Ograc Property Letting Ltd - Accounts to registrar (filleted) - small 18.2
Ograc Property Letting Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 28 February 2021 |
| for |
| Ograc Property Letting Ltd |
| Ograc Property Letting Ltd (Registered number: 10036318) |
| Contents of the Financial Statements |
| for the Year Ended 28 February 2021 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| Ograc Property Letting Ltd |
| Company Information |
| for the Year Ended 28 February 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| Chancery House |
| 30 St Johns Road |
| Woking |
| Surrey |
| GU21 7SA |
| Ograc Property Letting Ltd (Registered number: 10036318) |
| Statement of Financial Position |
| 28 February 2021 |
| 28/2/21 | 29/2/20 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 10 | ( |
) | ( |
) |
| Retained earnings | 10 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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 and authorised for issue on |
| Ograc Property Letting Ltd (Registered number: 10036318) |
| Notes to the Financial Statements |
| for the Year Ended 28 February 2021 |
| 1. | STATUTORY INFORMATION |
| Ograc Property Letting Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 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 company is in a net current liability position and has negative retained earnings at 28 February 2021. 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 loan repayment commitments through rental income. The company's creditors includes loans from group companies, who have confirmed that no requests for repayment would be made which may 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 continue 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 property is 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. |
| The company is part of a tax group for certain aspects of tax legislation. One of these aspects relates to group relief whereby current tax losses can be offset by current tax liabilities arising in other companies within the same tax group. Payment for group relief is made equal to the tax benefit with amounts included within the current tax disclosures. |
| Ograc Property Letting Ltd (Registered number: 10036318) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2021 |
| 3. | ACCOUNTING POLICIES - continued |
| 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. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2020 - NIL). |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| Fair value |
| At 1 March 2020 |
| and 28 February 2021 |
| Net book value |
| At 28 February 2021 |
| At 29 February 2020 |
| The company's investment property comprises long leasehold investment property in England. These are shown at the directors' estimate of fair value at the year end. |
| 6. | DEBTORS |
| 28/2/21 | 29/2/20 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| Other debtors include a deferred tax asset totalling £9,694 in respect of the fair value adjustment made to investment properties, which are held for long term investment purposes and the Company considers property values will increase in the future to the extent the deferred tax asset will be utilised. |
| Ograc Property Letting Ltd (Registered number: 10036318) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2021 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 28/2/21 | 29/2/20 |
| £ | £ |
| Bank loans and overdrafts |
| Amounts owed to group undertakings |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 28/2/21 | 29/2/20 |
| £ | £ |
| Bank loans |
| Amounts owed to group undertakings |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 28/2/21 | 29/2/20 |
| £ | £ |
| Bank loans |
| The company's bankers hold a fixed charge over its investment property in respect of any amounts due under the terms of the commercial loan. |
| 10. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 March 2020 | ( |
) | ( |
) | (51,537 | ) |
| Deficit for the year | ( |
) | ( |
) |
| At 28 February 2021 | ( |
) | ( |
) | (56,659 | ) |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | ULTIMATE CONTROLLING PARTY |
| The company is a subsidiary of Bataleur Investments Limited, registered in Guernsey. There is no single ultimate controlling party. |