IRIS Accounts Production v24.3.2.46 08171332 Board of Directors 30.6.24 1.7.23 30.6.24 30.6.24 building contractors for the commercial fit out sector and refurbishment sector, and the high end residential and leisure sector. true true true false true true false false false false true true false Ordinary share 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh081713322023-06-30081713322024-06-30081713322023-07-012024-06-30081713322022-06-30081713322022-07-012023-06-30081713322023-06-3008171332ns15:EnglandWales2023-07-012024-06-3008171332ns14:PoundSterling2023-07-012024-06-3008171332ns10:Director12023-07-012024-06-3008171332ns10:Consolidated2024-06-3008171332ns10:ConsolidatedGroupCompanyAccounts2023-07-012024-06-3008171332ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3008171332ns10:Consolidatedns10:FRS1022023-07-012024-06-3008171332ns10:Consolidatedns10:Audited2023-07-012024-06-3008171332ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3008171332ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3008171332ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3008171332ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-07-012024-06-3008171332ns10:FullAccounts2023-07-012024-06-3008171332ns5:Subsidiary12023-07-012024-06-3008171332ns5:Subsidiary22023-07-012024-06-3008171332ns10:OrdinaryShareClass12023-07-012024-06-3008171332ns10:Consolidated2023-07-012024-06-3008171332ns10:Director22023-07-012024-06-3008171332ns10:Director32023-07-012024-06-3008171332ns10:RegisteredOffice2023-07-012024-06-3008171332ns10:Consolidated2022-07-012023-06-3008171332ns5:CurrentFinancialInstruments2024-06-3008171332ns5:CurrentFinancialInstruments2023-06-3008171332ns5:ShareCapital2024-06-3008171332ns5:ShareCapital2023-06-3008171332ns5:RetainedEarningsAccumulatedLosses2024-06-3008171332ns5:RetainedEarningsAccumulatedLosses2023-06-3008171332ns5:ShareCapital2022-06-3008171332ns5:RetainedEarningsAccumulatedLosses2022-06-3008171332ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3008171332ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-3008171332ns5:ShortLeaseholdAssetsns5:LandBuildings2023-07-012024-06-3008171332ns5:FurnitureFittings2023-07-012024-06-3008171332ns5:ComputerEquipment2023-07-012024-06-3008171332ns5:ShortLeaseholdAssetsns5:LandBuildings2023-06-3008171332ns5:FurnitureFittings2023-06-3008171332ns5:ComputerEquipment2023-06-3008171332ns5:ShortLeaseholdAssetsns5:LandBuildings2024-06-3008171332ns5:FurnitureFittings2024-06-3008171332ns5:ComputerEquipment2024-06-3008171332ns5:ShortLeaseholdAssetsns5:LandBuildings2023-06-3008171332ns5:FurnitureFittings2023-06-3008171332ns5:ComputerEquipment2023-06-3008171332ns5:CostValuation2023-06-3008171332ns5:Subsidiary112023-07-012024-06-3008171332ns5:Subsidiary12024-06-3008171332ns5:Subsidiary12023-06-3008171332ns5:Subsidiary12022-07-012023-06-30081713323ns5:Subsidiary22023-07-012024-06-3008171332ns5:Subsidiary22024-06-3008171332ns5:Subsidiary22023-06-3008171332ns5:Subsidiary22022-07-012023-06-3008171332ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-06-3008171332ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3008171332ns5:WithinOneYear2024-06-3008171332ns5:WithinOneYear2023-06-3008171332ns5:BetweenOneFiveYears2024-06-3008171332ns5:BetweenOneFiveYears2023-06-3008171332ns5:AllPeriods2024-06-3008171332ns5:AllPeriods2023-06-3008171332ns10:OrdinaryShareClass12024-06-30
REGISTERED NUMBER: 08171332 (England and Wales)















Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 30 June 2024

for

OD Projects (Holdings) Ltd

OD Projects (Holdings) Ltd (Registered number: 08171332)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


OD Projects (Holdings) Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTORS: J P Kearney
S A Cherry
G S Pinchin



REGISTERED OFFICE: 8th Floor
Chiswell House
London
EC1Y 4TY



REGISTERED NUMBER: 08171332 (England and Wales)



SENIOR STATUTORY AUDITOR: Jonathan Bregman BSc FCA FCCA



AUDITORS: TC Group
Statutory Auditor
First Floor
Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX

OD Projects (Holdings) Ltd (Registered number: 08171332)

Group Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

The principal activity of the business during the year remains commercial office fit out and refurbishment with the majority of our projects being carried out in London and the South East.

Trading year

The financial year 2023-24 marked both our 20th anniversary and a pivotal moment for the business. As part of our long-term strategy to enhance employee engagement and align the interests of our workforce with the Group's success, we are pleased to announce the successful implementation of an Employee Ownership Trust (EOT) structure in March 2024. This initiative marks a significant milestone, and we are excited about the opportunities the EOT presents. We are confident it will play a key role in driving the company's success while benefiting our dedicated employees. Our commitment remains to create a supportive environment that fosters growth, innovation, and shared prosperity among all members of the company.

Throughout the year, our company values - accountability, integrity, quality, and working together - remained a central focus. We continued to strengthen relationships with all stakeholders, ensuring these values were upheld at every level.

Sustainability and ESG Strategy

Sustainability continues to be a key area for the business. In line with this focus, we proudly launched our first Environmental, Social, and Governance (ESG) strategy during the financial year. This strategy, based around five key pillars, includes clear targets aimed at generating a positive impact from our activities, conforming to best practices in environmental, social, and governance standards.

Investment in People and Systems

We recognise that our people and systems are integral to our continued success, and as such, we have made significant investments in both during the year. The creation of a third division within OD Interiors, and the strengthening of our management team have allowed us to diversify our offering as a Group. These moves enhance our ability to serve clients more effectively and adapt to the changing market.

Our ongoing commitment to Diversity, Equity, and Inclusion (DE&I) has been enhanced this year through initiatives such as mental health first aid training for all managers and the appointment of mental health ambassadors across each business unit. Additionally, we are proud to have created career opportunities for individuals who have undertaken work experience within the Group, as well as to have continued providing professional development sponsorship to employees undertaking further education courses. We have also introduced across-industry mentoring, fostering the sharing of best practices and expanding professional networks.

Charitable Initiatives

Our employees' passion for charitable works has been truly inspirational this year. We have continued to raise significant amounts of money for charities in communities local to both our sites and head office. With the introduction of volunteering days, we have been able to contribute time to worthy initiatives as well as financial support. Furthermore, we launched a payroll giving scheme, enabling our employees to voluntarily donate to a charity of their choice directly from their salary.

Outlook and Financial Position

The Group has welcomed an array of work from both new and existing clients during the period, and the Directors are excited by the strong pipeline of tenders and recent project wins.

The Group continues to successfully manage its liquidity requirements and remains in a strong financial position, trading without any external funding.


OD Projects (Holdings) Ltd (Registered number: 08171332)

Group Strategic Report
for the Year Ended 30 June 2024

REVIEW OF BUSINESS
Turnover & Profitability

A summary of the Group's financial results for the year ended 30 June 2024 are set out below:

June 2024 June 2023
Turnover £48,690,449 £52,951,650
Gross Profit £5,078,579 £6,080,227
Profit / (Loss) before tax £326,264 £2,626,865
Shareholders' Funds £2,708,761 £3,984,403



The forecast turnover for the next financial years is anticipated to be in the region of:
June 2025 June 2026
Forecast Turnover £80m £100m
Secured workload £70.5m £27m

The outlook for the new year is encouraging with a good pipeline of projects in all subsidiary companies.


Future Developments

The decarbonisation of the built environment continues to be a priority for landlords and developers to reach net zero targets. In this financial year, we have observed an increased commitment to sustainability through green building certifications. With the recent launch of the UK Net Zero Carbon Buildings Standard, we anticipate sustainability commitments to continue to increase in the commercial building market, filtering through the pipeline for the next financial year.

Our secured workload and forecasts will strengthen the Group's balance sheet position and allow the Group to continue with the planned growth of the business.

The directors recognise that the economic outlook for the coming year remains challenging but the pipeline of tenders for office fit out and refurbishment in London and the South East remains strong.

The directors are therefore satisfied that the Group has sufficient resources and liquidity to enable it to not only to continue as a going concern for the foreseeable future but to also ensure the Group continues to invest in its infrastructure and staff so that it is in a stable and profitable position going forward.


OD Projects (Holdings) Ltd (Registered number: 08171332)

Group Strategic Report
for the Year Ended 30 June 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The main financial risks faced by the Group are funding risk and credit risk. As with any similar business there remains uncertainty and risk about the ability of the company to achieve its business objectives within its current funding. The directors continually review the funding status of the company and its exposure to liquidity risk.

The directors actively manage credit risk to reduce the risk to a minimum level.

The values of the receivables, payables and cash balances in the accounts approximate their book value. The Group does not enter into derivative transactions.

Some risks are excluded because the management considers them not to be material to the company. Additionally there may be risks and uncertainties not presently known to the management team or which they are deemed immaterial to the company.

The main financial risks faced by the Group are funding risk and credit risk. As with any similar business there remains uncertainty and risk about the ability of the company to achieve its business objectives within its current funding. The directors continually review the funding status of the company and its exposure to liquidity risk.

Market risks

The Group's operations and its results are subject to a number of factors which could affect the Group's business, many of which are common to the construction industry and beyond the company's control, such as a potential global economic downturn; and the potential increase in acts of terrorism. The impact of any of these factors (or a combination of them) may adversely affect available contracts in the building industry and high end residential market.

Although management seeks to identify risks at the earliest opportunity, many of these risks are beyond the control of the Group. The Group has in place recovery plans to enable it to respond to major incidents or crises and takes steps to minimise these exposures to the greatest extent possible.

The other risks relate to the state of the property market and the likelihood of a downturn due to Brexit. The directors are closely monitoring the external factors.

Liquidity

The Group has no external borrowings and finances all of its build contracts within the working capital requirements of the Group. Therefore, there is a potential risk that the Group may be at risk of liquidity issues depending on the size and exposure of a contract.

To mitigate against this risk the management team meets regularly to review the financial performance of the Group, the working capital requirements of individual projects and ensures that valuation reports are regularly updated and agreed with clients to ensure cash flow risks are mitigated.

The directors are confident that the liquidity of the Group is sufficient to support substantial growth without the need for any external borrowings.




Fixed operating expenses

The Group's operating expenses such as personnel costs, operating leases, information technology and telecommunications are to a large extent fixed. As such, operating results may be vulnerable to short-term changes in revenues.

The Group has appropriate management systems in place to create flexibility in operating cost base so as to optimise operating profits in volatile trading conditions.

Key senior personnel and management


OD Projects (Holdings) Ltd (Registered number: 08171332)

Group Strategic Report
for the Year Ended 30 June 2024

The success of the Group's business is partially attributable to the efforts and abilities of its senior managers. Failure to retain its senior management team or other key personnel may threaten the success of the Group's operations.

The Group has appropriate systems in place for recruitment, reward and compensation and performance management. Development and maintenance of the Group's culture also plays a leading role in minimising risk.

The strategy in the next financial period is to continue to maintain turnover in a controlled manner through careful financial management with a firm control of overheads.

The director's strategy is to continue to work alongside historical stable clients continues with repeat business levels remaining consistently high.

ON BEHALF OF THE BOARD:





G S Pinchin - Director


25 March 2025

OD Projects (Holdings) Ltd (Registered number: 08171332)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

J P Kearney
S A Cherry
G S Pinchin

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G S Pinchin - Director


25 March 2025

Report of the Independent Auditors to the Members of
OD Projects (Holdings) Ltd

Opinion
We have audited the financial statements of OD Projects (Holdings) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 group's and of the parent company affairs as at 30 June 2024 and of the group's profit 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.

Basis for opinion
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
OD Projects (Holdings) Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
OD Projects (Holdings) Ltd


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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. We designed procedures capable of detecting non-compliance with laws and regulations and irregularities, including fraud, through:

- Obtaining an understanding of the Company and its industry through discussions with management, and the application of our cumulative audit knowledge and experience of the industry to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements including tax, pensions, employment, health and safety, data protection and anti-bribery legislation, 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.

- Identifying possible risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, whether there was potential for management bias in the reporting of events and transactions in the financial statements relating to principal accounting estimates and uncertainties.

Our audit procedures were designed to designed to respond to the identified risks relating to non-compliance with laws and regulations and irregularities (including fraud) that are material to the financial statements.
Our audit procedures in relation to non-compliance with laws and regulations included, but were not limited to:
- Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations and reviewing correspondence with regulators and with solicitors; and
- Communicating identified laws and regulations with the audit team and remaining alert to any indications of non-compliance throughout the audit; and
- Considering the risk of non-compliance with laws and regulations; and
- Considering whether the financial statement disclosures fairly represent the underlying transactions.

Our audit procedures in relation to irregularities and fraud included, but were not limited to:
- Making enquiries of directors and management as to where they considered there was susceptibility to fraud, and whether they had knowledge of actual, suspected or alleged fraud; and

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
OD Projects (Holdings) Ltd


Use of our 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 a Report of the Auditors 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.




Jonathan Bregman BSc FCA FCCA (Senior Statutory Auditor)
for and on behalf of TC Group
Statutory Auditor
First Floor
Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX

25 March 2025

OD Projects (Holdings) Ltd (Registered number: 08171332)

Consolidated Income Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

REVENUE 48,690,449 52,951,650

Cost of sales (43,611,870 ) (46,871,423 )
GROSS PROFIT 5,078,579 6,080,227

Administrative expenses (4,968,083 ) (3,469,207 )
110,496 2,611,020

Other operating income 198,947 789
OPERATING PROFIT 309,443 2,611,809

Interest receivable and similar income 4 22,643 15,932
332,086 2,627,741

Interest payable and similar expenses 5 (5,822 ) (876 )
PROFIT BEFORE TAXATION 6 326,264 2,626,865

Tax on profit 7 (101,906 ) (557,647 )
PROFIT FOR THE FINANCIAL YEAR 224,358 2,069,218
Profit attributable to:
Owners of the parent 224,358 2,069,218

OD Projects (Holdings) Ltd (Registered number: 08171332)

Consolidated Other Comprehensive Income
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

PROFIT FOR THE YEAR 224,358 2,069,218


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

224,358

2,069,218

Total comprehensive income attributable to:
Owners of the parent 224,358 2,069,218

OD Projects (Holdings) Ltd (Registered number: 08171332)

Consolidated Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £   
FIXED ASSETS
Property, plant and equipment 10 22,674 23,160
Investments 11 - -
22,674 23,160

CURRENT ASSETS
Debtors 12 15,866,869 14,468,382
Cash at bank and in hand 3,410,003 3,669,107
19,276,872 18,137,489
CREDITORS
Amounts falling due within one year 13 (16,590,785 ) (14,176,246 )
NET CURRENT ASSETS 2,686,087 3,961,243
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,708,761

3,984,403

CAPITAL AND RESERVES
Called up share capital 15 400 400
Other reserves (700,000 ) (700,000 )
Retained earnings 3,408,361 4,684,003
SHAREHOLDERS' FUNDS 2,708,761 3,984,403

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





G S Pinchin - Director


OD Projects (Holdings) Ltd (Registered number: 08171332)

Company Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £   
FIXED ASSETS
Property, plant and equipment 10 22,675 23,161
Investments 11 700,400 700,400
723,075 723,561

CURRENT ASSETS
Debtors 12 612,080 1,027,357
Cash at bank and in hand 79,704 232,223
691,784 1,259,580
CREDITORS
Amounts falling due within one year 13 (1,048,224 ) (1,350,984 )
NET CURRENT LIABILITIES (356,440 ) (91,404 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

366,635

632,157

CAPITAL AND RESERVES
Called up share capital 15 400 400
Retained earnings 366,235 631,757
SHAREHOLDERS' FUNDS 366,635 632,157

Company's profit for the financial year 1,234,478 696,991

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





G S Pinchin - Director


OD Projects (Holdings) Ltd (Registered number: 08171332)

Consolidated Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 July 2022 400 3,274,785 (700,000 ) 2,575,185

Changes in equity
Dividends - (660,000 ) - (660,000 )
Total comprehensive income - 2,069,218 - 2,069,218
Balance at 30 June 2023 400 4,684,003 (700,000 ) 3,984,403

Changes in equity
Capital contribution
to Employee Ownership Trust - (1,500,000 ) - (1,500,000 )
Total comprehensive income - 224,358 - 224,358
Balance at 30 June 2024 400 3,408,361 (700,000 ) 2,708,761

OD Projects (Holdings) Ltd (Registered number: 08171332)

Company Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 400 594,766 595,166

Changes in equity
Dividends - (660,000 ) (660,000 )
Total comprehensive income - 696,991 696,991
Balance at 30 June 2023 400 631,757 632,157

Changes in equity
Capital contribution
to Employee Ownership Trust - (1,500,000 ) (1,500,000 )
Total comprehensive income - 1,234,478 1,234,478
Balance at 30 June 2024 400 366,235 366,635

OD Projects (Holdings) Ltd (Registered number: 08171332)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,453,838 2,943,964
Interest paid (5,822 ) (876 )
Tax paid - (2,879 )
Net cash from operating activities 1,448,016 2,940,209

Cash flows from investing activities
Purchase of tangible fixed assets (15,823 ) (12,538 )
Sale of tangible fixed assets - 317
Interest received 22,643 15,932
Net cash from investing activities 6,820 3,711

Cash flows from financing activities
Amount withdrawn by directors (412,887 ) (392,682 )
Tax credit received 198,947 317,881
Employee Ownership Trust (1,500,000 ) -
Equity dividends paid - (660,000 )
Net cash from financing activities (1,713,940 ) (734,801 )

(Decrease)/increase in cash and cash equivalents (259,104 ) 2,209,119
Cash and cash equivalents at beginning of
year

2

3,669,107

1,459,988

Cash and cash equivalents at end of year 2 3,410,003 3,669,107

OD Projects (Holdings) Ltd (Registered number: 08171332)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30.6.24 30.6.23
£    £   
Profit before taxation 326,264 2,626,865
Depreciation charges 16,309 21,177
R&D tax credit (198,954 ) -
Finance costs 5,822 876
Finance income (22,643 ) (15,932 )
126,798 2,632,986
Increase in trade and other debtors (1,556,714 ) (1,100,556 )
Increase in trade and other creditors 2,883,754 1,411,534
Cash generated from operations 1,453,838 2,943,964

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 3,410,003 3,669,107
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 3,669,107 1,459,988


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 3,669,107 (259,104 ) 3,410,003
3,669,107 (259,104 ) 3,410,003
Total 3,669,107 (259,104 ) 3,410,003

OD Projects (Holdings) Ltd (Registered number: 08171332)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

OD Projects (Holdings) 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £227,096 (2023:£696,991).

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder's share of changes in equity since the date of the combination.

The consolidated financial statements of the group have been prepared using the merger accounting method, include the financial statements of the company, and its subsidiaries, OD Interiors Limited and OD Create Limited made up to 30 June 2024.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

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

Judgements in respect of recognition of turnover, percentages of completion projects, estimation of costs to completion and remedial work and likelihood of retentions being released have had the most significant effects on amounts recognized in the financial statements.

OD Projects (Holdings) Ltd (Registered number: 08171332)

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

2. ACCOUNTING POLICIES - continued

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - in accordance with the property
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

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 statement of financial position 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.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

OD Projects (Holdings) Ltd (Registered number: 08171332)

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

2. ACCOUNTING POLICIES - continued
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.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
£    £   
Wages and salaries 8,426,747 7,258,229
Social security costs 389,139 233,669
Other pension costs 48,644 56,297
8,864,530 7,548,195

OD Projects (Holdings) Ltd (Registered number: 08171332)

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

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.6.24 30.6.23

Administration and support 26 30
Sales, management and marketing 43 34
69 64

30.6.24 30.6.23
£    £   
Directors' remuneration 1,005,000 162,000

Information regarding the highest paid director for the year ended 30 June 2024 is as follows:
30.6.24
£   

During the year, there were 3 directors who received remuneration of £335,000 each. There were no directors who exercised any share options or received any shares in respect of qualifying services under a long term incentive scheme.

4. INTEREST RECEIVABLE AND SIMILAR INCOME
30.6.24 30.6.23
£    £   
Interest receivable 8,492 -
Other interest receivable 14,151 15,932
22,643 15,932

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
£    £   
Other interest 5,822 876

6. PROFIT BEFORE TAXATION

The profit is stated after charging:

30.6.24 30.6.23
£    £   
Other operating leases 298,335 288,355
Depreciation - owned assets 16,309 21,178
Auditor's remuneration 7,000 7,500
Auditor's remuneration -audit
of subsidiaries 14,000 14,750

OD Projects (Holdings) Ltd (Registered number: 08171332)

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

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.24 30.6.23
£    £   
Current tax:
UK corporation tax 101,906 557,647
Tax on profit 101,906 557,647

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.24 30.6.23
£    £   
Profit before tax 326,264 2,626,865
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

81,566

656,716

Effects of:
Expenses not deductible for tax purposes 70,115 15,181
Income not taxable for tax purposes (49,736 ) -
Depreciation in excess of capital allowances 119 2,137
Adjustments to tax charge in respect of previous periods - 1,817
Adjustments to tax charge in respect of tax rate 25% - (118,204 )

Other adjustments (158 ) -
Total tax charge 101,906 557,647

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
30.6.24 30.6.23
£    £   
Ordinary share shares of £1 each
Interim - 660,000

OD Projects (Holdings) Ltd (Registered number: 08171332)

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

10. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 July 2023 45,929 99,437 294,920 440,286
Additions - - 15,823 15,823
At 30 June 2024 45,929 99,437 310,743 456,109
DEPRECIATION
At 1 July 2023 45,929 91,880 279,317 417,126
Charge for year - 2,605 13,704 16,309
At 30 June 2024 45,929 94,485 293,021 433,435
NET BOOK VALUE
At 30 June 2024 - 4,952 17,722 22,674
At 30 June 2023 - 7,557 15,603 23,160

Company
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 July 2023 45,929 99,437 217,401 362,767
Additions - - 15,823 15,823
At 30 June 2024 45,929 99,437 233,224 378,590
DEPRECIATION
At 1 July 2023 45,929 89,021 204,656 339,606
Charge for year - 2,605 13,704 16,309
At 30 June 2024 45,929 91,626 218,360 355,915
NET BOOK VALUE
At 30 June 2024 - 7,811 14,864 22,675
At 30 June 2023 - 10,416 12,745 23,161

OD Projects (Holdings) Ltd (Registered number: 08171332)

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

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 700,400
NET BOOK VALUE
At 30 June 2024 700,400
At 30 June 2023 700,400

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

OD Interiors Limited
Registered office: 8th Floor, 24 Chiswell House, London, EC1Y 4TY
Nature of business: building contractors in the commercial sector
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 3,746,413 3,187,424
Profit for the year 398,689 852,814

OD Create Limited
Registered office: 8th Floor,24 Chiswell House, London EC1Y 4TY
Nature of business: design and building contractors
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 435,233 865,223
Profit for the year 20,010 519,418


OD Projects (Holdings) Ltd (Registered number: 08171332)

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

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Trade debtors 5,701,627 6,376,869 - -
Amounts recoverable on contract 9,003,595 6,897,042 - -
Other debtors 273,214 184,236 53,018 60,335
Directors' current accounts 443,719 828,304 443,719 828,304
Prepayments 444,714 181,931 115,343 138,718
15,866,869 14,468,382 612,080 1,027,357

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Trade creditors 7,459,781 4,090,152 48,998 57,265
Amounts owed to group undertakings - - 400,000 798,524
Tax 101,776 570,990 - 182,244
Social security and other taxes 268,464 212,466 62,391 30,625
VAT 938,974 1,759,855 140,542 128,017
Other creditors 91,320 127,878 24,835 59,048
Accrued expenses 7,730,470 7,414,905 371,458 95,261
16,590,785 14,176,246 1,048,224 1,350,984

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
30.6.24 30.6.23
£    £   
Within one year 105,000 210,000
Between one and five years - 105,000
105,000 315,000

Company
Non-cancellable operating leases
30.6.24 30.6.23
£    £   
Within one year 105,000 210,000
Between one and five years - 105,000
105,000 315,000

OD Projects (Holdings) Ltd (Registered number: 08171332)

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

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
400 Ordinary share £1 400 400

Shares in the Company are registered in the name of OD Group Trustees Limited on behalf of OD Group Employee Ownership Trust.

16. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
J P Kearney
Balance outstanding at start of year 370,682 31,982
Amounts advanced 208,397 558,700
Amounts repaid (370,682 ) (220,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 208,397 370,682

G S Pinchin
Balance outstanding at start of year 237,722 207,171
Amounts advanced 118,358 250,551
Amounts repaid (237,722 ) (220,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 118,358 237,722

S A Cherry
Balance outstanding at start of year 219,900 196,470
Amounts advanced 116,964 243,430
Amounts repaid (219,900 ) (220,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 116,964 219,900

Interest at 2.25% per annum has been charged on the directors loan account amounted to £14,151 (2023: £12,514).

The overdrawn loan accounts were repaid after the year ended.

17. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

OD Projects (Holdings) Ltd (Registered number: 08171332)

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

17. RELATED PARTY DISCLOSURES - continued

During the year, the company set up an Employee Ownership Trust. The shares in the company were registered in the name of OD Group Trustee Limited on behalf of OD Group Employee Ownership Trust on 20.3.2024. The company received a dividend of £1,500,000 from its subsidiaries and subsequently made a capital contribution of an equal amount to the Trust.