Ograc Property Letting Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10036318 (England and Wales)

Financial Statements

for the Year Ended 28 February 2019

for

Ograc Property Letting Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

H L Bosman

S W N Bruwer

J Morgan

REGISTERED OFFICE:

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

REGISTERED NUMBER:

10036318 (England and Wales)

AUDITORS:

The Barnbrook Sinclair Partnership LLP

Chartered Accountants

Statutory Auditor

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

FIXED ASSETS

Investment property

4

1,134,270

298,020

CURRENT ASSETS

Debtors

5

4,281

1,359

Cash at bank

13

8,054

4,294

9,413

CREDITORS

Amounts falling due within one year

6

(28,589

)

(7,319

)

NET CURRENT (LIABILITIES)/ASSETS

(24,295

)

2,094

TOTAL ASSETS LESS CURRENT LIABILITIES

1,109,975

300,114

CREDITORS

Amounts falling due after more than one year

7

(1,118,119

)

(299,995

)

NET (LIABILITIES)/ASSETS

(8,144

)

119

CAPITAL AND RESERVES

Called up share capital

1,000

5

Retained earnings

(9,144

)

114

SHAREHOLDERS' FUNDS

(8,144

)

119

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 23 May 2019 and were signed on its behalf by:

H L Bosman - Director

1.	STATUTORY INFORMATION

Ograc Property Letting Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention and are in accordance with

applicable United Kingdom accounting standards.

The financial statements have been prepared on a going concern basis which assumes the company will be able

to continue its operations for the foreseeable future. The validity of this assumption depends on the company

continuing to meet its bank loan commitments through rental income.

The company's creditors includes loans from group companies. The company has obtained confirmation from its

parent company that no requests for repayment would be made which put the company in a position not to be

able to meet its other liabilities as they fall due for payment and to provide additional loan funding as necessary.

On the above basis the directors consider it appropriate to prepare the financial statements on the going concern

basis.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Investment property

Investment properties are initially measured at cost less impairment and subsequently measured at fair value

whilst a reliable measure of fair value is available without undue cost or effort. Changes in fair value are

recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4.	INVESTMENT PROPERTY

Total

£

Fair value

At 1 March 2018

298,020

Additions

836,250

At 28 February 2019

1,134,270

Net book value

At 28 February 2019

1,134,270

At 28 February 2018

298,020

The company's investment property comprises long leasehold properties in Surrey. These are shown at the

directors' estimate of fair value at the balance sheet date.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/19

28/2/18

£

£

Trade debtors

475

-

Other debtors

3,806

1,359

4,281

1,359

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/19

28/2/18

£

£

Bank loans and overdrafts

9,088

-

Amounts owed to group undertakings

16,500

725

Taxation and social security

-

564

Other creditors

3,001

6,030

28,589

7,319

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28/2/19

28/2/18

£

£

Bank loans

374,119

-

Amounts owed to group undertakings

744,000

299,995

1,118,119

299,995

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

333,706

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

28/2/19

28/2/18

£

£

Bank loans

383,207

-

The company's bankers hold a fixed charge over the investment properties in respect of any amounts due under

the terms of the commercial loan.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of

the disclosures made in the accounting policies concerning the company's ability to continue as a going concern.

As stated, the company is reliant on the support from its parent company. The company realised a loss of £9,822

during the year ended 28 February 2019 and, as of that date, the company's current liabilities exceeded its current

assets by £24,295 with a shareholders' funds deficit of £8,144, all of which may cast a significant doubt about the

company's ability to continue as a going concern without the continued support of its parent company.. The

financial statements do not include the adjustments that would result if the company was unable to continue as a

going concern.

Malcolm Sinclair (Senior Statutory Auditor)

for and on behalf of The Barnbrook Sinclair Partnership LLP

10.	ULTIMATE CONTROLLING PARTY

The company is a subsidiary of Bataleur Investments Limited, registered in Guernsey. The ultimate parent

company is Oak Trust (Guernsey) Limited, registered in Guernsey. There is no single ultimate controlling party.