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Registered Number:12315380













OAKLEAF GROUP LIMITED






ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023











 
OAKLEAF GROUP LIMITED
 

 
COMPANY INFORMATION


Directors
E D O'Keeffe 
R O'Keeffe 
C M Smith 




Registered number
12315380



Registered office
Unit 10-12
The Maltings Industrial Estate

Southminster

Essex

CM0 7EQ




Independent auditor
SB Audit LLP
Chartered Accountants & Statutory Auditor

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG






 
OAKLEAF GROUP LIMITED
 


CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 9
Consolidated Statement of Comprehensive Income
10
Consolidated Balance Sheet
11 - 12
Company Balance Sheet
13 - 14
Consolidated Statement of Changes in Equity
15
Company Statement of Changes in Equity
16
Consolidated Statement of Cash Flows
17 - 18
Consolidated Analysis of Net Debt
19
Notes to the Financial Statements
20 - 40



 
OAKLEAF GROUP LIMITED
 

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The principal activity of the Company is a holding company for the wholly owned subsidiaries being Europlaz Technologies Ltd and Nua Medical Limited. 
The principal activity of Europlaz Technologies Ltd is to provide design, engineering and manufacturing expertise for the medical device industry. This represents the majority of the Group's turnover.  Europlaz works across the entire life cycle of a product, from concept design to manufacturing to after-market services. Nua Medical is a dormant company during the year.

Business review
 
The Group had a very successful year in trading, reporting a 23% increase in turnover and a profit after tax of £2,091,222 (2022: £1,995,357) which has met the Directors’ expectations.
Through careful cost control, the Group has reported an increase in gross margin to 44% (2022: 47%) despite price increases in polymers, energy, packing materials and haulage during the year.
The Group has carefully managed the global shortage of manufactured products, closely monitoring lead times and stock turnover. The Group continues to maximise its investment in the business, ensuring that the Group is well placed to meet the increasing challenges of product demand, product availability and manufacturing capacity.  The Company achieved an OTIF rating of 98% in the year.
The financial position at year end was considered satisfactory by the Directors of the Group to enter its operations for the following year. The Directors feel that the Group is now well placed to exploit market opportunities as they arise or are created, and thereby improve revenue and profitability going forward.
During the year the Group continued to invest in improvements to its facilities and allocates a minimum of 25% of EBITDA annually for capital upgrades. The Group replaced two of its injection moulding machines with fully electric energy efficient ones. In addition, the Group has implemented further energy efficiency projects such as solar panelling which has generated a total of 136.8mWh in the year (2022: 79.5mWh) to help mitigate the increased energy costs. For the emissions that we control directly, the Company is focusing on achieving net zero by 2040, with an ambition to reach an 80% reduction by 2028 to 2032.


- 1 -



 
OAKLEAF GROUP LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Principal risks and uncertainties
 
The Group managed to trade successfully throughout the period, given the current state of the economy, and the Directors are pleased that this is a demonstration of the resilience of the overall trading model.
Other key risks faced by the Group are eroding margins in core products and upwards pressure on overheads. The Directors expect profitability to remain under pressure during the coming year with a lot of risk and uncertainty in the world. High inflation rates along with the continued increase in polymer prices and increased energy costs have resulted in cost increases across all areas of the business.
The Directors also believe that their employees are a very important resource for the business. It is key that the Group maintains a stable and skilled workforce.
Principal financial instruments are trade debtors and creditors arising directly from sales.
Liquidity risk:
The Group manages its cash requirements to ensure sufficient liquid resources to meet its liabilities as they fall due. They considers working capital management, particularly cash flow, to be key to the management of the Group.
Credit risk:
Customers are subject to credit verification procedures and debtors are regularly reviewed and action taken to mitigate any potential bad debts.

Financial key performance indicators
 
The Directors consider the key performance indicators to be turnover, margin and unit costs of products. The Directors were satisfied with the resultant KPls which demonstrated that unit costs have been kept under control despite inflationary pressures. Given the challenging economic environment, the Directors are satisfied with the results achieved.


This report was approved by the board on 19 October 2023 and signed on its behalf.



E D O'Keeffe
Director


- 2 -



 
OAKLEAF GROUP LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 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'. 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,091,222 (2022 - £1,995,357).

Particulars of dividends can be found in note 13.

Directors

The directors who served during the year were:

E D O'Keeffe 
R O'Keeffe 
C M Smith 

Future developments

Despite the current economic climate and level of uncertainty, the Group has managed to continue to serve customers and make healthy profits ahead of its set budgets. The Group plans to expand its customer base further as well as investing in capital enhancements to service them.

Matters covered in the Group Strategic Report

Details of the Group's future developments, financial risk management objectives and policies, use of financial instruments, and the key risks to which it is exposed are included in the Strategic Report.


- 3 -



 
OAKLEAF GROUP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, SB Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 October 2023 and signed on its behalf.
 





E D O'Keeffe
Director


- 4 -



 
OAKLEAF GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OAKLEAF GROUP LIMITED

Opinion


We have audited the financial statements of Oakleaf Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 or 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.



- 5 -



 
OAKLEAF GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OAKLEAF GROUP LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's Report thereon.  The directors are responsible for the other information contained within the Annual Report.  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. 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 course of 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.
Other matters - prior year financial statements unaudited
The Company was not required to have a statutory audit for the year ended 31 March 2022 as it was entitled to exemption by the provision of the Companies Act 2006 relating to the audit of financial statements by virtue of Section 477 and no member or members requested an audit pursuant to Section 476 of the Act. Accordingly, the corresponding figures for the year ended 31 March 2022 are unaudited.


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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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.



- 6 -



 
OAKLEAF GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OAKLEAF GROUP LIMITED (CONTINUED)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is 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.



- 7 -



 
OAKLEAF GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OAKLEAF GROUP LIMITED (CONTINUED)

Auditor's 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 an Auditor's Report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Group.
The following laws and regulations were identified as being of significance to the Group:
• Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards and UK Company Law; and 
• Those laws and regulations considered to have an indirect effect on the financial statements including the Health & Safety Act 1974, COSHH, IOS13485 and REACH regulations. 
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Group complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 
Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 Auditor's Report.



- 8 -



 
OAKLEAF GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OAKLEAF GROUP LIMITED (CONTINUED)

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 2006Our 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.





Steven Burgess (Senior Statutory Auditor)
  
for and on behalf of
SB Audit LLP
 
Chartered Accountants
Statutory Auditor
  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

3 November 2023

- 9 -



 
OAKLEAF GROUP LIMITED
 

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

2023
2022
Note
£
£

  

Turnover
 4 
10,056,921
8,203,229

Cost of sales
  
(5,586,584)
(4,307,831)

Gross profit
  
4,470,337
3,895,398

Administrative expenses
  
(1,971,237)
(1,664,118)

Other operating income
 5 
11,531
8,800

Fair value movements
  
-
(155,215)

Operating profit
  
2,510,631
2,084,865

Interest receivable and similar income
  
6,762
64

Interest payable and similar expenses
 11 
(95)
(2,738)

Profit before taxation
  
2,517,298
2,082,191

Tax on profit
 12 
(426,076)
(86,834)

Profit for the financial year
  
2,091,222
1,995,357

  

Revaluation of freehold property
  
28,500
352,893

Movement on deferred tax liability relating to freehold property
  
(75,135)
(123,754)

Other comprehensive income for the year
  
(46,635)
229,139

Total comprehensive income for the year
  
2,044,587
2,224,496

Profit for the year attributable to:
  

Owners of the parent Company
  
2,091,222
1,995,357

  
2,091,222
1,995,357

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
2,044,587
2,224,496

  
2,044,587
2,224,496

The notes on pages 20 to 40 form part of these financial statements.


- 10 -



 
OAKLEAF GROUP LIMITED
REGISTERED NUMBER:12315380


CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
2,775,589
2,432,397

Investment property
 16 
1,075,000
1,075,000

  
3,850,589
3,507,397

Current assets
  

Stocks
 17 
1,172,893
947,106

Debtors: amounts falling due after more than one year
 18 
-
196,778

Debtors: amounts falling due within one year
 18 
3,104,681
1,828,032

Cash at bank and in hand
 19 
1,559,577
815,876

  
5,837,151
3,787,792

Creditors: amounts falling due within one year
 20 
(1,832,523)
(1,239,810)

Net current assets
  
 
 
4,004,628
 
 
2,547,982

Total assets less current liabilities
  
7,855,217
6,055,379

Creditors: amounts falling due after more than one year
 21 
-
(46,163)

Provisions for liabilities
  

Deferred taxation
 23 
(581,974)
(285,560)

  
 
 
(581,974)
 
 
(285,560)

Net assets
  
7,273,243
5,723,656


Capital and reserves
  

Called up share capital 
 24 
200
250,200

Freehold property revaluation reserve
 25 
182,504
229,139

Profit and loss account
 25 
7,090,539
5,244,317

Equity attributable to owners of the parent Company
  
7,273,243
5,723,656



- 11 -



 
OAKLEAF GROUP LIMITED
REGISTERED NUMBER:12315380

    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 October 2023.




E D O'Keeffe
Director

The notes on pages 20 to 40 form part of these financial statements.


- 12 -



 
OAKLEAF GROUP LIMITED
REGISTERED NUMBER:12315380


COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
250,100
250,100

Investment Property
 16 
2,500,000
2,500,000

  
2,750,100
2,750,100

Current assets
  

Debtors: amounts falling due within one year
 18 
769,923
13,339

Cash at bank and in hand
 19 
695,357
93,138

  
1,465,280
106,477

Creditors: amounts falling due within one year
 20 
(107,225)
(24,175)

Net current assets
  
 
 
1,358,055
 
 
82,302

Total assets less current liabilities
  
4,108,155
2,832,402

  

Provisions for liabilities
  

Deferred taxation
 23 
(192,297)
(123,754)

  
 
 
(192,297)
 
 
(123,754)

Net assets
  
3,915,858
2,708,648


Capital and reserves
  

Called up share capital 
 24 
200
250,200

Investment property revaluation reserve
 25,26 
607,665
682,800

Profit and loss account brought forward
  
1,775,648
618,446

Profit for the year
  
1,702,210
1,982,502

Other changes in the profit and loss account

  

(169,865)
(825,300)

Profit and loss account carried forward
 26 
3,307,993
1,775,648

  
3,915,858
2,708,648



- 13 -



 
OAKLEAF GROUP LIMITED
REGISTERED NUMBER:12315380

    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 October 2023.


E D O'Keeffe
Director

The notes on pages 20 to 40 form part of these financial statements.


- 14 -



 
OAKLEAF GROUP LIMITED
 


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


Called up share capital
Freehold property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
250,200
-
3,391,460
3,641,660



Profit for the year
-
-
1,995,357
1,995,357

Surplus on revaluation of freehold property
-
-
352,893
352,893

Deferred tax on the freehold property revaluation
-
-
(123,754)
(123,754)


Other comprehensive income for the year
-
-
229,139
229,139


Total comprehensive income for the year
-
-
2,224,496
2,224,496

Dividends: Equity capital
-
-
(142,500)
(142,500)

Transfer to/from profit and loss account
-
229,139
(229,139)
-



At 1 April 2022
250,200
229,139
5,244,317
5,723,656



Profit for the year
-
-
2,091,222
2,091,222

Surplus on revaluation of freehold property
-
-
28,500
28,500

Deferred tax on the freehold property revaluation
-
-
(75,135)
(75,135)


Other comprehensive income for the year
-
-
(46,635)
(46,635)


Total comprehensive income for the year
-
-
2,044,587
2,044,587

Dividends: Equity capital
-
-
(245,000)
(245,000)

Shares cancelled during the year
(250,000)
-
-
(250,000)

Transfer to/from profit and loss account
-
(46,635)
46,635
-


At 31 March 2023
200
182,504
7,090,539
7,273,243


The notes on pages 20 to 40 form part of these financial statements.


- 15 -



 
OAKLEAF GROUP LIMITED
 


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


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
250,200
-
618,446
868,646



Profit for the year
-
-
1,982,502
1,982,502

Dividends: Equity capital
-
-
(142,500)
(142,500)

Transfer to/from profit and loss account
-
682,800
(682,800)
-



At 1 April 2022 (as restated)
250,200
682,800
1,775,648
2,708,648



Profit for the year
-
-
1,702,210
1,702,210

Dividends: Equity capital
-
-
(245,000)
(245,000)

Shares cancelled during the year
(250,000)
-
-
(250,000)

Transfer to/from profit and loss account
-
(75,135)
75,135
-


At 31 March 2023
200
607,665
3,307,993
3,915,858


The notes on pages 20 to 40 form part of these financial statements.


- 16 -



 
OAKLEAF GROUP LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
2,091,222
1,995,357

Adjustments for:

Depreciation of tangible assets
219,060
141,099

Interest paid
95
2,738

Interest received
(6,762)
(64)

Taxation charge
426,076
86,834

(Increase) in stocks
(225,787)
(192,971)

(Increase) in debtors
(1,209,149)
(368,268)

Increase in creditors
498,217
113,000

Net fair value losses recognised in Consolidated Statement of Comprehensive Income
-
155,215

Corporation tax received/(paid)
27,313
(83,488)

Net cash generated from operating activities

1,820,285
1,849,452


Cash flows from investing activities

Purchase of tangible fixed assets
(533,752)
(1,741,265)

Interest received
6,762
64

HP interest paid
(73)
-

Net cash from investing activities

(527,063)
(1,741,201)

Cash flows from financing activities

Purchase of ordinary shares
(250,000)
-

Repayment of loans
-
(350,000)

Repayment of/new finance leases
(54,499)
54,499

Non-equity dividends paid
(245,000)
(142,500)

Interest paid
(22)
(2,738)

Net cash used in financing activities
(549,521)
(440,739)

Net increase/(decrease) in cash and cash equivalents
743,701
(332,488)

- 17 -



 
OAKLEAF GROUP LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


2023
2022

£
£



Cash and cash equivalents at beginning of year
815,876
1,148,364

Cash and cash equivalents at the end of year
1,559,577
815,876


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,559,577
815,876

1,559,577
815,876


The notes on pages 20 to 40 form part of these financial statements.


- 18 -



 
OAKLEAF GROUP LIMITED
 


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

815,876

743,701

1,559,577

Debt due within 1 year

-

(3,019)

(3,019)

Finance leases

(54,499)

54,499

-


761,377
795,181
1,556,558

The notes on pages 20 to 40 form part of these financial statements.


- 19 -



 
OAKLEAF GROUP LIMITED
 

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

1.


General information

Oakleaf Group Limited (the "Company") is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10-12, The Maltings Industrial Estate, Southminster, Essex, CM0 7EQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Business combinations

On 20 December 2019 Oakleaf Group Limited undertook a group reconstruction. This exercise involved acquiring the share capital of its subsidiary undertaking Europlaz Technologies Ltd on the same date by way of a share for share exchange.
As the net book value of the acquisition would have exceeded 10% of the nominal value of the new shares issued, compliance with the detailed requirements of the Companies Act 2006 would have required the restructuring to be accounted for as an acquisition. This would have resulted in the separable assets and liabilities as at 20 December 2019 being recorded at their fair values, substantial goodwill and amortisation charges and only post group reconstruction results of Europlaz Technologies Ltd being reported in the consolidated profit and loss account.
The directors do not believe that this would give a true and fair view of the state of affairs of the group and of its results as in substance the transfer of the ownership represents a group reconstruction in accordance with FRS 102 due to the fact that ultimate ownership has not changed rather than being an acquisition of a business. Consequently the reconstruction has been accounted for using merger accounting principles. The directors consider that this is necessary in order to meet the overriding requirement of the Companies Act 2006 to show a true and fair view. The directors consider that it is not practical to quantify this departure from the detailed accounting requirements.
The Group has prepared a consolidated profit and loss account for the year ended 31 March 2023 and a consolidated balance sheet following merger accounting rules.


- 20 -



 
OAKLEAF GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Basis of consolidation

The consolidated financial statements consist of the financial statements of the parent company Oakleaf Group Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of the subsidiaries to bring the accounting policies used in line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the Group's financial statements from the date that control commences until the date that control ceases. 

 
2.4

Going concern

The Group has a strong financial position at the balance sheet date and has continued to perform strongly since the year-end. The directors have made enquiries, reviewed cashflow forecasts and believe that the Group will be able to continue to trade and meet its liabilities for 12 months from the expected date of approval of these financial statements, which continue to be prepared on a going concern basis.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.


- 21 -



 
OAKLEAF GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.7

Operating leases: the Group as lessee

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

 
2.8

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.


- 22 -



 
OAKLEAF GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.9

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.


- 23 -



 
OAKLEAF GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.


- 24 -



 
OAKLEAF GROUP LIMITED
 

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

2.Accounting policies (continued)


2.15
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Property improvements
-
10%
Plant and machinery
-
10%
Motor vehicles
-
25%
Fixtures and fittings
-
15%
Computer equipment
-
50%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

Revaluation of tangible fixed assets

Individual freehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.17

Investment property

Investment property is carried at fair value determined annually by external valuers 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.

 
2.18

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.


- 25 -



 
OAKLEAF GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.19

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is based on the cost of purchase on a first in, first out basis and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.20

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.21

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.22

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.23

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.24

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


- 26 -



 
OAKLEAF GROUP LIMITED
 

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the Directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The items in the financial statements where estimates and underlying assumptions have been made include valuation of freehold property and freehold investment property, useful economic lives and impairment of fixed assets as well as recoverability of trade debtors, these are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.


4.


Turnover

Analysis of turnover by geographical market is as follows::

2023
2022
£
£

United Kingdom
7,694,654
6,589,877

Europe
1,272,719
787,976

Rest of the world
1,089,548
825,376

10,056,921
8,203,229



5.


Other operating income

2023
2022
£
£

Government grants receivable
-
6,535

Renewable energy rebates
11,531
2,265

11,531
8,800



- 27 -



 
OAKLEAF GROUP LIMITED
 

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

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation
190,560
141,100

Exchange differences
(23,723)
(6,376)

Operating leases
28,376
17,889


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
14,900
-


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
3,097,081
2,649,516
-
-

Social security costs
267,672
224,942
-
-

Cost of defined contribution scheme
111,564
64,397
-
-

3,476,317
2,938,855
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
107
106


- 28 -



 
OAKLEAF GROUP LIMITED
 

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

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
186,735
141,304

Group contributions to defined contribution pension schemes
9,303
2,161

196,038
143,465


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.


10.


Interest receivable

2023
2022
£
£


Other interest receivable
6,762
64

6,762
64


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
22
2,738

Finance leases and hire purchase contracts
73
-

95
2,738


- 29 -



 
OAKLEAF GROUP LIMITED
 

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

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
194,590
(37,519)

Adjustments in respect of previous periods
10,207
(28,091)


Total current tax
204,797
(65,610)

Deferred tax


Origination and reversal of timing differences
221,279
152,444

Total deferred tax
221,279
152,444


Tax on profit
426,076
86,834

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19   %). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,517,298
2,082,191


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19   %)
478,287
395,616

Effects of:


Expenses not deductible for tax purposes
8,392
1,827

Utilisation of tax losses
(247,265)
-

Adjustments to current tax charge in respect of prior periods
10,207
(28,091)

Adjustments to deferred tax charge in respect of prior periods
135,982
-

Research and development relief
-
(250,074)

Other differences leading to an increase (decrease) in the tax charge
40,473
(32,444)

Total tax charge for the year
426,076
86,834


- 30 -



 
OAKLEAF GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
12.Taxation (continued)


Factors that may affect future tax charges

In the 2021 Spring Budget, the Government announced that from 1 April 2023 the corporation tax rate will increase to 25%. This was substantively enacted in 2021 and is therefore used to measure UK deferred taxes in both 2021 and 2022, to the extent the related timing differences are expected to reverse in 2023 or later.


13.


Dividends

2023
2022
£
£


Dividends on equity shares
245,000
142,500

245,000
142,500


- 31 -



 
OAKLEAF GROUP LIMITED
 

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

14.


Tangible fixed assets

Group






Freehold property
Property improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 April 2022
1,425,000
-
1,700,486
73,103
229,309
61,909
3,489,807


Additions
-
224,516
276,614
2,850
10,445
19,327
533,752



At 31 March 2023

1,425,000
224,516
1,977,100
75,953
239,754
81,236
4,023,559



Depreciation


At 1 April 2022
-
-
852,950
19,635
134,405
50,420
1,057,410


Charge for the year on owned assets
28,500
54,861
94,620
12,589
18,745
9,745
219,060


On revalued assets
(28,500)
-
-
-
-
-
(28,500)



At 31 March 2023

-
54,861
947,570
32,224
153,150
60,165
1,247,970



Net book value



At 31 March 2023
1,425,000
169,655
1,029,530
43,729
86,604
21,071
2,775,589



At 31 March 2022
1,425,000
-
847,536
53,468
94,904
11,489
2,432,397

The freehold property is included at a valuation. It was valued at £1,425,000 on an open market basis on 20 June 2022 by Fenn Wright. The directors adopted this as the valuation at 31 March 2022. The directors valued the property at £1,594,655 at 31 March 2023. This reflects the previous valuation plus the net book value of the property improvements during the year of £169,655.
If it had not been included at a valuation the carrying amount of the freehold property and freehold property improvements that would have been recognised under the cost model is £1,412,505 (2022 - £1,187,989).


- 32 -



 
OAKLEAF GROUP LIMITED
 

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

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
250,100



At 31 March 2023
250,100





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Europlaz Technologies Ltd
Unit 1, The Maltings Industrial Estate, Southminster, Essex, CM0 7EQ
Ordinary
100%
Nua Medical Ltd
Unit 10-12, The Maltings Industrial Estate, Southminster, Essex, CM0 7EQ
Ordinary
76%


- 33 -



 
OAKLEAF GROUP LIMITED
 

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

16.


Investment property

Group


Freehold investment property

£



Valuation


At 1 April 2022
1,075,000



At 31 March 2023
1,075,000

The investment properties were valued on an open market basis on 20 June 2022 by Fenn Wright. The directors have adopted this valuation at 31 March 2022 and 31 March 2023.




Company





Freehold investment property

£



Valuation


At 1 April 2022
2,500,000



At 31 March 2023
2,500,000

The investment properties were valued on an open market basis on 20 June 2022 by Fenn Wright. The directors have adopted this valuation at 31 March 2022 and 31 March 2023.


17.


Stocks

Group
Group
2023
2022
£
£

Work in progress
147,025
173,636

Finished goods
1,025,868
773,470

1,172,893
947,106



- 34 -



 
OAKLEAF GROUP LIMITED
 

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

18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
-
196,778
-
-

-
196,778
-
-


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
2,159,831
1,327,816
-
2,151

Other debtors
836,387
417,081
767,500
9,074

Prepayments and accrued income
108,463
83,135
2,423
2,114

3,104,681
1,828,032
769,923
13,339



19.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,559,577
815,876
695,357
93,138

1,559,577
815,876
695,357
93,138



- 35 -



 
OAKLEAF GROUP LIMITED
 

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

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
965,131
627,041
4,526
66

Amounts owed to group undertakings
-
-
13,923
18,487

Corporation tax
102,832
-
83,326
-

Other taxation and social security
208,256
170,928
-
-

Obligations under finance lease and hire purchase contracts
-
8,336
-
-

Other creditors
37,550
39,226
-
4,722

Accruals and deferred income
518,754
394,279
5,450
900

1,832,523
1,239,810
107,225
24,175


The obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


21.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
46,163

-
46,163


The obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
-
8,336

Between 1-5 years
-
46,163

-
54,499


- 36 -



 
OAKLEAF GROUP LIMITED
 

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

23.


Deferred taxation


Group



2023


£






At beginning of year
(285,560)


Charged to profit or loss
(296,414)



At end of year
(581,974)

Company


2023


£






At beginning of year
(123,754)


Charged to profit or loss
(68,543)



At end of year
(192,297)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(383,085)
(161,806)
-
-

Deferred tax on property revaluation
(198,889)
(123,754)
(192,297)
(123,754)

(581,974)
(285,560)
(192,297)
(123,754)


- 37 -



 
OAKLEAF GROUP LIMITED
 

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

24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200 (2022 - 250,200) Ordinary shares of £1.00 each
200
250,200

On 2 March 2023, the Company reduced its share capital from £250,200 divided into 250,200 Ordinary shares (which had been issued and were fully paid) to £200 divided into 200 Ordinary shares of £1.00 each. The reduction was effected by repaying the holders of the 250,000 Ordinary shares £1.00 per share.
On 2 March 2023, the Company redesignated 182 of the remaining 200 Ordinary shares as Ordinary A shares, and redesignated the remaining 18 Ordinary shares as Ordinary B shares. The Ordinary A shares and Ordinary B shares both carry the right to vote and the right to receive notice of and to attend any meeting of the shareholders of the Company. The Ordinary A shares and Ordinary B shares both carry the right to a dividend but where a dividend is paid on the other class there shall not in consequence be an entitlement for the holders of that class to receive a dividend.



25.


Reserves

Revaluation reserve

The revaluation reserve represents the accumulated property revaluations less the related deferred tax movements. The reserve is not available for distribution to shareholders.

Profit and loss account

The profit and loss account represents the accumulated profits which are available for distribution to shareholders.


26.


Prior year adjustment

The investment property revaluation reserve as at 31 March 2022 has been updated to gross up fair value losses that had incorrectly been offset against fair value gains.  The net impact is an increase to the profit and loss account of £155,215 and a corresponding reduction to the investment property revaluation reserve.


- 38 -



 
OAKLEAF GROUP LIMITED
 

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

27.


Capital commitments




At 31 March 2023 the Group and Company had capital commitments as follows:


Group
Group
2023
2022
£
£

Contracted for but not provided in these financial statements
25,846
22,500

25,846
22,500


28.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund.The pension cost charge represents contributions payable by the Group to the fund and amounted to £111,564 (2022 - £64,397). Contributions totalling £24,425 (2022 - £19,980) were payable to the fund at the balance sheet date and are included in creditors.


29.


Commitments under operating leases

At 31 March 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
24,037
8,757

Later than 1 year and not later than 5 years
39,035
3,856

63,072
12,613

30.


Transactions with directors

As at 31 March 2023 the Group owed £3,019 to E D O'Keeffe (2022: E D O'Keeffe owed £201,877 to the Group), who is a director of the Company. The maximum overdrawn balance during the year was £419,580 (2022: £420,271). During the year the company charged interest on the balance of £3,764 (2022: £Nil).
As at 31 March 2023 the Group was owed £702,778 (2022: £Nil) by R O'Keeffe, who is a director of the Company. The maximum overdrawn balance during the year was £702,778 (2022: £Nil).
As at 31 March 2023 the Company was owed £Nil (2022: £200,000) by Ms K H P O'Keeffe Shah, who is a director of the Europlaz Technologies Ltd.  The maximum overdrawn balance during the year was £200,000 (2022: £200,000).


- 39 -



 
OAKLEAF GROUP LIMITED
 

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

31.


Related party transactions

During the year, the Group paid dividends to directors amounting to £245,000 (2022: £142,500).
Key management personnel compensation for the year was £243,196 (2022 - £195,538).
Remuneration totalling £12,000 (2022: £12,000) was paid to close members of the directors' families during the year.


32.


Controlling party

The Group considers E D O'Keeffe to be the ultimate controlling party by virtue of his shareholding in the parent company.

 

- 40 -