One Heritage Group plc: informe provisional correspondiente al semestre finalizado el 31 de diciembre de 2023
One Heritage Group plc (OHG) PLC de UN SOLO PATRIMONIO (la “Compañía” o “One Heritage”) Informe provisional para terminaron los seis meses 31 de diciembre 2023 27 de marzo de 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.
Aspectos financieros más destacados
Aspectos operacionales destacados
Eventos posteriores al período
Outlook
Al comentar sobre el desempeño del Grupo, Jason Upton, director ejecutivo, dijo: “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.
Contacto un grupo de herencia plc jason upton Director Ejecutivo Email: GME@dhr-rgv.com
Hybridan LLP (Asesor financiero y Broker) Claire Louise Noyce Email: GME@dhr-rgv.com Tel.: +44 (0) 203 764 2341
Acerca de One Heritage Group One Heritage Group PLC es una empresa de desarrollo y administración de propiedades. Se centra en el sector residencial principalmente en el norte de Inglaterra, buscando valor y maximizando las oportunidades para los inversores. En 2020, One Heritage Group PLC se convirtió en uno de los primeros desarrolladores residenciales que cotizan en bolsa con un enfoque en la convivencia. La Compañía cotiza en la Lista Estándar del Mercado Principal de la Bolsa de Valores de Londres, cotizando bajo la clave de pizarra OHG. Para obtener más información, visite el sitio web de la Compañía en https://www.oneheritageplc.com/. RESEÑA DEL JEFE EJECUTIVO 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.
Gestión del desarrollo
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.
Servicios de propiedad
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.
REVISIÓN FINANCIERA 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 Gerente de Desarrollo. 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 GESTIÓN DE RIESGOS Y PRINCIPALES RIESGOS La capacidad del Grupo para operar con eficacia y alcanzar sus objetivos estratégicos está sujeta a una serie de posibles riesgos e incertidumbres. La Junta y el equipo gerencial en general adoptan un enfoque proactivo para identificar y evaluar los riesgos internos y externos. Se evalúa la probabilidad potencial y el impacto de cada riesgo y se establecen políticas de mitigación que se juzgan adecuadas al nivel de riesgo. La administración actualiza constantemente los planes y estos son monitoreados por el Comité de Auditoría y Riesgos e informados al Directorio. Los principales riesgos que la Junta considera que afectarán al Grupo en el próximo período se dividen en seis categorías, y se describen a continuación junto con la forma en que el Grupo mitiga dichos riesgos. 1. Estrategia: Regulación gubernamental, política de planificación y disponibilidad de suelo. 2. Entrega: Los controles inadecuados o las fallas en el cumplimiento afectarán el desempeño operativo y financiero del Grupo. 3. Operaciones: Disponibilidad y costo de materias primas, subcontratistas y proveedores. 4. People & Culture: Attracting and retaining high-calibre employees. 5. Financiamiento y Liquidez: Disponibilidad de financiamiento y capital de trabajo. 6. Factores externos: entorno económico, incluida la demanda de viviendas y la disponibilidad de hipotecas.
1. Estrategia: Regulación gubernamental, política de planificación y disponibilidad de suelo 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. Entrega: los controles inadecuados o las fallas en el cumplimiento afectarán el desempeño operativo y financiero del Grupo Existe el riesgo de no lograr la excelencia en la construcción, como defectos de diseño y construcción, desviación de los estándares ambientales o por la incapacidad de desarrollar e implementar métodos de construcción nuevos e innovadores. Esto podría aumentar los costos, exponer al Grupo a futuros pasivos de remediación y dar como resultado una mala calidad del producto, precios de venta reducidos y volúmenes de ventas. Para mitigar esto, el Grupo se vincula con expertos técnicos para garantizar el cumplimiento de todas las regulaciones sobre diseño y materiales, junto con ingenieros externos a través de paneles aprobados. También tiene programas de construcción detallados respaldados por una sólida garantía de calidad.
3. Operaciones: Disponibilidad y costo de materias primas, subcontratistas y proveedores Existe el riesgo de que no responder adecuadamente a la escasez o al aumento de los costos de los materiales y la mano de obra calificada, o la falla de un proveedor clave, pueda generar un aumento de los costos y demoras en la construcción. También puede afectar nuestra capacidad para lograr un crecimiento disciplinado en la provisión de viviendas de alta calidad. 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 Existe el riesgo de que el aumento de la competencia por las habilidades impida que seamos capaces de contratar y/o retener a las mejores personas. Contar con suficientes empleados capacitados es fundamental para la ejecución de la estrategia del Grupo, al mismo tiempo que se mantiene la excelencia en todas nuestras otras prioridades estratégicas. Para mitigar esto, el Grupo tiene una serie de programas de Estrategia de Personas que incluyen desarrollo, capacitación y planificación de la sucesión, evaluación comparativa de la remuneración frente a la competencia y seguimiento de la rotación de empleados, estadísticas de ausencia y retroalimentación de las entrevistas de salida.
5. Finanzas y Liquidez: Disponibilidad de financiamiento y capital de trabajo Existe el riesgo de que la falta de suficientes facilidades de préstamo y garantía para liquidar pasivos y/o la capacidad de administrar el capital de trabajo, puede significar que no podemos responder a los cambios en el entorno económico y aprovechar las oportunidades operativas y de compra de terrenos apropiadas para entregar prioridades estratégicas. 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. Factores externos: entorno económico, incluida la demanda de vivienda y la disponibilidad de hipotecas Existe el riesgo de que los cambios en el entorno macroeconómico del Reino Unido puedan dar lugar a una caída de la demanda o una disponibilidad de hipotecas más estricta, de la que dependen la mayoría de nuestros clientes, lo que podría reducir la asequibilidad de nuestras viviendas. Esto podría resultar en volúmenes de ventas reducidos y afectar nuestra capacidad para lograr un crecimiento rentable. Para mitigar este riesgo, el Grupo en general tiene una presencia significativa en Hong Kong, China y Singapur y la mayoría de los compradores extranjeros son compradores en efectivo. El Grupo monitorea continuamente el mercado a nivel de la Junta, el Comité Ejecutivo y el equipo, lo que conduce a modificaciones en los pronósticos y la planificación del Grupo, según sea necesario. Además, existen políticas de venta integrales, revisiones periódicas de los precios en los mercados locales y el desarrollo de buenas relaciones con los prestamistas hipotecarios. Esto se sustenta en un marco operativo disciplinado con una estructura de capital adecuada y un balance sólido.
DECLARACIÓN DE RESPONSABILIDADES DEL DIRECTOR en relación con el informe financiero semestral
Lo confirmamos a nuestro leal saber y entender:
The directors of One Heritage Group PLC are listed on the company website, www.oneheritageplc.com
Por orden de la Junta jason upton Director Ejecutivo 26 de marzo de 2024
INFORME DE REVISIÓN INDEPENDIENTE A ONE HERITAGE GROUP PLC Informe sobre los estados financieros intermedios Conclusión Hemos sido contratados por la empresa para revisar el conjunto resumido de estados financieros en el informe intermedio para los seis meses terminados el 31 de diciembre de 2023 que comprende los estados consolidados de resultados integrales, situación financiera, cambios en el patrimonio y flujos de efectivo y las notas explicativas relacionadas. . Con base en nuestra revisión, nada ha llamado nuestra atención que nos haga creer que el conjunto resumido de estados financieros en el informe intermedio para el período de seis meses finalizado el 31 de diciembre de 2023 no está preparado, en todos los aspectos importantes, de conformidad con la NIC 34 Interino Informes financieros adoptados para su uso en el Reino Unido y las Reglas de orientación y transparencia de divulgación ("las DTR") de la Autoridad de Conducta Financiera del Reino Unido ("la FCA del Reino Unido"). Base de la conclusión Realizamos nuestra revisión de acuerdo con la Norma Internacional sobre Compromisos de Revisión (Reino Unido) 2410 Revisión de Información Financiera Provisional Realizada por el Auditor Independiente de la Entidad (“ISRE (Reino Unido) 2410”) emitida para uso en el Reino Unido. Una revisión de la información financiera intermedia consiste en realizar consultas, principalmente a las personas responsables de los asuntos financieros y contables, y aplicar procedimientos analíticos y de revisión. Leemos la otra información contenida en el informe intermedio y consideramos si contiene errores aparentes o inconsistencias materiales con la información en el conjunto resumido de estados financieros. Una revisión tiene un alcance sustancialmente menor que una auditoría realizada de acuerdo con las Normas Internacionales de Auditoría (Reino Unido) y, en consecuencia, no nos permite obtener la seguridad de que tendremos conocimiento de todos los asuntos importantes que podrían identificarse en una auditoría. En consecuencia, no expresamos una opinión de auditoría. Conclusiones relativas a la empresa en marcha Sobre la base de nuestros procedimientos de revisión, que son menos extensos que los realizados en una auditoría como se describe en la sección Base de la conclusión de este informe, no ha llamado nuestra atención nada que nos haga creer que los directores han adoptado de manera inapropiada la base de negocio en marcha de contabilidad, o que los directores han identificado incertidumbres materiales relacionadas con el negocio en marcha que no han sido adecuadamente reveladas. Esta conclusión se basa en los procedimientos de revisión realizados de acuerdo con ISRE (Reino Unido) 2410. Sin embargo, eventos o condiciones futuras pueden causar que el grupo deje de continuar como un negocio en marcha, y las conclusiones anteriores no son una garantía de que el grupo continuará en la operación. Responsabilidades de los directores El informe financiero intermedio es responsabilidad de los directores y ha sido aprobado por ellos. Los directores son responsables de preparar el informe intermedio de conformidad con el DTR de la FCA del Reino Unido. Como se indica en la nota 2, los estados financieros anuales del grupo se preparan de acuerdo con las normas contables internacionales adoptadas en el Reino Unido. Los directores son responsables de preparar el conjunto resumido de estados financieros incluidos en el informe intermedio de acuerdo con la NIC 34 adoptada para su uso en el Reino Unido. Al preparar el conjunto resumido de estados financieros, los directores son responsables de evaluar la capacidad del grupo para continuar como empresa en funcionamiento, revelando, según corresponda, los asuntos relacionados con la empresa en funcionamiento y utilizando el principio contable de empresa en funcionamiento a menos que los directores tengan la intención de liquidar el grupo o cesar sus operaciones, o no tienen otra alternativa realista que hacerlo. Nuestra responsabilidad
Nuestra responsabilidad es expresar a la empresa una conclusión sobre el conjunto resumido de estados financieros en el informe intermedio basado en nuestra revisión. Nuestra conclusión, incluidas nuestras conclusiones relacionadas con la empresa en funcionamiento, se basan en procedimientos que son menos extensos que los procedimientos de auditoría, como se describe en la sección Bases de la conclusión de este informe.
El propósito de nuestro trabajo de revisión y a quién debemos nuestras responsabilidades.
Este informe se presenta únicamente a la empresa de acuerdo con los términos de nuestro compromiso para ayudar a la empresa a cumplir con los requisitos del DTR de la FCA del Reino Unido. Nuestra revisión se ha llevado a cabo para que podamos comunicarle a la empresa los asuntos que estamos obligados a informarle en este informe y para ningún otro propósito. En la máxima medida permitida por la ley, no aceptamos ni asumimos responsabilidad ante nadie que no sea la empresa por nuestro trabajo de revisión, por este informe o por las conclusiones a las que hemos llegado.
Edward Houghton BA FCA por y en nombre de KPMG Audit LLC Contadores Públicos Tribunal de la herencia 41 calle Athol Douglas Isla de Man
26 de marzo de 2024
ESTADOS FINANCIEROS Declaración consolidada de ingreso comprensivo Por los seis meses terminados el 31 de diciembre de 2023
Estado consolidado de posición financiera Al 31 de diciembre de 2023
Estado de flujos de efectivo consolidado Por los seis meses terminados el 31 de diciembre de 2023
Estado de cambios en el patrimonio neto consolidado Por los seis meses finalizados el 31 de diciembre de 2023
Por los seis meses terminados el 31 de diciembre de 2022
Por el año terminado el 30 de junio de 2023
Notas a los estados financieros intermedios Por los seis meses finalizados el 31 de diciembre de 2023
One Heritage Group PLC (la "Compañía") es una sociedad anónima, limitada por acciones, constituida en Inglaterra y Gales en virtud de la Ley de Sociedades de 2006. La dirección de su domicilio social y su lugar principal de negociación es 80 Mosley Street, Manchester, M2 3FX. La actividad principal de la empresa es la promoción inmobiliaria. Estos estados financieros intermedios consolidados resumidos ("estados financieros intermedios") al final del período de seis meses hasta el 31 de diciembre de 2023 comprenden la Compañía y sus subsidiarias.
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. Los estados financieros anuales del Grupo se preparan de acuerdo con las normas de contabilidad internacionales adoptadas por el Reino Unido. Según lo exigen las Normas de orientación y transparencia sobre divulgación de información de la Autoridad de Conducta Financiera, el conjunto resumido de estados financieros ha sido preparado aplicando las políticas contables y la presentación que se aplicaron en la preparación de los estados financieros consolidados publicados de la empresa para el año finalizado el 30 de junio de 2023. . Estos estados financieros intermedios fueron autorizados para su emisión por el directorio de la Compañía el 26 de marzo de 2024. Preocupación continua 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.
En consecuencia, los directores confían en que la Compañía y sus subsidiarias tendrán fondos suficientes para continuar cumpliendo con sus obligaciones a medida que vencen durante al menos 12 meses a partir de la fecha de aprobación de los estados financieros y, por lo tanto, han preparado los estados financieros de manera continua. base de preocupación.
En la preparación de estos Estados Financieros Intermedios, la administración ha realizado juicios, estimaciones y suposiciones que afectan la aplicación de las políticas contables del Grupo y los montos informados en los estados financieros. La administración evalúa continuamente estos juicios y estimaciones en relación con los activos, pasivos, pasivos contingentes, ingresos y gastos con base en la experiencia histórica y en otros factores que considera razonables bajo las circunstancias. Los resultados reales pueden diferir de los juicios, estimaciones y suposiciones. Las áreas clave de juicio y estimación son:
Las políticas contables aplicadas en estos estados financieros intermedios son las mismas que las aplicadas en los estados financieros consolidados del Grupo al y para el año terminado el 30 de junio de 2023. Las políticas contables también se reflejarán en los estados financieros consolidados del Grupo al y para el año que finaliza el 30 de junio de 2024. No new accounting standards were adopted in the year that had a significant impact on these financial statements.
El Grupo opera cuatro segmentos: Desarrollos, Construcción, Servicios Inmobiliarios y Corporativo. 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.
Por el período terminado el 31 de diciembre de 2023:
Por el período terminado el 31 de diciembre de 2022:
El Grupo genera sus ingresos principalmente a partir de acuerdos de administración de desarrollo, ventas de desarrollo y servicios de construcción.
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. Los ingresos por gestión de desarrollo y construcción han sido generados a través de partes relacionadas. 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. La Gerencia considera que la calidad crediticia de las distintas cuentas por cobrar es buena con respecto a los montos pendientes, no ha habido incrementos en el riesgo crediticio y por lo tanto el riesgo crediticio se considera bajo. Por lo tanto, no se ha reconocido ninguna provisión para pérdidas crediticias esperadas.
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. Las cuentas comerciales por pagar y las acumulaciones se relacionan con los montos pagaderos a la fecha de presentación de informes por los servicios recibidos durante el período. 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. Préstamos de partes relacionadas 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). Condiciones y calendario de pagos Los términos y condiciones de los préstamos pendientes son los siguientes:
Todas las acciones emitidas por la Compañía son acciones ordinarias y tienen los mismos derechos de voto y distribución.
13. Información a revelar sobre instrumentos financieros y valor razonable Al medir el valor razonable de un activo o pasivo, el Grupo utiliza datos de mercado observables en la medida de lo posible. Los valores razonables se clasifican en diferentes niveles en la jerarquía del valor razonable con base en los datos de entrada utilizados en las técnicas de valoración de la siguiente manera:
• 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). • Nivel 3: datos de entrada para el activo o pasivo que no se basan en datos de mercado observables (insumos no observables). La siguiente tabla muestra los valores en libros de los activos y pasivos financieros, incluyendo sus niveles en la jerarquía del valor razonable: Al 31 de diciembre de 2023
Al 30 de junio de 2023
Padre y parte controladora final A la fecha del informe, el 65.15 % de las acciones pertenecen a One Heritage Property Development Limited, que está constituida en Hong Kong. One Heritage Holding Group Limited, constituida en las Islas Vírgenes Británicas, se considera la parte controladora final a través de su propiedad del 100% de One Heritage Property Development Limited. La compensación del personal clave de la gerencia del Grupo son beneficios a los empleados a corto plazo. Transacciones con gestión de claves La compensación del personal clave de la gerencia comprendía lo siguiente:
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.
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ES EN: | GB00BLF79495 |
Código de categoría: | IR |
TIDM: | OHG |
Código LEI: | 2138008ZZUCCE4UZHY23 |
Categorías OAM: | 1.2. Informes financieros semestrales e informes de auditoría / revisiones limitadas |
No de secuencia: | 312379 |
ID de noticias de EQS: | 1868947 |
Fin del anuncio | Servicio de noticias EQS |
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