Ograc Property Letting Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 10036318 (England and Wales)

Financial Statements

for the Period 1 March 2022 to 31 December 2022

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

A G De Clerk

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

5

950,000

1,108,000

CURRENT ASSETS

Debtors

6

52,544

18,421

Cash at bank

8,008

1,752

60,552

20,173

CREDITORS

Amounts falling due within one year

7

(1,214,131

)

(62,886

)

NET CURRENT LIABILITIES

(1,153,579

)

(42,713

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(203,579

)

1,065,287

CREDITORS

Amounts falling due after more than one year

8

-

(1,131,048

)

NET LIABILITIES

(203,579

)

(65,761

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

10

(156,765

)

(41,326

)

Retained earnings

10

(47,814

)

(25,435

)

SHAREHOLDERS' FUNDS

(203,579

)

(65,761

)

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 21 February 2023 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 as modified by the revaluation of certain assets.

The company is in a net current liability position and has negative retained earnings at 31 December 2022. 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 property investment loan from its bankers is due for repayment within twelve months of the date of these financial statements. The company is confident that a replacement loan will be finalised prior to the date of the repayment. The company's creditors also include 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 that additional loan funding would be provided should a replacement loan not be finalised with its bankers. 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.

Financial instruments

The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102, in full, to all of its financial instruments.

Taxation

Taxation for the period 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.

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 period 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 period was NIL (2022 - NIL).

5.	INVESTMENT PROPERTY

Total

£

Fair value

At 1 March 2022

1,108,000

Revaluations

(158,000

)

At 31 December 2022

950,000

Net book value

At 31 December 2022

950,000

At 28 February 2022

1,108,000

The company's investment property comprises long leasehold investment property in England. These are shown at the directors' estimate of fair value at the period end. If the investment property had not been revalued, it would have been shown at its original purchase price of £1,159,020.

6.

DEBTORS

31/12/22

28/2/22

£

£

Amounts falling due within one year:

Trade debtors

190

190

Other debtors

99

8,537

289

8,727

31/12/22

28/2/22

£

£

Amounts falling due after more than one year:

Other debtors

52,255

9,694

Aggregate amounts

52,544

18,421

Other debtors include a deferred tax asset totalling £52,255 in respect of the fair value adjustment made to investment properties. These properties 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.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/22

28/2/22

£

£

Bank loans and overdrafts

345,261

9,689

Amounts owed to group undertakings

865,170

49,598

Other creditors

3,700

3,599

1,214,131

62,886

Creditors falling due within one year includes the company's property investment loan from its bankers. Although having repayments based on a 25 year loan repayment profile, the loan has a final repayment date before the end of the next financial year. The company's directors are confident that a replacement loan or replacement funding from a group company will be in place prior to this date.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/22

28/2/22

£

£

Bank loans

-

343,434

Amounts owed to group undertakings

-

787,614

-

1,131,048

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/22

28/2/22

£

£

Bank loans

345,261

353,123

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 2022

(25,435

)

(41,326

)

(66,761

)

Deficit for the period

(137,818

)

(137,818

)

Transfer of fair value

115,439

(115,439

)

-

At 31 December 2022

(47,814

)

(156,765

)

(204,579

)

Reserves of the company represent the following:

Retained earnings

The cumulative profit and loss net of distributions to owners.

Fair value reserve

The cumulative fair value gains and losses in respect of investment property revaluations recognised in and transferred from profit and loss including allowance for the deferred tax liability/asset on the fair value adjustment.

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

The Report of the Auditors was unqualified.

Stuart Wright (Senior Statutory Auditor)

for and on behalf of The Barnbrook Sinclair Partnership LLP

12.	RELATED PARTY DISCLOSURES

At the period end £53,198 (Feb 2022: £49,598) was due to a group company, Morgan Cargo Limited, and is included in Amounts owed to group undertakings. The loan is unsecured, interest free and repayable upon demand.

At the period end £811,972 (Feb 2022: £787,614) was due to its parent Bataleur Investments Limited and is included in Amounts owed to group undertakings. The loan is unsecured, repayable on demand and interest of £24,358 (Feb 2022: £16,437) was charged during the period.

13.	ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Bataleur Investments Limited, incorporated in Guernsey. The company's business address is Oak House, Hirzel Street, St Peter Port, Guernsey. There is no ultimate controlling party.