One Heritage Group plc: 31년 2023월 XNUMX일에 종료된 XNUMX개월 동안의 중간 보고서
One Heritage Group plc(OHG) 하나의 유산 그룹 PLC (이하 "회사" 또는 "하나의 유산") 에 대한 중간 보고서 XNUMX개월이 끝났다 31 12월 2023 월 27 2024 One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North of England, announces its half year results for the six months ended 31 December 2023.
재무 하이라이트
운영 하이라이트
포스트 기간 이벤트
Outlook
그룹의 성과에 대해 CEO인 Jason Upton은 다음과 같이 말했습니다. “Our focus has been on finishing our projects in hand, both our own developments and those where we are development manager. In this respect, by the end of our interim reporting period, we had substantially completed projects at St. Petersgate, Stockport and North Church House, Queen Street, Sheffield. We have stepped back from the risks associated with self-delivery and we have looked at ways to monetise our unsold inventory. We have embarked upon a thorough investigation into how we can fully utilise, through diversification, the potential of our excellent team and brand in our core business of development/development management and we are actively engaged in conversations with distribution networks in territories abroad where we know there to be significant amounts of capital as we seek an even wider market for the Group’s end-product. Our positive outlook is grounded in a robust strategy that focuses on core city centre locations for residential apartment projects and areas in high demand for our new build housing initiatives. The North West of England, particularly Greater Manchester, continues to be our primary focus, with the region expecting the highest sales price growth of any UK city in 2024 and already generating above average growth for rent at 9.8%, above the national average of 7.8% in January 2024.
Contacts 원 헤리티지 그룹 plc 제이슨 업튼 최고 경영자(CEO) 이메일 : [이메일 보호]
Hybridan LLP(재무 고문 및 Broker) 클레어 루이스 노이스 이메일 : [이메일 보호] 전화 : + 44 (0) 203 764 2341
하나의 헤리티지 그룹 소개 One Heritage Group PLC는 부동산 개발 및 관리 회사입니다. 주로 잉글랜드 북부의 주거 부문에 중점을 두고 투자자를 위한 가치를 찾고 기회를 극대화합니다. 2020년에 One Heritage Group PLC는 공동 생활에 중점을 둔 최초의 상장 주거 개발업체 중 하나가 되었습니다. 회사는 런던 증권 거래소의 주요 시장 표준 목록에 상장되어 있으며 티커 OHG로 거래되고 있습니다. 자세한 내용은 다음 회사 웹 사이트를 방문하십시오. https://www.oneheritageplc.com/. 최고경영자의 리뷰 During the second half of calendar year 2023, our interim reporting period, our focus has been on finishing our projects in hand, both our own developments and those where we are development manager. In this respect, by the end of our interim reporting period, we had substantially completed projects at St Petersgate, Stockport and North Church House, Queen Street, Sheffield. During this same period, as anticipated, we began to see some degree of stabilisation in build costs on our latest developments, Victoria Road, Eccleshill, where we are the developer and One Victoria, Manchester where we are the development manager. Both have fixed priced contracts in place which are proving essential in de-risking the build process. In time, we expect that this model will serve to ease the pressure on our margins. We have also continued to pay careful attention to our cash management including the refinancing of Oscar House, Manchester (as reported on 28 December) enabling unsold units to generate revenues through rentals and serviced apartments and agreeing construction finance at Victoria Road, Eccleshill and, in so doing, fully funding the remaining development cost. Post period, we announced practical completion of St Petersgate, Stockport (as reported on 9 January); practical completion of North Church House, Queen Street, Sheffield (as reported on 12 March); completion of a revision of the shareholder loan agreement, extending terms to 31 December 2025 (as reported on 15 January); and the appointment to the Board of Directors in February of a new Chief Financial Officer Stuart Ormisher and then, regrettably, his decision to step down at the end of this month. In this respect we have secured a highly experienced Interim Head of Finance and have commenced the search for a long-term replacement.
In assessing our performance, the strategic objectives outlined in our annual results for the financial year 2023 serve as a benchmark, guiding this performance. An update against these objectives is outlined below.
As announced in our annual results for the financial year ending 30 June 2023, four project completions – three direct developments and one development management project were completed within the period.
In April 2023, we were pleased to commence the construction, as developer, of 24 houses at Victoria Road, Eccleshill, West Yorkshire, our first new build housing project. A principal contractor was appointed with a fixed price build contract and completion is expected in H2 2024.
In July 2023, we were also pleased to sign a construction contract for our development management project One Victoria, Manchester which comprises 129 units. This secured further fees of 2% of the ongoing development costs which are in the region of £20,000 per month until practical completion in Q2 2025.
Post period end, in January 2024, we announced the completion of St Petersgate, Stockport, a conversion of a former office building, comprising 18 apartments, and 1 commercial unit totalling c.12,000 square feet. The project was delivered in house and is the last direct development that will be delivered by this method for the foreseeable future.
In March 2024, North Church House, Queen Street, Sheffield, a development management project, which comprises 58 apartments in a former office building totalling c.41,400 square feet reached completion.
*As at 22 March 2024
The UK housing markets continues to be under pressure, and we are not immune to the effects of this. As such, we saw a slowdown in property sales over the last six months of 2023 against a backdrop of high inflation and interest rates which impacted buyer demand.
In the face of this, some unsold units at our completed developments will be rented to enable revenue to be generated as we remain reluctant to reduce sales prices for these remaining units.
The marketing of the 24 houses at Victoria Road, Eccleshill will commence in April 2024 as we enter the final months of the project. Sales will be to the local market.
We are working hard to diversify and thereby increase our pipeline of new development opportunities. The process involves a substantial investment of time as we thoroughly assess a considerable array of new opportunities of a diverse nature designed to ensure the long-term success and resilience of our company.
One significant stride in this direction has been our entry into new build housing with the Victoria Road, Eccleshill project, commencement of which marks our initial step towards diversification into new build housing.
While our move into new build housing serves to broaden our offer and provides us with a more balanced and diversified portfolio, we remain committed to our core product of City Centre apartments. Our brand will expand to incorporate this strategic adjustment as we define a ‘One Heritage City Centre Living’ brand for our apartments, and a ‘One Heritage Homes’ brand for our new build family homes.
개발관리
In July 2023, we signed a construction contract at One Victoria which secures the Company 2% of ongoing total development costs payable over the anticipated development period. These fees are running in the region of £20,000 per month until practical completion in Q2 2025. The Company will also be entitled to 15% of the net profit generated, which will be distributed following the legal completion of the sales for all units.
North Church House, Queen Street, Sheffield which comprises 58 apartments, reached practical completion earlier this year in March 2024. This marks the completion of our second development management project.
Our final development management agreement is for One Heritage Tower, Salford. To date we have been successful in achieving planning permission for a 542-unit, 55 storey tower, and are currently in a Pre-Construction Service Agreement (PCSA) with a contractor to secure a fixed price construction cost for the delivery of the project. An update is expected to be provided later in 2024 as the Company is exploring options to either secure an institutional funding partner or a sale of the project.
부동산 서비스
As announced in our results for the financial year 2023, there are viability concerns surrounding Co-Living. We have seen a reduction of Co-Living activity with the cost to deliver the projects, high running costs and high interest rates all contributing towards wavering investor demand. A strategic review of this business line is ongoing and, simultaneously, we are looking at new opportunities such as Serviced Accommodation.
Our property management team continues to work hard to provide a first-class service to our landlords and improve processes as we increase the volume of properties under management.
Outlook
As well as experiencing challenging economic headwinds causing upward pressure on building costs which in turn have continued to put pressure on our margins as a developer, and those of our developer clients for whom we act as development manager, we have also witnessed a dropping-off in investor demand for our end-product. To counteract this: we have stepped back from the risks associated with self-delivery; we have looked at ways to monetise our unsold inventory; we have embarked upon a thorough investigation into how we can fully utilise, through diversification, the potential of our excellent team and brand in our core business of development/development management and we are actively engaged in conversations with distribution networks in territories abroad where we know there to be significant amounts of capital into which we can tap as we seek an even wider market for the Group’s end-product.
Our positive outlook is grounded in a robust strategy that focuses on core city centre locations for residential apartment projects and areas in high demand for our new build housing initiatives. The North West of England, particularly Greater Manchester, continues to be our primary focus. Housing in this region remains in high demand and focus will be on areas where performance outpaces national trends. In January 2024 the North West had average growth for rent at 9.8%, above the national average of 7.8% according to Zoopla. Rightmove have also recently reported a 1.5% increase in house price growth in March, the highest monthly house price increase in 10 months.
As we embark on the next phase of our journey, we express sincere gratitude to our dedicated team, supportive shareholders, and stakeholders for their unwavering support. Our optimism for the future is complemented by a cautious approach, ensuring that we navigate market dynamics with resilience and strategic acumen. As such, we believe that we are well-prepared to seize the opportunities that lie ahead.
재무 검토 For the six months ended 31 December 2023, revenue increased by £3.40m (+59%) to £9.15m (H1 FY23: £5.75m). This primarily reflects significant growth in sales along with construction services.
Developments sales revenue remained the largest contributor to Group revenue, accounting for 55% of total revenue. This significant growth was driven mainly by a further 22 completions at Lincoln House, Bolton, along with completions following practical completion at Oscar House, Manchester (7 completions) and Bank Street, Sheffield (2 completions). Construction Services delivered revenue of £3.70m in the period (H1 FY23: £1.89m), reflecting building activity supplied to related parties Robin Hood Ltd on Co-Living properties and Queen Street, Sheffield, a refurbishment project where the Group is 개발 매니저. There was a small increase in development management fee income of £0.06m to £0.29m (H1 FY23: £0.23m), and this was delivered from three projects: North Church House, Sheffield; One Heritage Tower, Salford and One Victoria, Salford. Property Services also saw a decrease over the same period last year from £0.28m in H1 FY23 to £0.11m in H1 FY24. This reduction was as a result of the group providing no sourcing and acquisition services in period. The £0.11m of revenue relates to property management fees. Gross profit improved by £0.44m to a profit of £0.16m (H1 FY23: loss £0.28m) as a result of reduced impairments in the current year, following stabilisation of self-delivered projects with an impairment charge of £0.33m (H1 FY23: £1.10m) being recognised in the period. There have been a number of significant changes implemented to reporting, risk management and operational delivery, to better protect the Group from similar challenges in the future. Schemes currently in construction, namely Victoria Road, have been procured under a design and build, fixed priced contract to limit the level of construction and programme risk within the Group. The gross margin was 1.77% (H1 FY23: (4.87%)), whilst positive is lower than targeted due to a number of schemes within the Group having previously been impaired and therefore there is no margin to be recognised on these schemes as we complete on sales in the current year. Administrative expenses were £1.53m in the period (H1 FY23: £1.13m). This represents an overall £0.40m increase in overheads arising from an increase in staff costs, consultancy costs, and an increase in recruitment costs. The Group remains focused on tight control of overheads, whilst introducing some investment in cost to benefit revenue streams. Administrative expenses as a proportion of revenue were 16.8% in H1 FY24 (19.7% H1 FY23). The operating loss decreased by £0.04m to a loss of £1.37m (H1 FY23: loss of £1.41m). Finance costs were £0.57m (H1 FY23: £0.16m). The increase in finance cost is due to development schemes reaching practical completion such as Oscar House and all finance costs since then have been expensed and not capitalised. Basic loss per share was 5.2 pence (H1 FY23: loss 4.1 pence). Net debt at 31 December 2023 was £18.67m (30 June 2023: £16.94m), with the increase over the six-month period to support operating cashflows and working capital requirements. Inventory reduced in the period by £2.27m to £14.30m (30 June 2023: £16.57m) reflecting completed sales at Lincoln House, Oscar House and Bank Street. Trade Receivables increased in the period to £3.88m (30 June 2023: £2.10m) resulting from billed works for development management schemes not settled in the period. The Group continues to have a very strong relationship with the majority shareholder, One Heritage Property Development Limited (OHPD), and the funding facility provided by OHPD had a drawn down amount of £13.02m at the period end. It is expected that the utilisation of this facility will reduce as our completions and sales crystallise over the remainder of H2 FY24 위험 관리 및 주요 위험 효과적으로 운영하고 전략적 목표를 달성하는 그룹의 능력은 잠재적인 위험과 불확실성의 범위에 따라 달라집니다. 이사회와 광범위한 관리팀은 내부 및 외부 위험을 식별하고 평가하기 위해 사전 예방적 접근 방식을 취합니다. 각 위험의 잠재적 가능성과 영향을 평가하고 위험 수준에 적절하다고 판단되는 완화 정책을 설정합니다. 경영진은 지속적으로 계획을 업데이트하고 이는 감사 및 위험 위원회에서 모니터링하고 이사회에 보고합니다. 이사회가 다가오는 기간에 그룹에 영향을 미칠 것으로 보는 주요 위험은 XNUMX가지 범주로 분류되며 그룹이 이러한 위험을 완화하는 방법과 함께 아래에 설명되어 있습니다. 1. 전략: 정부 규제, 계획 정책 및 토지 가용성. 2. 전달: 부적절한 통제 또는 규정 준수 실패는 그룹의 운영 및 재무 성과에 영향을 미칩니다. 3. 운영: 원자재, 하청업체 및 공급업체의 가용성 및 비용. 4. People & Culture: Attracting and retaining high-calibre employees. 5. 금융 및 유동성: 금융 및 운전 자본의 가용성. 6. 외부 요인: 주택 수요 및 모기지 가용성을 포함한 경제 환경.
1. 전략: 정부 규제, 계획 정책 및 토지 가용성 A risk exists that changes in the regulatory environment may affect the conditions and time taken to obtain planning approval and technical requirements including changes to Building Regulations or Environmental Regulations, increasing the challenge of providing quality homes where they are most needed. Such changes may also impact our ability to meet our margin or site return on capital employed (ROCE) hurdle rates (this ratio can help to understand how well a company is generating profits from its capital as it is put to use). An inability to secure sufficient consented land and strategic land options at appropriate cost and quality in the right locations to enhance communities, could affect our ability to grow sales volumes and/or meet our margin and site ROCE hurdle rates. The Group mitigates against these risks by liaising regularly with experts and officials to understand where and when changes may occur. In addition, the Group monitors proposals by the Government to ensure the achievement of implementable planning consents that meet local requirements and that exceed current and expected statutory requirements. The Group regularly reviews land currently owned, committed and pipeline prospects, underpinned with robust key business control where all land acquisitions are subject to formal appraisal and approved by the senior executive team.
2. 제공: 부적절한 통제 또는 규정 준수 실패는 그룹의 운영 및 재무 성과에 영향을 미칩니다. 설계 및 시공 결함, 환경 기준 이탈 또는 새롭고 혁신적인 시공 방법을 개발하고 구현하지 못하는 등 시공의 우수성을 달성하지 못할 위험이 존재합니다. 이로 인해 비용이 증가하고 그룹이 향후 개선 책임에 노출되며 제품 품질 저하, 판매 가격 및 판매량 감소가 발생할 수 있습니다. 이를 완화하기 위해 그룹은 기술 전문가와 연락하여 승인된 패널을 통해 외부 엔지니어와 함께 설계 및 재료에 관한 모든 규정을 준수하도록 합니다. 또한 강력한 품질 보증으로 지원되는 자세한 빌드 프로그램이 있습니다.
3. 운영: 원자재, 하청업체 및 공급업체의 가용성 및 비용 재료 및 숙련된 노동력의 부족 또는 비용 증가 또는 주요 공급업체의 실패에 적절하게 대응하지 않으면 비용 증가 및 공사 지연으로 이어질 수 있는 위험이 존재합니다. 또한 양질의 주택 공급에 있어서 훈련된 성장을 달성하는 우리의 능력에 영향을 미칠 수 있습니다. Following a strategic review, the Group has taken the opportunity to cease our participation in in-house construction of residential development projects, and this will take effect upon the completion of our current projects under construction. We will continue to provide the development of Co-Living projects but have chosen a new approach to the delivery of our development projects by appointing a principal contractor after a period of due diligence, which we believe will deliver the best shareholder value.
4. People & Culture: Attracting and retaining high-calibre employees 기술에 대한 경쟁이 심화되면 최고의 인재를 채용 및/또는 유지하지 못할 수 있다는 위험이 존재합니다. 숙련된 직원을 충분히 확보하는 것은 그룹의 전략을 수행하는 동시에 다른 모든 전략적 우선 순위에서 우수성을 유지하는 데 매우 중요합니다. 이를 완화하기 위해 그룹에는 개발, 교육 및 승계 계획, 경쟁업체에 대한 보수 벤치마킹, 직원 이직률 모니터링, 부재 통계 및 퇴사 인터뷰 피드백을 포함하는 여러 인력 전략 프로그램이 있습니다.
5. 금융 및 유동성: 금융 및 운전 자본의 가용성 부채 청산을 위한 충분한 차입금 및 보증 시설 부족 및/또는 운전 자본 관리 능력의 부족은 우리가 경제 환경의 변화에 대응할 수 없고 적절한 토지 매입 및 운영 기회를 활용하지 못한다는 것을 의미할 수 있는 위험이 존재합니다. 전략적 우선순위를 제공합니다. To minimise this risk the Group has a disciplined operating framework with an appropriate capital structure, and management have stress tested the Group’s resilience to ensure the funding available is sufficient. This process has regular management and Board attention to review the most appropriate funding strategy to drive the Group’s growth ambitions.
6. 외부요인: 주택수요, 주택담보대출 등 경제환경 영국 거시 경제 환경의 변화로 인해 대부분의 고객이 의존하고 있는 수요 감소 또는 모기지 가용성 강화로 이어질 수 있는 위험이 존재하여 잠재적으로 주택의 경제성이 감소할 수 있습니다. 이로 인해 판매량이 감소하고 수익성 있는 성장을 제공하는 능력에 영향을 미칠 수 있습니다. 이 위험을 완화하기 위해 더 넓은 그룹은 홍콩, 중국 및 싱가포르에서 상당한 입지를 확보하고 있으며 대부분의 해외 구매자는 현금 구매자입니다. 그룹은 이사회, 집행위원회 및 팀 수준에서 지속적으로 시장을 모니터링하여 필요에 따라 그룹의 예측 및 계획을 수정합니다. 또한 포괄적인 판매 정책, 현지 시장의 가격에 대한 정기적인 검토 및 모기지 대출 기관과의 좋은 관계 개발이 있습니다. 이는 적절한 자본 구조와 강력한 대차대조표를 갖춘 규율 있는 운영 프레임워크에 의해 뒷받침됩니다.
이사의 책임 진술 반기 재무 보고서와 관련하여
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One Heritage Group PLC의 이사 목록은 회사 웹사이트 www.oneheritageplc.com에 나와 있습니다.
이사회의 명령으로 제이슨 업튼 최고 경영자(CEO) 월 26 2024
One Heritage Group PLC에 대한 독립 검토 보고서 중간재무제표 보고 결론 우리는 31년 2023월 XNUMX일에 종료된 XNUMX개월 동안의 중간 보고서에서 요약 재무제표를 검토하도록 회사에 의뢰했습니다. 이 요약 재무제표는 연결 포괄손익계산서, 재무상태표, 자본 변동표 및 현금흐름표와 관련 설명문으로 구성되어 있습니다. . 우리의 검토 결과, 31년 2023월 34일로 종료되는 XNUMX개월 동안의 중간보고서 요약재무제표가 모든 중요성의 관점에서 IAS XNUMX Interim에 따라 작성되지 않은 것으로 판단되는 사항이 발견되지 않았습니다. 영국에서 사용하기 위해 채택된 재무 보고 및 영국 금융 행위 당국("영국 FCA")의 공개 지침 및 투명성 규칙("DTR"). 결론의 기초 우리는 영국에서 사용하기 위해 발행된 기관의 독립 감사인이 수행한 중간 재무 정보 검토에 관한 국제 표준(영국) 2410(“ISRE(영국) 2410”)에 따라 검토를 수행했습니다. 중간 재무 정보의 검토는 주로 재무 및 회계 문제를 담당하는 사람을 조회하고 분석 및 기타 검토 절차를 적용하는 것으로 구성됩니다. 우리는 중간보고서에 포함된 기타 정보를 읽고 요약 재무제표 정보와 명백한 왜곡이나 중요한 불일치가 포함되어 있는지 고려합니다. 검토는 감사에 관한 국제 표준(영국)에 따라 수행된 감사보다 범위가 상당히 적으며 결과적으로 감사에서 식별될 수 있는 모든 중요한 문제를 인식하게 될 것이라는 확신을 얻을 수 없습니다. 따라서 우리는 감사의견을 표명하지 않습니다. 계속기업에 관한 결론 이 보고서의 결론 근거 섹션에 설명된 대로 감사에서 수행된 것보다 덜 광범위한 검토 절차를 기반으로, 이사가 다음의 계속기업 기준을 부적절하게 채택했다고 믿을 만한 사항은 없습니다. 회계 또는 이사가 적절하게 공개되지 않은 계속 기업과 관련된 중요한 불확실성을 식별했습니다. 이 결론은 ISRE(UK) 2410에 따라 수행된 검토 절차를 기반으로 합니다. 그러나 미래의 사건이나 상황으로 인해 연결실체가 계속기업으로서의 존속을 중단할 수 있으며 위의 결론이 연결실체의 존속을 보장하는 것은 아닙니다. 작동 중. 이사의 책임 중간 재무 보고서는 이사의 책임이며 이사의 승인을 받았습니다. 이사들은 영국 FCA의 DTR에 따라 중간 보고서를 준비할 책임이 있습니다. 주석 2에 기재된 바와 같이 연결실체의 연차재무제표는 영국에서 채택된 국제회계기준에 따라 작성되었습니다. 이사들은 영국에서 사용하도록 채택된 IAS 34에 따라 중간 보고서에 포함된 요약 재무제표를 준비할 책임이 있습니다. 요약된 재무제표를 준비할 때 이사는 계속 기업으로서의 존속 능력을 평가하고, 해당되는 경우 계속 기업과 관련된 사항을 공개하고, 청산을 의도하지 않는 한 회계의 계속 기업 기준을 사용할 책임이 있습니다. 그룹을 만들거나 운영을 중단하거나 그렇게 하는 것 외에는 현실적인 대안이 없습니다. 우리의 책임
우리의 책임은 우리의 검토를 바탕으로 중간보고서에 요약재무제표에 대한 결론을 회사에 표현하는 것입니다. 계속기업과 관련된 결론을 포함하여 우리의 결론은 이 보고서의 결론 근거 섹션에 설명된 바와 같이 감사 절차보다 덜 광범위한 절차를 기반으로 합니다.
검토 작업의 목적과 책임을 지고 있는 대상
이 보고서는 회사가 영국 FCA의 DTR 요구 사항을 충족하도록 지원하기 위한 계약 조건에 따라 회사에만 작성됩니다. 우리의 검토는 이 보고서에서 명시해야 하는 사항을 회사에 명시할 수 있도록 수행되었으며 다른 목적은 없습니다. 법이 허용하는 최대 한도 내에서 우리는 검토 작업, 이 보고서 또는 우리가 도달한 결론에 대해 회사 이외의 누구에게도 책임을 지지 않습니다.
에드워드 호튼 학사 FCA KPMG Audit LLC를 대신하여 공인 회계사 헤리티지 코트 41 아톨 스트리트 더글라스 아일 오브 맨
월 26 2024
재무 제표 연결포괄손익계산서 31년 2023월 XNUMX일로 종료되는 XNUMX개월 동안
연결재무상태표 31 년 2023 월 XNUMX 일 기준
연결현금흐름표 31년 2023월 XNUMX일로 종료되는 XNUMX개월 동안
연결자본변동표 31년 2023월 XNUMX일까지 XNUMX개월간
31년 2022월 XNUMX일로 종료되는 XNUMX개월 동안
30년 2023월 XNUMX일 종료된 연도의 경우
중간재무제표에 대한 주석 31년 2023월 XNUMX일까지 XNUMX개월간
One Heritage Group PLC(이하 "회사")는 2006년 회사법에 따라 영국과 웨일즈에 설립된 주식 유한회사입니다. 등록된 사무실 주소와 주요 거래 장소는 80 Mosley Street, Manchester입니다. M2 3FX. 회사의 주요 활동은 부동산 개발입니다. 31년 2023월 XNUMX일까지의 XNUMX개월 기간 말 현재 이 요약 연결 중간 재무제표("중간 재무제표")는 회사와 그 자회사로 구성됩니다.
These interim financial statements for the six months ended 31 December 2023 have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK, and should be read in conjunction with the Group’s last annual consolidated financial statements as at and for the year ended 30 June 2023 (“last annual financial statements”). They do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements. 그룹의 연간 재무제표는 영국이 채택한 국제회계기준에 따라 작성되었습니다. Financial Conduct Authority의 공시 지침 및 투명성 규칙에 따라 요약 재무제표는 회사의 30년 2023월 XNUMX일 종료 연도의 연결 재무제표 작성 시 적용된 회계 정책 및 표시를 적용하여 작성되었습니다. . 이 중간재무제표는 26년 2024월 XNUMX일 회사 이사회에서 발행 승인을 받았습니다. 관심가는 Notwithstanding net current liabilities of £12,906,152 (excluding inventory balances totalling £14,299,038) and net liabilities of £2,574,091 as at 31 December 2023 (30 June 2023: net current liabilities £5,844,132 (excluding inventory balances totalling £16,566,922) and net liabilities £568,716), a loss for the interim period then ended of £2,005,375 (H1 FY23: £1,571,833) and operating cash inflows for the period of £356,203 (H1 FY23: cash outflows of £3,052,942), the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. The directors have prepared a cash flow forecast on a consolidated basis for the period to 31 December 2025 which indicates that, taking account of reasonably possible downsides, the Group will have sufficient funds to meet its liabilities as they fall due for that period using the proceeds from:
As with any company placing reliance on other group/related entities for financial support, the directors acknowledge that although there can be no absolute certainty that this support will continue, at the date of approval of these financial statements, they have substantive reasons to believe that it will do so.
Consequently, the directors are confident that the Company and its subsidiaries will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
이 중간 재무제표를 작성함에 있어 경영진은 그룹의 회계 정책과 재무제표에 보고된 금액의 적용에 영향을 미치는 판단, 추정 및 가정을 했습니다. 경영진은 과거 경험 및 상황에서 합리적이라고 믿는 기타 요소를 기반으로 자산, 부채, 우발 부채, 수익 및 비용과 관련하여 이러한 판단 및 추정치를 지속적으로 평가합니다. 실제 결과는 판단, 추정 및 가정과 다를 수 있습니다. 판단 및 추정의 주요 영역은 다음과 같습니다.
이 중간재무제표에 적용된 회계정책은 30년 2023월 XNUMX일로 종료되는 회계연도의 연결재무제표에 적용된 회계정책과 동일합니다. 회계 정책은 30년 2024월 XNUMX일로 종료되는 연도의 연결 재무제표에도 반영될 것입니다. No new accounting standards were adopted in the year that had a significant impact on these financial statements.
The Group operates four segments: Developments, Construction, Property Services and Corporate. All the revenues generated by the Group were generated within the United Kingdom. Segment operating profit or loss is used as a measure of performance as management believe this is the most relevant information when evaluating the performance of a segment.
31년 2023월 XNUMX일 종료되는 기간:
31년 2022월 XNUMX일 종료되는 기간:
그룹은 주로 개발 관리 계약, 개발 판매 및 건설 서비스에서 수익을 창출합니다.
Developments consist of sales of properties owned and developed by the Group and three development management agreements with One Heritage Tower Limited, One Heritage Great Ducie Street Limited and One Heritage North Church Limited:
The Group has not recognised any revenue linked to the profit share element of these agreements as the transaction price is variable and the amount cannot be reliably determined at this time. This is because the developments are either yet to commence construction or have reached practical build completion but sales values are not yet fully committed, and as such there is too much uncertainty to reliably estimate expected revenue. During the period £4,998,598 development sales revenue was generated from external parties through the sale of 31 units in completed developments (2022: £3,292,524). In the Lincoln House development, 22 units were sold during the period generating revenue of £2,914,733. The Bank Street development sold 2 units generating £350,385 in revenue. The Oscar House development sold 7 units, generating revenue of £1,733,480. Construction generates the majority of revenue from two entities: Robin Hood Property Development Limited and One Heritage North Church Limited. The Group receives a cost plus 5.0% margin on all works undertaken for Robin Hood Property Development Limited, recognising £458,902 (31 December 2022: £826,440) of revenue in the year. The Group has undertaken work for One Heritage North Church Limited on a cost plus 5.0% margin basis, this generated revenue of £3,232,894 (31 December 2022: £1,023,018) in the period. 개발 관리 및 건설 수익은 특수관계자를 통해 창출되었습니다. Property Services generated revenue from management fees that are based on a percentage of gross rental collected for clients and through transaction fees for each Co-Living property bought and sold, including that for Robin Hood Property Development Limited, a related party £91,600 (31 December 2022: £108,830). The Corporate revenue is from contracts signed with related parties Robin Hood Property Development Limited, generating revenue of £50,000 (2022: £58,333) and One Heritage Property Rental Limited, recognising revenue of £6,000 (2022: £6,000) and is in consideration for a range of administration services and use of the Group’s office.
Due to further expenditures, the Group has taken the decision to further impair the value of its Bank Street and St Petersgate developments. The impairment totalled £2,718,249 at 31 December 2023 and the charge for the period ended 31 December 2023 was £326,113 (31 December 2022 £1,102,741).
Trade receivables includes £28,517 (30 June 2023: £14,192) due from One Heritage Tower Limited, £41,232 (30 June 2023: £nil) due from One Heritage Great Ducie Street Limited, £114,038 (30 June 2023: £30,061) due from Robin Hood Property Development Limited and £2,400 (30 June 2023: £1,200) due from One Heritage Property Rental Limited, all of whom are related parties. There is also £1,946,036 (30 June 2023: £209,168) due from One Heritage North Church Limited (a related party), which will be settled to the Group on legal completion of all the units. The prepaid sales fees and commissions relate to the sales agent fees and commissions paid on units from developments that have contractually exchanged but not yet legally completed. These relate to units exchanged on the Lincoln House Bolton, St Petersgate Stockport, Bank Street Sheffield and Oscar House Manchester developments. 경영진은 각종 채권의 잔액 대비 신용도가 양호하고, 신용위험이 증가한 바가 없으므로 신용위험은 낮은 것으로 판단하고 있습니다. 따라서 예상신용손실충당금을 인식하지 않았습니다.
Trade payables includes £5,064 (30 June 2023: £nil) due to Robin Hood Property Development Limited and £2,275 (30 June 2023: £nil) due from One Heritage North Church Limited, each of whom are related parties. 매입채무 및 발생액은 해당 기간 동안 받은 서비스에 대해 보고일에 지급해야 하는 금액과 관련됩니다. The Group has received deposits and reservation fees in relation to its developments, these totalled £785,611 (30 June 2023: £1,302,276). The deposits relate to units that have contractually exchanged and may be repayable if the group does not fulfil its contractual obligations. The company has financial risk management policies in place to ensure that all payables are paid within agreed payment terms.
As sales on the One Heritage Oscar House Limited development incurred delays, the Group refinanced the project settling the previous debt of £4.1m with Hampshire Trust Bank Limited on 22 December 2023. An agreement has been entered into with a new lender, 365 Funding Limited, on improved terms for £3.25m, for a period of 18 months to provide appropriate funding until all the remaining units are legally completed and handed over to customers. On 9 November 2023, a subsidiary, One Heritage Victoria Road Limited, signed a loan agreement with Hampshire Trust Bank Limited. This was for a gross amount of construction finance totalling £3,846,700 of which £791,499 has been drawn down at 31 December 2023. This has a term of 16 months and is to be drawn down to fund costs incurred by the development in that subsidiary. The loan has a covenant that is linked to the underlying development, to not exceed a loan to Gross Development Value of 61% which has been complied with during the reporting period. On 18 March 2022 the Group had a £1.5m corporate bond admitted to the Standard List of the London Stock Exchange. This had a 2 year term and an 8.0% coupon which was paid on 30 June and 31 December each year. The Group incurred listing costs of £102,040 which were capitalised and released over the term of the Bond. £1.0m of the Bond was repaid on maturity following 31 December 2023 with the remainder £0.5m being converted to a loan note with a term of 12 months and 8% interest. 특수관계자차입금 On 31 July 2023 the shareholder loan facility was increased by £1.7m, to £14.0m. This can be drawn down as required, has an interest rate of 7.0% and was repayable on 31 December 2024 (refer to note 15). The balance on this loan at 31 December 2023 was £13,023,004 (30 June 2023: £11,378,938). 조건 및 상환 일정 미결제 대출의 조건은 다음과 같습니다.
회사가 발행한 모든 주식은 보통주이며, 동등한 의결권과 분배권을 갖습니다.
13. 금융상품 및 공정가치 공시 자산이나 부채의 공정가치를 측정할 때, 그룹은 가능한 한 관측 가능한 시장정보를 사용합니다. 공정가치는 다음과 같이 가치평가기법에 사용된 투입변수에 기초하여 공정가치 서열체계에서 다양한 수준으로 분류됩니다.
• Level 1: quotes prices (unadjusted) in active markets for identical assets and liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • 수준 3: 관측 가능한 시장 데이터에 기반하지 않는 자산 또는 부채에 대한 입력(관측할 수 없는 입력). 다음 표는 공정 가치 계층 구조의 수준을 포함하여 금융 자산 및 부채의 장부 금액을 보여줍니다. 31 년 2023 월 XNUMX 일 기준
30 년 2023 월 XNUMX 일 기준
상위 및 최종 통제 당사자 보고일 현재 주식의 65.15%는 홍콩에 설립된 One Heritage Property Development Limited가 보유하고 있습니다. 영국령 버진 아일랜드에 통합된 One Heritage Holding Group Limited는 One Heritage Property Development Limited의 100% 소유권을 통해 최종 지배 당사자로 간주됩니다. 연결실체의 주요 경영진에 대한 보수는 단기종업원급여입니다. 키 관리를 통한 트랜잭션 주요 경영진의 보상은 다음과 같이 구성됩니다.
The St Petersgate development reached practical completion on 9 January 2024. To date, 8 of the available 18 units have legally completed generating revenue of £1,206,503. In January 2024, the Group's current shareholder agreement, initially executed on 21 September 2020, underwent an amendment. The principal modification confirms the full balance of any drawdown is due on 31 December 2025. The Corporate Bond matured on 15 March 2024 with £1.0m of the Corporate Bond repaid in March 2024 and the £0.5m remainder being converted to a loan note with a term of 12 months and 8% interest.
EQS 그룹이 전송한 시장 남용 규정(MAR)에 따라 내부 정보가 포함된 규제 발표의 배포. 발행자는이 발표 내용에 대해 전적으로 책임을집니다. |
ISIN : | GB00BLF79495 |
카테고리 코드: | IR |
TIDM: | OH |
LEI 코드: | 2138008ZZUCCE4UZHY23 |
OAM 카테고리: | 1.2. 반기 재무 보고서 및 감사 보고서 / 제한 검토 |
시퀀스 번호: | 312379 |
EQS 뉴스 ID: | 1868947 |
발표 종료 | EQS 뉴스 서비스 |
EQS Group AG에서 전송한 영국 규정 발표. 발행자는 이 발표의 내용에 대해 전적인 책임을 집니다.