in the annual report set out on pages 4 to 139, other than the

financial statements and our auditor’s report thereon. The

directors are responsible for the other information contained

within the annual report.

Our opinion on the financial statements does not cover the

other information and, except to the extent otherwise explicitly

stated in this report, we do not express any form of assurance

conclusion thereon.

Our responsibility is to read the other information and, in

doing so, consider whether the other information is materially

inconsistent with the financial statements or our knowledge

obtained in the course of the audit or otherwise appears to be

materially misstated. If we identify such material inconsistencies

or apparent material misstatements, we are required to

determine whether this gives rise to a material misstatement

in the financial statements themselves. If, based on the work

we have performed, we conclude that there is a material

misstatement of the other information, we are required to

report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by

the Companies Act 2006

In our opinion, based on the work undertaken in the course

of the audit:

• the information given in the strategic report and the

directors’ report for the financial year for which the financial

statements are prepared is consistent with the financial

statements; and

• the strategic report and directors’ report have been

prepared in accordance with applicable legal requirements.

Matters on which we are required

to report by exception

In the light of the knowledge and understanding of the group

and the parent company and its environment obtained

in the course of the audit, we have not identified material

misstatements in the strategic report or directors’ report.

We have nothing to report in respect of the following matters in

relation to which the Companies Act 2006 requires us to report

to you if, in our opinion:

• adequate accounting records have not been kept by the

parent company, or returns adequate for our audit have not

been received from branches not visited by us; or

• the parent company financial statements are not in

agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by

law are not made; or

• we have not received all the information and explanations we

require for our audit.


INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF KEEPMOAT LIMITED


Responsibilities of directors

As explained more fully in the directors’ responsibilities

statement set out on pages 93 to 94, the directors are

responsible for the preparation of the financial statements and

for being satisfied that they give a true and fair view, and for

such internal control as the directors determine is necessary

to enable the preparation of financial statements that are free

from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are

responsible for assessing the group’s and the parent company’s

ability to continue as a going concern, disclosing, as applicable,

matters related to going concern and using the going concern

basis of accounting unless the directors either intend to liquidate

the group or the parent company or to cease operations, or have

no realistic alternative but to do so.

Auditor’s responsibilities for the audit

of the financial statements

Our objectives are to obtain reasonable assurance about

whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to

issue an auditor’s report that includes our opinion. Reasonable

assurance is a high level of assurance, but is not a guarantee that

an audit conducted in accordance with ISAs (UK) will always

detect a material misstatement when it exists. Misstatements

can arise from fraud or error and are considered material

if, individually or in the aggregate, they could reasonably be

expected to influence the economic decisions of users taken on

the basis of these financial statements.

Explanation as to what extent the audit was considered

capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance

with laws and regulations. We design procedures in line with our

responsibilities, outlined above, to detect irregularities, including

fraud. The risk of not detecting a material misstatement due

to fraud is higher than the risk of not detecting one resulting

from error, as fraud may involve deliberate concealment by,

for example, forgery or intentional misrepresentations, or

through collusion. The extent to which our procedures are

capable of detecting irregularities, including fraud is detailed

below. However, the primary responsibility for the prevention

and detection of fraud rests with both those charged with

governance of the entity and management.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory

frameworks that are applicable to the company and

determined that the most significant relate to the reporting

framework (UK adopted international accounting standards,

FRS 101, UK tax legislation, UK environmental legislation,

and the Companies Act 2006

• We understood how Keepmoat Limited is complying with

those frameworks by making inquiries of management, those

charged with governance, and those responsible for legal and

compliance procedures. We corroborated our inquiries by

reviewing the minutes of the Board and papers provided to

the Audit Committee, and observation in Audit Committee

meetings, as well as consideration of the results of our audit

procedures across the Group

• We assessed the susceptibility of the Group and Company’s

financial statements to material misstatement, including

how fraud might occur by meeting with management

from various parts of the business to understand where

it considered there was a susceptibility to fraud. We also

considered the current trading conditions and performance

targets and their potential to influence management

to manage earnings. As a result of these procedures,

we determined there are risks of fraud associated to

profit recognition and related inventory valuation, and

recognition of revenue. We considered the controls that the

Group has established to address risks identified, or that

otherwise prevent, deter and detect fraud; and how senior

management monitors those programmes and controls.

Where the risk was considered to be higher, we performed

audit procedures to address each identified fraud risk. These

procedures were designed to provide reasonable assurance

that the financial statements were free from fraud and error

• Based on this understanding we designed our audit

procedures to identify noncompliance with such laws and

regulations. Our procedures involved testing of journal

entries with a focus on manual journal entries, consolidation

journal entries and journal entries indicating large or unusual

transactions. We based this testing on our understanding of

the business, inquiries of management. Through our testing

we challenged the assumptions and judgements made by

management in respect of judgements and estimates

A further description of our responsibilities for the audit

of the financial statements is located on the Financial

Reporting Council’s website at https://www.frc.org.uk/

auditorsresponsibilities. This description forms part of our

auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body,

in accordance with Chapter 3 of Part 16 of the Companies Act

2006. Our audit work has been undertaken so that we might

state to the company’s members those matters we are required

to state to them in an auditor’s report and for no other purpose.

To the fullest extent permitted by law, we do not accept or

assume responsibility to anyone other than the company and

the company’s members as a body, for our audit work, for this

report, or for the opinions we have formed.

Victoria Venning (Senior statutory auditor)

for and on behalf of Ernst & Young LLP,

Statutory Auditor

Leeds

Date: 30 January 2026


CONSOLIDATED STATEMENT

OF COMPREHENSIVE INCOME


For the year ended 31 October 2025

Note

Year ended

31 October

2025

Year ended

31 October

2024

£m £m

Group revenue 3 732.8 764.0

Cost of sales (596.3) (625.8)

Gross profit 136.5 138.2

Administrative expenses (79.2) (72.9)

Other operating income 6 3.5 1.2

Other operating expense 6 (3.5) (1.2)

Share of results of equity accounted

Joint Ventures and associates

11 0.7 0.6

Operating profit 5 58.0 65.9

Finance income 7 0.2 0.1

Finance expense 7 (12.4) (12.0)

Profit before tax 45.8 54.0

Income tax charge 8 (7.9) (8.7)

Profit for the year 37.9 45.3

All items dealt with in arriving at operating profit relate to continuing activities.

There was no other comprehensive income for the current and prior year other than those included in the consolidated

statement of comprehensive income.


CONSOLIDATED BALANCE SHEET


As at 31 October 2025

Note

31 October

2025

31 October

2024

Note

31 October

2025

31 October

2024

£m £m

£m £m

Assets

Goodwill 9 8.6 8.6

Property, plant and equipment 10 1.3 1.5

Right of use assets 17 10.8 9.4

Investments in Joint Ventures and

associates

11 4.0 5.5

Trade and other receivables 13 9.4 7.9

Deferred tax assets 8 0.4 0.5

Total non-current assets 34.5 33.4

Inventories 12 588.3 543.3


Income tax receivable 1.6 3.7

Cash and cash equivalents

(excluding bank overdrafts)

14 131.0 148.8

Liabilities

Trade and other payables 15 88.2 96.7

Lease liabilities 17 7.6 7.1

Provisions for liabilities 18 1.3 1.2

Non-current liabilities 97.1 105.0



Income tax payable - -

Loans and borrowings 16 1.2 1.6

Provisions for liabilities 18 - 0.2

Current liabilities 352.3 348.7

Total liabilities 449.4 453.7

Total equity and liabilities 1,010.6 974.4

Total current assets 976.1 941.0

Total assets 1,010.6 974.4

Equity

Share capital 19 0.3 0.3

The consolidated financial statements on pages 98 to 128 of Keepmoat Limited, registered number 01998780,

were approved by the Board of Directors on 30 January 2026 and were signed on its behalf by:

M Dilley

Director

Share premium 19 84.0 84.0

Retained earnings 460.8 423.2

Merger reserve 0.2 0.2

Capital redemption reserve 0.2 0.2

Capital contribution reserve 21 15.7 12.8

Total equity 561.2 520.7


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY STRATEGIC REPORT DIRECTORS’ REPORT | FINANCIAL STATEMENTS


Note

Share

capital

Share

premium

Retained

earnings

Merger

reserve

Capital

redemption

reserve

Capital

contribution

reserve

Total

equity

£m £m £m £m £m £m £m

At 1 November 2023 0.3 84.0 377.9 0.2 0.2 8.2 470.8

Profit and total comprehensive income for the year - - 45.3 - - - 45.3

Capital contribution towards share based payment charge 21 - - - - - 4.6 4.6

At 31 October 2024 0.3 84.0 423.2 0.2 0.2 12.8 520.7

Profit and total comprehensive income for the year - - 37.9 - - - 37.9

Dividends paid to

non-controlling interest

(0.3) (0.3)

Capital contribution towards share based payment charge 21 - - - - - 2.9 2.9

At 31 October 2025 0.3 84.0 460.8 0.2 0.2 15.7 561.2

During the year, a dividend of £25,000 per share was paid to non-controlling interests in a subsidiary entity, totalling £0.3m.


CONSOLIDATED CASH FLOW STATEMENT



Note

31 October

2025

31 October

2024

Note

31 October

2025

31 October

2024

£m £m

Cash flows from operating activities

Operating profit 58.0 65.9

Adjustments for:

Depreciation of property, plant &

10 1.0 1.1

equipment

Share of results of equity accounted

11 (0.7) (0.6)

Joint Ventures and associates

Depreciation of right of use assets 17 3.5 2.9

Increase in provisions 18 (0.1) 0.1

Share based payment charge 21 2.9 4.6

Operating cash flow before changes

64.6 74.0

in working capital

Decrease/(increase) in inventories 12 (44.9) 17.6

Increase in receivables 13 (11.4) (27.1)

Decrease in payables 15 (17.8) (62.5)

Cash flows from operating activities

(9.5) 2.0

before tax

Income tax paid (5.0) (12.0)

Total cash flows from operating

(14.5) (10.0)

activities

Cash flows from investing activities

£m £m

Cash flows from financing activities

Dividends paid (0.3) -

Lease payments 17 (3.5) (3.4)

Drawdown of other loans 16 - -

Repayment of other loans 16 (0.5) (0.6)

Finance expenses (0.7) -

Total cash flows from financing

(5.0) (4.0)

activities

Total net (decrease)/increase in cash

and cash equivalents

(17.8) (15.0)

Cash and cash equivalents at beginning

of the year

148.8 163.8

Cash and cash equivalents at the end

131.0 148.8

of the year

Included in cash and cash equivalents 14 131.0 148.8

131.0 148.8

Purchase of property, plant and

10 (0.8) (1.0)

equipment

Dividend received from joint venture 2.5 -

Total cash flows from investing

activities

1.7 (1.0)


NOTES TO THE CONSOLIDATED



1 - General information

Keepmoat Limited (the Company) is a private company, limited by shares,

incorporated and domiciled in the UK. The Company is registered in

England and Wales. The address of the registered office is Keepmoat Limited,

The Waterfront, Lakeside Boulevard, Doncaster, DN4 5PL. The nature

of the Group’s operations and its principal activities are set out in the

Strategic Report.

The financial statements are presented in pounds sterling, which is also the

functional currency, because the Group operates exclusively in the United

Kingdom. All financial information is rounded to the nearest hundred-thousand

(£m), except where otherwise indicated.

2 - Accounting Policies

2.1 Basis of preparation

These consolidated financial statements have been prepared in accordance

with UK-adopted international accounting standards and with the

requirements of the Companies Act 2006 as applicable to companies reporting

under those standards.

The financial statements have been prepared under the historical cost

convention.

The material accounting policies applied in the preparation of these

consolidated financial statements have been consistently applied to all the

periods presented, unless otherwise stated.

2.2 Going concern

At 31 October 2025, the Company had cash and cash equivalents of £0.2m

and total loans and borrowings of £nil. The Company had net current assets

(excluding cash and cash equivalents) of £37.4m at 31 October 2025.

Keepmoat Limited (the “Company” and the “Keepmoat Group”) is a holding

company within the sub-group acquired by Maison Bidco Limited in October

2021. Maison Bidco Limited is itself within the group owned by Maison Holdco

Limited. Management have considered the position and forecasts of the wider

group owned by Maison Holdco Limited in assessing the going concern of

the Keepmoat Group given its significance to the wider group’s performance

and the Keepmoat Group’s access to the wider group’s financing facilities.

Management has assessed the wider group as follows:

At 31 October 2025, the Maison Bidco Group had cash and cash equivalents

of £131.0m and total loans and borrowings of £276.2m, which consisted

of £275.0m of senior secured notes maturing in October 2027 and other

development loans of £1.2m. In addition, the Group has bank facilities of

£70.0m which mature in April 2027. The Group has operated within its debt

covenants throughout the year.

Including committed bank debt facilities and cash the Maison Bidco Group had

access to total funds of £201.0m, along with net current assets (excluding cash)

of £372.2m at 31 October 2025, providing the Group with appropriate liquidity

to meet its current liabilities and working capital requirements.

The Group’s business activities, together with factors likely to affect its future

performance and position, are described in the Strategic Report (pages 4 to 91).

The principal risks and uncertainties section on pages 83 to 91 of the Group

financial statements sets out the material factors that may affect the future

financial performance of the Group, detailing both possible impacts and the

Group’s mitigating policies and processes for managing its financial, liquidity

and housing market risk.

Going concern assessment

The Group directors have considered the going concern assessment period

to be to 31 July 2027 and have prepared forecasts covering this period.

The Group’s base case financial forecasts, which include estimated costs of

meeting climate change targets, both regulated and voluntary, reflect the

Directors’ considered view of expected performance. This base case forecast

has been sensitised to a severe but plausible downside scenario to confirm the

appropriateness of the going concern assumption in these financial statements.

In the downside scenario the Group has assumed a recession due to economic

uncertainty combined with decreased affordability, leading to reduction

in legal completions and a fall in average selling prices, with land spend and

construction spend reducing accordingly.

The sensitivity includes the following principal assumptions to assess a severe

but plausible downside scenario, reflecting a manifestation of these principal

risks to a severe but plausible level; i) 15% reduction in legal completions and

a 5% reduction in the average selling price below the Group’s forecast levels

and, ii) a corresponding reduction in construction spend and uncommitted land

spend. The effects were modelled over a period to 31 July 2027. In both the

base case forecast and the severe but plausible downside scenario, the Group

had significant headroom in both its financial debt covenants and existing debt

facilities and met its liabilities as they fell due.

In addition to the above, several additional mitigating measures remain

available to management that were not included in the scenario. These include

further reductions in uncommitted land spend, reduction in overheads to

reflect reduction in bonuses and temporary employee costs and reduction in

capital investments.

Accordingly, the Directors consider that the Group and Company are well

placed to manage business and financial risks in the current economic

environment, having adequate resources to continue to meet its liabilities as

they fall due, until 31 July 2027. Consequently, the Directors have concluded

that preparing the financial statements on the going concern basis is

appropriate due to the continued financial support of the parent Company,

Maison Bidco Limited. The Directors have received confirmation that Maison

Bidco Limited intends to support the Company until 31 July 2027.

2.3 Basis of consolidation

The Group financial statements incorporate the results of Keepmoat Limited,

its subsidiary undertakings and the Group’s share of the results of Joint

Ventures and associates.

(a) Subsidiaries

Subsidiaries are all entities over which the Group has control. The Group

controls an entity when the Group is exposed to, or has rights to, variable

returns from its involvement with the entity and has the ability to affect those

returns through its power over the entity. Subsidiaries are fully consolidated

from the date on which control is transferred to the Group. They are

deconsolidated from the date that control ceases.

Inter-company transactions, balances and unrealised gains on transactions

between Group companies are eliminated. Unrealised losses are eliminated

in the same way as unrealised gains but only to the extent that there is no

evidence of impairment. Accounting policies of acquired subsidiaries are

changed where necessary to ensure consistency with accounting policies

adopted by the Group.

(b) Joint Ventures

Joint Ventures are accounted for using the equity method. Under the equity

method of accounting, interest in Joint Ventures is initially recognised at cost

and adjusted thereafter to recognise the Group’s share of the post-acquisition

profits or losses and movements in other comprehensive income.

Where the Group’s share of losses exceeds its equity accounted investment in

a Joint Venture, the carrying amount of the equity interest is reduced to nil and

the recognition of further losses is discontinued except to the extent that the

Group has incurred legal or constructive obligations. Appropriate adjustment is

made to the results of Joint Ventures where material differences exist between

a Joint Venture’s accounting policies and those of the Group.

The Group determines at each reporting date whether there is any objective

evidence that the investment in the Joint Venture is impaired. If this is the case,

the Group calculates the amount of the impairment as the difference between

the recoverable amount of the associate and its carrying value and recognises

the amount in the income statement adjacent to its share of profit/(loss) from

associates.

Unrealised gains on transactions between the Group and its Joint Ventures

are eliminated to the extent of the Group’s interest in the Joint Ventures.

Unrealised losses are also eliminated unless the transaction provides evidence

of an impairment of the asset transferred.

c) Associates

Associates are all entities over which the Group has significant influence but

not control, generally accompanying a shareholding of between 20% and 50%

of the voting rights. Investments in associates are accounted for using the

equity method, applying the same policy as set out for Joint Ventures above.





2.4 Revenue and profit recognition

Revenue represents the fair value of the consideration received and receivable,

net of applicable value added tax and cash and non-cash incentives. Revenue

is recognised based on indicators of control, rather than solely when risks and

rewards are transferred.

Open market revenue

Open market revenue comprises revenue from sales on the open market,

during the course of a development, to private customers, Registered

Providers and to Private Rented Sector (PRS) operators. Open market sales

to Registered Providers and PRS operators are for multiple units and are

typically transactions entered into after the construction of the development

has commenced.

Revenue and profits associated with open market sales to private customers

are recognised at a point in time on legal completion at which point the Group

has fulfilled its performance obligations.

Revenue and profits associated with Open market Registered Provider and

PRS operator sales are recognised either at a point in time or over time, in line

with the terms of the contract. For the majority of such contracts revenue is

recognised at a point in time on legal completion, when the unit is transferred

to the customer.

Where a property is accepted in part consideration for a sale of a new

home, the original sale of the new home is recorded at the fair value of the

part-exchanged property plus the cash received. The fair value for the partexchange

property is assessed by independent valuers and is reduced for the

estimated costs to sell. The subsequent sale of the part-exchange property is

recognised at the fair value of the consideration received. As it is not considered

a principal activity of the Group, the income and expenses associated with such

transactions are recognised in other operating income and other operating

expenses. Part exchange properties are held within inventories at net realisable

value until subsequent sale.

Partner development contracts revenue

The Group enters into contracts for the construction and sale of social housing

to Registered Providers and undertakes development activities under contract

with partners.

The Group recognises revenue over time for such contracts as the Group is

restricted from redirecting the properties or development works to another

customer and has an enforceable right to payment for work done. Revenue

is recognised by reference to the stage of completion of the contract at the

balance sheet date. This is normally measured by either:

• Where a development has multiple customers, assessing the input costs

to date by reference to the estimated proportion of total costs incurred,

through measurement of the stage of completion of units under the

contract, relative to the forecast total cost of construction of those units; or

• Where a development has a single customer, the stage of completion of the

contract is measured by reference to the actual costs incurred, including

where relevant any land costs, compared with the estimate of the total

costs to satisfy the contractual obligation.

The Directors consider the provision of land and residential properties to

represent a single performance obligation. Completions are recognised on

a pro-rata basis on revenue recognised over time.

Where it is probable that total contract costs will exceed total contract

revenues, the expected loss is recognised immediately as an expense in the

income statement. Claims on customers or third parties for variations to the

original contract are recognised in the statement of comprehensive income

once entitlement to the claim has been established. Claims by customers or

third parties in respect of work carried out are recognised in the statement

of comprehensive income once the obligation to transfer economic benefit

has become probable.

Sale of land revenue

In the ordinary course of business, the Group may enter into agreements

for the sale of land. Revenue and profits associated with the sale of land is

recognised at a point in time when the performance obligation, being the

transfer of title to the land to the customer, has been satisfied. This is when

legal title has transferred.

Profit recognition

Gross profit is recognised for all house sales, when the related revenue is

recognised in accordance with the Group’s revenue recognition policy, based

on the latest forecast for the gross margin expected to be generated over

the life of the development or phase of the development. The expected gross

margin to be generated from each development or phase of the development

is calculated as a product of a development valuation completed using latest

selling prices and forecasts of all land and construction costs associated with

that development.

2.5 Goodwill

Goodwill represents the excess of the consideration paid over the fair value

of the assets and liabilities acquired, including intangible assets recognised on

acquisition. Goodwill is subsequently measured at cost less any accumulated

impairment losses.

The goodwill for each cash-generating unit (CGU) is reviewed for impairment

annually or more regularly where there is a triggering event. If the carrying

value of the goodwill was found to exceed the recoverable for amount for any

CGU, calculated as the lower of value in use and fair value less costs to sell, an

impairment would be required. In the event of an impairment, the goodwill of

the relevant CGU would be impaired first. Any impairment loss is recognised in

the income statement and is not subsequently reversed.

2.6 Property, plant and equipment

All property, plant and equipment is stated at cost less accumulated

depreciation and any recognised impairment losses.

The cost of tangible fixed assets is their purchase cost, together with any

incidental expenses of acquisition. Depreciation is calculated so as to write off

the cost of each asset, less their estimated residual value, on a straight-line basis

over their estimated useful economic lives, or until the date of disposal. The

principal annual rates used for this purpose are:

Plant, equipment, fixtures and fittings

2.7 Leases

3-5 years

The Group assesses at inception whether the contract is, or contains, a lease.

A lease exists if the contract conveys the right to control the use of an identified

asset for a period of time in exchange for consideration. Where the Group is

determined to be 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.

Lease liabilities are initially measured at the present value of the lease

payments at the commencement date discounted using either the interest rate

implicit in the lease or the Group’s incremental borrowing rate. Subsequently

these are measured at amortised cost using the effective interest method.

The lease liability is remeasured when either payments based on an index or

rate take effect or when the Group changes its assessment of whether it will

exercise an extension or termination option.

The right of use asset is initially measured at cost comprising the initial amount

of the lease liability plus payments made before the lease commenced and any

direct costs less any incentives received. The right of use asset is subsequently

depreciated using the straight-line method from the commencement of the

lease to the earlier of the end of the lease term or the end of the useful life of the

asset. The right of use asset is also reduced for impairment losses, if any, and

adjusted for certain remeasurements of the lease liability.

The principal annual rates used for depreciation purposes are:

Property

Vehicles

Plant hire

Show homes sale and leaseback

4-15 years

4 years

1-8 years

1-6 years

The Group has elected to apply exemptions for short-term leases and leases

for which the underlying asset is of low value. For these leases, payments are

charged to the income statement on a straight-line basis over the term of the

relevant lease.

Where the Group has acquired the right to develop land under a build lease,

the Group’s interest in the land is held in inventory as a right of use asset. The

corresponding lease liability is recognised in “development land payables”

within trade and other payables and is appropriately discounted.





2.8 Trade receivables

Trade receivables are initially recognised at fair value and are subsequently

measured at amortised cost using the effective interest rate method, less loss

allowance. The loss allowance is calculated based on historic loss rates from

payment profiles of sales in prior years. The historical loss rates are adjusted

to reflect current and forward-looking information on macroeconomic factors

affecting the debtor’s ability to settle the receivable.

In respect of accounting for trade and other receivables, the Group has applied

International Financial Reporting Standard (IFRS) 9’s simplified approach to

provisioning and has calculated this using lifetime expected losses.

When a trade receivable is wholly or partially uncollectible, any uncollectible

amount is impaired against the loss allowance. Subsequent recoveries of

amounts previously impaired are credited against the loss allowance. Changes

in the carrying amount of the loss allowance are recognised in the income

statement.

2.9 Inventories

Inventories are held at the lower of cost or net realisable value. Costs comprise

land, materials, labour, professional fees and attributable overheads that

have been incurred in bringing the inventories to their present location and

condition. Net realisable value represents the estimated selling price less all

estimated costs to sell, including sales and marketing costs.

Land held for development is initially recorded at cost including cost directly

attributable to enhancing the land value including any expected overage

payable. Regular reviews are carried out to identify any impairment in the value

of land held for development by comparing the total estimated selling prices

net of estimated selling expenses against the cost of the land plus the estimated

cost to complete the development. Land purchased on deferred payment

terms is recorded at fair value and the liability is recorded at fair value as a

“development land payable” within trade and other payables.

Expenditure relating to forward land, including options and pre-contract

expenditure, is held at cost. Regular reviews are carried out to identify any

impairment in the value of these costs and provision made accordingly to

reflect any loss of value. The impairment reviews consider the remaining

life of the option and the likelihood of the land being viable to proceed to

development including the likelihood of securing residential planning consent.

2.10 Cash and cash equivalents

In the consolidated statement of cash flows, cash and cash equivalents includes

cash in hand and cash held in solicitors’ client accounts on the Group’s behalf.

Bank overdrafts are also included, as they are an integral part of the Group’s

cash management. In the consolidated balance sheet, bank overdrafts are

shown within borrowings in current liabilities.

2.11 Retirement benefit obligations

Defined contribution plans

Contributions to defined contribution plans are charged to the income

statement as they accrue. Differences between contributions payable in the

year and contributions actually paid are included within either accruals or

prepayments on the balance sheet.

2.12 Equity instruments

Equity instruments such as ordinary share capital issued by the Company are

recorded at the proceeds received net of directly attributable incremental issue

costs. Proceeds are allocated between nominal value and share premium.

The Group may own equity instruments that it has reacquired (“treasury

shares”), the cost of which is deducted from equity. Gain or loss is not

recognised on the purchase, sale, issue or cancellation of treasury shares.

Treasury shares may be acquired and held by the entity or by other members of

the consolidated group. Consideration paid or received is recognised directly

in equity.

2.13 Trade and other payables

Trade payables on normal terms are not interest bearing and are stated initially

at their fair value and subsequently at amortised cost using the effective

interest method. Trade payables on extended terms, particularly in respect

of land (development land payables), are recorded at their fair value on the

date of acquisition of the asset to which they relate and subsequently held at

amortised cost. The discount to the nominal value is amortised over the period

of the credit term and charged to finance costs using the effective interest

rate. Changes in estimates of the final payment due are taken to inventory

(land held for and under development) and in due course, to cost of sales in the

income statement. Changes to the timing of any deferred payments are taken

to finance costs.

Trade payables also includes overage payable where the Group is committed

to make contractual payments to land vendors related to the performance of

the relevant development in the future. Overage payable is estimated based

on expected future cash flows in relation to relevant developments and, where

payment will take place in more than one year, is discounted.

2.14 Loans and borrowings

Interest bearing bank loans, term loans, senior secured notes and other

borrowings are recorded initially at their fair value, net of direct transaction

and debt issue costs.

Such instruments are subsequently carried at their amortised cost and

finance charges, including commitment fees, arrangement fees and any other

costs directly related to the borrowings, are recognised over the term of the

instrument using the effective rate of interest.

Any instrument repaid before the end of the contractual term will result in any

unamortised costs being immediately recognised in the income statement.

2.15 Income tax

Income tax expense represents the current and deferred tax charges.

Income tax is recognised in the income statement except to the extent that it

relates to items recognised directly in equity.

Current tax is the Group’s expected tax liability on taxable profits for the year

using tax rates substantively enacted at the reporting date and any adjustment

to tax in respect of previous years. Where current tax losses are available but

not utilised in the period, a deferred tax asset is recognised to the extent that it

is considered recoverable.

Taxable profit differs from that reported in the income statement because it

is adjusted for items of income or expense that are assessable or deductible in

other years or are never assessable or deductible.

Deferred tax is the tax expected to be payable or recoverable on differences

between the carrying amount of assets and liabilities in the financial statements

and the corresponding tax rates used in the computation of taxable profit and is

accounted for using the balance sheet liability method.

Deferred tax liabilities are recognised for all taxable temporary differences

and deferred tax assets are recognised in full if future 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

the initial recognition of goodwill or from the initial recognition (other than in

a business combination) of other assets and liabilities in a transaction which

affects neither the taxable profit nor the accounting profit.

Deferred tax assets and liabilities are not discounted and are only offset to the

extent that there is a legally enforceable right to offset current tax assets and

liabilities.

Current tax is calculated based on tax laws enacted or substantively enacted

at the balance sheet date. Management periodically evaluates tax items subject

to interpretation and establishes provisions on individual tax items where, in

the judgement of management, the position is uncertain. The Group comprises

several companies, including the parent company, which are part of a tax group

for certain aspects of the tax legislation.

A key aspect is group relief, which allows current tax liabilities to be offset

by current tax losses from other companies within the same tax group.

The Group’s policy is for the claimant entity to compensate the surrendering

entity, where deemed appropriate by management, by paying an amount at

a rate considered to be market value and are included within the current tax

computations.





2.16 Government grants

Government grants are recognised at fair value when there is reasonable

assurance that the Group will comply with the conditions attaching to them

and the grants will be received.

Grants related to assets are deducted from the carrying amount of the asset

and unwound over the useful lives of the related assets.

Grants related to income are included within deferred income and

subsequently in the appropriate line within the Income Statement, in line with

the Group’s revenue recognition policy.

2.17 Provisions

Provisions are recognised when: the Group has a present legal or constructive

obligation as a result of past events; it is probable that an outflow of resources

will be required to settle the obligation; and the amount can be reliably

estimated.

Provisions are measured at the Directors’ best estimate of the expenditure

required to settle the commitment at the balance sheet date and are discounted

to present value where the effect is material.

2.18 Share based payments

The Group operates a share based payment scheme with respect to the

A ordinary shares issued by Maison Holdco Limited, the ultimate UK parent

of the Group. Equity-settled share based payments are measured at the fair

value of the equity instrument at the date of issue. Fair value is measured using

a suitable valuation model based on the characteristics of the scheme. The fair

value is expensed in the statement of comprehensive income on a straight-line

basis over the expected vesting period with the balance being held in a share

based payment reserve. In line with IFRS 2, the charge is recognised at the

employing entity, being Keepmoat Homes Limited, a 100% owned subsidiary

of the Group.

2.19 Application of new and revised

International Financial Reporting

Standards (IFRSs)

During the year ended 31 October 2025, the Group has adopted the following

new and revised standards and interpretations that have had no impact on the

Financial Statements:

• Amendments to IAS 7, “Statement of Cash Flows” and IFRS 7, “Financial

Instruments: Disclosures”, regarding supplier finance arrangements

(effective 1 January 2024)

• Amendments to IFRS 16, “Leases”, regarding lease liability in a sale and

leaseback transaction (effective 1 January 2024)

• Amendments to IAS 1, “Presentation of Financial Statements”, regarding

the classification of liabilities as current or non-current and the deferral

of the effective date (effective 1 January 2024)

• Amendments to IAS 1, “Presentation of Financial Statements”, regarding

non-current liabilities with covenants (effective 1 January 2024)

At the date of approving these financial statements, the following new and

revised standards and interpretations were in issue but were not yet effective.

None of these revised standards and interpretations have been adopted early

by the Group.

• Annual improvements to IFRS Accounting Standards – Volume 11, relating

to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 (effective 1 January 2026)

• Amendments to IFRS 7 and IFRS 9, regarding classification and

measurement of financial instruments (effective 1 January 2026)

• IFRS 18, “Presentation and Disclosure in Financial Statements” (effective

1 January 2027)

• IFRS 19, “Subsidiaries without Public Accountability” (effective 1 January

2027)

IFRS 18, “Presentation and Disclosure in Financial Statements”, is expected to

impact the Financial Statements of the Group. The changes that will be required

are mainly presentational and will require more detailed analysis of Income

Statement lines in the notes. The Directors do not anticipate that the adoption

of the other standards and interpretations in future periods will have a material

effect on the financial position or performance of the Group.

2.20 Critical accounting estimates and

assumptions

The preparation of financial statements under IFRS requires the Group’s

management to make judgements, estimates and assumptions that affect

the application of policies and reported amounts of assets and liabilities,

income and expenses. The estimates and associated assumptions are based

on historical experience and various other factors that are believed to be

reasonable under the circumstances, the results of which form the basis of

making judgements about the carrying value of assets and liabilities which are

not readily apparent from other sources. Actual results may differ from these

estimates. The estimates and underlying assumptions are reviewed on an

ongoing basis and any revisions to them are recognised in the period in which

they are revised.

The estimates and assumptions that have a risk of causing a material

adjustment to the carrying amounts of assets and liabilities within the next

financial year are addressed below.

• Estimation of development profitability

The gross profit from revenue generated on each of the Group’s developments

in a specific period is based on the latest forecast for the whole site gross profit

expected to be generated over the life of that development or phase. The

expected gross profit is calculated as an output of development valuations

completed using latest selling prices and forecasts of all land and construction

costs associated with the development. These calculations of expected gross

profits require a degree of estimation due to their long-term nature and are

sensitive to future movements in both the estimated cost to complete and

expected selling prices.

Group’s management has established internal controls to regularly review

and ensure the appropriateness of the forecasts and estimates made on an

individual development basis. However, a change in estimated gross profits

over a number of developments (due, for example, to changes in estimates of

costs remaining or a reduction in average selling prices in the private market)

could materially affect profitability. As an illustration, a reasonably possible

change in profit margins of 1% across all developments would have reduced

gross profit and net assets by an estimated £7.6m in the year to 31 October

2025 (31 October 2024: £8.6m).






3 – Group revenue

The Group derives its revenue from the transfer of goods and services over time and at a point in time in the following major

revenue streams.

The opening and closing net contract balances are shown below:

Year ended

31 October

2025

Year ended

31 October

2024

31 October

2025

31 October

2024

£m £m

Open market 520.8 553.4

Registered Provider / Development Contracts 211.9 209.8

Land sales 0.1 0.8

732.8 764.0

Of total revenue recognised above, £240.6m (2024: £294.7m) was recognised over time with the balance recognised point in

time.

All revenue is generated in the United Kingdom. There are no single customers that account for 10% or more of the Group’s

revenue.

At 31 October 2025, the aggregate amount of the transaction price allocated to unsatisfied performance obligations was

£220.4m (31 October 2024: £225.1m). Approximately fifty-two percent (2024: fifty two percent) of these amounts will be

recognised within one year with the remainder recognised over varying contractual lengths.

Contract assets and liabilities are included within “trade and other receivables” and “trade and other payables” respectively

on the face of the balance sheet. Where there is a corresponding contract asset and liability in relation to the same contract,

the balance shown is the net position. The timing of work performed (and thus revenue recognised), billing profiles and cash

collection, results in trade receivables (amounts billed to date and unpaid) and contract assets (unbilled amounts where

revenue has been recognised). Customer advances and deposits (contract liabilities) are recognised where no corresponding

work has yet to be performed.

£m £m

Contract assets 41.2 45.4

Contract liabilities (30.8) (40.3)

Of contract liabilities at 31 October 2024 of £40.3m (31 October 2023: £49.7m), all was recognised in the year to 31 October

2025 (31 October 2024: all). Of contract assets at 31 October 2024 of £45.4m (31 October 2023: £33.1m), all was billed in the

year to 31 October 2025 (31 October 2024: all).

Contract assets have decreased to £41.2m from £45.4m in the year, reflecting less unbilled work-in-progress on Registered

Provider / Development Contracts at the year-end. This decrease is not significant and is in line with the trading of the Group.

Contract liabilities have decreased to £30.8m from £40.3m in the year, reflecting less payments on account received from

customers in excess of billable work-in-progress on Registered Provider / Development Contracts on which revenue is

recognised over time. The Directors expect a significant proportion of the contract liabilities total to be recognised as revenue

in the next reporting period.






4 – Employees and directors

Year ended

31 October

2025

Year ended

31 October

2024

Year ended

31 October

2025

Year ended

31 October

2024

EMPLOYEE BENEFIT EXPENSE DURING THE YEAR

£m £m

DIRECTORS’ EMOLUMENTS

£m £m

Wages and salaries 66.6 62.5

Social security costs 8.5 7.0

Other pension costs 2.0 2.0

Share based payment charge 2.9 4.6

Staff costs 80.0 76.1

AVERAGE MONTHLY NUMBER OF PEOPLE

(INCLUDING EXECUTIVE DIRECTORS) EMPLOYED

BY ACTIVITY

Year ended

31 October

2025

Number

Year ended

31 October

2024

Number

Production 361 384

Selling and distribution 120 133

Administration 564 568

1,045 1,085

Aggregate emoluments 1.4 1.1


Share based payment 2.4 0.9

Pension contributions to money purchase scheme - -

Included in director’s emoluments is £2.4m (31 October 2024: £0.9m) of employment expense reflecting the fair value of

share based payments, as measured at the date of issue and spread over the vesting period during which the employee

becomes unconditionally entitled to the award (note 21). No compensation for loss of office has been paid in the year (31

October 2024: £nil).

Key management remuneration

Key management comprises those members of the Executive Leadership Team (which includes the Executive Directors of the

Board) that are considered to have the authority and responsibility for planning, directing and controlling the activities of the

Group. Their remuneration is analysed as follows:

Year ended

31 October

2025

3.9 2.1

Year ended

31 October

2024

£m £m




Pension contributions to money purchase scheme 0.1 0.1

5.4 4.5






4 – Employees and directors (continued)

5 key management personnel (2024: 5) accrued retirement benefits under money purchase pension schemes for qualifying

services during the year.

Included in key management remuneration is £2.4m (31 October 2024: £2.1m) of employment expense reflecting the fair

value of share based payments, as measured at the date of issue and spread over the vesting period during which the employee

becomes unconditionally entitled to the award (note 21).

5 – Operating profit

Operating profit for the year includes the following:

Year ended

31 October

2025

Year ended

31 October

2024

HIGHEST PAID DIRECTOR

Year ended

31 October

2025

Year ended

31 October

2024

£m £m

Depreciation of property, plant and equipment

(note 10)

£m £m

1.0 1.1

Depreciation of right of use assets (note 17) 3.5 2.9




Pension contributions to money purchase scheme - -

3.1 1.4

Inventories expensed through cost of sales 596.4 625.8

Adjusted earnings before interest, tax, depreciation, amortisation and share based payment charges (adjusted EBITDA)

is calculated as follows:

Year ended

31 October

2025

Year ended

31 October

2024

£m £m

Operating profit 58.0 65.9

Share based payment charge (note 21) 2.9 4.6

Adjusted EBIT 60.9 70.5

Depreciation of property, plant and equipment

(note 10)

1.0 1.1

Depreciation of right of use assets (note 17) 3.5 2.9

Adjusted EBITDA 65.4 74.5






5 – Operating profit (continued)

6 – Other operating income and expenses

Year ended

31 October

2025

Year ended

31 October

2024

Year ended

31 October

2025

Year ended

31 October

2024

AUDITORS’ REMUNERATION

£m £m

£m £m

Audit of the Company’s annual report 0.1 0.1

Audit of the financial statements of the Group’s

subsidiaries

0.3 0.5

Total audit services 0.4 0.6

Other operating income

Sale of part-exchange properties 3.5 1.2

3.5 1.2

Other operating expense

Other non-audit services* - 0.1

Total non-audit services - 0.1

Total 0.4 0.7

Fair value of part-exchange properties less costs to

sell

(3.5) (1.2)

(3.5) (1.2)

* Non-audit services includes services related to tax.

The audit fees payable in 2025 includes £59,200 in relation to additional costs for the 2024 audit paid to the previous auditor,

PricewaterhouseCoopers LLP (2024: includes £70,700 in relation to additional costs for the 2023 audit).






7 – Finance income and expense

8 – Income tax charge

Year ended

31 October

2025

Year ended

31 October

2024

Year ended

31 October

2025

Year ended

31 October

2024

£m £m

£m £m

Interest receivable on loans to Joint Venture

partners

0.2 0.1

Other interest receivable - -

Current tax

UK corporation tax on profit for the year at 25.0%

(year to 31 October 2024: 25.0%)

7.4 9.1

Finance income 0.2 0.1

Unwind of discount on deferred land payments (10.2) (9.7)

Interest payable to parent undertakings (1.4) (1.4)

Interest payable on other loans (0.1) (0.3)

Interest payable on lease liability (0.7) (0.6)

Finance expense (12.4) (12.0)

Net finance expense (12.2) (11.9)

Adjustment in respect of previous years 0.4 (0.6)

Current tax charge 7.8 8.5

Deferred tax

Origination and reversal of timing differences 0.1 0.1

Adjustment in respect of previous years - 0.1

Deferred tax charge 0.1 0.2

Income tax charge for the year 7.9 8.7






8 – Income tax charge (continued)

The table below reconciles the income tax expense for the year to tax at the UK statutory rate:

The position at year end was:

Year ended

31 October

2025

Year ended

31 October

2024

£m £m

Profit before tax 45.8 54.0

Income tax charge at UK corporation tax rate

at 25.0% (year to 31 October 2024: 25.0%)

Effects of:

11.5 13.5

Expenses not deductible for tax purposes 0.7 1.1

Transfer pricing adjustment 2.2 1.9

Adjustment in respect of previous years 0.4 (0.5)

Land remediation relief (1.0) (1.0)

Group relief (6.7) (7.2)

Residential property developer tax 0.9 1.2

Adjustment for Joint Venture (0.1) (0.1)

R&D expenditure - (0.2)

Income tax charge for the year 7.9 8.7

Factors affecting current and future tax charges:

The group has applied the temporary exception, introduced in May 2023, from the accounting requirements for deferred

taxes in IAS 12, so that the group neither recognises nor discloses information about deferred tax assets and liabilities

related to Pillar Two income taxes.

2025 2024

£m £m

Deferred tax assets 0.4 0.5

Deferred tax liabilities - -

At 31 October 0.4 0.5

The movement for the year in the net deferred tax account is as shown below:

2025 2024

£m £m

At the beginning of the year 0.5 0.7

Charge to income statement (0.1) (0.2)

At 31 October 0.4 0.5

Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred

tax assets, where it is probable that the assets will be recovered through trading and taxable profits. The directors have

assessed the carrying value of the deferred tax assets relating to losses at the balance sheet date and are of the opinion

that they are supported by future forecast profits.

The Government of the UK, where the parent company is incorporated, enacted the Pillar Two income taxes legislation

effective from 1 January 2024. Under the legislation, the parent company will potentially be required to pay, in the UK,

top-up tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15 per cent. Whilst the group

solely operates within the UK it is required to consider the Domestic Top Up Tax under the UK tax legislation. Based

on current and historical results, the Group does not expect any material impact on the amounts recognised in its

consolidated financial statements due to the availability of the safe harbour exemptions. The group is continuing to

assess the impact of the Pillar Two income taxes legislation on its future financial performance.






8 – Income tax charge (continued)

DEFERRED TAX ASSETS

Property, plant

and equipment

Other

Total

£m £m £m

At 1 November 2023 0.5 0.3 0.8

Charge to income statement (0.1) (0.2) (0.3)

At 31 October 2024 0.4 0.1 0.5

Charge to income statement (0.1) - (0.1)

At 31 October 2025 0.3 0.1 0.4

9 – Goodwill

Goodwill Total

£m £m

Cost

At 1 November 2023 8.6 8.6

Disposals - -

At 31 October 2024 8.6 8.6

Disposals - -

At 31 October 2025 8.6 8.6

DEFERRED TAX LIABILITIES

Other

Total

£m £m

Accumulated amortisation

At 1 November 2023 - -

Disposals - -

At 1 November 2023 0.1 0.1

Credit to income statement (0.1) (0.1)

At 31 October 2024 - -

Charge to income statement - -


The directors expect that all of the deferred tax balances will be realised in the next 12 months.

A temporary taxable difference of £2.0m (2024: £2.0m) giving rise to a deferred tax asset amounting to £0.5m (2024:

£0.5m) in relation to certain losses within the Group has not been recognised as the Directors are of the opinion that

there is a doubt over the recoverability of this asset due to the level of taxable profits in the relevant entities and the

impact of the loss utilisation rules that were introduced from 1 April 2017.


Disposals - -


Net book amount

At 31 October 2025 8.6 8.6

At 31 October 2024 8.6 8.6

At 31 October 2023 8.6 8.6






9 – Goodwill (continued)

Impairment review of goodwill

The Group tests goodwill for impairment annually or more regularly where there are indicators of impairment. Goodwill

is monitored by management at a regional level which is considered to be an operating segment. These are considered to

be the Group’s cash generating units (“CGUs”).

Key assumptions used for value in use calculations

The recoverable amount of the Group CGUs has been determined based on value in use calculations which require the

use of assumptions. The calculations use cash flow projections based on financial forecasts approved by management

covering a five-year period from 1 November 2025 reflecting the time horizon of delivery of the Group’s strategic

business plan for all CGUs. Cash flows beyond the five-year period used are extrapolated using a terminal growth rate

of 1.1% (2024: 1.1%) per annum. The growth rate is consistent with the UK long-term growth rate.

The key assumptions for the value in use calculations are those regarding the forecast revenue and profit, discount rates

and long-term growth rates. Future forecast revenues reflect expected sales volumes and prices for the respective CGUs

based on historical experience and management’s expectation of volume growth and sales pricing based on forward

orders, product mix, business strategy and expected market demand. Future profit margins are based on historical

experience and expected margins of the respective CGUs which are forecast with reference to the embedded margin

within the secure land pipeline. A pre-tax discount rate of 14.0% (2024: 14.0%), reflecting the estimated weighted average

cost of capital adjusted for current market conditions, has been applied and is considered appropriate by the Directors.

Recoverable amounts

The recoverable value of each CGU exceeds the carrying value of each CGU’s respective net asset base and therefore no

impairment charge was necessary in the year.

Impact of possible changes in key assumptions

Management have sensitised the forecast to apply a downside scenario which reflects decreased affordability, leading

to reduced demand for housing and falling house prices. In a downside scenario, it has been assumed that management

would tightly manage working capital. This is consistent with the severe but plausible downside scenario used in the

Group’s going concern assessment. Further detail of the downside scenario can be found in the material accounting

policies – going concern note (page 102). In applying these sensitivities individually to the recoverable amounts there

were no reasonably possible changes in any of the key assumptions that would have resulted in an impairment.

No impairment of goodwill is required for any CGU in the downside scenario.

10 – Property, plant and equipment

Cost

Plant,

equipment,

fixtures and

fittings

Total

£m £m

At 1 November 2023 1.9 1.9

Additions 1.0 1.0

Disposals (1.4) (1.4)

At 31 October 2024 1.5 1.5

Additions 0.8 0.8


At 31 October 2025 1.6 1.6

Accumulated depreciation

At 1 November 2023 0.3 0.3

Charge for the year 1.1 1.1



Charge for the year 1.0 1.0


At 31 October 2025 0.3 0.3

Net book amount

At 31 October 2025 1.3 1.3

At 31 October 2024 1.5 1.5

At 31 October 2023 1.6 1.6

There has been no impairment of property, plant and equipment during the year.






11 – Investments in Joint Ventures and associates

Details of operating Joint Venture undertakings and associates, all of which are incorporated in England and Wales,

are as follows:

Name of undertaking

Durham Villages

Regeneration Limited

Sheffield Housing

Company Limited

Description of shares and

proportion of nominal value

of that class held

A class ordinary shares of £1

each (51% held)

Ordinary shares of £1 each

(45% held)

Proportion

of voting

rights held by

Group

Accounting

year-end

50% 31 March

45% 31 March

BK Scotswood LLP Members’ capital (50% held) 50% 31 October

New Tyne West

Development

Company LLP

Osmaston

Regeneration

Partnership LLP

Members’ capital (25% held) 25% 30 October

Members’ capital (50% held) 50% 31 March

Durham Villages Regeneration Limited is a Joint Venture between Keepmoat Limited and Durham County Council. Its

principal activities are private housebuilding, land sales and property development. The Company’s registered office

is: The Waterfront, Lakeside Boulevard, Doncaster, DN4 5PL. Under agreements between Keepmoat Homes Limited,

Durham Villages Regeneration Limited and Durham City Council (on 1 April 2010 Durham City Council merged into the

Unitary Authority of Durham County Council), Keepmoat Homes Limited has a licence to build on land owned by Durham

Villages Regeneration Limited. Keepmoat Homes Limited is a wholly owned subsidiary of Keepmoat Limited.

Sheffield Housing Company Limited is an associated undertaking of Keepmoat Limited. Its principal activity is the building

and sale of new homes in the Sheffield area. The Company’s registered office is: The Waterfront, Lakeside Boulevard,

Doncaster, DN4 5PL.

BK Scotswood LLP is a Joint Venture between Keepmoat Limited and Castle 1 Limited, the immediate parent

undertaking. Its principal activity is to invest in a Joint Venture undertaking, New Tyne West Development Company

LLP, with Newcastle City Council. Its principal activities are to facilitate regeneration and property development. The

registered office of BK Scotswood LLP is: The Waterfront, Lakeside Boulevard, Doncaster, DN4 5PL. The registered

office of New Tyne West Development Company LLP is: 3rd floor, Citygate, St James Boulevard, Newcastle Upon Tyne,

NE1 4JE.

Osmaston Regeneration Partnership LLP is a Joint Venture between Keepmoat Limited and Derbyshire County Council

formed in February 2015. The Company has not commenced trading activities at 31 October 2025. The principal activity

of the Company will be procuration and delivery of new build housing and refurbishment within the Osmaston estate in

Derby. The Company’s registered office is: The Waterfront, Lakeside Boulevard, Doncaster, DN4 5PL.

Evolve Built for Life Limited is a Joint Venture between Keepmoat Limited and Thurston Group Limited. The company

ceased trading activities in October 2011. The company’s registered office is: The Waterfront, Lakeside Boulevard,

Doncaster, DN4 5PL.

Evolve Built for Life

Limited

Ordinary shares of £1 each

(50% held)

50% 31 December






11 – Investments in Joint Ventures and associates (continued)

Investments in equity accounted Joint Ventures and associates are as follows:

The group’s share of assets and liabilities of joint ventures is shown below:

Joint

Ventures

Associates

Total

31 October

2025

31 October

2024

£m £m £m

£m £m

At 1 November 2023 0.5 4.4 4.9

Equity accounted share of net profits 0.1 0.5 0.6

At 31 October 2024 0.6 4.9 5.5

Equity accounted share of net profits (0.1) 0.8 0.7

Dividend received (2.2) (2.2)

Non-current assets 0.4 0.5

Current assets 38.5 45.0

Net assets of joint ventures and associates 38.9 45.5


Net liabilities of joint ventures and associates 22.7 25.6

At 31 October 2025 0.5 3.5 4.0

Details of the results of the Joint Ventures and associated companies in the year are below:

Net assets 16.2 19.9

Total

Year ended

31 October

2025

Year ended

31 October

2024

£m £m

Profit after income tax 2.1 1.6






12 – Inventories

13 – Trade and other receivables

31 October

2025

31 October

2024

31 October

2025

31 October

2024

£m £m

£m £m

Land 250.7 248.7

House building developments in progress 337.6 294.6

588.3 543.3

The Group carries out a detailed annual review of the net realisable value of land held for and under development relating

to both plots currently in development and land and phases of sites not yet in development.

Net realisable value for land where construction of homes had commenced at the year-end or is anticipated to commence

within the next 12 months was assessed by estimating selling prices and costs (including sales and marketing expenses)

taking into account current market conditions.

Land where house building had not commenced at the year-end and was more likely to be sold undeveloped is assessed by

re-appraising the land using current selling prices and costs for the proposed development and assuming an appropriate

financial return to reflect the current housing market conditions and the prevailing financing environment.

At the year-end, the net realisable value provision amounts to £1.2m (31 October 2024: £2.5m). This provision will be

closely monitored for adequacy and appropriateness as regards under and over provision to reflect circumstances at

future balance sheet dates.

Government grants are netted against work in progress and are allocated to the income statement over the useful lives of

the related assets. The effect of this treatment is to reduce the fair value of work in progress by £3.6m (31 October 2024:

£7.3m) and to reduce cost of sales in the income statement by £3.1m (31 October 2024: £3.0m).

Included within inventories are £1.2m of part exchange properties (31 October 2024: £1.6m). Part exchange properties

of £3.5m (31 October 2024: £1.2m) were disposed of during the year for proceeds of £3.5m (31 October 2024: £1.2m).

The directors consider all inventories to be current in nature as they are expected to be realised within the Group’s

normal operating cycle, which is greater than one year.

Non-current:

Amounts due from related party undertakings

(note 24)

1.8 1.8


Current:

9.4 7.9

Trade receivables 9.2 7.4

Less: provision for impairment of receivables (0.1) (0.1)

Trade receivables – net of provision for impairment 9.1 7.3

Amounts due from parent undertakings (note 24) 199.3 181.7

Amounts due from related party undertakings

(note 24)

2.1 3.7

Other receivables 2.9 4.5

Prepayments 8.2 8.7


255.2 245.2

Prepayments include £4.1m (31 October 2024: £3.9m) relating to supplier rebates.

Amounts due from related party undertakings comprise amounts due from BK Scotswood LLP of £3.6m (31 October

2024: £1.8m), of which £3.6m (31 October 2024: £1.8m) is non-current and £nil (31 October 2024: £nil) is current.

Amounts due from Sheffield Housing Company Limited total £2.1m (31 October 2024: £3.7m) and are all current. BK

Scotswood LLP is a Joint Venture entity and Sheffield Housing Company Limited is an associate entity. All amounts due

from Sheffield Housing Company Limited are secured on development assets, attract a rate of 7% per annum and settled

in cash. All amounts due from BK Scotswood LLP are secured on the assets of the Joint Venture, non-interest bearing and

settled in cash.






13 – Trade and other receivables (continued)

14 – Cash and cash equivalents

Movements on the Group provision for impairment of trade receivables are as follow:

Year ended

31 October

2025

Year ended

31 October

2024

31 October

2025

31 October

2024

£m £m

£m £m

Cash at bank and in hand 131.0 148.8

As at the beginning of the year 0.1 0.2

Credited to the income statement - (0.1)

As at 31 October 0.1 0.1

Provisions for impaired receivables have been included in cost of sales in the income statement.

Consideration of the credit quality of trade receivables is set out under credit risk in note 23.

Cash and cash equivalents include the following for the purposes of the consolidated cash flow statement:

31 October

2024

31 October

2023

£m £m

Cash at bank and in hand 131.0 148.8

Bank overdrafts (note 16) - -

Cash and cash equivalents 131.0 148.8

At 31 October 2025, monies held by solicitors on behalf of the Group and included within cash and cash equivalents were

£6.9m (2024: £0.4m).






15 – Trade and other payables

31 October

2025

31 October

2024

Trade

payables

Development

land payables

Total

£m £m

YEAR ENDED 31 OCTOBER 2025

£m £m £m

Non-current:

Trade payables 5.9 5.8

Development land payables 82.3 90.9

88.2 96.7

More than one year and less than two years 5.9 38.3 44.2

More than two years and less than five years - 62.1 62.1

More than five years - 0.2 0.2

5.9 101.9 106.5

Current:

Trade payables 111.5 107.6

Amounts due to parent undertaking (note 24) 76.5 74.6

Other tax and social security 2.3 2.0

YEAR ENDED 31 OCTOBER 2024

Trade

payables

Development

land payables

Total

£m £m £m

Other payables 0.4 0.1

Development land payables 79.9 74.2

Contract liabilities 30.8 40.3

Accruals 45.8 45.1

347.2 343.9

More than one year and less than two years 5.8 44.3 50.1

More than two years and less than five years - 46.9 46.9

More than five years - 5.9 5.9

5.8 97.1 102.9

The maturity profile to the right shows the anticipated undiscounted future cash flows, based on the earliest date on

which the Group can be required to pay financial liabilities on an undiscounted basis. All other balances in trade and other

payables not noted below are recorded on an undiscounted basis.






16 – Loans and borrowings

Current

Year ended

31 October

2025

Year ended

31 October

2024

31 October

2025

31 October

2024

EIR 1 % EIR 1 % £m £m

Bank overdraft 3.4% 8.2% - -

Other loans 4.9% 6.9% 1.2 1.6

Maturity of financial liabilities

1.2 1.6

Less than one year 1.2 1.6

Between two and five years - -

After more than five years - -

1

Effective interest rate.

1.2 1.6

Other loans comprise a loan from Homes England and a loan from West Lindsey District Council. Interest on the Homes

England loan is charged at European Central Bank base rate plus a margin which varies from 2.2% to 4.0%. Interest on

the West Lindsey District Council loan is charged at 1% per annum. Amounts are repayable on completion of each site for

which the loan relates.

Analysis of movement in net debt for the year ended 31 October 2025 is as follows:

Cash & cash equivalents

(note 14)

1 November

2024

Cash

movements

Non-cash

movements

31 October

2025

£m £m £m £m

148.8 (17.8) - 131.0

Assets 148.9 (17.8) - 131.0

Short-term borrowings (1.6) 0.5 (0.1) (1.2)

Lease liabilities (note 17) (10.1) 4.2 (5.6) (11.5)

Liabilities (11.7) 4.7 (5.7) (11.3)

Net funds/(debt) 137.1 (13.1) (5.7) 118.3

Analysis of movement in net debt for the year ended 31 October 2024 is as follows:

Cash & cash equivalents

(note 14)

1 November

2023

Cash

movements

Non-cash

movements

31 October

2024

£m £m £m £m

163.8 (15.0) - 148.8

Assets 163.9 (15.0) - 148.9

Short-term borrowings (2.1) 0.6 (0.1) (1.6)

Lease liabilities (note 17) (8.2) 3.4 (5.3) (10.1)

Liabilities (10.3) 4.0 (5.4) (11.7)

Net funds/(debt) 153.5 (11.0) (5.4) 137.1






16 – Loans and borrowings (continued)

The interest rate risk profile of the Group’s financial liabilities at 31 October 2025 is below, which includes all drawn down

borrowings. This includes interest payable in each year until maturity as well as principal repayments. It is assumed that

the Sterling Overnight Index Average (SONIA) remains constant at the year-end position.

17 – Right of use asset and lease liabilities

The company has lease contracts for various show home properties, office space, vehicles and plant hire used

in construction and development. The amounts recognised in the financial statements in relation to the leases are

as follows:

Within

1 year

1-2 years 2-3 years 3-4 years 4-5 years

More than

5 years Total

Show homes

sale and

leaseback

Plant

hire

Property Vehicles Total

£m £m £m £m £m £m £m

Right of use asset

£m £m £m £m £m

1.3 - - - - - 1.3

The profile as at 31 October 2024 is shown below:

Within

1 year

1-2 years 2-3 years 3-4 years 4-5 years

More than

5 years Total

£m £m £m £m £m £m £m

2.0 - - - - - 2.0

Cost

At 1 November 2023 0.5 2.9 3.7 2.4 9.5

Additions - 0.8 0.9 2.9 4.6

Modifications - - 0.4 - 0.4

Disposals (0.3) (1.7) (0.4) (0.8) (3.2)

At 31 October 2024 0.2 2.0 4.6 4.5 11.3

Additions 0.1 1.6 0.8 2.9 5.4

Disposals (0.1) (1.5) (0.3) (0.7) (2.6)

At 31 October 2025 0.2 2.1 5.1 6.7 14.1


At 1 November 2023 - 1.1 0.2 0.5 1.8

Disposals (0.2) (1.3) (0.5) (0.8) (2.8)

Charged during the year 0.2 0.9 0.8 1.0 2.9

At 31 October 2024 - 0.7 0.5 0.7 1.9

Disposals (0.1) (1.1) (0.3) (0.6) (2.1)

Charged during the year 0.1 1.0 0.8 1.6 3.5

At 31 October 2025 - 0.6 1.0 1.7 3.3

Net book value

At 1 November 2024 0.2 1.3 4.1 3.8 9.4

At 31 October 2025 0.2 1.5 4.1 5.0 10.8






17 – Right of use asset and lease liabilities (continued)

The liability is presented as follows:

Lease liability at 31

October 2025

Show homes

sale and

leaseback

Plant hire Property Vehicles Total

£m £m £m £m £m

Current 0.1 0.8 0.9 2.1 3.9

Non-current 0.1 0.7 3.7 3.1 7.6

0.2 1.5 4.1 5.0 11.5

The Statement of Comprehensive Income shows the following amounts relating to leases:

Year ended

31 October

2025

Year ended

31 October

2024

£m £m

Depreciation of right of use assets 3.5 2.9

Interest expense (included in note 7) 0.7 0.6

Expenses relating to leases of low-value assets and

short-term leases

0.3 0.5

The total cash outflow for leases during the financial year was £4.3m (31 October 2024: £3.4m), including £0.7m (31

October 2024: £0.6m) of interest.

Lease liability at 31

October 2024

Show homes

sale and

leaseback

Plant hire Property Vehicles Total

£m £m £m £m £m

The maturity analysis of the lease liabilities and their contractual undiscounted cash flows are shown below:

31 October

2025

31 October

2024

£m £m

Current 0.1 0.7 0.9 1.3 3.0

Non-current 0.1 0.9 3.7 2.4 7.1

0.2 1.6 4.6 3.7 10.1

Less than one year 4.1 3.3

More than one year, less than five years 7.9 7.2

More than five years 1.3 1.3

Total undiscounted lease liabilities at year-end 13.3 11.8

Finance costs (1.8) (1.7)

Total discounted lease liabilities at year-end 11.5 10.1






18 – Provisions for liabilities

Total

dilapidations

At 1 November 2023 1.2

Charged to the income statement 0.2

Utilised during the period -

At 31 October 2024 1.4

Charged to the income statement 0.1

Utilised during the period (0.2)


Current -

Non-current 1.3


Current 0.2

Non-current 1.2

£m

19 – Share capital and reserves

Allotted, called up and fully paid

31 October 2025 31 October 2024

Number £m Number £m

Ordinary shares of £1 each 313,842 0.3 313,842 0.3

All shares rank pari passu in all respects.

313,842 0.3 313,842 0.3

On 11 December 2018, Keepmoat Limited issued one £1 ordinary share to its parent, Castle 1 Limited, at a premium of

£20.3m.

On 17 June 2020, the Company issued one £1 ordinary share to its parent, Castle 1 Limited, at a premium of £13.7m.

Capital contribution reserve

The capital contribution reserve within the Consolidated Statement of Changes in Equity relates to the amounts

recognised in relation to the share based payment expense of the A ordinary shares which is accounted for in its 100%

owned subsidiary, Keepmoat Homes Limited.

20 – Retirement benefit liability

Defined contribution schemes

The pension cost charged to the income statement in respect of the Group’s defined contribution schemes during the

year was £2.0m (year ended 31 October 2024: £2.0m) representing contributions payable in the period. Contributions

due to the defined contribution schemes at the year-end were £0.4m (year ended 31 October 2024: £0.4m).


Dilapidations

The dilapidations provision covers the Group’s leased estate. A full provision up to the end of each lease was initially

established by an independent external valuer, which is annually reassessed.






21 – Share based payments

Management Incentive Plan

The Group operates a Management Incentive Plan (MIP), under which awards have been made to Executive Directors

and certain senior employees at the discretion of the Board of Directors. Awards under the plan are subject to being in

service and an increase in the value of the group up to an exit event occurring. The awards under the MIP constitute an

equity settled share based payment scheme. The fair value of the share based payments has been valued by an external

third party using a Monte Carlo simulation model, based on relevant internal Group information and publicly available

market data at the grant date. On 2 February 2024, further awards were made to Executive Directors and certain senior

employees. The inputs to the Monte Carlo model for each tranche issued were as follows:

Tranche 1 Tranche 2 Tranche 3

Date of grant 26 October 2021 2 February 2024 21 February 2025

Shares granted 84,450 16,450 14,000

Expected volatility 36.2% 38.7% 33.9%

Risk free interest rate 0.7% 4.0% 4.1%

No account for the expected dividends to be paid was incorporated into the fair value assessment. The shares awarded

have no expiry date and, upon a participant exit, the shares are purchased by the Keepmoat Employee Benefit Trust to be

held in treasury until awarded to a new management participant or an exit event occurs.

The Group recognised total expenses of £2.9m in the Statement of Comprehensive Income in the year to 31 October

2025 (31 October 2024: £4.6m) in relation to the equity-settled share based payments during the period.

22 – Contingent liabilities

In the normal course of business, the Group has given counter-indemnities in respect of performance bonds relating

to contracts of subsidiary companies. At 31 October 2025, the performance bonds amount to £13.8m (31 October

2024: £14.7m) and, at the date of these Financial Statements, the probability of any cash outflow from these counterindemnities

is considered to be remote.

The Group is party to, and has given guarantees in respect of, a revolving credit facility of £70.0m, in addition to

performance and other guarantees. At 31 October 2025, the Group had bank borrowings under the revolving credit

facility of £nil (31 October 2024: £nil) and bank overdrafts of £nil (31 October 2024: £nil). At 31 October 2025, the Group

was in a net cash position (31 October 2024: net cash position). The Group therefore had undrawn facilities totalling

£70.0m (31 October 2024: £70.0m). The guarantees are in the form of floating charges over the assets of certain Group

companies.

23 – Financial instruments

Capital risk management

The Group’s objective when managing capital is to safeguard the Group’s ability to continue as a going concern in order

to provide returns for shareholders and benefits for other stakeholders by ensuring that the Group maintains sufficient

liquidity to sustain its present and forecast operations.

The Group monitors current and forecast cash liquidity and bond liquidity against available facilities to ensure that there

is sufficient capacity to meet requirements for the foreseeable future.

The Maison Bidco Group also monitors its net leverage ratio of Adjusted EBITDA to Proforma Net Debt, as if the Group

were drawn by over 40% of its RCF (excluding ancillary facilities), it would be required to meet a covenant ratio of 6.9x. At

31 October 2025, the RCF was undrawn (31 October 2024: undrawn) and in any event its net leverage ratio was 2.4x (31

October 2024: 1.8x).

Financial risks and management

The Group’s principal financial instruments comprised a RCF facility, bank loans, development land payables,

subordinated shareholder loan notes and cash. The main purpose of these financial instruments was to raise finance for

the Group’s operations. The Group has other financial instruments including trade receivables and trade payables, which

arise directly from operations.

No trading in financial instruments has been undertaken.

The Group has exposure to a variety of financial risks through the conduct of its operations. The Board reviews and

agrees policies for managing risk as well as specific policies and guidelines.

The key financial risks resulting from the Group’s use of financial instruments are credit risk, liquidity risk and market risk.

a) Credit risk

Credit risk is the risk of financial loss to the Group if a customer fails to meet its contractual obligations mainly arising on

the Group’s trade receivables and amounts due from construction contract customers.

IFRS 9 requires an expected credit loss model, rather than an incurred credit loss model, to be applied. This requires the

assessment of the expected credit loss on each class of financial asset at each reporting date. This assessment takes into

consideration changes in credit risk since initial recognition of the financial asset.

The Group’s exposure to credit risk is limited for open market housebuilding activities as the Group typically receives cash

at the point of legal completion of its sales.

The credit risk on Registered Provider sales depends on the individual characteristics of the counterparty, many of whom

are in the public sector or are funded by the public sector (e.g. housing associations). The Board consider that the credit

rating of these customers is good and the credit risk on outstanding balances is low and no provision is held against these

balances (31 October 2024: £nil).

The Group does not have any concentration of risk in respect of amounts due from construction contract receivables or

trade receivable balances, with receivables spread across a wide range of customers.






23 – Financial instruments (continued)

The ageing of trade receivables (see note 13) is as follows:

Number of days past

due date:

31 October 2025 31 October 2024

Gross trade

receivables

Provision for

impairment

Gross trade

receivables

Provision for

impairment

£m £m £m £m

Not past due 7.0 - 6.1 -

Past due 1 to 30 days 0.2 - 0.1 -

Past due 31 to 90 days 0.7 - 0.7 -

Past due 91 to 365 days 1.1 (0.1) 0.5 (0.1)

Past due greater than

one year

0.2 - - -

Total 9.1 (0.1) 7.4 (0.1)

The Group applies the simplified approach under IFRS 9 to measure expected credit losses (ECL) associated with trade

and other receivables. The carrying value of receivables is reduced at each reporting date for any increase in the lifetime

ECL with an impairment loss recognised in the statement of comprehensive income. The Directors are of the opinion that

there is a significant concentration of credit risk for those balances past due greater than 90 days. Trade receivables with

a carrying amount of £2.2m (31 October 2024: £1.3m) are past due at the reporting date and £0.1m are impaired (31

October 2024: £0.1m).

b) Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as and when they fall due. An ageing

profile of the Group’s loans and borrowings is presented in note 16.

The Group’s objective is to manage liquidity by ensuring that it will always have sufficient liquidity to meet its liabilities as

they become due. This will be assessed under normal and stress conditions, without incurring losses or risking damage to

the Group’s reputation.

The Group has rigorous cash management processes. Cash balances are reported daily with detailed analysis of variances

to short term cash forecasts. Short term cash forecasts are updated monthly and are for a period of 26 weeks with the

first 8 weeks on a daily basis and the remaining 18 weeks on a weekly basis. These complement a minimum of four long

term quarterly cash forecasts each year which are compared with the annual cash flow budget and to previous quarterly

forecasts. These facilitate management’s assessments of the Group’s expected cash performance and the associated

comparison with available facilities and the Group’s covenants.

Key risks to liquidity and cash balances are a decrease in the value of open market sales, a downturn in the UK housing

market, deterioration in credit terms obtainable in the market from suppliers and subcontractors, a downturn in the

profitability of work, delayed receipt of cash from customers and a general decline in the ability of local authorities to fund

urban regeneration projects.

In order to mitigate this risk, the Group continually monitors open market house sales volumes and prices; working capital

levels and contract profitability; and both client and supplier credit references and credit terms with clients and suppliers

to ensure they continue to be appropriate.

The Group does not have any derivative financial liabilities.

c) Market risk

Market risk is the risk that changes in market prices such as interest rates and foreign exchange rates will affect the Group

income or the value of the Group’s financial instruments.

Interest rate risk

Interest rate risk relates to the impact of interest rate increases on the Group’s floating rate borrowing. The Group holds

facilities at floating interest rates at a margin over the Sterling Overnight Index Average (SONIA). This financing has

increased the liquidity of the Group but also the Group’s exposure to the risk of interest rate fluctuations. Whilst the risk

of an increase in interest rate is beyond the Group’s control, management continually keeps this exposure under review. If

the Group was drawn on its facilities, it would have exposure to this risk.






23 – Financial instruments (continued)

Currency risk

The Group operates entirely in the United Kingdom and all of the Group’s revenue is generated in the United Kingdom

and is denominated in pounds sterling. Consequently, the Group has very limited exposure to currency risk.

Fair values of financial instruments

Trade and other receivables

The fair value of trade and other receivables, excluding construction contract receivables, is estimated as the present

value of future cash flows, discounted at the market rate of interest at the balance sheet date if the effect is material.

The carrying amount of trade and other receivables is a reasonable approximation of their fair value.

Trade and other payables

The fair value of trade and other payables, excluding construction contract payables, is estimated as the present

value of future cash flows, discounted at the market rate of interest at the balance sheet date if the effect is material.

The carrying amount of trade and other payables is a reasonable approximation of their fair value.


The fair value of cash and cash equivalents is estimated at its carrying amount where the cash is repayable on demand.

Loans and borrowings

Fair value is calculated based on the present value of future principal and interest cash flows, discounted at the market

rate of interest at the balance sheet date.

Set out below is a comparison by category of carrying amounts and fair values of all the Group’s financial instruments:

Financial assets at

amortised cost

Note

31 October

2025

Carrying

amount

Fair

value

31 October

2024

Carrying

amount

Fair

value

£m £m £m £m

Cash at bank and in hand 14 131.0 131.0 148.8 148.8

Trade and other receivables 13 215.2 215.2 199.0 199.0

Financial liabilities at

amortised cost

346.2 346.2 347.8 347.8

Trade and other payables 15 402.3 402.3 398.3 398.3

Lease liabilities 17 11.5 11.5 10.1 10.1

Loans and borrowings

Bank overdraft 16 - - - -

Other loans 16 1.2 1.2 1.6 1.6

414.9 414.9 410.0 410.0

Prepayments and contract assets are excluded from the trade and other receivables balances. Contract, statutory

and share based payment liabilities are excluded from trade and other payables as these are not financial instruments.

Borrowing facilities

At 31 October 2025, the Group had committed borrowing facilities totalling £70.0m (31 October 2024: £70.0m)

representing revolving credit facilities and overdraft, which are due for renewal in April 2027. At 31 October 2025, the

Group had bank borrowings under the revolving credit facility of £nil (31 October 2024: £nil) and bank overdrafts of

£nil (31 October 2024: £nil). The Group therefore had undrawn facilities totalling £70.0m (31 October 2024: £70.0m).

Revolving credit facilities bear interest at 3.25% over SONIA whilst cash overdrafts are 3.25% over Bank of England

base rate.






24 – Related party disclosures

The directors regard all subsidiaries, Joint Ventures and associates of Keepmoat Limited Group to be related parties.

During the year, the Group has traded with these related parties and summaries of those transactions are set out below:

Sales to

Purchases

from

Management

fees/

recharges

Finance

(expense)/

income

Sales to

Purchases

from

Management

fees/

recharges

Finance

(expense)/

income

TRADING TRANSACTIONS

£m £m £m £m

TRADING TRANSACTIONS

£m £m £m £m

Year ended 31 October 2025

Parent undertaking

Keystone Topco Limited - - - (1.4)

Joint Ventures

Durham Villages Regeneration

Limited

Associates

Sheffield Housing Company

Limited (SHC)

New Tyne West Development

Company LLP

- - - -

39.6 - - 0.2

16.1 - - -

55.7 - - (1.2)

Year ended 31 October 2024

Parent undertaking

Keystone Topco Limited - - - (1.4)

Joint Ventures

Durham Villages Regeneration

Limited

Associates

Sheffield Housing Company

Limited (SHC)

New Tyne West Development

Company LLP

- - - -

27.7 - - 0.1

14.1 - - -

41.8 - - (1.3)






24 – Related party disclosures (continued)

The outstanding balances between the Group and these related parties as at 31 October 2025 and 31 October 2024 was as detailed below:



31 October

2025

31 October

2024

31 October

2025

31 October

2024

BALANCES OUTSTANDING

£m £m £m £m

Parent undertakings

Maison Holdco Limited 1.0 0.9 - -

Maison Bidco Limited 12.0 11.4 - -

Maison Finco PLC 66.7 50.2 0.9 0.9

Keystone Topco Limited 0.3 - 25.3 23.6

Keystone Midco Limited 0.1 - 8.2 8.0

Keystone Bidco Limited 50.5 50.5 - -

Keystone Financing Limited 0.3 0.4 0.1 0.1

Lakeside 1 Limited 20.7 20.7 - -

K & A Merger Limited - - 6.1 6.1

Castle 1 Limited 47.9 47.6 35.8 35.9

Total (receivables note 13, payables note 15) 199.5 181.7 76.4 74.6

Joint Ventures

Durham Villages Regeneration Limited - - - -

BK Scotswood LLP 1.8 1.8 - -

Associates

Sheffield Housing Company Limited 2.1 3.7 - -

Total 3.9 5.5 - -

Current (receivables note 13, payables note 15) 201.6 185.4 76.4 74.6

Non-current (receivables note 13,

payables note 15)

1.8 1.8 - -

Total 203.4 187.2 76.4 74.6






24 – Related party disclosures (continued)

With the exception of the balances below, all amounts are current, unsecured, non-interest bearing and settled in cash.

There are no expected impairment losses in respect of amounts owed by related parties.

All amounts due from Sheffield Housing Company Limited are secured on development assets, attract a rate of 7% per

annum and settled in cash. All amounts due from New Tyne West Development Company LLP are unsecured, noninterest

bearing and settled in cash.

Included within trade and other receivables are the following non-current loans;

• Loan receivable from BK Scotswood LLP of £1.8m (31 October 2024: £1.8m), which bears no interest and is secured on

the assets of the Joint Venture.

Transactions with management

During the period, Executive Directors and senior management were issued with shares as part of a Management

Incentive Plan. The instruments were deemed to be equity settled share based payment schemes. During the year, a

charge of £2.9m (31 October 2024: £4.6m) has been expensed to the Statement of Comprehensive Income. See note 21

for further information.

Subsidiary undertakings of the Group

The following information relates to the subsidiary undertakings of the Group. All companies are incorporated in England

and Wales. In the opinion of the directors, these companies are those whose results or financial position principally affect

the results of the Group. Directly owned subsidiaries are denoted with an *.

In addition to the subsidiary undertakings noted below, Appendix A to the financial statements details all the

management companies that the Company has effective control over. Details on the ownership and registered address of

the companies can be found in the Appendix.

All companies share the registered office of the Company, which is The Waterfront, Lakeside Boulevard, Doncaster,

South Yorkshire, DN4 5PL.

Name of company Principal activities Group’s

effective

shareholding

Keepmoat Homes Limited * Private housebuilding development 100%

MCI Developments Limited Partnership housebuilding 100%

Keepmoat Property Limited *

Holding of property on behalf of

other Group companies

100%

KGP (SHC) Limited * Intermediate holding company 90%

Huyton Freehold Limited * Investment company 100%

Dormant and other subsidiaries

Keepmoat Site Services Limited * Provision of corporate services 100%

Force Solutions Limited * Dormant 100%

Conquest Bidco Limited * Intermediate holding company 100%

Apollo Support Services Group

Limited

Intermediate holding company 100%

Apollo Holdco Limited Intermediate holding company 100%

Toucan Holdings Limited Property management 100%

Goldhall Electrical Limited Housing regeneration 100%

Hull & Gipsyville Housing Venture

Limited

Dormant 81%

25 – Ultimate controlling party

The Company’s immediate parent undertaking is Castle 1 Limited, a company registered in England and Wales. In the year

to 31 October 2025, Maison Holdco Limited is the parent of the largest group in which these results are consolidated and

Maison Bidco Limited is the parent of the smallest group in which these results are consolidated.

The Company’s ultimate parent company is Maison Grafton S.à.r.l., a company incorporated in Luxembourg, while the

Company’s ultimate controlling party is funds managed by Aermont Capital LLP.

The consolidated financial statements of Maison Holdco Limited and Maison Bidco Limited may be obtained from The

Waterfront, Lakeside Boulevard, Doncaster, DN4 5PL.


COMPANY BALANCE SHEET


As at 31 October 2025

Note

31 October

2025

31 October

2024

The Company has elected to take the exemption under Section 408 of the Companies Act 2006 to not present the parent

company income statement and statement of other comprehensive income. The Company recorded a profit during the

year ended 31 October 2025 of £0.4m (year ended 31 October 2024: £1.6m loss)

£m £m

The financial statements on pages 129 to 135 of Keepmoat Limited, registered number 01998780, were approved by the

Board of Directors on 30 January 2026 and were signed on its behalf by:

Assets

Right of use assets 33 1.0 1.2

Investments in subsidiaries 29 39.7 39.7


Deferred tax asset 34 0.2 0.3

Total non-current assets 42.7 43.0

Current assets


Income tax recoverable - 0.4


0.2 0.8

(excluding bank overdrafts)

Total current assets 178.8 173.5

Total assets 221.5 216.5

Equity

Share capital 35 0.3 0.3

Share premium account 84.0 84.0

Accumulated losses (5.8) (6.2)

Merger reserve 0.2 0.2

Capital redemption reserve 0.2 0.2

Total equity 78.9 78.5

Liabilities

Provisions for liabilities 32 0.3 0.3


Non-current liabilities 1.4 1.6




Total liabilities 142.6 138.0

Total equity and liabilities 221.5 216.5

M Dilley

Director


COMPANY STATEMENT OF CHANGES IN EQUITY



Share

capital

Share

premium

account

Accumulated

losses

Merger

reserve

Capital

redemption

reserve

Total

equity

£m £m £m £m £m £m

At 1 November 2023 0.3 84.0 (4.6) 0.2 0.2 80.1

Total comprehensive expense

for the year

- - (1.6) - - (1.6)

At 31 October 2024 0.3 84.0 (6.2) 0.2 0.2 78.5

Total comprehensive income

for the year

- - 0.4 - - 0.4

At 31 October 2025 0.3 84.0 (5.8) 0.2 0.2 78.9


NOTES TO THE COMPANY




26 – Accounting Policies

26.1 Basis of preparation

The Company financial statements of Keepmoat Limited have been prepared in accordance with Financial Reporting

Standard 101 Reduced Disclosure Framework (FRS 101), in accordance with the Companies Act 2006 as applicable

to companies using FRS 101, and in accordance with applicable accounting standards and under the historical cost

convention and Companies Act 2006.

The financial statements are presented in pounds sterling. All financial information is rounded to the nearest hundredthousand

(£m) except where otherwise indicated. The material accounting policies applied in the preparation of these

financial statements have been consistently applied to all the periods presented unless otherwise stated.

FRS 101 allows the income statement and balance sheet to be presented in accordance with International Accounting

Standard (IAS) 1 - Presentation of Financial Statements.

A summary of the disclosure exemptions adopted for the year ended 31 October 2025 is presented below. Equivalent

disclosures for financial instruments are included in the Keepmoat Limited Group consolidated financial statements,

allowing the exemptions to be applied.

Area

Cash flow

statements

Financial

instrument

disclosures

Related party

disclosures

Disclosure exemption

Exemption from preparing a cash flow statement (IAS 7).

Exemption from the disclosure requirements of IFRS 7 (Financial

Instruments) and related IFRS 13 disclosures.

Exemption from the disclosures in respect of management’s objectives,

policies and processes for managing capital (IAS1.134 to 136).

Exemption for related party transactions entered into between two or

more members of a group, provided that any subsidiary which is party to a

transaction is wholly owned by such a member (IAS 24).

The Company has consistently and uniformly applied the accounting policies of the Group set out on pages 102 to 105

insofar as they are applicable to the Company’s financial statements prepared in accordance with FRS 101 and subject to

the disclosure exemptions to the left.

26.2 Going concern

Having considered the Group’s forecasts including its forecast cashflows, the directors are satisfied that the Company

has sufficient liquidity and covenant headroom to enable the Company to conduct its activities and meet its liabilities as

they fall due for the foreseeable future until 31 July 2027. The Directors believe that preparing the financial statements

on the going concern basis is appropriate due to the continued financial support of the immediate Parent Company,

Maison Bidco Limited. The Directors have received confirmation that Maison Bidco Limited intends to support the

Company until 31 July 2027.

Further details of the Directors’ assessment of going concern can be found in the material consolidated accounting

policies on page 102.

26.3 Investments

Investments in subsidiaries, Joint Ventures and associates are recorded in the Company’s balance sheet at cost less any

impairment. The directors review the investments for impairment when there are indicators of possible impairment.

26.4 Critical accounting estimates and assumptions

The preparation of financial statements under IFRS requires the Company’s management to make judgements, estimates

and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and

expenses. The estimates and associated assumptions are based on historical experience and various other factors that

are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about

the carrying value of assets and liabilities which are not readily apparent from other sources. Actual results may differ

from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis and any revisions to

them are recognised in the period in which they are revised.

The estimates and judgements that have a risk of causing a material adjustment to the carrying amounts of assets and

liabilities within the next financial year are addressed below.

• Impairment of investments and inter-company receivables (estimate)

Determining whether investments and inter-company receivables are impaired requires consideration of potential

impairment triggers. If a trigger is present, an estimate of the recoverable amount (determined as the lower of fair value

less cost to sell or value in use) is determined. The determination of the recoverable amount is inherently subjective and

largely dependent on factors outside the control of the Company.

Exemption from disclosure of key management personnel compensation

(IAS 24).

Presentation

of Financial

Statements

Exemption from statement of compliance with IFRS, cash flow information

and capital management policy.

Exemption from disclosure of comparatives for right of use assets

(paragraph 53a, 53h and 53j of IFRS 16).

Exemption from disclosure of new and amended accounting standards not

yet adopted (paragraph 30 of IAS 8)






27 – Employees and directors

The Company had no employees during the year (year ended 31 October 2024: no employees).

Directors’ emoluments

See note 4 of the consolidated financial statements for details of Directors’ emoluments.

30 – Trade and other receivables

31 October

2025

31 October

2024

£m £m

28 – Operating costs

Operating loss for the year includes the following:

AUDITORS’ REMUNERATION

Year ended

31 October

2025

Year ended

31 October

2024

£m £m

Audit of the Company’s Annual Report 0.1 0.1

Total audit services 0.1 0.1

There were no other non-audit fees payable to the auditor of the financial statements (2024: none).

29 – Investments in subsidiaries

31 October

2025

31 October

2024

Non-current:

Amounts due from Joint Venture undertakings

(note 36)

Current:

1.8 1.8

1.8 1.8

Amounts due from parent undertakings 178.3 172.0

Prepayments 0.3 0.3

178.6 172.3

Amounts due from parent undertakings falling due within one year are unsecured, interest free and repayable on

demand.

Amounts due from Joint Venture undertakings include amounts due from Sheffield Housing Company Limited £nil (31

October 2024: £nil) and BK Scotswood LLP £1.8m (31 October 2024: £1.8m). All amounts due from Sheffield Housing

Company Limited are secured on development assets, attract a rate of 7% per annum and settled in cash. All amounts due

from BK Scotswood LLP are secured on the assets of the Joint Venture, non-interest bearing and settled in cash.

COST AND NET BOOK VALUE

£m £m

At 1 November 2024/2023 39.7 39.7

Additions - -

At 31 October 39.7 39.7

On 17 June 2020, the Company purchased a £1 ordinary share from its subsidiary, Keepmoat Homes Limited, at a

premium of £13.7m.

Full details of both the Company’s directly and indirectly controlled subsidiaries are provided in note 24 to the

consolidated financial statements.






31 – Trade and other payables

31 October

2025

31 October

2024

32 – Provisions for liabilities

Total

dilapidations

CURRENT

£m £m

Trade payables - 0.1

Amounts due to parent undertakings 38.4 36.7

Amounts due to Group undertakings 102.6 99.2

Accruals - 0.2

141.0 136.2

The current payable due to group undertakings includes a £24.9m (year ended 31 October 2024: £23.5m) loan owed to

Keystone Topco Limited. The loans attract a rate of 6% per annum. Interest is capitalised and compounded, and the loans

are repayable on demand.

£m


Charged to the income statement -

Utilised during year -


Current -

Non-current 0.3


Current -

Non-current 0.3


Dilapidations

The dilapidations provision covers the Company’s leased estate. A full provision up to the end of each lease was

established by an independent external valuer, with the element up to the date of the financial statements being

recognised in the accounts on a pro-rated straight-line basis.

Dilapidations are stated at expected cost as the effects of discounting are considered to be immaterial.






33 – Right of use assets and lease liability

The company has a lease contract for use for office space used in the operations. The amounts in the financial statements

in relation to the right of use assets recognised under IFRS 16 are as follows:

RIGHT OF USE ASSETS

Cost

Total property


Additions -




Charged during the year 0.2


Net book value



The liability recognised on the leases is as follows:

LEASE LIABILITY

31 October

2025

£m

31 October

2024

£m £m

The statement of comprehensive income shows the following amounts relating to leases:

31 October

2025

31 October

2024

£m £m

Depreciation on right of use assets 0.2 0.1

Interest expense 0.1 0.1

The total cash outflow for leases during the financial year was £0.2m (31 October 2024: £0.4m), including £0.1m (31

October 2024: £0.1m) of interest.

34 – Deferred tax

The following deferred assets and liabilities were recognised by the Company as at 31 October 2025:

31 October

2025

31 October

2024

£m £m

Deferred tax assets 0.2 0.3

Deferred tax liabilities - -

Net deferred tax position 0.2 0.3

Current 0.2 0.2

Non-current 1.1 1.3

1.3 1.5






34 – Deferred tax (continued)

36 – Related party disclosures

Plant, property

and equipment

Total

Keepmoat Limited is part of the Maison Holdco Limited Group and the directors regard all subsidiaries, Joint Ventures

and associates of the Maison Holdco Limited Group to be related parties. During the year, the Company has traded with

these related parties and summaries of those transactions are set out below:

DEFERRED TAX ASSET

£m £m

The outstanding balances between the Company and these related parties as at 31 October 2025 and 31 October 2024

was as detailed below:

1 November 2023 0.4 0.4


At 31 October 2024 0.3 0.3



31 October

2025

31 October

2024


31 October

2025

31 October

2024

£m £m £m £m

At 31 October 2025 0.2 0.2

The directors expect that all of the deferred tax balances will be realised in the next 12 months.

Current tax is calculated based on tax laws enacted or substantively enacted at the balance sheet date. Management

periodically evaluates tax items subject to interpretation and establishes provisions on individual tax items where, in

the judgment of management, the position is uncertain. The Group comprises several companies, including the parent

company, which are part of a tax group for certain aspects of the tax legislation.

A key aspect is group relief, which allows current tax liabilities to be offset by current tax losses from other companies

within the same tax group. This year, the directors have revisited the group relief policy and assessed the impact of such

surrenders. In line with the revised policy, to mitigate any legislative uncertainty, the claimant entity compensates the

surrendering entity, where deemed appropriate by management, by paying an amount at a rate considered to be market

value and are included within the current tax computations.

35 – Share capital

See note 19 to the consolidated financial statements for details.

Joint Ventures

BK Scotswood LLP 1.8 1.8 - -

Associates

Sheffield Housing

Company Limited

- - - -

Total 1.8 1.8 - -

Current (receivables note

30, payables note 31)

Non-current (receivables

note 30, payables note 31)

- - - -

1.8 1.8 - -

Total 1.8 1.8 - -

With the exception of the balances below, all amounts are current, unsecured, non-interest bearing and settled in cash.

There are no provisions for impairment in respect of amounts owed by related parties.

Included within debtors are the following non-current loans:

• Loan receivable from BK Scotswood LLP of £1.8m (31 October 2024: £1.8m), which bears no interest and is secured

on the assets of the Joint Venture.

37 – Ultimate controlling party

See note 25 to the consolidated financial statements.


APPENDIX TO THE FINANCIAL STATEMENTS



A – Management Company Information

The following information relates to the subsidiary undertakings of the Group. The Company

directly owns 100% of the ordinary share capital of Keystone Topco Limited and has effective

control of the management companies noted on this and the following page. These companies are

Resident Management Companies (“RMCs”) currently controlled by the Group through its power

to appoint Directors and the Group’s voting rights in these entities. All RMCs are companies limited

by guarantee without share capital (unless otherwise stated) and are incorporated in England and

Wales.

The capital, reserves and profit or loss for the year have not been stated for these RMCs, as the

beneficial interest in any assets or liabilities rests with the residents. These companies, which have

not been included in the consolidated accounts, are temporary members of the Group and will be

handed over to residents in due course.

Name of Company

REGISTERED

OFFICE

Academics (Peterborough) Management Company Limited 1

Acorn View (Hyndburn) Management Company Limited 1

Arcot Estate (Cramlington) Management Company Limited 2

Belgrave Place (Minster-on-Sea) Management Company Limited 1

Blakenhall Gardens Residents Management Company Limited 3

Bleach Green Residents Management Company Limited 2

Brearley Forge Management Company Limited 4

Bridgewater Gardens (Runcorn) Management Company Limited 5

Britannia Mews (Great Harwood) Management Company Ltd 1

Brookvale Management Company (2) Limited 6

Brue Farm Management Company Limited 3

Burnley Wood Management Company Limited 5

Cable Wharf Limited 1

Canterbury Park Residents Management Company Limited 6

Carr Lodge Phase Two Apartments Management Company Limited 6

Carr Lodge Phase Two Management Company Limited 6

Name of Company

REGISTERED

OFFICE

Charlestown Riverside Management Company Limited 7

Chase Farm (Gedling) Block Management Company Limited 8

Chase Farm (Gedling) Estate Management Company Limited 8

Chateau Mews Management Company Limited 9

Chatterley Heights Management Company Limited 10

Copper Fields (Old Newton) Management Company Limited 6

Cottonfields, Gibfield Management Company Limited 5

Deeside (Garden City) Management Company Limited 1

Exhall Gardens (Coventry) Management Company Limited 3

Exhall Meadows (Coventry) Management Company Limited 3

Farington Mews (Croston) Management Company Limited 1

Foxlow Residents Management Company Limited 11

Glenvale Park (Wellingborough) Management Company Limited 1

Greenbridge Square (Swindon) Management Company Limited 3

Greenhurst Crescent Management Company Limited 5

Gynsil Gate (Anstey) Management Company Limited 6

Haworth Place Management Company Limited 1

Hedgerows (Bolsover) Estate Management Company Limited 10

Hoddings Meadow (Hodthorpe) Management Company 10

Holborn Riverside Management Company Limited 6

Hollington Grange Management Company Limited 1

Jessop Park Management Company Limited 3

Kenning Brook Management Company Limited 6

Lyle Place (Bury St Edmunds) Management Company Limited 1

Lyme Gardens (Stoke-on-Trent) Management Company Limited 6

Lyndon Park (Great Harwood) Management Company Limited 5





A – Management Company Information (continued)

Name of Company

REGISTERED

OFFICE

Malthouse Place (Burton) Management Company Limited 3

Marble Square Management Company Limited 6

Mill Farm (Residents Management Company) Limited 8

Mill Place (Upper Tean) Management Company Limited 6

Oswald Place (Cheadle) Management Company Limited 3

Pastures Grange Sleaford Management Company Limited 6

Porthouse Rise Management Company Limited 3

Queensborough (Phase 1) Management Company Limited 5

Red Hall Estate Management Company Limited 2

Richmond Drive Management Company Limited 1

Roman Fields (Phase 2) Management Company Limited 5

Roman Fields Paston Management Company Limited 5

SHC Estate Management Limited 4

Sherwin Gardens (Bramcote) Management Company Limited 6

Sherwood Grange (Bilsthorpe) Management Limited 6

South West Burnley Management Company Limited 5

Spirit Quarters Residents Management Company Limited 1

Stallings Place Management Company Ltd 6

Striling Fields (Northstowe) Management Company Limited 6

Suthers Street (Phase 3) Management Company Limited 1

The Mallards (Swanley) Management Company Limited 1

Name of Company

REGISTERED

OFFICE

The Maples (Bedford) Management Company Limited 1

The Old Orchard (Branksome) Management Company Limited 5

The Parade Bridgwater Residents Management Company Limited 3

The Seasons (Worsley Mesnes) Management Company Limited 1

The Sycamores (Stockton) Management Company Limited 2

The Willows (Little Hulton) Management Company Limited 5

The Woodlands (Whalleys) Management Company Limited 5

Tree Tops (Grays) Management Company Limited 5

Upton Place Block 2 Management Company Limited 11

Upton Place Management Company Limited 10

Vincent Court (Stevenage) Management Company Limited 5

Waters Edge (Haslingden Road) Management Company Limited 1

Waterside Residents Management Company Limited 10

Winterstoke Gate Management Company Limited 6

Woodford Grange Management Company Limited 5

Registered Office

1 Fisher House, 84 Fisherton Street, Salisbury, Wiltshire SP2 7QY

2 Cheviot House, Beaminster Way East, Newcastle Upon Tyne, Tyne and Wear NE3 2ER

3 5 Calico Business Park Sandy Way, Amington, Tamworth, Staffordshire B77 4BF

4 The Workstation, 15 Paternoster Row, Sheffield, South Yorkshire S1 2BX

5 Queensway House, 11 Queensway, New Milton, Hampshire BH25 5NR

6 The Waterfront, Lakeside Boulevard, Doncaster, South Yorkshire DN4 5PL

7 2a Plumlife Management, 2a Derwent Avenue, Manchester, Lancashire M21 7QP

8 Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, HP2 7DN

9 Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire NG1 6HH

10 C/O P M & G Limited, Chartered Accountants Mainwood Farm, Kneesall, Newark,

Nottinghamshire NG22 0AH

11 One Eleven, Edmund Street Birmingham, West Midlands B3 2HJ





B – Non-financial information

Homes that are zero carbon in use and water efficient

Production and construction that is low carbon, resource and water efficient

Average operational carbon intensity of homes

(KgCO2e/m 2 /yr)

Homes on developments

<800m from a public transport node (%)


<1000m from key amenities (%)


<400m from a public transport node (%)

Placemaking strategy

FY23 FY24 FY25

^ ^ 11.09

Average EPC score and SAP rating B(84) B (86) A (90)

Average internal water efficiency of housetype range

(litres per person per day)

^ ^ 95

EPC A (%) 2% 10% 39%

EPC B or above 99% 99% 97%

Number of internal design reviews ^ ^ 59

Places that are well designed, connected and accessible and that are nature positive and that

are climate and water resilient

FY23 FY24 FY25

^ ^ 96%

^ ^ 93%

^ ^ 82%

Sustainable places model

Plots secured (no. as at 31 October) 11 23,100 24,400 28,800

Homes on brownfield land (%) 71% 69% 61%

Homes on Partnership developments (%) 12 83% 92% 86%

(11)

Plots secured is defined as completed deals, secured under contract and where we have been identified as preferred

developer

(12)

Partnership development definition – public sector partners or strategic private partners

Carbon metrics

SBTi commitment

Tonnes of construction waste per 100m²

completed build area

FY23 FY24 FY25

See SECR disclosure above

Verified, short term and net zero

8.86 8.17 6.62

Construction waste (tonnes) 13 30,686 21,617 18,993

Construction waste diverted from landfill (%) >99% >99% >99%

Sustainable supply chain commitment

Modern slavery risk assessments (%) supplier

and sub-contractor spend

Timber materials suppliers with FSC or

PEFC Chain of Custody certification (%)

Sustainable Procurement Policy

95% 93% 83%

100% 100% 100%

Injury Incident Rate (RIDDOR) (AIIR)

247 187 285

per 100,000 workforce 14

Homes completed using Modern Method

8% 13% 12%

of Construction (MMC) (%) 15

Local supply chain spend 16 £316.2m £294.4m £287.3m

Spend with local supplier (% of total supplier spend) ^ ^ 50%


(13)

More than 99% of total construction waste is diverted from landfill

(14)

Injury Incident Rate (RIDDOR) (AIIR) is calculated as follows: (RIDDOR reportable injuries per year / direct and

subcontract employment) X 100,000

(15)

MMC as reported above relates to timber frame and volumetric construction methods

(16)

Spend in local supply chain is defined as spend with suppliers located within a 30 mile radius of the procuring Keepmoat





B – Non-financial information (continued)

Delivering homes

Jobs and skills

FY23 FY24 FY25

Homes sold (no) 4,074 3,516 3,124

Homes sold (operational control – inc. JVs) 17 4,155 3,554 3,124

HBF Customer Satisfaction Star rating 18 5 5 5

Average selling price (£’000) 211 217 235

Homes sold to affordable housing providers (%) 52% 48% 40%

Open market sales to first time buyers (%) 19 67% 63% 74%

(17)

Homes completed (operational control) includes all Joint Venture homes completed where Keepmoat has operational

control.

(18)

The HBF Customer Satisfaction star rating represents the 8-week satisfaction score held by the Group as at 31

October each year

(19)

First time buyers % is determined from customer feedback surveys and relate only to open market sales

(20)

Trainees, apprentices and graduates are as at 31 July, representing the submission to The 5% Club

FY23 FY24 FY25

Employees – at year end (no.) 1,112 1,042 1,036

Male:Female all employees (%) 66:34 66:34 66:34

Male Executive Leadership (no.) 6 5 6

Male Executive Leadership (%) 1% 0% 1%

Female Executive Leadership (no.) 2 2 2

Female Executive Leadership (%) 0% 0% 0%

Male Senior Managers (no.) 53 61 76

Male Senior Managers (%) 5% 6% 7%

Female Senior Managers (no.) 20 15 29

Female Senior Managers (%) 2% 1% 3%

All other male employees (no.) 674 626 604

All other male employees (%) 61% 60% 58%

All other female employees (no) 357 333 319

All other female employees (%) 32% 32% 31%

Trainees, apprentices and graduates (%) 20 7% 6% 5%

Directly employed bricklaying apprentices on

programme (no.)

^ ^ 15

Upskilled through training hubs partnerships (no.) ^ ^ 84

Homebuilding careers promoted (no.) ^ ^ 139

Work experience placements (no.) ^ ^ 28

Corporate volunteer days taken (no.) ^ ^ 74



Head office

The Waterfront

Lakeside Boulevard

Doncaster

South Yorkshire

DN4 5PL

01302 896800

keepmoat.com

140 | KEEPMOAT.COM

Keepmoat Annual Report 2025

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