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REGISTERED NUMBER: 12598768 (England and Wales)















Financial Statements for the Year Ended 30 April 2024

for

O'Connor Properties Limited

O'Connor Properties Limited (Registered number: 12598768)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


O'Connor Properties Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: T G O'Connor
T J O'Connor
J McVeigh
Mrs L Moran
Miss C O'Connor
D T O'Connor
Miss K A O'Connor
Miss M M O'Connor
S T O'Connor
T O'Connor





REGISTERED OFFICE: 164 Field End Road
Eastcote
Middlesex
HA5 1RH





REGISTERED NUMBER: 12598768 (England and Wales)





AUDITORS: Lawrence Johns
Registered Auditors
164 Field End Road
Eastcote
Middlesex
HA5 1RH

O'Connor Properties Limited (Registered number: 12598768)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 388,551 877,351
Investments 4 751,260 -
Investment property 5 50,214,517 45,829,017
51,354,328 46,706,368

CURRENT ASSETS
Debtors 6 727,298 1,229,798
Cash at bank and in hand 296,575 1,978,216
1,023,873 3,208,014
CREDITORS
Amounts falling due within one year 7 12,432,807 10,673,784
NET CURRENT LIABILITIES (11,408,934 ) (7,465,770 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

39,945,394

39,240,598

PROVISIONS FOR LIABILITIES 9 4,265,317 4,256,089
NET ASSETS 35,680,077 34,984,509

CAPITAL AND RESERVES
Called up share capital 10 100,000 100,000
Revaluation reserve 13,618,975 13,238,975
Retained earnings 21,961,102 21,645,534
SHAREHOLDERS' FUNDS 35,680,077 34,984,509

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 30 January 2025 and were signed on its behalf by:





T G O'Connor - Director


O'Connor Properties Limited (Registered number: 12598768)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. ACCOUNTING POLICIES

Company information
O'Connor Properties Limited is a private limited company, limited by shares, domiciled and incorporated in England and Wales. The registered office is 164 Field End Road, Eastcote, England, HA5 1RH.

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 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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Going Concern
The financial statements are prepared on a going concern basis, which assume the company will continue its operational existence for the foreseeable future.

As at 30 April 2023, the company had net assets of £34,984,509 and net current liabilities of £7,465,770. The company made a net profit of £12,820,781 and an operating loss of £465,873 in the year.

The company is financed through a loan made by its ultimate parent company, which amounted to £9,452,655 as at 30 April 2023. Its ultimate parent company has confirmed that it will not seek repayment of the amounts owed to it by O'Connor Properties Limited until such time as they are able to repay them without compromising their ability to continue to trade and to meet its liabilities as they fall due. In addition, the parent company has provided a letter of support to confirm they will provide continued financial support to the company, as required, for a minimum of 12 months from the date of approval of the audit report.

Based on the above, the directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Revenue comprises rent receivable from the company's investment properties, and is recognised in the period to which the rental income relates and is shown net of VAT.

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.

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:

Freehold land and buildings 2% straight line
Plant and equipment 20% straight line
Fixtures and fittings 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 credited or charged to profit or loss.

Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

O'Connor Properties Limited (Registered number: 12598768)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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.

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.

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'Connor Properties Limited (Registered number: 12598768)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

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.

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.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows

Useful economic life of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Carrying value of investment property
The investment property is valued by the directors with reference to a variety of sources demonstrating market evidence and recent transaction prices for similar properties, including guidance from relevant experts or brokers.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

O'Connor Properties Limited (Registered number: 12598768)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 May 2023 304,500 193,931 1,071,939 1,570,370
Additions - 60,615 - 60,615
Transfer investment property (304,500 ) - - (304,500 )
At 30 April 2024 - 254,546 1,071,939 1,326,485
DEPRECIATION
At 1 May 2023 16,748 38,786 637,485 693,019
Charge for year - 47,277 214,386 261,663
Transfer investment property (16,748 ) - - (16,748 )
At 30 April 2024 - 86,063 851,871 937,934
NET BOOK VALUE
At 30 April 2024 - 168,483 220,068 388,551
At 30 April 2023 287,752 155,145 434,454 877,351

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 751,260
At 30 April 2024 751,260
NET BOOK VALUE
At 30 April 2024 751,260

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 45,829,017
Additions 4,081,000
Revaluations 380,000
Impairments (380,000 )
Transfers from fixed assets 304,500
At 30 April 2024 50,214,517
NET BOOK VALUE
At 30 April 2024 50,214,517
At 30 April 2023 45,829,017

O'Connor Properties Limited (Registered number: 12598768)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. INVESTMENT PROPERTY - continued

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2022 211,902
Valuation in 2023 16,950,030
Cost 33,052,585
50,214,517

During the year, a final property was no longer let within the group and therefore this property was transferred from tangible fixed assets to investment property.

The investment properties were subject to an internal directors' valuation.

If the investment properties were stated on a historical cost basis rather than a fair value basis, the amount included would be £33,052,585. No depreciation is charged on the investment properties.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 652,835 395,187
Amounts owed by group undertakings 8,000 5,500
Other debtors - 785,870
Prepayments and accrued income 66,463 43,241
727,298 1,229,798

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Hire purchase contracts (see note 8) 1,870 -
Trade creditors 54,041 21,204
Amounts owed to group undertakings 11,452,655 9,452,655
Tax 146,692 27,444
Social security and other taxes 67,011 3,696
Other creditors 200,279 580,969
Directors' current accounts 275,976 275,999
Accruals and deferred income 234,283 311,817
12,432,807 10,673,784

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
30.4.24 30.4.23
£    £   
Net obligations repayable:
Within one year 1,870 -

O'Connor Properties Limited (Registered number: 12598768)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. LEASING AGREEMENTS - continued

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

30-04-24 30-04-23
£ £

Within one year 26,582,558 27,775,578
26,582,558 27,775,578

9. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£    £   
Deferred tax 4,265,317 4,256,089

Deferred
tax
£   
Balance at 1 May 2023 4,256,089
Accelerated capital allowances 9,228
Revaluations
Balance at 30 April 2024 4,265,317

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
100,000 Ordinary 1 100,000 100,000

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

The Report of the Auditors was qualified on the following basis:

Basis for disclaimer of opinion on financial statements
The audit evidence available to us was limited and we were unable to sufficiently verify the basis of the fair values attached to the investment properties. As a result of this we have been unable to obtain sufficient appropriate audit evidence concerning the carrying value of investment properties along with the related fair value gains or losses and deferred tax liability.

T M O'Keeffe (Senior Statutory Auditor)
for and on behalf of Lawrence Johns

O'Connor Properties Limited (Registered number: 12598768)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

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

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

Disclaimer of opinion
We were engaged to audit the financial statements of O'Connor Properties Limited (the 'company') for the year ended 30 April 2024 which comprise the Profit and Loss Account, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

We do not express an opinion on the accompanying financial statements. Because of the significance of the matter described in the 'Basis for Disclaimer of Opinion' section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

12. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available under FRS 102 whereby it has not disclosed transactions with the parent company or any wholly owned subsidiary undertakings of the group
.
During the year, the company received repayment of a loan amounting to £100,000 (2023: £nil) from Portrack OCL Limited, a company controlled by the children of T J O'Connor. At the balance sheet date, the company was owed £nil (2023: £100,000) by Portrack OCL Limited.

At the year end, £275,976 (2023: £275,999) was owed by the company to the two directors T G O'Connor and T J O'Connor. The maximum amount owed to the company by these directors during the year was £nil (2023: £7,650,612). During the year, the sum total of the loans made to these directors, by the company, was £23 (2023: £270,131) and the sum total of repayments made to the directors by the company was £nil (2023: £8,197,860). There was also an expense for the company paid privately by the directors for £nil (2023: £1,443).

13. PARENT COMPANY

The company's immediate parent undertaking is O'Connor Properties Holdings Limited, a company registered in England & Wales and its registered office address is 164 Field End Road, Eastcote, HA5 1RH, United Kingdom.

The company's ultimate parent undertaking is O'Connor Group Topco Limited, a company registered in England & Wales and its registered office address is 164 Field End Road, Eastcote, HA5 1RH, United Kingdom. The consolidated financial statements of O'Connor Group Topco Limited and its subsidiaries are publically available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.