Onward Build Limited.pdf

Onward Build Limited, registered at Companies House with number 10665852, is a wholly owned subsidiary of Onward Homes Limited, which in turn is a subsidiary of Onward Group Limited. The company's purpose is to develop new affordable and open market homes and provide development services to the Group.

The company faced a challenging economic climate in the year ended 31 March 2023, with increased inflation and contractor viability risk. The main contractor for the Basford East and Helsby schemes fell into financial hardship, resulting in an impairment of £3,533,000. The company reported a deficit before tax of £5,165,000, largely due to the impairment and the release of £1,226,000 of interest charge previously capitalised against land purchased for Basford phase 3 & 4.

The company ended the year with cash and short-term investments of £2,796,000. During the year, 37 social housing units under development were transferred to Onward Homes, generating sales proceeds of £4,448,000. The company utilises the group risk management framework to identify and assess risks before financial commitments are entered into.

The Board members are a combination of non-executive and executive directors from Onward Group, with no remuneration paid to directors in their capacity as directors of the company. The company promotes safe practices and continuous improvement through a health and safety group and regional health and safety forums. The company is committed to ensuring the health, safety, and welfare of all its customers, leaseholders, colleagues, contractors, and third parties involved in its operations.

The company is governed by a Board that delegates day-to-day operational control as appropriate, with five committees overseeing various aspects of the business, including audit and risk, finance and treasury, property and development, governance and people, and customer engagement.