One Heritage Group plc: Annual results for -4-

Maidan’s annual report for the year ended June 30, 2021 saw the net asset value per share of 8.4 pence compared to a listing price of 10 pence on December 23, 2020. This was a consequence of the ongoing spending of the group to develop the activity and unexpected developments. to be completed until the next fiscal year. During the reporting period, the Group recognized a loss of GBP 0.8 million, which reflects salaries, professional fees and other social charges incurred during the period and the depreciation of GBP 0.2 million which was recognized in connection with our investment in an associate. These were offset to some extent by the performance of the co-living component of the business, which generated gross profit of £ 314,000.

Restructuring and capital increase

Upstream of the Group’s listing on the London Stock Exchange, a restructuring was undertaken. This involved the transfer of two subsidiaries, One Heritage Tower Limited and Harley Street Developments Limited for a gain of £ 26,423, a debt for a share swap which saw One Heritage Property Development Limited in Hong Kong convert £ 2.75 million. of debt in 20.7 million shares followed by the acquisition of One Heritage Property Development (UK) Limited, known as Trading Group, by One Heritage Group plc.

The company was pleased to be listed on December 23, 2020, where investors acquired 9,300,000 shares at 10p per share. This was followed by a placement and subscription on February 11, 2021 where the Company sold an additional 1,828,333 shares at 30p each, demonstrating that investors believe in the Group’s strategy.

Acquisitions of new buildings AND SIGNING OF A DEVELOPMENT MANAGEMENT CONTRACT

Following the Group’s listing, we had the pleasure of finalizing two acquisitions, Bank Street Sheffield acquired for 800,000 GBP and Plus House in Stockport for 725,000 GBP. In addition to these acquisitions, the Group has spent an additional £ 1.7 million, including capitalized finance costs, on developments since the end of the calendar year with the aim of completing the majority of our existing developments of here the end of the next exercise. .

The Company was also pleased to sign a development management agreement with One Heritage North Church Limited, to redevelop an existing office into 58 self-contained apartments. This contributed £ 15,000 to turnover for the year as the agreement was signed just before the end of the period.

Funding

The Group is fortunate to have a supporting majority shareholder, One Heritage Property Development Limited, which has increased the shareholder facility from £ 2.5million to £ 7.5million, on the same terms as the existing facility with an early redemption date of December 31, 2022 for the extended amount. As of June 30, 2021, the Group had drawn down £ 1.3 million on the facility. This facility has been provided to ensure that we are able to continue with developments if further funding is not available.

Two construction financing agreements were signed in May and June 2021. These agreements cover the costs of financing the construction of the developments of One Heritage Bank Street Limited and One Heritage Oscar House Limited, and allow the Group to draw a gross amount. GBP 5.5 million for a period of 18 months.

The Group’s policy is to capitalize the financial costs of external credit facilities against underlying developments and during the year ended June 30, 2021, £ 0.3 million was capitalized. The residual financial charges recognized in the income statement relate to the amounts not activated and the finance lease on the office.

Develop the business

The loss per share of 3.1p was mainly due to company administration costs. Salary costs represent 68.2% of the total, the Group having brought the number of employees to 20 at the end of the financial year. The Group also moved into a larger office space in the same building at the end of the period and the Group has recognized an active right of use of GBP 288,463 which will be amortized over the term of the five year lease. The other main costs recognized relate to professional and social costs, some of which relate to being a listed company compared to a previous activity as a private company.

A COMPLETE HERITAGE

The Group holds 47% of the capital of One Heritage Complete Limited, which has five subsidiaries with various holdings between 51% and 93%. These entities have their own management team and their own finance function. After the close of the financial year, information emerged that One Heritage Maintenance Limited had become insolvent due to a combination of structurally high costs, onerous contracts it had signed and liabilities exceeding its assets and was therefore liquidation. At the same time, the management of One Heritage Maintenance had received loans from other subsidiaries. As a result of this action, another One Heritage Design Limited entity also became insolvent and was put into liquidation. In view of this situation, the Group took the decision to write down the stake in One Heritage Complete Limited to zero, as there was significant uncertainty about the Group’s ability to realize the value of this entity in the future.

Statement of Directors’ Responsibilities

The directors are responsible for preparing the annual report and the accounts of the Group and of the parent company in accordance with the legal and regulatory provisions in force.

Company law requires directors to prepare the accounts of the Group and of the parent company for each financial year. Under this law, they are required to prepare the Group’s financial statements in accordance with international accounting standards in accordance with the requirements of the Companies Act 2006 and applicable law and have chosen to prepare the financial statements of the parent company in accordance with UK accounting standards. and (UK General Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework. In addition, the Group’s financial statements must be prepared in accordance with international financial reporting standards adopted in accordance with Regulation (EC) No 1606/2002 as it applies in the European Union by virtue of UK directives on disclosure and transparency.

Under company law, directors are only required to approve financial statements if they are satisfied that they give a true and fair view of the situation of the Group and of the Parent Company and of the Group’s results for that period. When preparing each of the financial statements of the Group and of the parent company, the directors are required to:? select appropriate accounting policies and then apply them consistently; ? make reasonable, relevant and reliable judgments and estimates; ? for the group’s financial statements, indicate whether they have been prepared in accordance with international accounting standards in accordance with the requirements of the Companies Act 2006 and, with regard to the group’s financial statements, with the international financial reporting standards adopted in accordance with the regulations ( CE) n ° 1606/2002 as it applies in the European Union; ? for the parent company’s financial statements, disclose whether the applicable UK accounting standards were followed, subject to any material discrepancies disclosed and explained in the financial statements; ? assess the ability of the Group and of the parent company to continue operating, by providing information, where applicable, of the elements relating to the continuity of operations; and ? use the going concern basis of accounting, unless they intend to liquidate the Group or the parent company or cease their activities, or have no realistic alternative but to do so.

Directors are responsible for keeping adequate accounting records sufficient to show and explain the transactions of the parent company and to disclose with reasonable accuracy at all times the financial position of the parent company and to enable them to ensure that its statements They comply with the 2006 Companies Act. They are responsible for the internal control they deem necessary to enable the preparation of financial statements free from material anomalies, whether these result from fraud or errors, and are generally responsible for taking the measures that are reasonably accessible to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

Under applicable laws and regulations, directors are also responsible for preparing a strategic report, a directors’ report, a director compensation report and a corporate governance statement in accordance with this law and these regulations.

The directors are responsible for the maintenance and integrity of the corporate and financial information appearing on the Company’s website. The laws of the United Kingdom governing the preparation and distribution of financial statements may differ from the laws of other jurisdictions.

PUBLICATION OF THE WEBSITE

The directors are responsible for the maintenance and integrity of the business and financial information appearing on the Company’s website. The laws of the United Kingdom governing the preparation and distribution of financial statements may differ from the laws of other jurisdictions.

RESPONSIBILITIES OF DIRECTORS UNDER DTR4

The Directors confirm to the best of their knowledge:? The financial statements have been prepared in accordance with applicable accounting standards and article 4 of the IAS regulation and give a true and fair view of the assets, liabilities, financial position and losses of the Company. ? The annual report includes a fair review of the development and performance of the Company’s activities and financial situation, as well as a description of the main risks and uncertainties it faces.

By order of the Council

Jason upton

Chief Executive Officer

October 19, 2021

financial state

Consolidated statement of comprehensive income

(MORE FOLLOWING) Dow Jones Newswires

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

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