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Registered number: 13840212










OAKMAN DEV LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 2 JULY 2023

 
OAKMAN DEV LIMITED
REGISTERED NUMBER: 13840212

BALANCE SHEET
AS AT 2 JULY 2023

2023
Note
£

Fixed assets
  

Tangible assets
 5 
5,129,619

Current assets
  

Debtors: amounts falling due within one year
 6 
1,339,041

  
1,339,041

Creditors: amounts falling due within one year
 7 
(5,629,976)

Net current (liabilities)/assets
  
 
 
(4,290,935)

Total assets less current liabilities
  
838,684

Creditors: amounts falling due after more than one year
  
(1,420,000)

  

Net (liabilities)/assets
  
(581,316)


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
(581,317)

  
(581,316)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D F King
Director

Date: 31 January 2024

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
OAKMAN DEV LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

1.


General information

Oakman Dev Limited is a company limited by shares. It was incorporated in England & Wales and the registered office is Saxon House, 211 High Street, Berkhamsted, Hertfordshire, HP4 1AD.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company is reliant on the support of the wider Oakman Group.
As part of the going concern assessment the directors have considered the debt held by the Group and the ability to service interest and capital repayments. Post year end, the Santander loan has been refinanced with repayment now due 31 January 2025, and alongside this repayment of the shareholder loans and accrued interest that are subordinated to this debt was deferred. The forecasts assume that a CBIL overdraft provided by Santander, which although is  repayable on demand, will not be called in prior to 31 January 2025.
 
The forecasts indicate that, as would be expected given the sharp rise in interest rates over a relatively short period, the interest cover covenant on the Cynergy bank loan is at risk of being breached. The Directors recognise that a waiver may be required should this arise, but given that Cynergy have stated their continued support for the business, they are confident of such a waiver being granted.
 
Despite the Director’s confidence in the forecasts, it’s strong asset backing and the level of support shown by the Group’s lenders, there is an assumption that the CBIL facility, which while technically repayable on demand, will not be recalled and that the Group will continue to receive the support of Cynergy Bank. Were these assumptions to be incorrect, it is recognised that there is material uncertainty which may cast significant doubt surrounding the wider Group’s ability to support the Company and therefore the Company's ability to continue as a going concern.  

 
2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

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.

Page 2

 
OAKMAN DEV LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

Financial instruments

The Company 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.

  
2.8

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 Company 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
Depreciation has not been charged as the assets are not in use. 
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.

Page 3

 
OAKMAN DEV LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Tangible Fixed Assets
The Company is required to evaluate the carrying values of tangible fixed assets for impairment whenever circumstances indicate, in management's judgement, that the carrying value of such assets may not be recoverable. An impairment review requires management to make subjective judgements concerning the cash flows, growth rates and discount rates of the cash generating units under review. Management concluded that no impairment was required in respect of fixed assets as at 2 July 2023 on the basis of the known information at this date.
Recoverability of intercompany debtors
The recoverability of these debts has been assessed based on the underlying value of the other entities within the Group. The debt is considered recoverable on the basis the value of the Group assets exceeds the liabilities and therefore they would have sufficient reserves to clear the debt on the sale of assets. Were this to change, the material nature of intercompany balance means there could be a material impact on the accounts.


4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration.



Page 4

 
OAKMAN DEV LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

5.


Tangible fixed assets





Freehold property
Short-term leasehold property
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost


Additions
2,107,627
2,236,001
774,824
7,092
4,075
5,129,619



At 2 July 2023

2,107,627
2,236,001
774,824
7,092
4,075
5,129,619






Net book value



At 2 July 2023
2,107,627
2,236,001
774,824
7,092
4,075
5,129,619

The freehold and leasehold properties acts as security for the loan held by the Company. 


6.


Debtors

2023
£


Amounts owed by group undertakings
1,230,339

Other debtors
6,651

Prepayments and accrued income
102,051

1,339,041


Amounts owed by group undertakings are interest free and repayable on demand.

Page 5

 
OAKMAN DEV LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

7.


Creditors: Amounts falling due within one year

2023
£

Other loans
1,800,000

Trade creditors
1,583,837

Amounts owed to group undertakings
1,968,842

Accruals and deferred income
277,297

5,629,976


Amounts owed to group undertakings are interest free and repayable on demand.
Other loans
See note 9 for further details. 


8.


Creditors: Amounts falling due after more than one year

2023
£

Other loans
1,420,000

1,420,000


Page 6

 
OAKMAN DEV LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
£

Amounts falling due within one year

Other loans
1,800,000


1,800,000


Amounts falling due 2-5 years

Other loans
1,420,000


1,420,000


3,220,000


A £1,300,000 facility from W E Black Finance was fully drawn down in January 2022. The loan carries interest at 8% p.a. payable monthly. The repayment date of the loan is the earlier of 20th January 2024, the date on which the borrower repays the advance if the borrower exercises its right to repay the advance prior to 20th January 2024 and the date which is 14 days from the date of receipt by the borrower of a written demand from the lender in an event of default if such event of default has not been remedied in such 14 day period. The loan is secured on the property held by the Company. Post year end, the repayment date of the loan was extended, see note 12 for further details. 
£1,920,000 of a £3,200,000 facility from W E Black Finance was drawn down in the period. The loan carries interest at 8% p.a. Capital repayments of £500,000 are payable quarterly starting from April 2024. The repayment date of the loan is the earlier of 4th July 2025, the date on which the borrower repays the advance if the borrower exercises its right to repay the advance prior to 4th July 2025 and the date which is 14 days from the date of receipt by the borrower of a written demand from the lender in an event of default if such event of default has not been remedied in such 14 day period. The loan is secured on the property held by the Company. Post year end, the repayment date of the loan was extended, see note 12 for further details. 
Page 7

 
OAKMAN DEV LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

10.


Share capital

2023
£
Allotted, called up and fully paid


1 ordinary share of £1.00
1


During the period, 1 ordinary share of £1 each were issued and paid at par.


11.


Post balance sheet events

In July 2023, the Company drew down £640,000 in respect of the £3.2m facility from W E Black. In August 2023, a further £640,000 was drawn down in respect of the £3.2m facility from W E Black. 
In January 2024, W E Black agreed to extend the maturity dates for their Loan Facilities by 12 months into 2025.
On 3 July 2023 the Directors decided to restructure the intercompany loans within Oakman Group and “hive up” the trade and assets of Beech Hut Limited, net of liabilities by transferring them to the Company.


12.


Controlling party

The immediate parent is Oakman Inns and Restaurants Limited. The ultimate controlling party is Oakman Group Plc. Both of these companies are registered at Saxon House, 211 High Street, Berkhamsted, Hertfordshire, United Kingdom, HP4 1AD. Oakman Group Plc prepares consolidated accounts which include the results of this company.


13.


Auditors' information

The auditors' report on the financial statements for the period ended 2 July 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements, which indicates that the Company is reliant on group support. The wider Group has an overdraft repayable on demand and there is uncertainty over the future financing. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 31 January 2024 by Isabelle Shepherd (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.

Page 8