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REGISTERED NUMBER: 05020153 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

HOLM OAK ESTATES LIMITED

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


HOLM OAK ESTATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: I S Lauder
A S Lauder
P E Knighton



REGISTERED OFFICE: 12 Henson Close
Telford Way Industrial Estate
Kettering
Northamptonshire
NN16 8PX



REGISTERED NUMBER: 05020153 (England and Wales)



AUDITORS: DNG Dove Naish LLP, Statutory Auditor
Eagle House
28 Billing Road
Northampton
NN1 5AJ



BANKERS: HSBC Bank Plc
9 High Street
Kettering
Northamptonshire
NN16 8ST

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their strategic report of the company and the group for the year ended 31 March 2023.

REVIEW OF BUSINESS
The results for the year and financial position of the company are detailed on the annexed accounts.

Total turnover on continuing operations increased by £3,416,686 to £23,024,166 whilst maintaining a consistent gross profit of 25.6% of sales. Having strengthened our commercial team last year, the 6% increase in administrative cost during this period was in line with inflationary pressures.

Continuing investment of £923k in plant and vehicles was made to support our external surfacing operations and the ongoing development of the Traffic Management division.

The net profit before tax of £2,534,553 represented a net margin of 11%.

Current trading results are close to the budget to maintain a steady performance year on year in anticipation of a challenging period in the construction Industry.

PRINCIPAL RISKS AND UNCERTAINTIES
Economic uncertainty and increased costs of borrowing will inevitably impact our markets. There may be a reduction in housebuilding activity and there will be a significant risk of late and defaulted customer payments. Increased credit checking and vigilant debt collection procedures have been adopted and these will be closely monitored throughout the year.

FUTURE DEVELOPMENTS
The company is conscious of its sustainability obligations and with this in mind will continue to take advantage of developing technology both in terms of its operation and management.

SIGNED BY ORDER OF THE DIRECTORS:





A S Lauder - Director


26 October 2023

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the group during the year under review was that of surfacing contractors and the merchanting of bituminous products.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2023 will be £600,104 (2022 - £480,000).

The directors recommend that no final dividend be paid.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

I S Lauder
A S Lauder
P E Knighton

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


AUDITORS
The auditors, DNG Dove Naish LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED BY ORDER OF THE DIRECTORS:





A S Lauder - Director


26 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HOLM OAK ESTATES LIMITED


Opinion
We have audited the financial statements of Holm Oak Estates Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HOLM OAK ESTATES LIMITED


Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HOLM OAK ESTATES LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing meeting minutes, regulatory correspondence and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
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 a Report of the Auditors 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.




Robyn Liddell (Senior Statutory Auditor)
for and on behalf of DNG Dove Naish LLP, Statutory Auditor
Eagle House
28 Billing Road
Northampton
NN1 5AJ

31 October 2023

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

TURNOVER 3 23,024,166 19,607,480

Cost of sales 17,131,435 14,754,045
GROSS PROFIT 5,892,731 4,853,435

Administrative expenses 3,959,235 3,746,318
1,933,496 1,107,117

Other operating income 174,816 169,084
OPERATING PROFIT 5 2,108,312 1,276,201

Interest receivable and similar income 26,075 5,438
2,134,387 1,281,639
Amounts written off investments 6 25 -
Gain/loss on revaluation of assets (418,171 ) (79,429 )
(418,146 ) (79,429 )
2,552,533 1,361,068

Interest payable and similar expenses 7 17,979 12,315
PROFIT BEFORE TAXATION 2,534,554 1,348,753

Tax on profit 8 502,223 293,462
PROFIT FOR THE FINANCIAL YEAR 2,032,331 1,055,291

OTHER COMPREHENSIVE INCOME
Purchase of own shares
Minority interest adjustment of shares - (124,296 )
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

(124,296

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,032,331

930,995

Profit attributable to:
Owners of the parent 1,831,411 1,075,988
Non-controlling interests 200,920 (20,697 )
2,032,331 1,055,291

Total comprehensive income attributable to:
Owners of the parent 1,831,411 951,692
Non-controlling interests 200,920 (20,697 )

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
£    £   
2,032,331 930,995

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

CONSOLIDATED BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 2,428,068 2,282,151
Investments 12 371,274 403,088
Investment property 13 4,025,000 3,584,000
6,824,342 6,269,239

CURRENT ASSETS
Stocks 14 200,606 197,878
Debtors 15 3,211,789 3,209,761
Investments 16 - 25
Cash at bank and in hand 3,665,914 3,037,386
7,078,309 6,445,050
CREDITORS
Amounts falling due within one year 17 3,696,907 3,753,720
NET CURRENT ASSETS 3,381,402 2,691,330
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,205,744

8,960,569

CREDITORS
Amounts falling due after more than one
year

18

(179,447

)

(305,728

)

PROVISIONS FOR LIABILITIES 21 (563,427 ) (424,198 )
NET ASSETS 9,462,870 8,230,643

CAPITAL AND RESERVES
Called up share capital 22 60,000 60,000
Investment property reserve 23 916,100 585,410
Capital redemption reserve 23 90,000 90,000
Retained earnings 23 7,275,128 6,574,511
SHAREHOLDERS' FUNDS 8,341,228 7,309,921

NON-CONTROLLING INTERESTS 24 1,121,642 920,722
TOTAL EQUITY 9,462,870 8,230,643

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





A S Lauder - Director


HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

COMPANY BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 369,496 375,332
Investments 12 2,313,223 2,345,037
Investment property 13 4,025,000 3,584,000
6,707,719 6,304,369

CURRENT ASSETS
Debtors 15 - 6,929
Cash at bank 647,607 475,592
647,607 482,521
CREDITORS
Amounts falling due within one year 17 261,400 222,857
NET CURRENT ASSETS 386,207 259,664
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,093,926

6,564,033

PROVISIONS FOR LIABILITIES 21 175,674 74,330
NET ASSETS 6,918,252 6,489,703

CAPITAL AND RESERVES
Called up share capital 22 60,000 60,000
Share premium 23 1,791,949 1,791,949
Investment property reserve 23 916,100 585,410
Capital redemption reserve 23 90,000 90,000
Retained earnings 23 4,060,203 3,962,344
SHAREHOLDERS' FUNDS 6,918,252 6,489,703

Company's profit for the financial year 1,028,653 950,019

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





A S Lauder - Director


HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up Investment
share Retained property
capital earnings reserve
£    £    £   

Balance at 1 April 2021 60,000 6,325,665 562,564

Changes in equity
Profit for the year - 1,075,988 -
Other comprehensive income - (147,142 ) 22,846
Total comprehensive income - 928,846 22,846
Dividends - (680,000 ) -
60,000 6,574,511 585,410
Increase in non-controlling
interest

-

-

-
Balance at 31 March 2022 60,000 6,574,511 585,410

Changes in equity
Profit for the year - 1,831,411 -
Other comprehensive income - (330,690 ) 330,690
Total comprehensive income - 1,500,721 330,690
Dividends - (800,104 ) -
Balance at 31 March 2023 60,000 7,275,128 916,100

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - continued
FOR THE YEAR ENDED 31 MARCH 2023

Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   

Balance at 1 April 2021 90,000 7,038,229 740,123 7,778,352

Changes in equity
Profit for the year - 1,075,988 (20,697 ) 1,055,291
Other comprehensive income - (124,296 ) - (124,296 )
Total comprehensive income - 951,692 (20,697 ) 930,995
Dividends - (680,000 ) - (680,000 )
90,000 7,309,921 719,426 8,029,347
Increase in non-controlling
interest

-

-

201,296

201,296
Balance at 31 March 2022 90,000 7,309,921 920,722 8,230,643

Changes in equity
Profit for the year - 1,831,411 200,920 2,032,331
Other comprehensive income - - - -
Total comprehensive income - 1,831,411 200,920 2,032,331
Dividends - (800,104 ) - (800,104 )
Balance at 31 March 2023 90,000 8,341,228 1,121,642 9,462,870

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up
share Retained Share
capital earnings premium
£    £    £   

Balance at 1 April 2021 60,000 3,515,171 1,791,949

Changes in equity
Profit for the year - 950,019 -
Other comprehensive income - (22,846 ) -
Total comprehensive income - 927,173 -
Dividends - (480,000 ) -
Balance at 31 March 2022 60,000 3,962,344 1,791,949

Changes in equity
Profit for the year - 1,028,653 -
Other comprehensive income - (330,690 ) -
Total comprehensive income - 697,963 -
Dividends - (600,104 ) -
Balance at 31 March 2023 60,000 4,060,203 1,791,949
Investment Capital
property redemption Total
reserve reserve equity
£    £    £   

Balance at 1 April 2021 562,564 90,000 6,019,684

Changes in equity
Profit for the year - - 950,019
Other comprehensive income 22,846 - -
Total comprehensive income 22,846 - 950,019
Dividends - - (480,000 )
Balance at 31 March 2022 585,410 90,000 6,489,703

Changes in equity
Profit for the year - - 1,028,653
Other comprehensive income 330,690 - -
Total comprehensive income 330,690 - 1,028,653
Dividends - - (600,104 )
Balance at 31 March 2023 916,100 90,000 6,918,252

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,346,018 2,590,713
Interest paid - (2,381 )
Interest element of hire purchase
payments paid

(17,979

)

(9,934

)
Tax paid (78,653 ) (321,833 )
Net cash from operating activities 2,249,386 2,256,565

Cash flows from investing activities
Purchase of tangible fixed assets (923,547 ) (1,591,981 )
Purchase of fixed asset investments (30,540 ) (50,057 )
Sale of tangible fixed assets 207,825 120,500
Sale of fixed asset investments 32,748 47,905
Diminution in value of investments 25 -
Investment portfolio cash movement 5,747 -
Interest received 26,075 5,438
Net cash from investing activities (681,667 ) (1,468,195 )

Cash flows from financing activities
Loan repayments in year - (234,936 )
New hire purchase in the year - 561,250
Capital repayments in year (139,087 ) (195,873 )
Share issue - 77,000
Equity dividends paid (800,104 ) (680,000 )
Net cash from financing activities (939,191 ) (472,559 )

Increase in cash and cash equivalents 628,528 315,811
Cash and cash equivalents at
beginning of year

2

3,037,386

2,721,575

Cash and cash equivalents at end of
year

2

3,665,914

3,037,386

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 2,534,554 1,348,753
Depreciation charges 752,391 721,101
Profit on disposal of fixed assets (181,554 ) (65,698 )
Gain on revaluation of fixed assets (418,171 ) (77,997 )
Finance costs 17,979 12,315
Finance income (26,075 ) (5,438 )
2,679,124 1,933,036
(Increase)/decrease in stocks (2,728 ) 27,496
(Increase)/decrease in trade and other debtors (122,028 ) 674,989
Decrease in trade and other creditors (208,350 ) (44,808 )
Cash generated from operations 2,346,018 2,590,713

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 3,665,914 3,037,386
Year ended 31 March 2022
31/3/22 1/4/21
£    £   
Cash and cash equivalents 3,037,386 2,721,575


HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/22 Cash flow At 31/3/23
£    £    £   
Net cash
Cash at bank and in hand 3,037,386 628,528 3,665,914
3,037,386 628,528 3,665,914

Liquid resources
Current asset investments 25 (25 ) -
25 (25 ) -
Debt
Finance leases (444,815 ) 139,087 (305,728 )
(444,815 ) 139,087 (305,728 )
Total 2,592,596 767,590 3,360,186

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Holm Oak Estates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and entities controlled by the company (its subsidiaries) made up to 31 March 2021 each period. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Subsidiaries
Subsidiaries are fully consolidated from the date on which control is transferred to the group and de-consolidated from the date that control ceases.

Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

The consolidated financial statements incorporate the assets, liabilities and results of the following entities in accordance with the accounting policy described above:


Name of entity
Registered
office
Country of
incorporation
Class of
shares held
Equity
holding %

Kettering Bituminous Products Limited As group UK Ordinary 100
Phoenix Surfacing Limited As group UK Ordinary 75

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and benefits of ownership of the product have been transferred to the buyer.

Revenue from services provided is recognised when the company has performed its obligations and in exchange obtained the right to consideration.

In respect of incomplete contracts, and to the extent that a right to consideration arises, the amount of revenue recognised reflects the accrual of the right to this consideration by reference to the value of work performed to date. Revenue not billed to clients is included in debtors and payments received on account in excess of the relevant amount of revenue are included in creditors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 25% on cost
Motor vehicles - 33% on cost and 25% on cost
Office equipment - 20% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Investment property
Investment properties are shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the investment property reserve.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress
Work in progress is valued on the basis of direct cost. Provision is made for any foreseeable losses, where appropriate. No element of profit is included in the valuation of work in progress.

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Rental income
Rental income is the total amount receivable by the company during the accounting period.

Listed investments
Listed investments are shown at fair value. Any aggregate surplus or deficit arising from changes in market value is recognised in the profit or loss.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Rendering of services 23,024,166 19,607,480
23,024,166 19,607,480

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,981,299 2,849,982
Social security costs 324,345 291,760
Other pension costs 117,549 116,400
3,423,193 3,258,142

The average number of employees during the year was as follows:
2023 2022

Number of staff 57 51

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 690,253 735,591
Directors' pension contributions to money purchase schemes 39,115 32,082

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 220,530 234,181
Pension contributions to money purchase schemes 10,558 10,558

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 976 1,004
Other operating leases 10,674 -
Depreciation - owned assets 620,576 630,733
Depreciation - assets on hire purchase contracts 131,814 90,368
Profit on disposal of fixed assets (181,554 ) (65,748 )
Auditors' remuneration 21,972 19,370
Auditors' remuneration for non audit work 51,436 6,305
Foreign exchange differences 2,636 (1,735 )

6. AMOUNTS WRITTEN OFF INVESTMENTS
2023 2022
£    £   
Amounts w/o invs 25 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest payable - 2,381
Hire purchase 17,979 9,934
17,979 12,315

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 362,994 (5,106 )

Deferred tax 139,229 298,568
Tax on profit 502,223 293,462

UK corporation tax has been charged at 19 % (2022 - 19 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,534,554 1,348,753
Profit multiplied by the standard rate of corporation tax in the UK of
19 % (2022 - 19 %)

481,565

256,263

Effects of:
Expenses not deductible for tax purposes 10,074 12,244
Investment income FII (1,341 ) (1,035 )
Super deduction allowance (22,207 ) (80,935 )
Change in deferred tax on gains/losses on investments 22,087 3,675
SBA (145 ) (75 )
Deferred tax change in tax rate 10,095 101,806
Depreciation on assets where no capital allowances claimed 2,095 1,519
Total tax charge 502,223 293,462

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 March 2023.

2022
Gross Tax Net
£    £    £   
Purchase of own shares
Minority interest adjustment of shares (124,296 ) - (124,296 )
(124,296 ) - (124,296 )

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 710,104 680,000
Ordinary B shares shares of £1 each
Interim 90,000 -
800,104 680,000

11. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor Office
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 451,200 2,107,223 2,103,691 103,508 4,765,622
Additions - 374,680 539,113 9,754 923,547
Disposals - (213,425 ) (230,250 ) (675 ) (444,350 )
At 31 March 2023 451,200 2,268,478 2,412,554 112,587 5,244,819
DEPRECIATION
At 1 April 2022 75,868 1,175,823 1,175,549 56,231 2,483,471
Charge for year 5,836 378,475 352,988 15,091 752,390
Eliminated on disposal - (188,416 ) (230,250 ) (444 ) (419,110 )
At 31 March 2023 81,704 1,365,882 1,298,287 70,878 2,816,751
NET BOOK VALUE
At 31 March 2023 369,496 902,596 1,114,267 41,709 2,428,068
At 31 March 2022 375,332 931,400 928,142 47,277 2,282,151

The net book value of tangible fixed assets includes £ 285,176 (2022 - £ 425,149 ) in respect of assets held under hire purchase contracts.

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£   
COST
At 1 April 2022
and 31 March 2023 451,200
DEPRECIATION
At 1 April 2022 75,868
Charge for year 5,836
At 31 March 2023 81,704
NET BOOK VALUE
At 31 March 2023 369,496
At 31 March 2022 375,332

Included in cost of land and buildings is freehold land of £ 159,375 (2022 - £ 159,375 ) which is not depreciated.

12. FIXED ASSET INVESTMENTS

Group
Listed
investments
£   
COST OR VALUATION
At 1 April 2022 403,088
Additions 30,540
Disposals (32,748 )
Revaluations (29,606 )
At 31 March 2023 371,274
NET BOOK VALUE
At 31 March 2023 371,274
At 31 March 2022 403,088

Cost or valuation at 31 March 2023 is represented by:

Listed
investments
£   
Valuation in 2020 (11,604 )
Valuation in 2021 57,199
Valuation in 2022 28,306
Valuation in 2023 (50,045 )
Cost 347,418
371,274

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


12. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group Listed
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 April 2022 1,941,949 403,088 2,345,037
Additions - 30,540 30,540
Disposals - (32,748 ) (32,748 )
Revaluations - (29,606 ) (29,606 )
At 31 March 2023 1,941,949 371,274 2,313,223
NET BOOK VALUE
At 31 March 2023 1,941,949 371,274 2,313,223
At 31 March 2022 1,941,949 403,088 2,345,037

Cost or valuation at 31 March 2023 is represented by:

Shares in
group Listed
undertakings investments Totals
£    £    £   
Valuation in 2020 - (11,604 ) (11,604 )
Valuation in 2021 - 57,217 57,217
Valuation in 2022 - 15,093 15,093
Valuation in 2023 - (36,850 ) (36,850 )
Cost 1,941,949 347,418 2,289,367
1,941,949 371,274 2,313,223

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Phoenix Surfacing Limited
Registered office: 12 Henson Close, Telford Way Industrial Estate, Kettering, Northamptonshire, NN16 8PX
Nature of business: Surfacing contractors
%
Class of shares: holding
Ordinary 75.00
2023 2022
£    £   
Aggregate capital and reserves 4,486,567 3,682,889
Profit for the year 1,603,678 905,273

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


12. FIXED ASSET INVESTMENTS - continued

Kettering Bituminous Products Limited
Registered office: 12 Henson Close, Telford Way Industrial Estate, Kettering, Northampton,NN16 8PX
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves - 50,000


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2022 3,584,000
Revaluations 441,000
At 31 March 2023 4,025,000
NET BOOK VALUE
At 31 March 2023 4,025,000
At 31 March 2022 3,584,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2007 45,031
Valuation in 2019 241,692
Valuation in 2021 305,086
Valuation in 2022 53,000
Valuation in 2023 441,000
Cost 2,939,191
4,025,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,939,191 2,939,191

Investment property was valued on an open market value basis on 31 March 2023 by Carter and King Estates Agents .

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


13. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1 April 2022 3,584,000
Revaluations 441,000
At 31 March 2023 4,025,000
NET BOOK VALUE
At 31 March 2023 4,025,000
At 31 March 2022 3,584,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2007 45,031
Valuation in 2019 241,692
Valuation in 2021 305,086
Valuation in 2022 53,000
Valuation in 2023 441,000
Cost 2,939,191
4,025,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,939,191 2,939,191

Investment property was valued on an open market basis on 31 March 2023 by Carter and King Estate Agents .

14. STOCKS

Group
2023 2022
£    £   
Raw materials 130,072 133,162
Work-in-progress 70,534 64,716
200,606 197,878

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 3,018,370 3,017,143 - -
Other debtors 1,758 12,532 - 6,929
Tax 30,758 150,758 - -
VAT 139,633 12,979 - -
Prepayments and accrued income 21,270 16,349 - -
3,211,789 3,209,761 - 6,929

16. CURRENT ASSET INVESTMENTS

Group
2023 2022
£    £   
Investments - 25

The short term investments had a fair value of £nil at 31 March 2023 (2022 - £25).

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts - - - 25
Hire purchase contracts (see note 19) 126,281 139,087 - -
Trade creditors 2,301,581 2,409,808 - -
Amounts owed to group undertakings - - 228,019 191,659
Tax 189,993 25,652 27,609 25,652
Social security and other taxes 102,231 99,276 - -
VAT - - 3,000 3,001
Other creditors 259,381 98,825 - -
Wages control 37,440 - - -
Accruals and deferred income 680,000 981,072 2,772 2,520
3,696,907 3,753,720 261,400 222,857

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Hire purchase contracts (see note 19) 179,447 305,728

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 126,281 139,087
Between one and five years 179,447 305,728
305,728 444,815

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 60,000 60,000
Between one and five years 240,000 240,000
In more than five years - 60,000
300,000 360,000

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 305,728 444,815

Net obligations under hire purchase contracts are secured on the assets concerned.

21. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 563,427 424,198 175,674 74,330

Group
Deferred
tax
£   
Balance at 1 April 2022 424,198
Accelerated capital allowances 139,229
Balance at 31 March 2023 563,427

HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


21. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 April 2022 74,330
Provided during year 101,344
Balance at 31 March 2023 175,674

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
59,280 Ordinary £1 59,280 59,280
720 Ordinary B shares £1 720 720
60,000 60,000

720 Ordinary shares were reclassified in 2022 as Ordinary B shares.

23. RESERVES

Group
Investment Capital
Retained property redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2022 6,574,511 585,410 90,000 7,249,921
Profit for the year 1,831,411 1,831,411
Dividends (800,104 ) (800,104 )
Reserves transfer (330,690 ) 330,690 - -
At 31 March 2023 7,275,128 916,100 90,000 8,281,228

Company
Investment Capital
Retained Share property redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 April 2022 3,962,344 1,791,949 585,410 90,000 6,429,703
Profit for the year 1,028,653 1,028,653
Dividends (600,104 ) (600,104 )
Reserves transfer (330,690 ) - 330,690 - -
At 31 March 2023 4,060,203 1,791,949 916,100 90,000 6,858,252


HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


24. NON-CONTROLLING INTERESTS

The minority interests' share of the net assets in the subsidiary undertaking are:

Phoenix Surfacing Limited: £1,121,642 (2022: £920,722).

25. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £824,161 (2022: £813,263) was paid.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors by virtue of their shareholding.