| REGISTERED NUMBER: |
| OSTRO PROPERTIES LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 12 JANUARY 2024 TO 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| OSTRO PROPERTIES LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 12 JANUARY 2024 TO 31 DECEMBER 2024 |
| OSTRO PROPERTIES LIMITED (REGISTERED NUMBER: 15408511) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 12 JANUARY 2024 TO 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| OSTRO PROPERTIES LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 12 JANUARY 2024 TO 31 DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| OSTRO PROPERTIES LIMITED (REGISTERED NUMBER: 15408511) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) |
| ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| OSTRO PROPERTIES LIMITED (REGISTERED NUMBER: 15408511) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| OSTRO PROPERTIES LIMITED (REGISTERED NUMBER: 15408511) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 12 JANUARY 2024 TO 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Ostro Properties Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with their continued support. |
| At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
| Significant judgements and estimates |
| In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 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. |
| Investment properties - The fair value of investment properties involved the use of professional valuation techniques, which are reviewed annually by management. Where factors that could impact the fair value are identified, appropriate adjustments are made through the income statement. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Rental Income: |
| Turnover is recognised at the fair value of rent received or receivable in the normal course of business, net of value added tax. Rental income is recognised in the period which it relates |
| OSTRO PROPERTIES LIMITED (REGISTERED NUMBER: 15408511) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 12 JANUARY 2024 TO 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Investment property |
| Investment properties are held to generate rental income and capital appreciation. Investment properties are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. |
| Investment properties are subsequently remeasured at fair value. An assessment of investment property fair value is performed annually. Any changes in fair value are recognised in the income statement. |
| Deferred tax is recognised on any fair value changes at the rate that would apply to the sale of the |
| investment property, unless the property has a limited useful life and is held as part of a business model to consume all of the economic benefits associated with it. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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 period end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| OSTRO PROPERTIES LIMITED (REGISTERED NUMBER: 15408511) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 12 JANUARY 2024 TO 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial instruments and include cash in hand 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". |
| Financial instruments are recognised 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 trade and other debtors, loans to related companies 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
| Basic financial liabilities |
| Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
| Provisions |
| Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated. |
| Where there are a number of similar obligations, the likelihood that an outflow of economic benefits will be required in settlement is determined by considering the class of obligation as a whole. A provision is recognised even if the likelihood of an outflow with respect of any one item in the same class of obligations may be small. |
| Provisions are not made for future operating losses. |
| Provisions are measures at the present value of the cost expected to be required to settle the obligation using a pre-tax rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passing of time is recognised as a cost in the income statement. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| OSTRO PROPERTIES LIMITED (REGISTERED NUMBER: 15408511) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 12 JANUARY 2024 TO 31 DECEMBER 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| Additions |
| Impairments | (10,000 | ) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| The company's investment properties were valued at £800,000 as of 31 December 2024 by Knight Frank, independent chartered surveyors. The valuation was conducted in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | RELATED PARTY DISCLOSURES |
| During the period, the company entered into a transaction with Short Bros (Developments) Limited, a company under common control through common directors. On 28 March 2024, the company acquired an investment property and associated assets from Short Bros (Developments) Limited as part of a capital demerger transaction. The transfer was accounted for at fair value. As a result of this transaction, a creditor balance of £841,401 arose. An amount of £859,437 was outstanding as at 31 December 2024. The balance is unsecured, repayable on demand, and carries interest at 5% per annum. |
| OSTRO PROPERTIES LIMITED (REGISTERED NUMBER: 15408511) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 12 JANUARY 2024 TO 31 DECEMBER 2024 |
| 8. | CHANGE OF ACCOUNTING REFERENCE DATE |
| During the period, the company changed its accounting reference date from 31 January to 31 December. As a result, the current financial period covers of 11 months and 20 days from 12 January 2024 to 31 December 2024. |
| 9. | COMPARATIVE FIGURES |
| As these are the first financial statements prepared by the company since incorporation on 12 January 2024, no comparative figures have been presented. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The controlling party for Ostro Properties Limited is Sirroco Holdings Limited. |
| The ultimate controlling party for Sirroco Holdings Limited is S V Short. |