The Offer Group Limited
Annual Report and Financial Statements
For the year ended 31 March 2023
Company Registration No. 02052989 (England and Wales)
The Offer Group Limited
Company Information
Directors
T H M Offer
L Offer
G Offer
R Offer
Company number
02052989
Registered office
1 Panther Quay
Old Bridge Street
Hampton Wick
Kingston upon Thames
KT1 4BU
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
The Offer Group Limited
Directors' Report
For the year ended 31 March 2023
Page 1

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company and group continued to be that of property investment trading and development.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D Offer
(resigned 21 July 2023)
T H M Offer
L Offer
G Offer
R Offer
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
T H M Offer
Director
18 October 2023
The Offer Group Limited
Directors' Responsibilities Statement
For the year ended 31 March 2023
Page 2

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Offer Group Limited
Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of The Offer Group Limited for the year ended 31 March 2023
Page 3

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Offer Group Limited for the year ended 31 March 2023 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation

This report is made solely to the Board of Directors of The Offer Group Limited, as a body, in accordance with the terms of our engagement letter dated 19 May 2022. Our work has been undertaken solely to prepare for your approval the financial statements of The Offer Group Limited and state those matters that we have agreed to state to the Board of Directors of The Offer Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Offer Group Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that The Offer Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Offer Group Limited. You consider that The Offer Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Offer Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Kingston Smith LLP
19 October 2023
Chartered Accountants
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
The Offer Group Limited
Group Profit and Loss Account
For the year ended 31 March 2023
Page 4
2023
2022
Notes
£
£
Turnover
844,999
425,245
Cost of sales
(310,903)
(298,005)
Gross profit
534,096
127,240
Administrative expenses
(1,609,610)
(1,108,954)
Other operating income
5
2,290,459
4,146,174
Operating profit
1,214,945
3,164,460
Interest receivable and similar income
(42,341)
2,799
Interest payable and similar expenses
6
(93,071)
(58,793)
Profit before taxation
1,079,533
3,108,466
Tax on profit
7
(685,486)
(861,855)
Profit for the financial year
394,047
2,246,611
Profit for the financial year is all attributable to the owners of the parent company.
The Offer Group Limited
Group Balance Sheet
As at 31 March 2023
Page 5
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
8
11,012
4,920
Investment properties
9
25,064,567
25,102,595
Investments
10
100,000
100,000
25,175,579
25,207,515
Current assets
Stocks
946,966
1,257,869
Debtors
12
1,537,046
1,389,851
Cash at bank and in hand
3,091,328
2,129,849
5,575,340
4,777,569
Creditors: amounts falling due within one year
13
(1,559,890)
(1,540,239)
Net current assets
4,015,450
3,237,330
Total assets less current liabilities
29,191,029
28,444,845
Creditors: amounts falling due after more than one year
15
(1,490,624)
(1,574,999)
Provisions for liabilities
16
(1,256,156)
(819,644)
Net assets
26,444,249
26,050,202
Capital and reserves
Called up share capital
18
13,710
13,710
Share premium account
1,445,761
1,445,761
Revaluation reserve
3,421,699
2,710,321
Profit and loss reserves
21,563,079
21,880,410
Total equity
26,444,249
26,050,202

For the financial year ended 31 March 2023 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

Directors' responsibilities under the Companies Act 2006:

 

The Offer Group Limited
Group Balance Sheet (Continued)
As at 31 March 2023
Page 6

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

The financial statements were approved by the board of directors and authorised for issue on 18 October 2023 and are signed on its behalf by:
18 October 2023
T H M Offer
Director
Company Registration No. 02052989
The Offer Group Limited
Company Balance Sheet
As at 31 March 2023
31 March 2023
Page 7
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
8
11,012
4,920
Investment properties
9
10,289,567
9,755,596
Investments
10
113,300
113,300
10,413,879
9,873,816
Current assets
Stocks
946,966
1,257,869
Debtors
12
13,463,868
14,271,816
Cash at bank and in hand
2,987,654
2,129,849
17,398,488
17,659,534
Creditors: amounts falling due within one year
13
(849,889)
(991,117)
Net current assets
16,548,599
16,668,417
Total assets less current liabilities
26,962,478
26,542,233
Creditors: amounts falling due after more than one year
15
(1,490,624)
(1,574,999)
Provisions for liabilities
16
(534,183)
(400,183)
Net assets
24,937,671
24,567,051
Capital and reserves
Called up share capital
18
13,710
13,710
Share premium account
1,445,761
1,445,761
Revaluation reserve
2,295,599
2,297,501
Profit and loss reserves
21,182,601
20,810,079
Total equity
24,937,671
24,567,051

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £370,620 (2022 - £763,460 profit).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The Offer Group Limited
Company Balance Sheet (Continued)
As at 31 March 2023
31 March 2023
Page 8

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 18 October 2023 and are signed on its behalf by:
18 October 2023
T H M Offer
Director
Company Registration No. 02052989 (England and Wales)
The Offer Group Limited
Group Statement of Changes in Equity
For the year ended 31 March 2023
Page 9
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Company position at 1 April 2021
13,710
1,445,761
1,601,351
20,742,769
23,803,591
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
-
2,246,611
2,246,611
Transfer of the deferred tax liability movement
-
-
(185,798)
185,798
-
Realised Investment Gain on disposal of Investment Property
-
-
1,294,768
(1,294,768)
-
Balance at 31 March 2022
13,710
1,445,761
2,710,321
21,880,410
26,050,202
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
394,047
394,047
Transfer of the deferred tax liability movement
-
-
(193,764)
193,764
-
Transfer of the revaluation gain
-
-
905,142
(905,142)
-
Balance at 31 March 2023
13,710
1,445,761
3,421,699
21,563,079
26,444,249
The Offer Group Limited
Company Statement of Changes in Equity
For the year ended 31 March 2023
Page 10
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2021
13,710
1,445,761
1,601,351
20,742,769
23,803,591
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
-
763,460
763,460
Transfer of the deferred tax liability movement
-
-
(162,618)
162,618
-
Realised Investment Gain on disposal of Investment Property
-
-
858,768
(858,768)
-
Balance at 31 March 2022
13,710
1,445,761
2,297,501
20,810,079
24,567,051
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
370,620
370,620
Transfer of the deferred tax liability movement
-
-
(110,844)
110,844
-
Transfer of the revaluation gain
-
-
108,942
(108,942)
-
Balance at 31 March 2023
13,710
1,445,761
2,295,599
21,182,601
24,937,671
The Offer Group Limited
Notes to the Financial Statements
For the year ended 31 March 2023
Page 11
1
Accounting policies
Company information

The Offer Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Panther Quay, Old Bridge Street, Hampton Wick, Kingston upon Thames, KT1 4BU.

 

The group consists of The Offer Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company The Offer Group Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents amounts receivable in respect of property and barge sales in the year net of VAT and trade discounts.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The Offer Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 12

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fitting & equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

The cumulative surplus on revaluation whilst recognised in profit or loss, is not distributable. The company transfers such revaluation surplus to a separate revaluation reserve within retained earnings together with the associated deferred tax annually.

 

Although this accounting policy is in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), it is a departure from the general requirements of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

 

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. The group recognises their share of income and expenditure within the profit and loss account.

1.8
Stocks

Stocks consist of completed barges and properties and is stated at the lower of cost and net realisable value. Cost represents all directly attributable materials and build costs. Selling price is the price the directs expect that the completed barges and properties could be sold for, less normal costs of sale.

 

Due to the specialist nature of the barges, provision is made for any fall in value or deterioration which may have occurred while stock is held pending sale.

The Offer Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 13
1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group only has financial instruments classified as basic and measured at amortised cost with the exception of derivatives detailed in note 1.12.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The Offer Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 14
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to expenditure on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16

Retirement Benefits

The company contributes to personal pension plans of certain employees and the pension charge represents the amounts payable by the company to these plans in respect of the year.

1.17

Other operating income

Other operating income consists mainly of rental income and service charge income generated by the properties held by the company. Such income is credited to the profit and loss account on an accruals basis.

 

Other operating income also includes the surplus or deficit on the revaluation of investment properties.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of investment property

The investment properties owned by the company and the group have been valued by T H M Offer, a director of the company, as of 31 March 2023.

The Offer Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 15
3
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Total
5
4
5
4
4
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
611,082
381,529
5
Other operating income
2023
2022
£
£
Net rents receivable
2,322,784
2,255,206
Service charge receivable
280,764
198,114
Commissions receivable
6,268
11,245
(Loss)/gain on revaluation of investment properties
(598,859)
1,214,017
Profit on sale of investment property
224,804
467,592
Gain on revaluation of hedging instrument
54,698
-
2,290,459
4,146,174
6
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
93,071
58,793
7
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
248,974
279,257
The Offer Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
7
Taxation
2023
2022
£
£
(Continued)
Page 16
Deferred tax
Origination and reversal of timing differences
39,857
519
Gain/(Loss) on revaluation of investment properties
396,655
582,079
Total deferred tax
436,512
582,598
Total tax charge
685,486
861,855
8
Tangible fixed assets
Group
Plant and machinery etc
£
Cost
At 1 April 2022
53,482
Additions
9,807
At 31 March 2023
63,289
Depreciation and impairment
At 1 April 2022
48,562
Depreciation charged in the year
3,715
At 31 March 2023
52,277
Carrying amount
At 31 March 2023
11,012
At 31 March 2022
4,920
The Offer Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
8
Tangible fixed assets
(Continued)
Page 17
Company
Plant and machinery etc
£
Cost
At 1 April 2022
53,482
Additions
9,807
At 31 March 2023
63,289
Depreciation and impairment
At 1 April 2022
48,562
Depreciation charged in the year
3,715
At 31 March 2023
52,277
Carrying amount
At 31 March 2023
11,012
At 31 March 2022
4,920
9
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 April 2022
25,102,595
9,755,596
Additions
986,082
854,280
Disposals
(425,251)
(425,251)
Revaluations
(598,859)
104,942
At 31 March 2023
25,064,567
10,289,567

The group's and company's freehold and leasehold investment properties were valued by an internal valuer Timothy Offer MRICS, a director, as at 31 March 2023. The valuations are in accordance with the Royal Institution of Chartered Surveyors- Professional Standards

 

All properties are let out on operating leases.

 

Historical cost of the group investment properties is £16,416,126 (2022: £15,703,362). Historical cost of the company investment properties is £7,838,532 (2022: £7,150,968).

 

The fair value of investment property has been arrived at on the basis of a directors' valuation as at 31 March 2023 and was made on an open market basis. The directors have considered comparable available market information in arriving at their valuation.

 

The Offer Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 18
10
Fixed asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Shares in group undertakings and participating interests
-
-
13,300
13,300
Other investments other than loans
100,000
100,000
100,000
100,000
100,000
100,000
113,300
113,300
Movements in fixed asset investments
Group
Other investments
Total
£
£
Cost or valuation
At 1 April 2022 and 31 March 2023
100,000
100,000
Carrying amount
At 31 March 2023
100,000
100,000
At 31 March 2022
100,000
100,000
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2022 and 31 March 2023
13,300
100,000
113,300
Carrying amount
At 31 March 2023
13,300
100,000
113,300
At 31 March 2022
13,300
100,000
113,300
11
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Offer Real Limited
UK
Ordinary
100.00
Offer Properties Limited
UK
Ordinary
100.00

By virtue of s394A of the Companies Act 2006, Offer Properties Limited is exempt from consolidation.

The Offer Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 19
12
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
109,263
46,021
82,506
33,478
Amounts owed by group
15,485
-
0
11,969,064
12,894,508
Other debtors
1,365,601
1,295,830
1,365,601
1,295,830
Prepayments and accrued income
12,411
6,857
12,411
6,857
1,502,760
1,348,708
13,429,582
14,230,673
Amounts falling due after more than one year:
Other debtors
34,286
41,143
34,286
41,143
Total debtors
1,537,046
1,389,851
13,463,868
14,271,816
13
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
112,501
140,626
112,501
140,626
Trade creditors
167,941
54,395
26,766
37,001
Amounts owed to group undertakings
323,277
325,553
338,752
338,753
Corporation tax payable
249,280
279,257
35,104
26,670
Other taxation and social security
101,913
82,513
58,536
20,274
Other creditors
162,463
316,253
155,632
316,254
Accruals and deferred income
442,515
341,642
122,598
111,539
1,559,890
1,540,239
849,889
991,117
14
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
1,603,125
1,715,625
1,603,125
1,715,625
Payable within one year
112,501
140,626
112,501
140,626
Payable after one year
1,490,624
1,574,999
1,490,624
1,574,999
The Offer Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
14
Loans and overdrafts
(Continued)
Page 20

 

The bank loans are secured against a composite guarantee by and between The Offer Group Limited, Offer Real Limited and Offer Estates Holdings Limited. The guarantee from Offer Real Limited is supported by first priority legal charges over the properties owned by that company.

15
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
1,490,624
1,574,999
1,490,624
1,574,999
16
Provisions for liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Deferred tax liabilities
17
1,256,156
819,644
534,183
400,183
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
84,709
31,954
Revaluations
585,174
391,409
Realised on property transfer from group company
586,273
396,281
1,256,156
819,644
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
55,109
31,954
Revaluations
479,074
368,229
534,183
400,183
The Offer Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
17
Deferred taxation
(Continued)
Page 21
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 April 2022
819,644
400,183
Charge to profit or loss
242,746
23,154
Charge to other comprehensive income
193,766
110,846
Liability at 31 March 2023
1,256,156
534,183
18
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
13,710
13,710
13,710
13,710
19
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
-
5,698
-
5,698
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
2,444,553
2,444,553
911,524
911,524
Between two and five years
4,134,564
6,579,117
1,217,393
2,128,917
In over five years
5,020,436
7,464,989
1,821,650
2,733,174
11,599,553
16,488,659
3,950,567
5,773,615
The Offer Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 22
20
Related party transactions

An investment loss of £85,259 (2022: £27,032) was incurred from The Offer Property Partnership LLP, a Limited Liability Partnership which is a joint venture of the group and company.

21
Controlling party

The company is wholly owned by Offer Estate Holdings Limited, a company incorporated in the United Kingdom and its registered address is 1 Panther Quay, Old Bridge Street, Hampton Wick, Kingston upon Thames, KT1 4BU. The accounts have been consolidated at The Offer Group Limited level as Offer Estate Holdings Limited is a holding company.

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