In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of international accounting standards in conformity with the requirements of the Companies Act 2006 ("Adopted IFRSs"), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken.

Under section s408 of the Companies Act 2006 the Company is exempt from the requirement to present its own profit and loss account.

In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures: ? Cash Flow Statement and related notes; ? Certain disclosures regarding revenue; ? Certain disclosures regarding leases; ? Disclosures in respect of transactions with wholly owned subsidiaries; ? Disclosures in respect of capital management; ? The effects of new but not yet effective IFRSs; ? Disclosures in respect of the compensation of Key Management Personnel; ? Disclosures of transactions with a management entity that provides key management personnel services tothe Company.

As the consolidated financial statements include the equivalent disclosures, the Company has also taken the exemptions under FRS 101 available in respect of the following disclosures: ? Certain disclosures required by IFRS 3 Business Combinations in respect of business combinationsundertaken by the Company in the current and prior periods; and ? Certain disclosures required by IFRS 13 Fair Value Measurement and the disclosures required by IFRS 7Financial Instrument Disclosures.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

Measuring convention

The financial statements are prepared on the historical cost.

Financial guarantees

A financial guarantee contract is initially recognised at fair value. At the end of each subsequent reporting period, financial guarantees are measured at the higher of: ? The amount of the loss allowance, and ? The amount initially recognised less cumulative amortisation, where appropriate.

The amount of the loss allowance at each subsequent reporting period equals the 12-month expected credit losses. However, where there has been a significant increase in the risk that the specified debtor will default on the contract, the calculation is for lifetime expected credit losses.

Foreign currencies

These financial statements are presented in Pound sterling, which is the Company's functional and presentational currency.

Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each statement of financial statement date, monetary assets and liabilities that are denominated in foreign currencies other than the functional currency are retranslated at the rates prevailing at the statement of financial statement date.

Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Gains and losses arising on retranslation are included in the net profit or loss for the period.

Investment in subsidiary

Investment in and loans to subsidiaries are stated at cost less impairment.

Impairment

The carrying amounts of the Company's non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated.

The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the 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 the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "cash-generating unit").

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

In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications 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 reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. 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 the subsidiaries for any indicators of impairment by looking at the individual performance of the underlying entities, including their budgets, development progress and forecast profitability. There are no indicators of impairment.

The share capital of each of the companies, where applicable, comprises 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 key 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 and is interest free and payable on demand.

The Company assesses the intercompany loans for any indicators of impairment by looking at the individual performance of the underlying entities, including their budgets, development progress and forecast profitability. There are no indicators of impairment and therefore no expected credit losses. 4. Creditors: amounts failing 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

The holders of ordinary 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 22 July 2020 the Company issued 100 GBP0.01 ordinary shares for a consideration of GBP1.00, settled in cash.

On 27 October 2020 the Company issued 20,699,900 ordinary shares for GBP2,750,000 as part of the Company's restructuring. This was a debt for equity transaction regarding a shareholder loan for GBP2.75 million.

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

On 18 February 2021 the Company issued 1,828,333 shares for 30p per share during a placing and subscription.

On 28 June 2021 the warrants issued on 23 December 2020 where fully exercised at 10p per share. 6. Audit exemption taken for subsidiaries

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