AVANT HOMES (SCOTLAND) LIMITED

• ⚠

  Material uncertainty over going concern

  The Viva Midco Limited Group agreeing further extension of revolving credit facility with third party lenders. This includes covenant principle amendments. Successful resolution with Ministry of Housing, Communities and Local Government (MHCLG) and agreement of a payment plan for reimbursements to the building safety fund with the Viva Midco Limited Group. The ability of management of the Viva Midco Limited Group to execute mitigating actions, including a reduction in land spend on new sites and disposal of non-core land assets, to successfully manage cash flows in the event of adverse conditions. Should the long form loan agreement not ultimately be finalised, due to the material size of the payment applications expected to be levied on the Group and costs expected under the DRC, the failure to achieve this constitutes a material uncertainty over the Group's ability to continue as a going concern. Should the agreement not be ultimately finalised as anticipated, this would constitute a material uncertainty to the Group being able to continue as a going concern.

1. AVANT HOMES (SCOTLAND) LIMITED 2015-10-23 → present
2. BETT HOMES LIMITED 2010-02-09 → 2015-10-23
3. GLADEDALE (NORTHERN DIVISION) LIMITED 2007-03-08 → 2010-02-09
4. GLADEDALE (NORTHERN) LIMITED 2007-01-29 → 2007-03-08
5. BETT LIMITED 2003-06-27 → 2007-01-29
6. BETT PLC 2003-01-22 → 2003-06-27
7. BETT BROTHERS PUBLIC LIMITED COMPANY 1946-08-28 → 2003-01-22

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Viva Midco Limited Group agreeing further extension of revolving credit facility with third party lenders. This includes covenant principle amendments. Successful resolution with Ministry of Housing, Communities and Local Government (MHCLG) and agreement of a payment plan for reimbursements to the building safety fund with the Viva Midco Limited Group. The ability of management of the Viva Midco Limited Group to execute mitigating actions, including a reduction in land spend on new sites and disposal of non-core land assets, to successfully manage cash flows in the event of adverse conditions. Should the long form loan agreement not ultimately be finalised, due to the material size of the payment applications expected to be levied on the Group and costs expected under the DRC, the failure to achieve this constitutes a material uncertainty over the Group's ability to continue as a going concern. Should the agreement not be ultimately finalised as anticipated, this would constitute a material uncertainty to the Group being able to continue as a going concern.”

Group structure

1. AVANT HOMES (SCOTLAND) LIMITED · parent
   1. Avant Homes (Scotland MK) Limited 100% · United Kingdom · Dormant
   2. Freeport Scotland Limited 14% · United Kingdom · Letting of commercial property
   3. Strada Developments Limited 50% · United Kingdom · Holds shared equity portfolio

Significant events

• “During the period ended 30 June 2024, the Company was focussed on constructing and selling new homes to private customers, PRS investors, and affordable housing providers in Scotland. This diversification of tenure mix mitigates the challenges faced by the current UK housing sector and is aligned to Government housing policy. During the period ended 30 June 2024, the Company has focused its strategy on delivering sustainable returns for all its stakeholders.”
• “The Company's 2024 performance continued to be impacted by the challenges faced by the UK housing sector as a whole. Increases to interest rates coupled with wider cost of living challenges impacted demand amongst our private customers, whilst the timing and cost of obtaining implementable planning permissions continues to be a constraint on the industry.”
• “The election of a new Westminster government in July 2024 with housing policies intended to increase the supply of new homes plans through planning reform provides a platform for optimism in the UK housing market.”
• “No interim dividends were paid in the period ended 30 June 2024 (period ended 30 June 2023: £nil). The directors do not recommend the payment of a final dividend in respect of the period ended 30 June 2024 (period ended 30 June 2023: £nil).”
• “Since the balance sheet date, the Group and its Lenders have been engaged in constructive discussions for a restructuring of the RCF to extend the tenor of that facility to support the working capital requirements of the Group on an ongoing basis. At the date of approval of these financial statements, those discussions are nearing conclusion, and the Lenders remain fully supportive of the Group.”
• “principal terms have been agreed with MHCLG in respect to entering into a payment plan relating to the Group's obligations under a Developer Remediation Contract ("DRC") in England”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

16

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -15%

  £81,956,000 → £69,644,000

• Cash

  +215.7%

  £3,285,000 → £10,371,000

• Net assets

  -28.5%

  £55,462,000 → £39,662,000

• Employees

  -10.9%

  110 → 98

• Operating profit

  -156.8%

  -£4,817,000 → -£12,371,000

• Profit before tax

  -118.1%

  -£6,157,000 → -£13,430,000

• Wages

  -0.3%

  £6,014,000 → £5,996,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers