2003
Annual Report and Accounts Annual Report and Accounts 2003
Contents
Financial highlights 1
Chairman’s statement 2
Chief Executive’s review 4
Financial review 10
Directors and Advisors 12
Policy on corporate governance 14
Directors’ remuneration report 16
Report of the directors 18
Statement of directors’ responsibilities 20
Auditors’ report 21
Profit and loss account 22
Balance sheet 23
Cash flow statement 24
Statement of accounting policies 25
Notes to the financial statements 27
Development guide 37 1
Financial highlights
31st March 2003
£25.3m
£8.8m
510 15 20 25
12 3 4 5
31st March 2002
£4.3m
£1.3m
3p
1p
12.7p
10.1p
31st March 2003
40.6%
34.4%
31st March 2002
20.4%
18.2%
turnover
profit before tax
dividend per share
earnings per share
pre-tax return on
average equity
pre-tax return on
average total capital
Annual Report and Accounts 2003
12 3
123456789 10 11 12 13 14
510 152025 30 354045
510 152025 30 354045
31st March 2003
31st March 2003
31st March 2003
31st March 2002
31st March 2002
31st March 2003
31st March 2002
31st March 2002 2
Chairman’s statement
David Holland Chairman (Non-Executive) I am pleased to be reporting on another
successful year for Telford Homes. The
Company has achieved exceptional results
once again and we are continuing to
build a good reputation, particularly in
and around East London. 
We are making a significant contribution
to the regeneration of the area
surrounding Docklands and the City.
With average selling prices below
£250,000 and the increasing attraction
of living close to major employment
areas, demand for our product continues
to be strong.
Relationships with public sector housing
providers are crucial to our business and
we have continued to develop these during
the year. We firmly believe that these
relationships will prove very successful,
both for our partners and for Telford
Homes, in the future and we place great
value on them.  
At the end of the financial year our
business employed 48 people, more
than double the number at our previous
year end. This increase includes the
strengthening of our management
team, both at board level and senior
management, as well as the appointment
of staff throughout the business. I would
like to take this opportunity to thank
each and every one of our employees for
their contribution to the Company this
year. Our success is clear evidence of
their efforts.  
We have a number of exciting new
developments to build and sell in 2003
and 2004 which will contribute to another
year of growth for the Company.
David Holland
Chairman
Annual Report and Accounts 2003
“The Company has achieved
exceptional results once again and
we are continuing to build a good
reputation, particularly in and
around East London.” 3
Annual Report and Accounts 2003
Little Docklands Chelmsford 4
Chief Executive’s review
Andrew Wiseman Chief Executive Financial results
I am delighted to report a substantial
performance, generating profit before
tax of £4.3 million, in our second period
of trading. Since incorporation in
December 2000, the growth of Telford
Homes has been tremendous and
reflects the efforts of everybody who is
involved with the Company. 
Turnover for the year ended 31st March
2003 was £25.3 million compared with
£8.8 million in our first 16 month period
of trading to 31st March 2002. Earnings
per share for the year were 12.7p
(2002 – 10.1p) and the directors are
proposing a final dividend of 2.0p per
share making 3.0p for the year.  
Over the course of the year we exchanged
contracts on the sale of 112 “open-market”
private homes at an average selling price
of £214,000. In our first 16 month
trading period we exchanged contracts
on 61 “open-market” homes at an
average price of £210,000.
Increasingly our business involves building
mixed developments. During the year
our income was complemented by the
sale of 11 “affordable” homes, six small
retail units, 6,500 square feet of office
space, a construction contract to build a
community centre and the sale of a
small development site. Including those
sales, we exchanged contracts on 132 
properties in the year. Our target for the 
full year, set out in the Interim Statement
announced on 19th November 2002, was
to exchange contracts on 137 properties.
However, the mix of sales in the year and
our progress on development sites
was such that our performance in
reported turnover and profit before
tax is in excess of our expectations at
that time.
Our product and the market place
We remain focused on a small
geographical area to the east of the City
of London and the area in and around
Docklands. In addition we have one
development in Chelmsford town centre.
We continue to appraise land purchase
opportunities in these as well as wider
areas and we may consider opportunities
that will broaden our geographical
spread, but still be within one hour’s
travel from our offices.
Our product is typically a one or two
bedroom apartment with a bathroom
for each bedroom, a lounge/dining room,
an attached and fully fitted kitchen with
breakfast area and a private terrace or
balcony providing outside space. Floor
coverings of laminated wood in the halls
and living rooms, carpets to the bedrooms
and tiling to kitchens and bathrooms are
provided as standard. 
Annual Report and Accounts 2003
“Our relationships with public
sector housing providers continue
and we look forward to further
involvement with them.”
Case Study
Gale Street
One of several sites purchased
from Poplar HARCA, one of our
public sector housing partners.
Gale Street is part of the ongoing
regeneration of East London
including the creation of attractive
private developments, close to
good transport links, in areas of
predominantly affordable housing.
Gale Street consists of 11 private
apartments. All 11 were sold to
one investment buyer in July 2002
and the development was
completed and handed over in
April 2003. 5
Annual Report and Accounts 2003
Lansdowne Drive E8 Blondin Street E3
Gale Street E3 6
Chief Executive’s review
Annual Report and Accounts 2003
Each development would contain a
range of apartment types at varying
prices, and would include a number with
exceptional features such as large terraces,
double height living rooms, duplex
apartments or galleried mezzanine spaces.
The majority of our homes have been sold
at an early stage of construction, usually
12 months prior to build completion.
Purchasers have generally been investment
buyers who either sell-on or hold the flat
for letting purposes. Despite signs of a
housing market slowdown for property
priced above £250,000, buyers of our
properties continue to be active and
our performance since the year end
supports this statement.
Development sites and
development partners
During the year we made two substantial
site acquisitions and both sites benefit
from outline planning consents for
residential development. 
The first is the site of the former Island
Gardens DLR station which lies directly
opposite the new DLR station, on the
river at the Greenwich foot tunnel. This
site has a development capacity of more
than 100 residential apartments and was
acquired as a joint venture with Asda
Property Holdings Ltd.  
The second is a redundant warehouse,
accessed from the A13, and bordering
the Regents Canal at its entrance into the
Limehouse Basin.  
Detailed planning consents for these two
sites as well as for our major joint
development with East Thames Housing
Association, at Abbotts Wharf on the
Limehouse Cut, are nearing conclusion
after negotiations with the local planning
authority on design and the provision of
“affordable” housing. The length of time
it takes to achieve a satisfactory planning
consent acts as a significant brake to the
supply of new homes. In this environment
our relationships with planning authorities
and housing associations have proved
valuable in enabling us to achieve planning
consents and I am delighted to report
that the local authority resolved to grant
planning consent at Abbotts Wharf for
201 units on 14th May 2003.
We have also acquired three smaller sites
in East London including one where we
are providing a community centre beneath
private apartments and another where we
will be working with Ujima, which will be
a new housing association partner for us.
Case Study
Goldsmith’s apartments
This development consists of 35
private apartments and 11
affordable apartments. The
affordable apartments have been
purchased by Bethnal Green and
Victoria Park Housing Association
and will provide homes at subsidised
rent and in shared ownership.
Each of the private apartments has
a west facing balcony overlooking
Haggerston Park and they are being
sold off-plan while construction
proceeds. At 31st March 2003
we had exchanged 20 contracts
and since then we have exchanged
contracts on a further 2 apartments
and reserved 9 more subject
to contract.
CGI of Pelling Street apartments 7
Annual Report and Accounts 2003
CGI to show location of The Goldsmith’s apartments 
CGI of Hawgood Street
The provision of attractive apartments
to the private market is increasingly
entwined with the provision of “affordable”
housing and good relationships with
registered social landlords are essential
to us. Our relationships with East
Thames Housing Association, Boleyn &
Forest HA, Bethnal Green & Victoria Park
HA and Poplar HARCA continue and we
look forward to further involvement
with them.   
We have agreed terms to acquire five
more sites in East London to provide an
additional 133 homes which will bring
our stock of land, assuming receipt of
expected detailed planning consents,
to 616 units. 
Our current development capacity will
allow us cautiously to expand the
business and produce further growth.
People and systems
The heart of our business is the
management of our construction where
we have a youthful and enthusiastic
management team supported by
experienced site managers controlling
the sub-contracted trades. This team
has been strengthened, in preparation
for the major construction projects at
Abbotts Wharf and Island Gardens, by
the recruitment of John Fitzgerald. 
John has excellent experience in
complex residential construction and
will be a key member of the executive
team. Our design, surveying and buying
team at head office are providing a
professional service to construction and
we are therefore able to produce a
high quality and attractive product for
our customers.   8
Chief Executive’s review
Annual Report and Accounts 2003
Case Study
Abbotts Wharf
Abbotts Wharf, on the Limehouse
Cut near Bartlett Park, is being
developed in partnership with East
Thames and Boleyn & Forest Housing
Associations. There will be 201 homes
to provide a range of tenures
including subsidised rent, shared
equity and private ownership. 
The scheme will include diverting
the towpath around a marina
within the development and past a
waterfront restaurant.
The local authority resolved to
grant planning consent on 14th
May 2003.
Our success relies on the construction
process supported by effective sales and
marketing, land buying and finance teams.
Teamwork is a fundamental strength of
the business and the quality people we
now have in place will help to continue
the development of Telford Homes as a
successful niche house builder.
Current trading and outlook
Since the year end we have recognised
15 contract exchanges at a combined
value of £3.1 million and we have sold,
subject to contract, a further 28 properties
with a value of £5.3 million.
There are several development launches
due in the coming months and interest
for these sites is already very encouraging.
We are confident that we will continue
to achieve significant pre-sales and
therefore look forward to another
successful year.
Andrew Wiseman
Chief Executive 9
Annual Report and Accounts 2003
CGI of Abbotts Wharf 10
Financial review
Results for the year
The results for the year ended 31st
March 2003 are excellent and reflect a
period of significant growth and success
for the Company. Telford Homes is now
well placed to produce another year of
well-managed growth as the business
continues to develop.
Operating results
Turnover has increased to £25.3 million
compared with £8.8 million in the first
16 months of trading to 31st March
2002. An analysis of the sales that have
contributed to this almost three-fold increase
is given in the Chief Executive’s review.
Gross profit has increased to £6.9 million
from £2.5 million with a margin achieved
of 27.2% against 28.2% in the first period
of trading. This fall in the margin reflects
a slowing in the rate of increase in selling
prices over the period and prices are now
static in our market.
Our operating margin has improved to
19.6% from 19.2%. Overheads have
increased to £1.9 million in the year to
31st March 2003, a consequence of the
growth in the business and the need to
ensure that we have the right people
and systems in place to manage the
Company and build for our future success.
Interest
Interest paid was £0.7 million compared
with £0.4 million in our first 16 months.
Interest rates have remained low over the
course of the year and the majority of our
finance is currently at base rate plus 1.5%.
Our interest cover is 7.1 times and we
monitor this to ensure that the Company is
not exposed to significant interest risk
arising from future rate changes.
Our profit before tax is £4.3 million
increased from £1.3 million and this
exceptional result is well in excess of our
original expectation for the year.
This result enables us to report a
substantial pre-tax return on average
equity of 40.6%, an increase on last year
of over six percentage points. Our return
on average total capital has also increased
to 20.4% from 18.2%. 
Taxation
The effective tax charge remains
approximately 30%.
Dividends
The Company paid an interim dividend of
1.0p per share in January 2003. A final
dividend of a further 2.0p is now proposed
making a total for the year of 3.0p
against a final dividend last year of 1.0p.
Annual Report and Accounts 2003
“Telford Homes is now well placed to produce
another year of well-managed growth as
the business continues to develop.” 11
This dividend is covered in excess of four
times by earnings per share. The final
dividend is expected to be paid on 11th
July 2003 to ordinary shareholders on the
register on 20th June 2003. 
Earnings per share
Earnings per share increased to 12.7p
from 10.1p. The weighted average
number of shares in issue increased from
9.3 million to 23.6 million. 
The Company carried out a successful
share placing in July 2002 which raised
£3 million before costs and a further
placing in November 2002 which raised
£0.5 million. Despite this the return on
average equity and earnings per share
have grown, demonstrating immediate
success in investing the additional capital
to produce continued growth.
Balance sheet
Net assets at 31st March 2003 were
£13.3 million increased from £7.7 million.
This increase reflects the £2.2 million of
retained profit for the year and the new
equity invested into the business.
Our asset base has been expanded and
we now hold total assets of £38.9 million
increased from £19.9 million. The vast
majority of these assets are represented
by work in progress on many of our sites
and by debtors awaiting legal completion
of the properties we have exchanged to
date. We have now finished work on six
developments in total with a further four
due to be completed in the next few weeks.
Finance
Our banks provide 70% of development
land and construction expenditure with
repayments made as completion monies
are received. We continue to have
excellent relationships with all of our
banking partners, with our primary
bankers Allied Irish Bank providing
finance for the majority of our sites with
total facilities of £18 million. The Royal
Bank of Scotland is financing some of
our significant sites with facilities of £30
million including our joint venture
facilities with Asda Property Holdings
Ltd. Heritable Bank have also assisted us
in the year with their financing of the
land purchase at Abbotts Wharf.
Our combined overdraft facility now
stands at £1.5 million which gives us
significant short-term flexibility. We are
not currently using this facility.
Gearing at 31st March 2003 stands at
126% down from 138% last year. Our
successful policy of pre-selling has enabled
us to sustain this level of gearing and while
we continue to achieve early sales on key
developments we intend to maximise
shareholder returns by maintaining gearing
at these levels.
Cash flow
Cash flows are carefully monitored and
continuously re-assessed to ensure that
the continuing growth of the business can
be financed by a combination of equity
and debt. This situation is reported on a
monthly basis to both the board and our
major banking partners.
Share price
The share price on 31st March 2003
was 76.0p (31st March 2002 – 60.5p),
with a high in the year of 84.5p and a
low of 60.5p.
Jonathan Di-Stefano
Financial Director    
Annual Report and Accounts 2003 12
Directors and Advisors
Annual Report and Accounts 2003
Secretary and Registered Office
Margaret Turner
3 Buckingham Court, Rectory Lane, Loughton, Essex IG10 2QZ
Registered Number
4118370
Auditors
Moore Stephens
St Paul’s House, Warwick Lane, London EC4P 4BN
Bankers
Allied Irish Bank
241 High Road, Ilford, Essex IG1 1NE
Royal Bank of Scotland
Unit 2, Wellbrook Court, Girton, Cambridgeshire CB3 0AN
Heritable Bank
8 Hill Street, Berkeley Square, London W1J 5NG
Solicitors, Corporate
S J Berwin
222 Gray’s Inn Road, London WC1X 8XF
Solicitors, Property
Coldham Shield & Mace
123 Station Road, Chingford, London E4 6AG
Nominated Broker
Shore Capital Stockbrokers Limited
Bond Street House, 14 Clifford Street, London W1S 4JU
Financial and Nominated Advisor
Shore Capital and Corporate Limited
Bond Street House, 14 Clifford Street, London W1S 4JU
Jeremy Brett
Construction Director
Mark Duffield
Technical Director
Andrew Wiseman 
Chief Executive
David Holland 
Chairman (Non-Executive)
Jonathan Di-Stefano 
Financial Director
David Durant
Managing Director
Sheena Ellwood 
Sales and Marketing
Director
James Furlong
Land Director
Robert Clarke 
Non-Executive Director 13
Annual Report and Accounts 2003
Gold award winning exhibition stand at the 2003 Homebuyer show
Steve Diggons, the After-Sales Manager at Blondin Street development 14
Policy on corporate governance
Annual Report and Accounts 2003
Application of principles
Although not formally required to do so, the directors have sought to embrace the
principles contained in the Combined Code (the Code) applicable to fully listed
companies, in formulating and applying the Company’s corporate governance policies.
These policies are monitored to ensure that they are appropriate to the Company’s
circumstances and comply as far as possible with the provisions of the Code given the
size of the Company. The board is aware of the Higgs report on corporate governance
and will monitor its progress.
Directors
The Company is managed by a board of directors and they have the necessary skills
and experience to effectively operate and control the business. Of the board, David
Holland and Robert Clarke, the non-executive directors, are independent and they
comprise both the audit and remuneration committees.
Management information systems are in place to enable the directors to make informed
decisions to properly discharge their duties. As the business continues to develop, the
composition of the board will be reviewed to ensure that it is appropriate to the
managerial requirements of the Company. One third of the directors retire annually in
rotation in accordance with the Company’s articles of association. This enables the
shareholders to decide on the election of their Company’s board. 
The Chairman’s statement and Chief Executive’s review included in this annual report
give the board’s current assessment of the Company’s prospects. The directors are
responsible for preparing the financial statements as set out in the statement of
directors’ responsibilities. The responsibilities of the auditors are set out in their report.
Relations with shareholders
The Company has institutional shareholders and is, where practicable, willing to enter
into a dialogue with them. The board invites communication from its private investors
and encourages participation by them at the Annual General Meeting (AGM). All board
members present at the AGM are available to answer questions from shareholders.
Notice of the AGM in excess of 21 clear days is given and the business of the meeting
is conducted with separate resolutions, voted on initially by a show of hands and with
the result of the voting being clearly indicated. 15
Annual Report and Accounts 2003
Internal control
The board is responsible for the Company’s system of internal control and for reviewing
its effectiveness. Such a system is designed to eliminate the risk of failure to achieve
business objectives and can only provide reasonable and not absolute assurance against
material misstatement or loss.
The board is of the view that there is an ongoing process for identifying, evaluating
and managing the Company’s significant risks, and that it has been in place for the
period ended 31st March 2003 and up to the date of approval of the annual report
and accounts, and that it is regularly reviewed by the board.
The internal control procedures are delegated to executive directors and senior management
in the Company operating within a clearly defined departmental structure. Monthly
progress on site developments is formally monitored by the board.
On a monthly basis management accounts, including a comprehensive cash flow
forecast, are reviewed by the board in order to provide effective monitoring of
financial performance. At the same time the board considers other significant
strategic, organisational and compliance issues to ensure that the Company’s assets
are safeguarded and financial information and accounting records can be relied upon.
During the period the audit committee has reviewed the annual accounts and has met
twice, the external auditors being in attendance. The duties of the committee include
ensuring that the auditors provide a cost effective service to the Company and remain
objective and independent and to consider from time to time the need for an internal
audit function.
Going concern
The directors consider that the funds available to the Company are sufficient for its
operation for the foreseeable future. 16
Directors’ remuneration report
Annual Report and Accounts 2003
The directors present the remuneration report for the year ended 31st March 2003.
Composition of the remuneration committee
The remuneration committee comprises the independent non-executive directors,
David Holland and Robert Clarke. The committee makes recommendations to the
board on executive directors’ service agreements and remuneration. In doing so it has
undertaken relevant research to ensure that remuneration levels are competitive with
the industry average. The committee met twice during the year.
Remuneration policy
It is the Company’s policy to provide remuneration packages sufficient to attract, retain
and motivate directors of the quality required. To add further incentive the directors
have adopted two bonus schemes, one applicable to all staff and a further scheme for
executive directors. Both schemes are dependent on the Company meeting certain
financial performance targets.
Service contracts
The executive directors have service contracts that can be terminated on 12 months
notice. These provide for termination payments equivalent to 12 months basic salary
and contractual benefits.
The non-executive directors have letters of appointment that can be terminated on 3
months notice.
Directors’ emoluments
The directors’ emoluments for the year ended 31st March 2003 are shown in 
table 1 opposite.
The salary for Mark Duffield includes a one off payment upon commencement of
employment with the Company of £20,000. This payment was approved by the
remuneration committee.
The emoluments for Mark Duffield, Sheena Ellwood and Jonathan Di-Stefano are
shown from their respective dates of appointment.
Directors’ share options
The share options held by the directors at 31st March 2003 and the movements
during the year then ended were as shown in table 2 opposite.
Options were granted to Mark Duffield on 5th March 2002, to Jonathan Di-Stefano
on 1st October 2002 and to Sheena Ellwood on 20th February 2003.
On 3rd September 2002 300,000 shares were issued as a result of Jeremy Brett
exercising share options at an exercise price of 10p. On that date the market value of
the shares was 77p.
By order of the board,
David Holland
Chairman of the Remuneration Committee
16th May 2003 17
Annual Report and Accounts 2003
Salary Bonus Benefits Pension Total Total
and fees in kind contributions 2003 2002
£££ £ £ £
Andrew Wiseman 67,500 29,300 17,716 7,106 121,622 97,380
David Durant 67,500 29,300 14,518 7,106 118,424 99,241
Jeremy Brett 51,875 27,400 6,417 5,167 90,859 69,071
Robert Clarke 16,875 - - - 16,875 6,250
Jonathan Di-Stefano 13,750 10,000 516 1,375 25,641 -
Mark Duffield 73,125 27,500 12,108 5,312 118,045 -
Sheena Ellwood 16,875 10,000 422 1,500 28,797 -
James Furlong 43,750 26,400 29,672 - 99,822 29,423
David Holland 21,875 - - - 21,875 8,333
Total 373,125 159,900 81,369 27,566 641,960 309,698
Table 1 - Directors’ emoluments
Company 31st March Granted Exercised 31st March Exercise Dates normally
scheme 2002 in year 2003 price exercisable
Number Number Number Number
Jeremy Brett other 300,000 - (300,000) - 10p At any time
Robert Clarke unapproved 50,000 - - 50,000 50p 5 Dec 2004 to 5 Dec 2011
Jonathan Di-Stefano approved - 40,000 - 40,000 75p 1 Oct 2005 to 1 Oct 2012
unapproved - 60,000 - 60,000 75p 1 Oct 2005 to 1 Oct 2012
Mark Duffield approved - 49,586 - 49,586 60.5p 5 Mar 2005 to 5 Mar 2012
unapproved - 50,414 - 50,414 60.5p 5 Mar 2005 to 5 Mar 2012
Sheena Ellwood approved - 40,268 - 40,268 74.5p 20 Feb 2006 to 20 Feb 2013
unapproved - 59,732 - 59,732 74.5p 20 Feb 2006 to 20 Feb 2013
Table 2 - Directors’ share options 18
Report of the directors 
Annual Report and Accounts 2003
The directors present their report and the audited financial statements for the year
ended 31st March 2003.
Review of activities
The principal activity of the Company is that of property development.
A review of the activities and prospects of the Company is given in the Chairman’s
statement, the Chief Executive’s review and the financial review on pages 2 to 11.
Results and dividends
Profit after taxation for the year to 31st March 2003 was £2,990,000 (2002 - £942,000).
The directors recommend a final dividend of 2p per ordinary share which, together
with the interim dividend of 1p paid on 13th January 2003, makes a total of 3p for
the year (2002 – 1p).
Substantial shareholdings
As at 9th May 2003, the Company had been advised of the following notifiable
interests in its ordinary share capital:
Number Percentage
held
Funds managed by ISIS Asset Management plc 3,866,667 15.36%
The Puma (II) Fund
(managed by Shore Capital Stockbrokers Limited) 3,343,294 13.28%
K P Furlong 2,200,000 8.74%
Fielding Nominees Limited 1,607,760 6.39%
D G Furlong 1,400,000 5.56%
M K B Turner 1,118,333 4.44%
Directors
Details of the directors of the Company are shown on page 12.
Mark Duffield was appointed to the board on 5th April 2002. 
Jonathan Di-Stefano and Sheena Ellwood were appointed to the board on 2nd
January 2003. Both retire at the next annual general meeting and, being eligible, offer
themselves for re-election.
Andrew Wiseman and David Durant retire by rotation at the next annual general
meeting and, being eligible, offer themselves for re-election.
Margaret Turner was appointed as Company Secretary on 8th August 2002, replacing
Andrew Wiseman who resigned on the same date. 19
Annual Report and Accounts 2003
Directors’ interests
The directors serving at 31st March 2003 are shown together with their interest in the
shares of the Company at that date:
31st March 2003 31st March 2002
Andrew Wiseman 2,541,093 2,200,000
David Durant 1,000,000 1,000,000
James Furlong 1,407,760 1,200,000
David Holland 1,000,000 1,000,000
Jeremy Brett 350,000 50,000
Robert Clarke 40,000 40,000
Mark Duffield 12,000 -
Sheena Ellwood 10,000 -
Jonathan Di-Stefano 6,000 -
Details of share options held by directors are given in the directors’ remuneration 
report on pages 16 and 17.
Creditors
It is Company policy to settle all debts with its creditors on a timely basis. Subcontractors
are paid upon agreement of the value of works completed based on their applications
for payment and the terms agreed. In general, other suppliers are paid during the
month following the month of receipt of the invoice unless other terms have been
specifically agreed.
At 31st March 2003 trade creditors represented 15 days purchases (2002 – 11 days).
Employees
The Company places considerable value on the involvement of its employees and
keeps them informed of all relevant matters on a regular basis. Telford Homes is an
equal opportunities employer and all applications for employment are considered
fully on the basis of suitability for the job.
Charitable donations
The Company made charitable donations of £3,400 (2002 - £nil).
Auditors
A resolution to reappoint Moore Stephens as auditors to the Company will be
proposed at the annual general meeting in accordance with section 385 of the
Companies Act 1985.
By order of the board,
Margaret Turner
Company Secretary
16th May 2003 20
Statement of directors’ responsibilities
Company law requires the directors to prepare financial statements for each financial
period which give a true and fair view of the state of affairs of the Company and of the
profit or loss of the Company for that period. In preparing those financial statements,
the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable accounting standards have been followed, subject to any 
material departures disclosed and explained in the financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate
to presume that the Company will continue in business.
The directors are responsible for keeping proper accounting records which disclose with
reasonable accuracy at any time the financial position of the Company and enable them
to ensure that the financial statements comply with the Companies Act 1985. They are
also responsible for safeguarding the assets of the Company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities. 
Annual Report and Accounts 2003 21
Auditors’ report
Annual Report and Accounts 2003
Independent auditors’ report to the shareholders of Telford Homes Plc
We have audited the financial statements of Telford Homes Plc for the year ended 31st March 2003 set out on
pages 22 to 35. These financial statements have been prepared under the historical cost convention and the
accounting policies set out on pages 25 and 26.
This report is made solely to the Company’s members, as a body, in accordance with section 235 of the Companies
Act 1985. 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 auditors’ 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.
Respective responsibilities of directors and auditors
As described in the statement of directors’ responsibilities the Company’s directors are responsible for the preparation
of the financial statements in accordance with applicable law and United Kingdom Accounting Standards.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements
and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly
prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the report of
the directors is not consistent with the financial statements, if the Company has not kept proper accounting
records, if we have not received all the information and explanations we require for our audit, or if information
specified by law regarding directors’ remuneration and transactions with the Company is not disclosed.
We read other information contained in the annual report and consider whether it is consistent with the
audited financial statements. This other information comprises only the Chairman’s statement, Chief
Executive’s review, financial review, report of the directors, policy on corporate governance and directors’
remuneration report. We consider the implications for our report if we become aware of any apparent
misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend
to any other information.
Basis of audit opinion
We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices
Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the
financial statements. It also includes an assessment of the significant estimates and judgements made by the
directors in the preparation of the financial statements, and of whether the accounting policies are appropriate
to the Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered
necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements
are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion
we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view of the state of the Company’s affairs as at 31st
March 2003 and of its profit for the year then ended and have been properly prepared in accordance with
the Companies Act 1985.
Moore Stephens
Registered Auditors and Chartered Accountants
St. Paul’s House, Warwick Lane, London, EC4P 4BN
16th May 2003 22
Profit and loss account  | 31st March 2003
Annual Report and Accounts 2003
Note 12 months ended 16 months ended
31st March 2003 31st March 2002
£000 £000 
Turnover 25,334 8,805
Cost of sales (18,449) (6,318)
Gross profit 6,885 2,487
Administrative expenses (1,910) (798)
Operating profit 1 4,975 1,689
Interest receivable 22 28
Interest payable and similar charges 4 (725) (386)
Profit on ordinary activities before taxation 4,272 1,331
Taxation on profit on ordinary activities 5 (1,282) (389)
Profit on ordinary activities after taxation 2,990 942
Dividends paid and proposed 6 (755) (203)
Retained profit for the period 2,235 739
Retained profit brought forward 739 -
Retained profit carried forward 2,974 739
Earnings per share:
Basic 7 12.67p 10.10p
Diluted 7 12.58p 9.99p
The Company has no recognised gains and losses other than those included in the profit and loss account.
All activities are in respect of continuing operations. 23
Balance sheet  | 31st March 2003
Annual Report and Accounts 2003
Note 31st March 2003 31st March 2002
£000 £000
Fixed assets
Tangible assets 8 681 279
Current assets
Stocks and work in progress 9 19,810 13,107
Debtors 10 18,152 6,476
Cash at bank and in hand 239 44
38,201 19,627
Creditors - amounts falling due within one year 11 (25,427) (12,058)
Net current assets 12,774 7,569
Total assets less current liabilities 13,455 7,848
Creditors - amounts falling due after more than one year 12 (109) (109)
Provision for liabilities and charges 13 (4) (4)
Net assets 13,342 7,735
Financed by:
Capital and reserves
Called up share capital 14 2,518 2,025
Share premium 15 7,850 4,971
Profit and loss account 15 2,974 739
Equity shareholders’ funds 16 13,342 7,735
These financial statements were approved by the board on 16th May 2003 and signed on its behalf by:
Andrew Wiseman Jonathan Di-Stefano
Chief Executive Financial Director 24
Cash flow statement  | 31st March 2003
Annual Report and Accounts 2003
Note 12 months ended 16 months ended
31st March 2003 31st March 2002
£000 £000
Cash outflow from operating activities 19 (7,052) (17,045)
Returns on investments and servicing of finance
Interest received 22 28
Interest paid (713) (380)
Hire purchase interest (12) (6)
(703) (358)
Taxation (382) -
Capital expenditure
Purchase of tangible fixed assets (404) (80)
Sale of tangible fixed assets 12 -
Equity dividends paid (454) -
Cash outflow before financing (8,983) (17,483)
Financing
Issue of ordinary share capital 3,530 7,305
Expenses of share issue (158) (309)
Increase in bank loans 6,350 10,220
Issue of subordinated loan - 2,200
Repayment of subordinated loan - (2,200)
Capital element of hire purchase payments (139) (94)
9,583 17,122
Increase (decrease) in cash 600 (361)
Reconciliation of net cash flow to movement in net debt
Increase (decrease) in cash 600 (361)
Increase in bank loans (6,350) (10,220)
Capital element of hire purchase payments 139 94
Increase in debt arising from cash flow (5,611) (10,487)
Inception of hire purchase agreements (177) (276)
Movement in net debt in the period (5,788) (10,763)
Net debt brought forward (10,763) -
Net debt carried forward 20 (16,551) (10,763) 25
Statement of accounting policies | 31st March 2003
Annual Report and Accounts 2003
The principal accounting policies are summarised below. They have all been applied consistently throughout the
year and the preceding period.
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with
applicable accounting standards.
Turnover and profit recognition
Turnover is recognised from the date of exchange of contracts for the sale of properties at a rate equivalent to
the value of work undertaken in respect of land development. The value of turnover less deposits and completion
monies received is included as amounts recoverable on contracts within debtors. All turnover is generated in
the United Kingdom.
Profit on developments is recognised over the life of each contract in proportion to turnover only to the extent
that the total eventual profit on the development can be foreseen with reasonable certainty. Until there is
reasonable certainty over the final outcome of a development the profit is restricted to the non-refundable
deposits received. Losses are provided for as soon as foreseen.
Joint arrangements
The Company has certain contractual arrangements with other participants to engage in joint activities that do
not create an entity carrying on a trade or business of its own. The Company includes its share of the assets,
liabilities, profits and cash flows in such joint arrangements, measured in accordance with the terms of the
arrangement and pro-rata to the Company’s interest in the arrangement, in its financial statements.
At 31st March 2003 the Company held 50% of the issued share capital of Island Gardens Limited, a company
registered in England and Wales, which has been incorporated to assist the Company in carrying out a joint activity.
Development properties
Development properties are stated at the lower of cost and net realisable value. Cost comprises costs of
acquisition and development, including directly attributable fees and expenses but not loan interest.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided on a straight line
basis at rates calculated to write down the cost, less estimated residual value, of each asset over its expected
useful life as follows:
Freehold premises                     - 50 years
Short leasehold premises           - term of lease
Plant and machinery                  - 2 to 3 years
Motor vehicles                           - 3 years 26
Statement of accounting policies  | 31st March 2003
Annual Report and Accounts 2003
Taxation
Corporation tax is provided at amounts expected to be paid or recovered using the tax rates and laws that have
been enacted or substantially enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a
right to pay less tax in the future have occurred. Deferred tax is measured at the average tax rates that are
expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and
laws that have been enacted or substantially enacted by the balance sheet date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over the shorter of
their expected useful lives and the lease term. The capital elements of the future lease obligations are recorded
as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases
to produce a constant rate of charge on the balance of the capital repayments outstanding.
Operating leases
Operating lease rentals are charged to the profit and loss account as incurred.
Pension costs
Contributions paid to group personal pension schemes (defined contribution), in respect of employees, are
charged to the profit and loss account as incurred. 27
Notes to the financial statements  | 31st March 2003
Annual Report and Accounts 2003
1  Operating profit 12 months ended 16 months ended
31st March 2003 31st March 2002
£000 £000
Operating profit is stated after charging:
Depreciation                  - owned assets 63 23
- hire purchase assets 116 54
Auditors’ remuneration    - audit fees 17 8
- non-audit fees 3 41
Operating lease rentals   - property 45 32
- motor vehicles 10 -
- plant and machinery 2 6
Non-audit fees paid to the auditors in 2002 includes £33,000 charged to the share premium account in that year.
2 Directors’ remuneration
Details of directors’ remuneration including other benefits and share options is given in the directors’ remuneration report on 
pages 16 and 17.
Six directors are accruing benefits under group personal pension arrangements (2002 - three). 28
Notes to the financial statements  | 31st March 2003
Annual Report and Accounts 2003
3  Staff costs 12 months ended 16 months ended
31st March 2003 31st March 2002
Number Number
The average monthly number of persons employed by the Company including 
executive directors, during the period analysed by activity was as follows:
Construction 15 6
Administration 18 7
33 13
12 months ended 16 months ended
31st March 2003 31st March 2002
£000 £000
The employment costs of all employees included above were:
Wages and salaries 1,400 531
Social security costs 156 46
Other pension costs - group personal pension arrangements 57 25
1,613 602
The Company operates a group personal pension scheme for its employees. At 31st March 2003 payments of £12,000
were due to the scheme (2002 - £nil).
4  Interest payable and similar charges 12 months ended 16 months ended
31st March 2003 31st March 2002
£000 £000
Interest payable on bank loans and overdrafts 713 279
Interest payable on subordinated loans - 101
Hire purchase finance charges 12 6
725 386 29
Annual Report and Accounts 2003
5Taxation 12 months ended 16 months ended
31st March 2003 31st March 2002
£000 £000
United Kingdom corporation tax based on the profit for the year at
a rate of 30% (2002 - 30%) 1,282 385
Deferred taxation (note 13) - 4
1,282 389
Tax reconciliation %%
Standard United Kingdom corporation tax rate 30 30
Effects of: Expenses not deductible for taxation purposes - 1
Small company rate relief - (2)
Effective current taxation rate on profit on ordinary activities before taxation 30 29
6  Dividends paid and proposed 12 months ended 16 months ended
31st March 2003 31st March 2002
£000 £000
Interim dividend paid at 1p per ordinary share (2002 - nil) 251 -
Final dividend proposed at 2p per ordinary share (2002 - 1p) 504 203
755 203
7  Earnings per share 12 months ended 16 months ended
31st March 2003 31st March 2002
Earnings per share have been calculated using the following figures: 
Weighted average number of shares in issue 23,595,753 9,329,072
Dilution - effect of share options 172,631 102,843
Diluted weighted average number of shares in issue 23,768,384 9,431,915
Profit on ordinary activities after taxation £2,990,000 £942,000
Earnings per share: Basic 12.67p 10.10p
Diluted 12.58p 9.99p 30
Notes to the financial statements  | 31st March 2003
Annual Report and Accounts 2003
8  Tangible fixed assets Freehold Short Plant and Motor Total
premises leasehold machinery vehicles
premises
£000 £000 £000 £000 £000
Cost
At 1st April 2002 - 9 71 276 356
Additions 279 5 120 177 581
Disposals - - - (18) (18)
At 31st March 2003 279 14 191 435 919
Depreciation
At 1st April 2002 - 2 21 54 77
Charge 1 5 57 116 179
Disposals - - - (18) (18)
At 31st March 2003 1 7 78 152 238
Net book value
At 1st April 2002 - 7 50 222 279
At 31st March 2003 278 7 113 283 681
Motor vehicles with a net book value of £283,000 are held under hire purchase arrangements (2002 - £222,000). Depreciation of 
£116,000 was charged during the year on these assets (2002 - £54,000).
9  Stocks and work in progress 31st March 2003 31st March 2002
£000 £000
Development properties 19,810 13,107
10  Debtors 31st March 2003 31st March 2002
£000 £000
Amounts recoverable on contracts 17,722 6,277
Trade debtors 55 27
Other debtors 173 105
Prepayments and accrued income 202 67
18,152 6,476 31
Annual Report and Accounts 2003
11  Creditors - amounts falling due within one year 31st March 2003 31st March 2002
£000 £000
Hire purchase liabilities 111 73
Bank loans 16,570 10,220
Bank overdraft - 405
Trade creditors 1,036 261
Land creditors 4,656 -
Corporation tax 1,285 385
Other taxation and social security 81 30
Accruals and deferred income 1,184 481
Proposed dividends 504 203
25,427 12,058
The bank loans represent credit line facilities, with three banks, secured by a debenture over the assets of the Company and by
mortgages over the development sites owned by the Company. Interest is payable at rates up to 2.75% over base rate.
Details of facilities are given in note 21.
12  Creditors - amounts falling due after more than one year 31st March 2003 31st March 2002
£000 £000
Hire purchase liabilities 1-2 years 79 74
Hire purchase liabilities 2-5 years 30 35
109 109
13  Provision for liabilities and charges 31st March 2003 31st March 2002
£000 £000
Provision for deferred tax 4 4
The deferred tax balance arises from the origination and reversal of short term timing differences in respect of
accelerated capital allowances. 32
Notes to the financial statements  | 31st March 2003
Annual Report and Accounts 2003
14  Share capital 31st March 2003 31st March 2002
£000 £000
Authorised
100,000,000 ordinary shares of 10p each 10,000 10,000
Allotted, called up and fully paid
25,175,000 ordinary shares of 10p each (2002 - 20,250,000) 2,518 2,025
On 5th July 2002, as a result of a share placing, 4,000,000 ordinary 10p shares were issued at 75p per share.
On 3rd September 2002, a further 300,000 ordinary 10p shares were issued at par as a result of share options being exercised.
On 19th November 2002, a further 625,000 ordinary 10p shares were issued at 80p per share.
All shares rank equally in respect of shareholder rights.
At 31st March 2003 outstanding options granted over 10p ordinary shares were as follows:
Share option scheme Option price Number Dates normally exercisable
Company approved 50p 250,000 5 Dec 2004 to 5 Dec 2011
60.5p 148,758 5 Mar 2005 to 5 Mar 2012
61.5p 146,340 3 May 2005 to 3 May 2012
75p 280,000 1 Oct 2005 to 1 Oct 2012
74.5p 281,876 20 Feb 2006 to 20 Feb 2013
Company unapproved 50p 50,000 5 Dec 2004 to 5 Dec 2011
60.5p 50,414 5 Mar 2005 to 5 Mar 2012
75p 220,000 1 Oct 2005 to 1 Oct 2012
74.5p 59,732 20 Feb 2006 to 20 Feb 2013 33
Annual Report and Accounts 2003
15  Capital and reserves Share capital Share premium Profit and loss Total
account account
£000 £000 £000 £000
At 1st April 2002 2,025 4,971 739 7,735
Arising on issue of shares during the period 493 3,037 - 3,530
Costs arising from shares issued - (158) - (158)
Retained profit for the year - - 2,235 2,235
At 31st March 2003 2,518 7,850 2,974 13,342
16  Equity shareholders’ funds £000
Profit for the year 2,990
Dividends paid and proposed (755)
2,235
New share capital subscribed 3,530
Costs arising from shares issued (158)
5,607
At 1st April 2002 7,735
At 31st March 2003 13,342
17  Related party transactions
The Company leases the majority of its head offices in Loughton from a pension scheme in which Andrew Wiseman and James 
Furlong, directors of the Company, are beneficiaries. The charge for the year to 31st March 2003 was £35,664 (2002 - £32,240). 
In the opinion of the directors the rental is at a market rate.
Andrew Wiseman has purchased an apartment and a parking space from the Company at the Goldsmith’s Row development.
Contracts were exchanged on these purchases on 21st March 2003, subject to shareholders approval, at an aggregate price of 
£255,000. Prior to the 31st March 2003 a deposit of £25,500 was received by the Company. The directors are of the opinion that
these sales were made at market prices.
There is no individual controlling party. 34
Notes to the financial statements  | 31st March 2003
Annual Report and Accounts 2003
18  Commitments
The Company had no capital commitments at either 31st March 2003 or 31st March 2002.
Current annual commitments under operating leases are as follows:
Property leases Other leases
2003 2002 2003 2002
£000 £000 £000 £000
Leases which expire: Within one year - 13 - -
Between two and five years 49 30 17 -
Over five years - - - -
49 43 17 -
19  Reconciliation of operating profit to cash flow from operating activities 12 months ended 16 months ended
31st March 2003 31st March 2002
£000 £000
Operating profit 4,975 1,689
Depreciation 179 77
Profit on sale of tangible fixed assets (12) -
Increase in stocks and work in progress (6,703) (13,107)
Increase in debtors (11,676) (6,476)
Increase in creditors 6,185 772
Cash flow from operating activities (7,052) (17,045) 35
Annual Report and Accounts 2003
20  Analysis of change in net debt At Cash flows Inception of At 31st
1st April 2002 finance leases March 2003
£000 £000 £000 £000
Cash at bank and in hand 44 195 - 239
Bank overdraft (405) 405 - -
Bank loans (10,220) (6,350) - (16,570)
Hire purchase liabilities (182) 139 (177) (220)
(10,763) (5,611) (177) (16,551)
21  Derivatives and other financial instruments
The Company’s financial instruments comprise loan and overdraft facilities and various items such as trade debtors and creditors 
that arise from its operations. The Company uses loan finance, all of which is denominated in sterling, to acquire development 
land and undertake site construction. It does not enter into any derivative transactions and has minimal exposure to exchange
rate movements as its trade takes place entirely within the United Kingdom.
At 31st March 2003 the Company had overdraft facilities of £1.2 million at 1.5% above base rate (2002 - £450,000). Subsequent
to the year end these facilities have increased to £1.5 million. The facilities are due for review by January 2004.
In addition the Company has a credit line facility with Allied Irish Bank in respect of site development loans of £18 million, with 
interest charged at rates of up to 1.75% above base rate, due for review by January 2004 and a further facility with the Royal 
Bank of Scotland of £30 million, specific to certain sites and including joint venture funding at similar rates, also due for review
by January 2004. The Company also has a loan facility of £2 million with Heritable Bank at 2.75% above base rate which is 
currently under review.
Apart from hire purchase liabilities all of the Company’s financial liabilities fall due within one year.
The fair value of the Company’s financial assets and liabilities at 31st March 2003 is as stated in the balance sheet at that date. 36
Annual Report and Accounts 2003
Above:Taken from a helicopter over Bow looking towards Canary Wharf
Below: Taken from a helicopter over Greenwich looking towards Canary Wharf W ANSTEAD
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W OODGR ANNGE RD WOODFORD ROAD A114 C E N T R E R O A D
B L A K E H A L L R O A D
A L D E R S B R O O K
B USH A11 4 ROAD
THE GROVE
H I G H R O A D
L E YS T O N E H I G H R O A D L E Y T O N S T O N
EASTWAY RUCKHOL T R O AD A106 GROVE
A106
G REEN R O A D
A12
EAST CROSS ROUTE
A12
A12
A 1 2
B U R D E T T
A1205 R O A D
C A M B R I D G E H E A T H R D.
M A R E S T RE E T
V I C T O R I A P A R K A 1 0 6 R O A D EAST WAY
C A R P E N T E R ’ S
A 1 1 5 R O A D
HIGH RD. LEYTON MAJOR RD.
HIGH ROAD
LEYTON
HIGH R O A D
HIGH RO A D
M A RK HOUSE A10 0 6 RD. C H U R C H A 1 0 0 6 R O A D
G R O V E A1205 R O A D
CHOBHAM ROAD
LIVERPOOL
STREET
CANNON
STREET
LONDON
BRIDGE
WAL W O R T H A215 R O A D
C A M B E R W E L L R OA D A2 1 5
N E W K E N T A201 R D.
O L D K E N T A 2 R O A D A 2 0 1
NEW CROS S R O A D A 2
BLACKHEATH ROAD
S H O O T E R S H I L L R OA D A 2 SHOOTERS HI L
ROCHESTER WAY RELIEF RD.
C A M B E R W E L L N E W A 2 0 2 R O A D
P E C K H A M R O A D A 2 0 2 PECKHA M H I G H ST. QUE ENS A202 R O A D
DEPTFORD CHURCH ST . A2209
GREENWICH A206 HIGH ROAD
GREENWICH SOUTH ST .
KIDBROOKE A2213 PARK RD.
LEWISHAM A20 WAY
KENDER STREET
ISLAND
GARDENS
Completed by mid 2003
Mornington Grove
Lansdowne Drive
T udor Lodge
De Beauvoir
Garden Walk
Goldsmiths Goldsmith’s Row
Blondin Street
Devons Rd.
Gale St.
Coldharbour
Manchester Rd.
Pelling St.
Hawgood St.
Abbotts Wharf
Limehouse
Follett St. 1
John Penn St.
Island Gardens
Follett St. II
KEY
Warton Road
GRE AT EA S TERN
RO AD
Current and future sites
Straightsmouth
37
Development guide 
Annual Report and Accounts 2003 Telford Homes Plc
3 Buckingham Court, Rectory Lane, Loughton, 
Essex  IG10 2QZ
Tel: 020 8498 6789  
Fax: 020 8498 6777
www.telfordhomes.plc.uk