FIRST WAVE HOUSING LIMITED

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

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

• Turnover

  +1.8%

  £3,283,000 → £3,342,000

• Cash

  +10.1%

  £7,071,000 → £7,784,000

• Net assets

  +10.4%

  £25,526,000 → £28,169,000

  highest in 4 filed years

• Employees

  —

  Not reported

• Operating profit

  -154.5%

  -£11,000 → -£28,000

  lowest in 4 filed years

• Profit before tax

  -1.1%

  -£705,000 → -£713,000

  lowest in 4 filed years

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

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.

1. FIRST WAVE HOUSING LIMITED 2017-10-11 → present
2. BRENT HOUSING PARTNERSHIP LIMITED 2002-09-12 → 2017-10-11

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Grant Thornton UK LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The base plan as well as the stress test models indicate that the company is liquid enough to carry out its business activities, also, a letter of support has been issued by London Borough of Brent from the section 151 officer. This states that LBB will provide continuing financial support as the sole guarantor of the Company to enable FWH to fund its liabilities as they fall due and to allow its financial statements to be prepared on a going concern basis.”

Significant events

• “The Company recorded a loss before tax of £0.574m in 2024/25 compared with a loss before tax of £0.735m in 2023/24. The revenue and capital budgets for the year were managed by the London Borough of Brent (the sole guarantor) through a service level agreement (SLA) between FWH and the Council.”
• “The downward revaluation of the investment properties contributed £0.960m to the loss achieved in the year. This is due to the impact of a fall in UK house prices for 2024-25, higher interest rates meaning less activity in the mortgage markets and economic challenges locally and nationally.”
• “As at 31 March 2025, FWH had outstanding loans with LBB totalling £33.8m secured against the housing stock. All loan facilities are extended with fixed interest rates for the full term of the loan, which mitigates any interest rate risk.”
• “Rental income was overstated due to void property rents being included. This resulted in the Turnover and Debtors being overstated for 2023-24.”

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

Filings

13

last 12 months

Capital events

0

last 24 months

Officers appointed

5

last 12 months

Officers resigned

3

last 12 months

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