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Registered number: 08779678
OSB (HOLDCO 1) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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OSB (HOLDCO 1) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The Directors of OSB (Holdco 1) Limited (the "Company") present their report and the financial statements for the year ended 31 March 2026.
The Company is dormant and no change in the Company's dormant status is anticipated in the forseeable future.
Results for the year and dividend
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There was no activity in the Company for the year ended 31 March 2026 and consequently no Statement of Comprehensive Income has been disclosed.
The directors do not recommend the payment of a dividend for the year ended 31 March 2026 (2025: £Nil).
The Directors who served during the year were:
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U and I Director 1 Limited
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The Company has made qualifying third-party indemnity provisions for the benefit of the respective directors which were in place throughout the period and which remain in place at the date of this report.
Small companies exemption
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The Directors' Report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
Registered Office
100 Victoria Street
London
SW1E 5JL
This report was approved by the board and signed on its behalf.
L McCaveny, for and on behalf of U and I Company Secretaries Limited
Company secretary
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Registered in England and Wales
Registered number: 08779678
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OSB (HOLDCO 1) LIMITED
REGISTERED NUMBER: 08779678
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
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Trade and other receivables
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Total assets less current liabilities
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For the year ended 31 March 2026 the company was entitled to exemption from audit under section 480 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements on pages 3 to 10 were approved by the Board of Directors and were signed on its behalf by:
G M Richardson, for and on behalf of U and I Director 2 Limited
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OSB (HOLDCO 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
OSB (Holdco 1) Limited (the "Company") is a private company limited by shares and is incorporated, domiciled and registered in England and Wales (Registered number: 08779678). The nature of the Company’s operations is set out in the Directors' Report on page 1. The address of its registered office is 100 Victoria Street, London, England, SW1E 5JL
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared on a going concern basis and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ('FRS102') and the Companies Act 2006. The financial statements are prepared under the historical cost convention.
The accounting policies which follow set out those policies which apply in preparing the financial statements for the period ended 31 March 2026. The financial statements are prepared in Pounds Sterling (£) which is also the functional currency of the Company. All balances have been rounded to the nearest pound unless otherwise stated.
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Financial reporting standard 102 - reduced disclosure exemptions
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The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information and the results of the Company are included in the consolidated financial statements of Land Securities PLC as at 31 March 2026 and these financial statements may be obtained from its registered office at 100 Victoria Street, London, SW1E 5JL.
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OSB (HOLDCO 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Trade and other receivables
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Trade and other receivables are recognised initially at fair value, subsequently at amortised cost and, where relevant, adjusted for the time value of money. The Company assesses on a forward-looking basis, the expected credit losses associated with its trade receivables. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the receivable. If collection is expected in more than one year, the balance is presented within non-current assets.
In determining the expected credit losses, the Company takes into account any recent payment behaviours and future expectations of likely default events (i.e. not making payment on the due date) based on individual customer credit ratings, actual or expected insolvency filings or company voluntary arrangements, likely deferrals of payments due, rent concessions and market expectations and trends in the wider macro-economic environment in which our customers operate. Where a concession is agreed with a customer after the due date for the rent, this amount is recognised as an impairment of the related trade receivable.
Trade and other receivables are written off once all avenues to recover the balances are exhausted and the lease has ended. Receivables written off are no longer subject to any enforcement activity.
Ordinary shares as classed as equity.
Amounts due from Group undertakings
Amounts due from Group undertakings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, amounts due from Group undertakings are stated at amortised cost and, where relevant, adjusted for the time value of money. The Company assesses on a forward-looking basis, the expected credit losses associated with its amounts due from Group undertakings. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the amounts due. If collection is expected in more than one year, the balance is presented within non-current assets.
In determining the expected credit losses, the Company takes into account any future expectations of likely default events based on the level of capitalisation of the counterparty, which is a fellow subsidiary undertaking of Land Securities Group PLC.
Trade and other payables with no stated interest rate and payable within one year are recorded at transaction price. Trade and other payables after one year are discounted based on the amortised cost method using the effective interest rate.
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OSB (HOLDCO 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of financial statements in accordance with FRS 102 requires the use of certain critical accounting estimates and judgements. It also requires management to exercise judgement in the process of applying the company’s accounting policies. Not all of these accounting policies require management to make difficult, subjective or complex judgements or estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results may differ from those estimates. The following is intended to provide an understanding of the policies that management consider critical because of the level of complexity, judgement or estimation involved in their application and their impact on the financial statements.
Estimates:
Trade and other receivables
The Company is required to judge when there is sufficient objective evidence to require the impairment of individual trade receivables. It does this by assessing on a forward-looking basis, the expected credit losses associated with its trade receivables. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the receivable. In determining the expected credit losses, the Company takes into account any recent payment behaviours and future expectations of likely default events (i.e. not making payment on the due date) based on individual customer credit ratings, actual or expected insolvency filings or company voluntary arrangements, likely deferrals of payments due, rent concessions and market expectations and trends in the wider macro-economic environment in which our customers operate. These assessments are made on a customer by customer basis.
The Company’s assessment of expected credit losses is inherently subjective due to the forward-looking nature of the assessments, in particular, the assessment of expected insolvency filings or company voluntary arrangements, likely deferrals of payments due and rent concessions. As a result, the value of the provisions for impairment of the Company’s trade receivables are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate.
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OSB (HOLDCO 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Trade and other receivables
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Amounts owed to group undertakings
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The amounts owed to Group undertakings are interest free, unsecured, repayable on demand.
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Authorised and issued
2026
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Allotted and fully paid
2026
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Authorised and issued
2025
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Allotted and fully paid
2025
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Ordinary shares of £1.00 each
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The immediate parent company is U and I Group Limited.
Consolidated financial statements for the period ended 31 March 2026 for Land Securities Group PLC can be obtained from the Company Secretary, at the registered office of the ultimate parent company, 100 Victoria Street, London, SW1E 5JL and from the Group website at www.landsec.com. This is the largest and smallest Group to include these financial statements in its consolidated financial statements.
All companies are incorporated in Great Britain and registered in England and Wales.
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