Fprop Opportunity Ostrowiec Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 09021753 (England and Wales)

Financial Statements

for the Year Ended 31 March 2022

for

FPROP OPPORTUNITY OSTROWIEC LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

B N Habib

M S Pryce

J A Aubrey

Registered office:

32 St James's Street

London

SW1A 1HD

Registered number:

09021753 (England and Wales)

Auditors:

Haines Watts

Chartered Accountants and Statutory Auditor

3 Danebrook Court

Langford Lane

Kidlington

Oxfordshire

OX5 1LQ

Fixed assets

Investments

4

15,305,677

14,217,101

Current assets

Debtors

5

1,535,839

1,547,829

Cash at bank

305

15,321

1,536,144

1,563,150

Creditors

Amounts falling due within one year

6

6,561,776

6,468,025

Net current liabilities

(5,025,632

)

(4,904,875

)

Total assets less current liabilities

10,280,045

9,312,226

Provisions for liabilities

7

62,328

86,855

Net assets

10,217,717

9,225,371

Capital and reserves

Called up share capital

2

2

Retained earnings

8

10,217,715

9,225,369

Shareholders' funds

10,217,717

9,225,371

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 4 October 2022 and were signed on its behalf by:

M S Pryce - Director

1.	Statutory information

Fprop Opportunity Ostrowiec Limited 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.

2.	Accounting policies

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Fprop Opportunity Ostrowiec Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Fprop Opportunities Plc, 32 St James's Street, London, SW1A 1HD.

Significant judgements and estimates

The preparation of financial statements in conformity with FRS 102 requires management to use accounting estimates and exercise judgement in the process of applying the company's accounting policies. There were no areas which required significant judgement or measurement uncertainty.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost. Monetary items which are denominated in foreign currencies, such as loans which form part of the net investment in the subsidiary undertaking, are translated into sterling at the balance sheet date.The zloty loans advanced to its Polish Subsidiary are included in the cost of the investment because they are deemed to be long term sources of finance, as permanent as equity, where settlement is neither planned nor likely to occur in the foreseeable future.

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 balance sheet date.

Deferred tax

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Monetary items which are denominated in foreign currency, such as loans which form part of the net investment in the subsidiary undertaking are translated into sterling at the balance sheet date with the unrealised gains being recognised in Other Comprehensive Income. Reversals of foreign exchange gains are first in Other Comprehensive Income and subsequently in the Profit and Loss account.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered a period of twelve months from the date of approval of the financial statements, which has included a review of the potential impact on trading that the current high inflation and rising interest rate environment may have for the company going forward. Having taken account of all available information about the future, including the company’s most recent trading results, budgets and cash flow forecasts, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Galeria Ostrowiec Sp Zoo has confirmed that it will only demand repayment of the loan due from Fprop Opportunity Ostrowiec Limited at the year end if the company can afford to repay the loan.

Other income

Other income includes dividends receivable that have been accrued as dividends payable in the accounts of its Polish subsidiary company.

3.	Employees and directors

The average number of employees during the year was NIL (2021 - NIL).

4.	Fixed asset investments

31/3/22

31/3/21

£

£

Shares in group undertakings

12,572,039

12,572,039

Loans to group undertakings

2,733,638

1,645,062

15,305,677

14,217,101

Additional information is as follows:

Shares in

group

undertakings

£

Cost

At 1 April 2021

and 31 March 2022

12,572,039

Net book value

At 31 March 2022

12,572,039

At 31 March 2021

12,572,039

Loans to

group

undertakings

£

At 1 April 2021

1,645,062

New in year

1,088,576

At 31 March 2022

2,733,638

The long term loans receivable from its subsidiary undertaking are included as part of the net investment in the subsidiary.

5.

Debtors: amounts falling due within one year

31/3/22

31/3/21

£

£

Other debtors

1,535,839

1,547,829

6.

Creditors: amounts falling due within one year

31/3/22

31/3/21

£

£

Trade creditors

-

2

Amounts owed to group undertakings

6,556,556

6,462,923

Other creditors

5,220

5,100

6,561,776

6,468,025

7.	Provisions for liabilities

31/3/22

31/3/21

£

£

Deferred tax

62,328

86,855

Deferred tax

£

Balance at 1 April 2021

86,855

Credit to Income Statement during year

(24,527

)

Balance at 31 March 2022

62,328

The deferred tax provision is made up of £62,328 (2021: £86,855) of tax provided for on transition to FRS 102.

8.

Reserves

Retained

earnings

£

At 1 April 2021

9,225,369

Profit for the year

2,106,940

Dividends

(1,114,594

)

At 31 March 2022

10,217,715

9.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

George Style ACA (Senior Statutory Auditor)

for and on behalf of Haines Watts

10.	Related party disclosures

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.

11.	Ultimate controlling party

The controlling party is Fprop Opportunities Plc.