Directors Report 1

Report of the directors for the year ended 31 March 2017

The directors present their report together with the financial statement for the year ended 31 December 2017.

Results
The statement of comprehensive income is set out on page 3 and shows a loss for the year.
During the year, the company made charitable donations of ?Nil (2016 -?558,850)

Principal activities and review of the business
The principal activity of the company is property investment.
On the 1st July 2016, the company sold its investment property, the company has ceased to trade and will be wound up within the next twelve months.

Directors
The directors of the company during the year were: S G McClure R Saillart

Directors responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year.
In preparing these financial statements, the directors are required to:
?select suitable accounting policies and then apply them consistently;
?make judgements and accounting estimates that are reasonable and prudent;
?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. As explained in note 1 to the financial statements, the directors do not believe the going concern basis to be appropriate and, in consequence, these financial statements have not been prepared on that basis.

1.0

Ovingdean Property Limited
Report of the directors for the year ended 31 March 2017

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

2.0

On behalf of the Board S G McClure

Director
Date Oc o xr aZq
Ovingdean Property Limited

Directors Report 2

Report of the directors for the year ended 31 December 2016

The directors present their report together with the audited financial statements for the year ended 31 December 2016.
Results
The statement of comprehensive income is set out on page 5 and shows the loss for the year.
During the year, the company made charitable donations of ?552,850 (2015 -?1,106,000).

Principal activities
The principal activity of the company is property investment.
The principal activity of the company is property investment. On the 1 July 2016, the company sold its investment property. As a result of this sale, the business activity of the company has ceased and the directors have taken the decision that the company will be wound up within the next twelve months. Accordingly the accounts have not been prepared on a going concern basis. The effect of this is explained in note 1.
Directors
The directors of the company during the year were:
S G McClure R SaiHart
Directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year.
In preparing these financial statements, the directors are required to:
6 select suitable accounting policies and then apply them consistently;
?make judgements and accounting estimates that are reasonable and prudent;
?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. As explained in note 1 to the financial statements, the directors do not believe the going concern basis to be appropriate and, in consequence, these financial statements have not been prepared on that basis.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

1.0

Ovingdean Property Limited
Report of the directors for the year ended 31 December 2016 (continued)

Auditors
All of the current directors have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company's auditors for the purposes of their audit and to establish that the auditors are aware of that information. The directors are not aware of any relevant audit information of which the auditors are unaware.
BDO LLP have expressed their willingness to continue in office and a resolution to re-appoint them will be proposed at the annual general meeting.
In preparing this report the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

2.0 On behalf of the Board S G McClure Director Date

Ovingdean Property Limited
Independent auditor's report

To the members of Ovingdean Property Limited
We have audited the financial statements of Ovingdean Property Limited for the year ended 31 December 2016 which comprise the statement of comprehensive income, the statement of financial position and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest ?extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Financial Reporting Council's (FRC's) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the FRC's website at www.frc.org.uk/auditscopeukprivate.
Opinion on financial statements
In our opinion the financial statements:
?give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its loss for the year then ended;
?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ?have been prepared in accordance with the requirements of the Companies Act 2006. Emphasis of matter - basis of preparation
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures made in Note 1 to the financial statements concerning the company's inability to continue as a going concern and the basis on which the financial statements have been prepared. As a consequence of the directors' decision that the company will cease trading within a period of 12 months from the date of signing these financial statements, the financial statements have not been prepared on a going concern basis. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit:
?the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ?the directors' report has been prepared in accordance with applicable legal requirements.

Ovingdean Property Limited
Independent auditor's report (continued)

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
?certain disclosures of directors' remuneration specified by law are not made; or
?we have not received all the information and explanations we require for our audit; or
?the directors were not entitled to prepare the financial statements and the directors' report in accordance with the small companies regime and to the exemption from the requirement to prepare a strategic report.

Christopher Young (senior statutory auditor) For and on behalf of BDO LLP, statutory auditor London United Kingdom 271c-I1 BDO LLP is a limited liability partnership registered in England and Wales (with registered number 0C305127).

4.0
Ovingdean Property Limited

Directors Report 3

Report of the directors for the year ended 31 December 2015

The directors present their report together with the audited financial statements for the year ended 31 December 2015.
Results
The statement of comprehensive income is set out on page 5 and shows the profit for the year.
During the year, the company made charitable donations of ? 1,106,000 (2014 - ?1,220,000).
Principal activities
The principal activity of the company is property investment.
The principal activity of the company is property investment. On the 1 July 2016, the company sold its investment property. As a result of this sale, the business activity of the company has substantially decreased and the directors have taken the decision that the company will cease trading within the next twelve months. Accordingly the accounts have not been prepared on a going concern basis. The effect of this is explained in note 1.
Directors
The directors of the company during the year were:
S G McClure R Saillart
Directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year.
In preparing these financial statements, the directors are required to:
?select suitable accounting policies and then apply them consistently;
?make judgements and accounting estimates that are reasonable and prudent;
?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. As explained in note 1 to the financial statements, the directors do not. believe the going concern basis to be appropriate and, in consequence, these financial statements have not been prepared on that basis.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

1.0

Ovingdean Property Limited
Report of the directors for the year ended 31 December 2015 (continued)

Auditors
All of the current directors have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company's auditors for the purposes of their audit and to establish that the auditors are aware of that information. The directors are not aware of any relevant audit information of which the auditors are unaware.
BDO LLP have expressed their willingness to continue in office and a resolution to re-appoint them will be proposed at the annual general meeting.
2.0

On behalf of the Boar
S G McClure
Director
Date OSA)
Ovingdean Property Limited
Independent auditor's report

TO THE MEMBERS OF OVINGDEAN PROPERTY LIMITED
We have audited the financial statements of Ovingdean Property Limited for the year ended 31 December 2015 which comprise the statement of comprehensive income, the statement of financial position and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Financial Reporting Council's (FRC's) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the FRC's website at www.frc.org.uk/auditscopeukprivate.
Opinion on financial statements
In our opinion the financial statements:
?give a true and fair view of the state of the company's affairs as at 31 December 2015 and of its loss for the year then ended;
?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ?have been prepared in accordance with the requirements of the Companies Act 2006. Emphasis of matter - basis of preparation
We draw attention to the disclosures made in Note 1 which explains that, as a consequence of the directors' decision that the company will cease trading within a period of 12 months from the date of signing these financial statements, the directors have prepared the financial statements on the basis that the company is no longer a going concern and describes the basis on which they have been prepared. Our opinion is not modified in this respect.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements and the directors' report has been prepared in accordance with applicable legal requirements.
Based on our knowledge and understanding of the company and its environment obtained during the course of the audit we have identified no material misstatements in the directors' report.

3.0

Ovingdean Property Limited
Independent auditor's report (continued)

Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
?the financial statements are not in agreement with the accounting records and returns; or
?certain disclosures of directors remuneration specified by law are not made; or
?we have not received all the information and explanations we require for our audit; or
?the directors were not entitled to prepare the financial statements and the directors' report in accordance with the small companies regime and to the exemption from the requirement to prepare a strategic report.
o Thomas Edward Goodworth (senior statutory auditor) For and on behalf of BOO LLP, statutory auditor London United Kingdom 30 f
BDO LLP is a limited liability partnership registered in England and Wales (with registered number 0C305127).

4.0
Ovingdean Property Limited Sheet1 The notes on pages 7 to 12 form part of these financial statements.
5.0
Ovingdean Property Limited
Statement of financial position at 31 December 2015
Sheet2

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial stateme s were approved by the Board of Directors and authorised for issue on SC arA, 2.0
S G McClure Director

The notes on pages 7 to 12 form part of these financial statements.
6.0
Ovingdean Property Limited
Notes forming part of the financial statements for the year ended 31 December 2015

1 Accounting policies The financial statements have been prepared in accordance with FRS 102 Section 1A Small Entities. Information on the impact of first-time adoption of section 1A Small Entities in FRS 102 is given in note 13. Basis of measurement
The financial statements have been prepared on a historical cost basis, except for the following items (refer to individual accounting policies for details):
- Investment property
The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies.
Following the disposal of the company's investment property on 1 July 2016 and the consequent reduction in the company's business activities, the Directors have taken the decision that the company will cease trading within the next 12 months. Accordingly the Directors have prepared the financial statements on the basis that the company is no longer a ?going concern.
The Directors have reviewed the company's assets and consider the value of all the assets disclosed in the financial statements to be equal to their net realisable value. The financial statements do not include any provisions for costs relating to the potential liquidation as no firm decision has been made at 31 December 2015. The following principal accounting policies have been applied: Turnover
Turnover comprises rental income which represents the amounts receivable under operating leases by the company exclusive of VAT from its activities which are wholly undertaken in the UK by the directors.
Investment properties
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except:
?The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ?Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ?Where timing differences relate to interests in subsidiaries, associates, branches and joint ventures and the group can control their reversal and such reversal is not considered probable in the foreseeable future. 7.0
Ovingdean Property Limited
Notes forming part of the financial statements for the year ended 31 December 2015 (continued)

1 Accounting policies (continued)
The Group and Company's reserves are as follows:
?Called up share capital reserve represents the nominal value of the shares issued.
?Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
2 Judgements in applying accounting policies and key sources of estimation uncertainty
Assumptions have been made by the directors when calculating the fair value of the investment property in relation to yields and comparable properties. Please refer to accounting policy on investment properties and note 6.
3 Operating profit 2015 2014 ? E This has been arrived at after charging:
Auditors' remuneration 5,230 5,286 Charitable donations 1,106,000 1,220,000 Gain from changes in fair value of investment property 1,950,828 604,638

4 Directors and employees
There were no employees during the year (2014 - Mil).
Directors received no remuneration during the year (2014- Mil).

8.0
Ovingdean Property Limited
Notes forming part of the financial statements for the year ended 31 December 2015 (continued)
Sheet3 9.0
Ovingdean Property Limited
Notes forming part of the financial statements for the year ended 31 December 2015 (continued)
Sheet4

10.0

Ovingdean Property Limited
Notes forming part of the financial statements for the year ended 31 December 2015 (continued)

11 Reserves

At 1 January 2015 Profit for the year
Profit and loss account ?
10410740.0 2899015.0
At 31 December 2015 13,309,755

12 Related party transactions
At 31 December 2015 the company was owed ?Nil (2014 - ?16,000) by Petchey Islington Ltd, and ?30,000 (2014 - ?30,000) by Central Developments Ltd, both companies are fellow subsidiary companies of Incorporated Holdings Limited.
At 31 December 2015 the company owed ?4,672,728 (2014 - ?4,672,728) to Petchey Industrial Holdings Limited, a fellow subsidiary company of Incorporated Holdings Limited.
13 Control
The company is a wholly owned subsidiary of Incorporated Holdings Limited, a company incorporated in the Isle of Man, which is itself owned by the Bulgham Charitable Trust, an Isle of Man discretionary trust, exclusively for the benefit of charitable beneficiaries. The trustees of the Bulgham Charitable Trust are Mr D J Morgan, Mrs A L Slee and St James's Trustees Limited.
14 Post balance sheet events
Investment property
The asset has now been sold for ?18 million on 1 July 2016.

11.0
Ovingdean Property Limited
Notes forming part of the financial statements for the year ended 31 December 2015 (continued)

15 First time adoption of FRS 102
Other Loss for comprehensive Equity as at year ended income for 1 January 31 December 31 December 2014 2014 2014 ?'000 ?'000 ?'000
9,970,636 (164,533) 604,638
Note
As previously stated under UK GAAP Equity as at 31 December 2014.0 ?'000
10410741.0 Transitional adjustments Presentation of gains and losses on revaluation of investment property in profit or loss a 604,638 (604,638)
As stated in accordance with FRS 102 9,970,636

440,105 - 10,410,741
Explanation of changes to previously reported profit and equity
a. FRS 102 requires that changes in the fair value of investment properties be recognised in profit and loss for the period. Under previous UK GAAP these changes were recognised outside of profit and loss and presented separately in a revaluation reserve. This change has increased reported profit for the year ended 31 December 2015 but has not affected the measurement of investment property on the

Directors Report 4

Report of the directors for the year ended 31 December 2014

The directors present their report together with the audited financial statements for the year ended 31 December 2014.

Results
The profit and loss account is set out on page 7 and shows the loss for the year.
During the year, the company made charitable donations of ?1,220,000 (2013 -?2,130,000).

Principal activities
The principal activity of the company is property investment.

Directors
The directors of the company during the year were:
S G McClure R SaiHart

Directors responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year.
In preparing these financial statements, the directors are required to:
?select suitable accounting policies and then apply them consistently;
?make judgements and accounting estimates that are reasonable and prudent;
?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

1.0

Ovingdean Property Limited
Report of the directors for the year ended 31 December 2014 (continued)

Auditors
All of the current directors have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company's auditors for the purposes of their audit and to establish that the auditors are aware of that information. The directors are not aware of any relevant audit information of which the auditors are unaware.
BDO LLP have expressed their willingness to continue in office and a resolution to re-appoint them will be proposed at the annual general meeting.

2.0

On behalf of the Boar

S G McClure

Director
Date eltk- jkzalah?c
Ovingdean Property Limited
Independent auditor's report

TO THE MEMBERS OF OVINGDEAN PROPERTY LIMITED
We have audited the financial statements of Ovingdean Property Limited for the year ended 31 December 2014 which comprise the profit and loss account, the statement of total recognised gains and losses, the balance sheet, the cash flow statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Financial Reporting Council's (FRC's) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the FRC's website at www.frc.org. uldauditscopeukprivate.
Opinion on financial statements
In our opinion the financial statements:
?give a true and fair view of the state of the company's affairs as at 31 December 2014 and of its loss for the year then ended;
?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ?have been prepared in accordance with the requirements of the Companies Act 2006. Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the directors report for the financial year for which the financial statements are prepared is consistent with the financial statements.

3.0
Ovingdean Property Limited
Independent auditor% report (continued)

Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
?the financial statements are not in agreement with the accounting records and returns; or
?certain disclosures of directors' remuneration specified by law are not made; or
?we have not received all the information and explanations we require for our audit.

Solomon Benaim (senior statutory auditor) For and on behalf of BDO LLP, statutory auditor London United Kingdom C9 (
BDO LLP is a limited liability partnership registered in England and Wales (with registered number 0C305127).

4.0
Ovingdean Property Limited

Directors Report 5

Report of the directors for the year ended 31 December 2013

The directors present their report together with the audited financial statements for the year ended 31 December 2013.

Results
The profit and loss account is set out on page 5 and shows the loss for the year.
During the year, the company made charitable donations of ? 2,130,000 (2012 -?500,000).

Principal activities
The principal activity of the company is property investment.

Directors
The directors of the company during the year were:
S G McClure K Ranjan (resigned 13 September 2013) R Saillart (appointed 13 September 2013)

Directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year.
In preparing these financial statements, the directors are required to:
?select suitable accounting policies and then apply them consistently;
?make judgements and accounting estimates that are reasonable and prudent;
?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

1.0

Ovingdean Property Limited
Report of the directors for the year ended 31 December 2013 (continued)

Auditors
All of the current directors have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company's auditors for the purposes of their audit and to establish that the auditors are aware of that information. The directors are not aware of any relevant audit information of which the auditors are unaware.
BDO LLP have expressed their willingness to continue in office and a resolution to re-appoint them will be proposed at the annual general meeting.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the Board 4CliLi??C)_0e<. R Saillart
Director
Date

2.0
Ovingdean Property Limited
Independent auditors report

TO THE MEMBERS OF OVINGDEAN PROPERTY LIMITED
We have audited the financial statements of Ovingdean Property Limited for the year ended 31 December 2013 which comprise the profit and loss account, the balance sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Financial Reporting Council's (FRC's) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the FRC's website at www.frc.org.uk/auditscopeukprivate.
Opinion on financial statements
In our opinion the financial statements:
?give a true and fair view of the state of the company's affairs as at 31 December 2013 and of its loss for the year then ended;
?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ? ?have been prepared in accordance with the requirements of the Companies Act 2006. Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements.

3.0
Ovingdean Property Limited
Independent auditors report (continued)

Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
?the financial statements are not in agreement with the accounting records and returns; or
?certain disclosures of directors remuneration specified by law are not made; or
?we have not received all the information and explanations we require for our audit; or
?the directors were not entitled to prepare the financial statements and the directors' report in accordance with the small companies' regime and to the exemption from the requirement to prepare a strategic report.

Solomon Benaim senior statutory auditor) For and on behalf of BDO LLP, statutory auditor London United Kingdom )ct
BDO LLP is a limited liability partnership registered in England and Wales (with registered number 0C305127).

4.0
Ovingdean Property Limited

Directors Report 6

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2012

The directors present their report and financial statements for the year ended 31 March 2012
Principal activities The pnncipal activity of the company is that of a property investment company
Directors The following directors have held office since 1 April 2011
S S Conway (Resigned 2 Apnl 2012) K Ranjan (Appointed 2 Apnl 2012) S G McClure (Appointed 2 April 2012)
Statement of directors' responsibilities The directors are responsible for prepanng the Directors' Report and the financial statements in accordance with applicable law and regulations
Company law requires the directors to prepare financial statements for each financial year Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period In preparing these financial statements, the directors are required to
- select suitable accounting policies and then apply them consistently, - make Judgements and accounting estimates that are reasonable and prudent, - prepare the financial statements on the going concern basis unless it is inappropnate to presume that the company will continue in business
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other megulanties

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OVINGDEAN PROPERTY LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2012

Statement of disclosure to auditors (a)so far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware and,
(b)they have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information
(c)BDO LLP have expressed their willingness to continue in the office Under the Companies Act 2006 section 487(2) they will be automatically re-appointed 28 days after these accounts are sent to the members, unless the members exercise their nghts under the Companies Act 2006 to prevent their re-appointment
This report has been prepared in accordance with the special provisions relating to small companies within Part 5 of the Companies Act 2006 S G McClure Directir PcZ.,? 2-

On behal
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OVINGDEAN PROPERTY LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF OVINGDEAN PROPERTY LIMITED

We have audited the financial statements of Ovingdean Properly Limited for the year ended 31 March 2012 which compnse the profit and loss account, the balance sheet and the related notes The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed
Respective responsibilities of directors and auditors As explained more fully in the statement of directors' responsibilities, the company's directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors
Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the APB's website at won frc org uk/apb/scope/pnvate cfm
Opinion on financial statements In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 31 March 2012 and of its loss for the year then ended, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities, and have been prepared in accordance with the requirements of the Companies Act 2006
Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements

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OVINGDEAN PROPERTY LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF OVINGDEAN PROPERTY LIMITED

Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us, or - the financial statements are not in agreement with the accounting records and returns, or - certain disclosures of directors' remuneration specified by law are not made, or - we have not received all the information and explanations we require for our audit, or - the directors were not entitled to prepare the financial statements and the directors' report in accordance with the small companies regime
Solomon Benaim (Seim For and on behalf of BDO LLP Auditor)

Statutory Auditor

DA 55 Baker Street London United Kingdom
BDO LLP is a limited liability partnership registered in England and Wales (with registered number 0C305127)

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OVINGDEAN PROPERTY LIMITED

Directors Report 7

DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2011

The director presents his report and financial statements for the year ended 31 March 2011
Principal activities The principal activity of the company is that of property development
Director The following director has held office since 1 April 2010
S S Conway
Statement of director's responsibilities The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations
Company law requires the director to prepare financial statements for each financial year Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period In preparing these financial statements, the director is required to
- select suitable accounting policies and then apply them consistently, - make judgements and accounting estimates that are reasonable and prudent, - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006 He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
OVINGDEAN PROPERTY LIMITED
DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2011

Statement of disclosure to auditors (a)so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware and,
(b)he has taken all the necessary steps that he ought to have taken as director in order to make himself aware of all relevant audit information and to establish that the company's auditors are aware of that information
(c)BDO LLP were appointed as the company's first auditors during the period and have expressed their willingness to continue in the office Under the Companies Act 2006 section 487(2) they will be automatically re-appointed 28 days after these accounts are sent to the members, unless the members exercise their rights under the Companies Act 2006 to prevent their re-appointment
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006
?f the board z

2011-11-02 00:00:00

OVINGDEAN PROPERTY LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF OVING DEAN PROPERTY LIMITED

We have audited the financial statements of Ovingdean Property Limited for the year ended 31 March 2011 which comprise the profit and loss account, the balance sheet and the related notes The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed
Respective responsibilities of director and auditors As explained more fully in the statement of director's responsibilities, the company's director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view Our responsibility is to audit the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors
Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the APB's website at www frc org uk/apb/scope/private cfm
Opinion on financial statements In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 31 March 2011 and of its loss for the year then ended, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities, and have been prepared in accordance with the requirements of the Companies Act 2006
Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements
OVINGDEAN PROPERTY LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF OVING DEAN PROPERTY LIMITED

Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us, or the financial statements are not in agreement with the accounting records and returns, or certain disclosures of directors' remuneration specified by law are not made, or we have not received all the information and explanations we require for our audit, or the director were not entitled to prepare the financial statements and the director's report in accordance with the small companies regime

Thomas Edward Goodworth (Senior Statutory Auditor) for and on behalf of BDO LLP
Statutory Auditor

02 (Wu
55 Baker Street London United Kingdom BDO LLP is a limited liability partnership registered in England and Wales (with registered number 0C305127)

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OVINGDEAN PROPERTY LIMITED