Company registration number 11208771 (England and Wales)
O&H (GRAFTON 1) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
O&H (GRAFTON 1) LIMITED
COMPANY INFORMATION
Directors
A V Allen
A J Dalah
P Dee-Shapland
A Gabbay
C Hanouka
E A Shahmoon
R A Shahmoon
L E Shahmoon
Secretary
C Hanouka
Company number
11208771
Registered office
Ground Floor Trinity Court
Trinity Street
Peterborough
Cambridgeshire
PE1 1DA
Auditor
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
O&H (GRAFTON 1) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 17
O&H (GRAFTON 1) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -
The directors present their annual report and financial statements for the year ended 29 February 2024.
Principal activities
The principal activity of the company was that of property development and investment.
Results and dividends
The loss for the year, after taxation, amounted to £1,835,157 (2023: £1,705,387).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A V Allen
A J Dalah
P Dee-Shapland
A Gabbay
C Hanouka
E A Shahmoon
R A Shahmoon
L E Shahmoon
Qualifying third party indemnity provisions
Qualifying third party indemnity provisions for the benefit of the company's directors were paid during the year by other companies to which the directors are also appointed. These provisions remain in force at the reporting date.
Auditor
In accordance with the company's articles, a resolution proposing that Goodman Jones LLP be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
O&H (GRAFTON 1) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going concern
The directors have considered the company's financial position and future prospects, believing that the company continues to remain a going concern. Further details of this are included in the notes to the financial statements.
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
C Hanouka
Director
1 November 2024
O&H (GRAFTON 1) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF O&H (GRAFTON 1) LIMITED
- 3 -
Opinion
We have audited the financial statements of O&H (Grafton 1) Limited (the 'company') for the year ended 29 February 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
O&H (GRAFTON 1) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF O&H (GRAFTON 1) LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:
O&H (GRAFTON 1) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF O&H (GRAFTON 1) LIMITED
- 5 -
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Reading minutes of meetings of those charged with governance;
Obtaining and reading correspondence from legal and regulatory bodies including HMRC;
Identifying and testing journal entries;
Challenging assumptions and judgements made by management in their significant accounting estimates.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above. The further removed instances of non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Bailey (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP
1 November 2024
Chartered Accountants
Statutory Auditor
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
O&H (GRAFTON 1) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
2024
2023
Notes
£
£
Turnover
85,763
123,995,917
Cost of sales
(878,332)
(749,500)
Gross (loss)/profit
(792,569)
123,246,417
Administrative expenses
(106,421)
(2,203)
Operating (loss)/profit
(898,990)
123,244,214
Interest payable and similar expenses
(922,095)
(354,085)
Amounts written off investments
-
(124,558,125)
Loss before taxation
(1,821,085)
(1,667,996)
Tax on loss
5
(14,072)
(37,391)
Loss for the financial year
(1,835,157)
(1,705,387)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
O&H (GRAFTON 1) LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
6
157,252,619
149,076,927
Current assets
Debtors
7
731,088
532,143
Creditors: amounts falling due within one year
8
(169,119,380)
(159,589,348)
Net current liabilities
(168,388,292)
(159,057,205)
Total assets less current liabilities
(11,135,673)
(9,980,278)
Creditors: amounts falling due after more than one year
9
(24,555,359)
(23,875,598)
Net liabilities
(35,691,032)
(33,855,876)
Capital and reserves
Called up share capital
12
Share premium account
74,292,161
74,292,161
Profit and loss reserves
(109,983,193)
(108,148,037)
Total equity
(35,691,032)
(33,855,876)
These financial statements have been prepared 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 1 November 2024 and are signed on its behalf by:
C Hanouka
Director
Company Registration No. 11208771
O&H (GRAFTON 1) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 March 2022
74,292,161
(106,442,650)
(32,150,489)
Year ended 28 February 2023:
Loss and total comprehensive income for the year
-
-
(1,705,387)
(1,705,387)
Balance at 28 February 2023
74,292,161
(108,148,037)
(33,855,876)
Year ended 29 February 2024:
Loss and total comprehensive income for the year
-
-
(1,835,157)
(1,835,157)
Balance at 29 February 2024
74,292,161
(109,983,193)
(35,691,032)
O&H (GRAFTON 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
1
Accounting policies
Company information
O&H (Grafton 1) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor Trinity Court, Trinity Street, Peterborough, Cambridgeshire, PE1 1DA.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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. The principal accounting policies adopted are set out below.
1.2
Going concern
In making their assessment of the ability of the company to continue as a going concern, the directors have prepared detailed cash flow projections for the company. The parent undertaking, O & H Developments Holdings Limited, has prepared the same on a consolidated basis. These projections have been prepared to February 2028 and include sensitivities in cash inflows for potential reductions in activities. These projections show, in all scenarios, that the group remains liquid, however each individual company true(including O&H (Grafton 1) Limited) has limited or no cash.
The company has received confirmation from the owners of its ultimate parent company (being ACAI Holdings, ELA Holdings and FRS Holdings) confirming that the group has access to a cash management treasury function via the shareholders various interests and that the directors of O&H Developments Holdings Limited and its subsidiaries continue to have full and unfettered access to it
The group also has a number of loans from related parties, which are all repayable on demand. Subsequent to the year end, and in order to assist the directors in assessing the going concern position of the company, these related parties have provided a deed undertaking that they will not call in any of their loans during the twelve months from the date of these financial statements.
On this basis, the directors consider that both the group and the company will be able to discharge their obligations in the ordinary course of business for a period of at least twelve months from the date when the financial statements are authorised for issue and consider it appropriate to continue to prepare these financial statements on a going concern basis.
1.3
Turnover
Turnover represents distributions arising from the company's investment in units in certain Jersey property unit trusts investing in UK commercial property. Turnover is recognised on an accruals basis.
1.4
Investment properties
Investment property is carried at fair value determined annually by the directors with reference to external and internal valuers as appropriate and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
1.5
Fixed asset investments
Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.
O&H (GRAFTON 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 10 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company 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 company.
1.8
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
O&H (GRAFTON 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 11 -
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 when the company has 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.
1.9
Leased assets: Lessor
Where assets leased to a third party give rights approximating to ownership (finance leases), the assets are treated as if they had been sold outright. The amount removed from the fixed assets is the net book value on disposal of the asset. The profit on disposal, being the excess of the present value of the minimum leases payments over net book value is credited to profit or loss.
Lease payments are analysed between capital and interest components so that the interest element of the payment is credited to profit or loss over the term of the lease and represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts owed by the lessee.
Incentive payments to new tenants to occupy the company's investment properties are treated as a reduction in revenue and initially recorded as prepayments. The prepayments are charged to profit or loss over the term of the lease. Where such prepayments relate to investment properties, the properties are carried at fair value less the amount of the unamortised incentive.
All other leases are treated as operating leases. Their annual rentals are charged to profit or loss on a straight line basis over the term of the lease.
1.10
Leased assets: Lessee
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor.
Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to profit or loss over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital reduced the amounts payable to the lessor.
O&H (GRAFTON 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 12 -
1.11
Rental income represents rent receivable for the letting of property in the United Kingdom.
Benefits to lessees in the form of rent free periods are treated as a reduction in the overall return of the lease and in accordance with section 20 of FRS 102, are recognised on a straight line basis over the lease. Capital contributions paid to tenants are shown as a debtor and amortised over the period of the lease.
The valuation of investment properties is reduced by all lease incentives.
Upon the disposal of an investment property, any unamortised lease incentives are deducted from rents receivables, unless they are of a capital nature, in which case they are included in the calculation of the profit or loss arising on the disposal.
1.12
Short term debtors are measured at transaction price, less any impairment.
1.13
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
Investment properties
Investment properties are valued to fair value annually by the directors with reference to third party valuations where available. The company recognises the property at fair value, defined as the estimated amount for which a property should exchange on the date of the valuation between a willing buyer and seller in an arm’s length transaction. In considering the valuation, the relevant income streams are reviewed, deducting any non-recoverable costs to be incurred by the landlord to arrive at a net income. The income is then capitalised at a market yield which is derived from comparable transactions of similar properties observable in the market. Any refurbishment costs or other capital items are then deducted along with purchaser’s costs to arrive at the fair value. The directors of the company assess the carrying value at each reporting date to ensure that the carrying value is adjusted to fair value.
3
Operating profit
Audit and taxation fees are borne by fellow subsidiaries.
4
Employees
The company has no employees (2023 - Nil) other than directors, who did not receive any remuneration (2023 - £Nil).
O&H (GRAFTON 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
5
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
895
Deferred tax
Origination and reversal of timing differences
14,072
36,496
Total tax charge
14,072
37,391
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(1,821,085)
(1,667,996)
Expected tax credit based on the standard rate of corporation tax in the UK of 24.50% (2023: 19.00%)
(446,166)
(316,919)
Adjustments in respect of prior years
895
Group relief
446,166
316,919
Adjustments to deferred tax asset
14,072
36,496
Taxation charge for the year
14,072
37,391
Factors that may affect future tax charges
The Finance Bill 2021, published on 11 March 2021, increases the main rate of Corporation tax to 25% for the year commencing 1 April 2023.
The deferred taxation asset has therefore been calculated at 25%, being the rate substantively enacted at the Balance Sheet date.
6
Investment property
2024
£
Fair value
At 1 March 2023
149,076,927
Additions
8,175,692
At 29 February 2024
157,252,619
The historical cost of the investment properties is £157,252,619 (2023 - £149,076,927 ).
The investment property was valued on the basis of fair value at 29 February 2024 by the directors of the company with reference to third party valuations where available.
O&H (GRAFTON 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 14 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
127,610
100,753
Other debtors
504,727
318,567
632,337
419,320
Deferred tax asset (note 11)
98,751
112,823
731,088
532,143
8
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
10
245,518
245,518
Trade creditors
237,621
695,468
Amounts owed to group undertakings
56,965,917
46,852,952
Amounts owed to related parties
111,438,241
111,438,241
Other creditors
232,083
231,758
Accruals and deferred income
125,411
169,119,380
159,589,348
There are no formal arrangements in place for the repayments of amounts owed to group undertakings. Interest is not payable on these balances.
Amounts owed to related parties are unsecured, interest free and repayable on demand.
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
10
24,555,359
23,875,598
10
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
245,518
245,518
In two to five years
982,072
982,072
In over five years
23,573,287
22,893,526
24,800,877
24,121,116
O&H (GRAFTON 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
10
Finance lease obligations
(Continued)
- 15 -
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Fixed asset timing differences
98,751
112,823
2024
Movements in the year:
£
Asset at 1 March 2023
(112,823)
Charge to profit or loss
14,072
Asset at 29 February 2024
(98,751)
12
Called up share capital
2024
2023
2024
2023
Number
Number
£
£
Ordinary share capital
Issued and fully paid
Ordinary shares of 1p each
2
2
-
-
O&H (GRAFTON 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 16 -
13
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
Within one year
242,328
Between two and five years
59,496
301,824
14
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Development of tangible fixed assets
18,942
841,922
O&H (GRAFTON 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 17 -
15
Related party transactions
At the year end O&H (Grafton 1) Limited owed £55,719,121 (2023: £55,719,121) to Acai Investments Limited, £27,859,560 (2023: £27,859,560) to FRS Investments Limited and £27,859,560 (2023: £27,859,560) to ELA Investments Limited, shareholders in the ultimate parent company. These amounts are repayable on demand and do not bear interest.
16
Parent company
At 29 February 2024 the company's ultimate parent company was O&H Developments Limited, a company registered in Jersey.
O&H Grafton Developments Limited is the immediate parent company and the parent of the smallest group in which O&H (Grafton 1) Limited is a member. The smallest group in which the results of the company are consolidated is that headed by O & H Developments Holdings Limited. The registered office address of O & H Developments Holdings Limited is Ground Floor Trinity Court, Trinity Street, Peterborough, Cambridgeshire, PE1 1DA.
There is no ultimate controlling party of the company.
2024-02-292023-03-01falseCCH SoftwareCCH Accounts Production 2024.200A V AllenA J DalahP Dee-ShaplandA GabbayE A ShahmoonR A ShahmoonL E ShahmoonL E ShahmoonC Hanoukafalsefalse0112087712023-03-012024-02-2911208771bus:Director12023-03-012024-02-2911208771bus:Director22023-03-012024-02-2911208771bus:Director32023-03-012024-02-2911208771bus:Director42023-03-012024-02-2911208771bus:CompanySecretaryDirector12023-03-012024-02-2911208771bus:Director52023-03-012024-02-2911208771bus:Director62023-03-012024-02-2911208771bus:Director72023-03-012024-02-2911208771bus:CompanySecretary12023-03-012024-02-2911208771bus:Director82023-03-012024-02-2911208771bus:RegisteredOffice2023-03-012024-02-29112087712024-02-29112087712022-03-012023-02-2811208771core:RetainedEarningsAccumulatedLosses2022-03-012023-02-2811208771core:RetainedEarningsAccumulatedLosses2023-03-012024-02-29112087712023-02-2811208771core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2911208771core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2811208771core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-2911208771core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2811208771core:CurrentFinancialInstruments2024-02-2911208771core:CurrentFinancialInstruments2023-02-2811208771core:ShareCapital2024-02-2911208771core:ShareCapital2023-02-2811208771core:SharePremium2024-02-2911208771core:SharePremium2023-02-2811208771core:RetainedEarningsAccumulatedLosses2024-02-2911208771core:RetainedEarningsAccumulatedLosses2023-02-2811208771core:ShareCapital2022-02-2811208771core:SharePremium2022-02-2811208771core:RetainedEarningsAccumulatedLosses2022-02-28112087712022-02-2811208771core:UKTax2023-03-012024-02-2911208771core:UKTax2022-03-012023-02-281120877112023-03-012024-02-291120877112022-03-012023-02-28112087712023-02-2811208771core:Non-currentFinancialInstruments2024-02-2911208771core:Non-currentFinancialInstruments2023-02-2811208771core:WithinOneYear2024-02-2911208771core:WithinOneYear2023-02-2811208771core:BetweenTwoFiveYears2024-02-2911208771core:BetweenTwoFiveYears2023-02-2811208771core:MoreThanFiveYears2024-02-2911208771core:MoreThanFiveYears2023-02-2811208771bus:PrivateLimitedCompanyLtd2023-03-012024-02-2911208771bus:FRS1022023-03-012024-02-2911208771bus:Audited2023-03-012024-02-2911208771bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP