for the Period Ended 31 March 2023
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 March 2023
Principal activities of the company
Additional information
OIL’s Strategic Objectives:Development – provide capability and capacity for an active development programme to build and maintain a sustainable, high quality portfolio of mid-market tenure housing.Add value through contributing to overall growth, capability and reputation of the Osprey Group.Contributing to supporting neighbourhoods and helping communities to thrive.Provide high quality, accountable management and maintenance services to other third-party landlords through partnership arrangements.Where appropriate, to offer development services to other social landlords and providers of affordable housing in the North East of Scotland.Directors and GovernanceIt is the responsibility of the Board to provide strategic and policy direction, alongside performance monitoring.A key objective of OIL is to contribute to the growth of OHL. It must also examine other appropriate business opportunities such as ongoing provision of services to Registered Social Landlords and other landlords/organisations. Directors therefore ensure they fulfil their roles with appropriate autonomy within a defined governance arrangement supported by written legal and service level agreements.In order to ensure effective governance and mitigate against poor service delivery the Board receive regular performance, market operation and strategic reports from OHL management along with key reports from the external auditors. This provides reasonable assurance that specific control procedures are in place and are being followed.Operational ReviewFollowing the OHL Board’s decision not to develop any further MMR units, the OIL Board undertook a further review of its operations during the year and reached a decision, based on their experience of the market for MMR properties to recommend to the OHL Board that it should divest itself of its portfolio and terminate all contracts with OIL from the date of settlement.This was accepted and approved by the OHL Board, who concluded negotiations with another Register Social Landlord. The sale was completed on 31 January 2023 and OIL’s leases held with OHL were terminated accordingly.Future Business OpportunitiesHaving appraised the options for potential business opportunities the Board reached the conclusion that there was little prospect of success in the short to medium term. Therefore, with the full agreement of the OHL Board, the OIL Board took the decision to cease trading from 1 February 2023 with a view to striking off the company during 2023-24.Financial ReviewTurnover for the year was £549,745 (2022: £699,576) whilst costs for the year were £552,115 (2022: £774,081). This has resulted in an operating loss of £2,370 (2022: loss £74,505). The Board will not gift aid to the parent company until the reserve position allows. Corporation tax of £nil (2022: (£nil)) is due to be paid. The profit before and after taxation is £422 (£2022: loss £74,505).Going ConcernHaving taken the decision to cease trading these financial statements have not been prepared on a going concern basis.Statement as to Disclosure of Information to AuditorsThe directors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the directors have confirmed that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.AuditorsA resolution to re-appoint RSM UK Audit LLP will be put to the members at the next AGM as per section 487 of the Companies Act 2006.This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.
Directors
The directors shown below have held office during the whole of the period from
1 April 2022 to 31 March 2023
Secretary
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
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Turnover: | | |
Cost of sales: | ( | ( |
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As at
Notes | 2023 | 2022 | |
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Debtors: | 3 | | |
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Prepayments and accrued income: | | | |
Creditors: amounts falling due within one year: | 4 | ( | ( |
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The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 March 2023
Basis of measurement and preparation
Turnover policy
Other accounting policies
for the Period Ended 31 March 2023
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for the Period Ended 31 March 2023
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for the Period Ended 31 March 2023
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Total | | |
for the Period Ended 31 March 2023