One Heritage Group plc: Annual results for -15-


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In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of international accounting standards in accordance with the requirements of the Companies Act 2006 (“adopted IFRS”), but makes changes if necessary in order to comply with the Companies Act of 2006. and has indicated below where the benefit of the FRS 101 disclosure exemptions has been derived.

Under article s408 of the Companies Act 2006, the company is exempt from the obligation to present its own income statement.

In these financial statements, the Company has applied the exemptions available under FRS 101 concerning the following information:? Statement of cash flows and related notes; ? Certain income information; ? Certain information concerning leases; ? Disclosures Regarding Transactions with Wholly Owned Subsidiaries; ? Information relating to capital management; ? The effects of new but not yet effective IFRSs; ? Information relating to the remuneration of the main executives; ? Disclosure of transactions with a management entity that provides key personnel management services to the Company.

As the consolidated financial statements include equivalent information, the Company has also taken the exemptions under FRS 101 available with respect to the following information:? Certain information required by IFRS 3 Business Combinations relating to business combinations undertaken by the Company during current and previous periods; and ? Certain disclosures required by IFRS 13 Fair value measurement and disclosures required by IFRS 7 Disclosures on financial instruments.

Unless otherwise indicated, the accounting policies described below have been applied consistently to all periods presented in these financial statements.

Measurement convention

The financial statements are prepared at historical cost.

Financial guarantees

A financial guarantee contract is initially recognized at fair value. At the end of each subsequent reporting period, financial guarantees are valued at the higher of the following amounts:? The amount of compensation for loss, and? The amount initially recognized less accumulated depreciation, if applicable.

The amount of the allowance for losses in each subsequent reporting period is the expected 12-month credit losses. However, when there has been a significant increase in the risk that the specified obligor will not honor the contract, the calculation is made on the expected credit losses over the lifetime.

Foreign currency

These financial statements are presented in pounds sterling, which is the functional and presentation currency of the Company.

Transactions in currencies other than the functional currency are recorded at the exchange rates in effect on the date of the transactions. At each closing date, monetary assets and liabilities denominated in foreign currencies other than the functional currency are reconverted at the rates in effect on the closing date.

Non-monetary assets and liabilities recognized at fair value which are denominated in foreign currencies are translated at the rates in effect on the date on which the fair value was determined. Gains and losses resulting from retranslation are included in net income for the period.

Investment in a subsidiary

Investments and loans to subsidiaries are recorded at cost less impairment.

Depreciation

The carrying values ​​of the Company’s non-financial assets are reviewed at each balance sheet date in order to determine whether there is any indication of impairment. If such an indication exists, then the recoverable amount of the asset is estimated.

The recoverable amount of an asset or a cash-generating unit is the higher of its value in use and its fair value less costs to sell. When measuring value in use, estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and assets. risks specific to the asset. For the purposes of impairment testing, assets that cannot be individually tested are grouped into the smallest group of assets that generate cash inflows from continuing use that are largely independent of cash inflows from other assets. or groups of assets (the “Unit”).

An impairment loss is recognized if the book value of an asset or its CGU exceeds its estimated recoverable value. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of CGUs are first allocated as a reduction in the carrying amount of any goodwill allocated to the units, then as a reduction in the carrying amount of the other assets of the unit (group of units) on a pro rata basis.

Regarding other assets, impairment losses recognized during previous periods are assessed at each closing date for any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is only reversed to the extent that the book value of the asset does not exceed the book value that would have been determined, net of depreciation or amortization, if no loss in value had been recognized. . 2. Investment in subsidiaries

                                                   30 June 2021 
GBP unless stated 
 
One Heritage Property Development (UK) Limited    2,750,100 
                                                  2,750,100 

The Company assesses subsidiaries for any indicator of impairment by examining the individual performance of the underlying entities, including their budgets, development progress and expected profitability. There are no indicators of depreciation.

The share capital of each of the companies, where applicable, is made up of ordinary shares, unless otherwise stated.

Company name                                   Jurisdiction      Company number Ownership 
One Heritage Property Development (UK) Limited England and Wales 11982934       100.0% 

Below is a list of the main subsidiaries of One Heritage Property Development (UK) Limited.

Company name                              Jurisdiction      Company number Ownership 
One Heritage Oscar House Limited          England and Wales 11331256       100.0% 
Lincoln House Building Management Limited England and Wales 12710283       100.0% 
One Heritage Lincoln House Limited        England and Wales 12434625       100.0% 
Nicholas Street Developments LTD          England and Wales 12058412       100.0% 
One Heritage Bank Street Limited          England and Wales 12763845       100.0% 
One Heritage Churchgate Limited           England and Wales 12114319       100.0% 
One Heritage Group PLC                    England and Wales 12757649       100.0% 
One Heritage Property Holding Limited     England and Wales 12376110       100.0% 
One Heritage Property Management Limited  England and Wales 12258993       100.0% 
One Heritage Property Services Limited    England and Wales 13426415       100.0% 
One Heritage Red Brick Limited            England and Wales 13178461       100.0% 3. Debtors 
                                30 June 2021 
GBP unless stated 
 
Intercompany loan              1,070,770 
Trade and other receivables    11,521 
Tax receivable                 33,461 
                               1,115,752 

The intercompany loan payable by One Heritage Property Development (UK) Limited is interest free and payable on demand.

The Company assesses intercompany loans for any indicator of impairment by reviewing the individual performance of the underlying entities, including their budgets, development progress and expected profitability. There are no indicators of depreciation and therefore no expected credit losses. 4. Creditors: amounts in default within one year

                             30 June 2021 
GBP unless stated 
 
Trade and other payables    39,958 
Accruals                    56,040 
                            95,998 5. Called up share capital 
                                               Ordinary 
GBP unless stated 
                                               Shares 
Issued for cash during the financial period    32,428,333 
In issue at 30 June 2021                       32,428,333 

Holders of Common Shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.

On July 22, 2020, the Company issued 100 ordinary shares of £ 0.01 for a consideration of £ 1.00, settled in cash.

On October 27, 2020, the Company issued 20,699,900 ordinary shares for GBP 2,750,000 as part of the restructuring of the Company. This was a debt to equity transaction relating to a shareholder loan of £ 2.75 million.

On December 23, 2020, the Company issued 9,300,000 ordinary shares at a price of 10 pence per share and issued warrants for 600,000 shares.

On February 18, 2021, the Company issued 1,828,333 shares at a price of 30 pence per share upon placement and subscription.

On June 28, 2021, the warrants issued on December 23, 2020 were fully exercised at 10 pence per share. 6. Audit waiver taken for subsidiaries

(MORE FOLLOWING) Dow Jones Newswires

October 20, 2021 02:00 ET (06:00 GMT)

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About Michael S. Montanez

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