Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-022023-07-02falsetruetruetruetrue32No description of principal activity2022-07-04false36true 11871359 2022-07-04 2023-07-02 11871359 2021-07-04 2022-07-03 11871359 2023-07-02 11871359 2022-07-03 11871359 2021-07-04 11871359 1 2022-07-04 2023-07-02 11871359 1 2021-07-04 2022-07-03 11871359 2 2021-07-04 2022-07-03 11871359 1 2022-07-04 2023-07-02 11871359 e:Director2 2022-07-04 2023-07-02 11871359 e:Director3 2022-07-04 2023-07-02 11871359 e:RegisteredOffice 2022-07-04 2023-07-02 11871359 d:Buildings 2022-07-04 2023-07-02 11871359 d:Buildings 2023-07-02 11871359 d:Buildings 2022-07-03 11871359 d:Buildings d:OwnedOrFreeholdAssets 2022-07-04 2023-07-02 11871359 d:FurnitureFittings 2022-07-04 2023-07-02 11871359 d:FurnitureFittings 2023-07-02 11871359 d:FurnitureFittings 2022-07-03 11871359 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-04 2023-07-02 11871359 d:OfficeEquipment 2022-07-04 2023-07-02 11871359 d:OfficeEquipment 2023-07-02 11871359 d:OfficeEquipment 2022-07-03 11871359 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-04 2023-07-02 11871359 d:OtherPropertyPlantEquipment 2022-07-04 2023-07-02 11871359 d:OtherPropertyPlantEquipment 2023-07-02 11871359 d:OtherPropertyPlantEquipment 2022-07-03 11871359 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-07-04 2023-07-02 11871359 d:OwnedOrFreeholdAssets 2022-07-04 2023-07-02 11871359 d:CurrentFinancialInstruments 2023-07-02 11871359 d:CurrentFinancialInstruments 2022-07-03 11871359 d:Non-currentFinancialInstruments 2023-07-02 11871359 d:Non-currentFinancialInstruments 2022-07-03 11871359 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-02 11871359 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-03 11871359 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-02 11871359 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-03 11871359 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-02 11871359 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-03 11871359 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-02 11871359 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-03 11871359 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-07-02 11871359 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-07-03 11871359 d:ReportableOperatingSegment1 2022-07-04 2023-07-02 11871359 d:ReportableOperatingSegment1 2021-07-04 2022-07-03 11871359 d:ReportableOperatingSegment2 2022-07-04 2023-07-02 11871359 d:ReportableOperatingSegment2 2021-07-04 2022-07-03 11871359 d:ShareCapital 2023-07-02 11871359 d:ShareCapital 2022-07-03 11871359 d:ShareCapital 2021-07-04 11871359 d:CapitalRedemptionReserve 2022-07-04 2023-07-02 11871359 d:OtherMiscellaneousReserve 2023-07-02 11871359 d:OtherMiscellaneousReserve 2022-07-03 11871359 d:OtherMiscellaneousReserve 2021-07-04 11871359 d:OtherMiscellaneousReserve 2 2021-07-04 2022-07-03 11871359 d:RetainedEarningsAccumulatedLosses 2022-07-04 2023-07-02 11871359 d:RetainedEarningsAccumulatedLosses 2023-07-02 11871359 d:RetainedEarningsAccumulatedLosses 2021-07-04 2022-07-03 11871359 d:RetainedEarningsAccumulatedLosses 2022-07-03 11871359 d:RetainedEarningsAccumulatedLosses 2021-07-04 11871359 d:RetainedEarningsAccumulatedLosses 2 2021-07-04 2022-07-03 11871359 e:OrdinaryShareClass1 2022-07-04 2023-07-02 11871359 e:OrdinaryShareClass1 2023-07-02 11871359 e:OrdinaryShareClass1 2022-07-03 11871359 e:FRS102 2022-07-04 2023-07-02 11871359 e:Audited 2022-07-04 2023-07-02 11871359 e:FullAccounts 2022-07-04 2023-07-02 11871359 e:PrivateLimitedCompanyLtd 2022-07-04 2023-07-02 11871359 d:Subsidiary1 2022-07-04 2023-07-02 11871359 d:Subsidiary1 1 2022-07-04 2023-07-02 11871359 d:Subsidiary2 2022-07-04 2023-07-02 11871359 d:Subsidiary2 1 2022-07-04 2023-07-02 11871359 6 2022-07-04 2023-07-02 11871359 f:PoundSterling 2022-07-04 2023-07-02 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11871359










OAKMAN INNS (P&E) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 2 JULY 2023

 
OAKMAN INNS (P&E) LIMITED
 
 
COMPANY INFORMATION


Directors
P Borg-Neal 
D King 




Registered number
11871359



Registered office
Saxon House
211 High Street

Berkhamsted

Hertfordshire

HP4 1AD




Independent auditors
Haysmacintyre LLP

10 Queen Street Place

London

EC4R 1AG





 
OAKMAN INNS (P&E) LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 29


 
OAKMAN INNS (P&E) LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 2 JULY 2023

Introduction
 
The Directors present their report and the financial statements for the 12 months ended 2 July 2023.
Oakman Inns (P&E) Limited is a wholly owned subsidiary of Oakman Inns & Restaurants Limited which sits within the Oakman Group. The Company owns and operates one freehold premium pub with hotel rooms and holds debt on behalf of its two wholly owned subsidiaries, Downoak Limited and Hedderwick Limited as well as for two other group companies, Oakman Property Limited and Oakman Bedfordshire Holdings Limited.

Business review
 
The Government support that had been put in place following the Covid 19 pandemic, including Coronavirus Job Retention Scheme, grant support schemes and the temporary VAT relief for the hospitality sector all ended prior to the beginning of the financial year.
At this time  the hospitality industry suffered generally from a shortage of workers. Although we were perhaps less affected than others, we limited opening hours and trading capacity until those pressures lifted in the summer of 2022.  
Inflation had impacted energy prices, not unconnected to Russia invading Ukraine, and although we had negotiated long term energy supply agreements prior to market prices becoming unsustainable, shielding us from the worst of that cost increase, consumer confidence became impacted by what was becoming a cost-of-living crisis. The Government’s Mini Budget in September 2022 had the opposite effect that was intended and saw interest rates and inflation spiral upwards putting more pressure on both business and households. Nevertheless, the business performed strongly given the pressures outside of our control.
The business focused on creating an environment to retain our best talent, paying as much as we could afford, rather than as little as we could get away with. Of particular concern was the employment landscape for kitchen workers and chefs generally. The training and development of our kitchen teams was a key part of this strategy and has provided us with the employee resources to continue our growth.
Despite the continuation of outside factors impacting our ability to trade, the Company produced Turnover of £1.4m with adjusted EBITDA of £2.0m loss. The Balance Sheet shows Net liabilities of £12.6m.

Other Financial and Non-financial Key Performance Indicators
 
• During the year, sales performance was down 1.3% from the prior year, and behind the market.
• Average net sales per week were at £27k during the period compared to £31k in the prior year.
• Wet Margins dropped by 3.7% compared to the previous year.
• Dry Margins dropped by some 3.2% compared to the previous year.
• Staff turnover for the period was 78%.

Page 1

 
OAKMAN INNS (P&E) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 2 JULY 2023

Future Development
 
Looking forward, the Company is well placed to compete for market share and aims to deliver further success by:
1. Focusing the business on the growth in the premium eating-out market.
2. Evolving our concept to maintain high levels of customer affinity and relevance.
3. Generating high returns on investment through scale advantages.
4. Extending the skill base of our people to ensure operational excellence and consumer focus.
5. Reducing the levels and cost of our funding structure.
6. Continuing to build a sound financial base with a cautious approach to debt and a flexible approach to property ownership.
We believe we have the management skills, operational concepts and ambition to grow the business. The Board are committed to growing shareholder value whilst carefully managing the risks in so doing. Our strategy is to grow our business by finding suitable sized units which are in locations with strong demographics, in affluent market towns. We are continually looking for sites which fit this criteria.
The Directors have restructured the intercompany loans within Oakman Group at the start of July 2023 and have “hived up” the trade and assets of both subsidiary Companies, Downoak Limited and Hedderwick Limited, net of liabilities by transferring them to Oakman Inns P&E Limited. In addition, the trade and assets of two other entities within the Oakman Group, Oakman Property Limited and Oakman Bedfordshire Holdings Limited, have also been “hived up”, net of liabilities and have been transferred to Oakman Inns P&E Limited. Since this “hive up” Oakman Inns P&E Limited has acquired the properties of these entities and operates a number of additional sites post the restructure. The subsidiary Companies no longer trade post the restructure.

Principal risks and uncertainties
 
The principal risks facing the business are:-
• Funding – the size and type of leverage exposes the business to short term fluctuations in market
conditions. Although cashflow and other information is constantly monitored, re-engineering the structure of the balance sheet is the primary focus of the board.
• Employment landscape – as a service business, access to sufficient labour is critical. Post Brexit and the impact of Covid-19. The labour market has contracted and the business is facing this challenge by creating and developing a strategy that attracts, develops and retains the best talent in our market, including but not limited to the development of our Chef Academy. 
• Inflation – like all retail businesses, consumer confidence can impact discretionary spending decisions by families. High energy prices on households that drive inflation that impact day to day prices risks damaging that confidence.
• Food safety – the business retains the highest standards of food safety and correctly places this issue at the top of every management meeting.
• Data security – the board has implemented sufficient defences in our networks to prevent criminal attacks. A sustained attack, if successful, would disrupt our ability to trade using payment cards.


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



D King
Director

Date: 31 January 2024

Page 2

 
OAKMAN INNS (P&E) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 2 JULY 2023

The Directors present their report and the financial statements for the period ended 2 July 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company'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 Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the period, after taxation, amounted to £3,120,342 (2022 - loss £4,305,814).

No dividends were paid in the year (2022: £NIL).

Directors

The Directors who served during the period were:

P Borg-Neal 
D King 

Disclosure of information to auditors

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's auditors are 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's auditors are aware of that information.

Page 3

 
OAKMAN INNS (P&E) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 2 JULY 2023

Auditors

The auditorsHaysmacintyre LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





D King
Director

Date: 31 January 2024

Page 4

 
OAKMAN INNS (P&E) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN INNS (P&E) LIMITED
 

Opinion


We have audited the financial statements of Oakman Inns (P&E) Limited (the 'Company') for the period ended 2 July 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 Company's affairs as at 2 July 2023 and of its loss for the period 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 Company 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


We draw attention to note 2.3 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 and the waiving of bank covenants. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, 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.
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.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.








Page 5

 
OAKMAN INNS (P&E) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN INNS (P&E) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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.


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 Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
OAKMAN INNS (P&E) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN INNS (P&E) LIMITED (CONTINUED)


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 an Auditors' 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 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 consider the most significant laws and regulations that have a direct impact on the financial statements to be:
- FRS102 and Companies Act 2006 compliance: We reviewed of the financial statement disclosures and performed testing on balances and disclosures.
- Tax regulation: We inspected correspondence with regulators and tax authorities, and reviewed the companies tax computations.
We consider the most significant laws and regulations that have an indirect impact on the financial statements
are:
- Food safety and hygiene: We discussed with management to identify whether they were aware of instances of non-compliance, we reviewed board minutes, we searched for the sites on the FSA website to identify whether any instances of poor ratings or breaches. 
- Licensing: We discussed with management to identify whether they were aware of any instances of non compliance and we reviewed board minutes.
- Minimum wage: We discussed with management to identify whether they were aware of any instances of non-compliance, we reviewed board minutes and we remained alert for any breaches during our sample testing on payroll.
We considered the following areas to be those where the financial statements are most susceptible to fraud:
- Management override of controls: We evaluated management’s controls designed to prevent and detect irregularities and we sampled and tested journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions, and we challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 7

 
OAKMAN INNS (P&E) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN INNS (P&E) 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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Isabelle Shepherd (Senior Statutory Auditor)
for and on behalf of
Haysmacintyre LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

31 January 2024
Page 8

 
OAKMAN INNS (P&E) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 2 JULY 2023

2023
2022
Note
£
£

  

Turnover
 4 
1,392,895
1,411,567

Cost of sales
  
(895,523)
(917,575)

Gross profit
  
497,372
493,992

Administrative expenses
  
(2,407,237)
(2,612,012)

Other operating income
 5 
2,051
11,272

Adjusted EBITDA
 6 
(1,907,814)
(2,106,748)

Impairment release / (charge)
  
911,740
(161,000)

Depreciation
  
(62,992)
(51,575)

Total operating loss
  
(1,059,066)
(2,319,323)

Interest payable and similar expenses
 10 
(2,061,276)
(1,986,491)

Loss before tax
  
(3,120,342)
(4,305,814)

Loss for the financial period
  
(3,120,342)
(4,305,814)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 29 form part of these financial statements.

Page 9

 
OAKMAN INNS (P&E) LIMITED
REGISTERED NUMBER: 11871359

BALANCE SHEET
AS AT 2 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
2,825,854
1,890,374

Investments
 14 
8,807,270
8,807,270

  
11,633,124
10,697,644

Current assets
  

Stocks
 15 
19,204
13,915

Debtors: amounts falling due within one year
 16 
21,451,795
21,411,378

Cash at bank and in hand
 17 
14,398
13,722

  
21,485,397
21,439,015

Creditors: amounts falling due within one year
 18 
(16,557,687)
(13,338,019)

Net current assets
  
 
 
4,927,710
 
 
8,100,996

Total assets less current liabilities
  
16,560,834
18,798,640

Creditors: amounts falling due after more than one year
 19 
(29,243,070)
(28,360,534)

  

Net liabilities
  
(12,682,236)
(9,561,894)


Capital and reserves
  

Called up share capital 
 21 
1
1

Profit and loss account
 22 
(12,682,237)
(9,561,895)

  
(12,682,236)
(9,561,894)


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




D King
Director

Date: 31 January 2024

The notes on pages 12 to 29 form part of these financial statements.

Page 10

 
OAKMAN INNS (P&E) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 2 JULY 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 4 July 2021
1
1,164,707
(6,420,788)
(5,256,080)



Loss for the year
-
-
(4,305,814)
(4,305,814)

Reclassification of capital contribution reserve
-
(1,164,707)
1,164,707
-



At 3 July 2022
1
-
(9,561,895)
(9,561,894)



Loss for the period
-
-
(3,120,342)
(3,120,342)


At 2 July 2023
1
-
(12,682,237)
(12,682,236)


Page 11

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

1.


General information

Oakman Inns (P&E) Limited was incorporated on 9 March 2019 as a private company limited by shares in England & Wales with registration number 11871359.
Its registered office is Saxon House, 211 High Street, Berkhamsted, HP4 1AD. The principal place of trading is The Globe, 10 Theatre Street, Warwick, CV34 4DP.

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The company is itself a subsidiary company and is exempt from the requirement to prepare group financial statements by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group. The results of the company and the group headed by it are included in the consolidated financial statements of its ultimate controlling party Oakman Group Plc.  

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Oakman Group Plc as at 2 July 2023 and these financial statements may be obtained from Companies House.

Page 12

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

2.Accounting policies (continued)

 
2.3

Going concern

The Company is reliant on the support of the wider Oakman Group.
The Directors have adopted the going concern basis in preparing these financial statements after careful assessment of identified principal risks and in particular, the possible adverse impact on the financial performance, specifically on revenue and cash flows of the cost-of-living crisis currently impacting the UK economy. The cost-of-living crisis is the result of a number of events including the aftermath of Brexit, Covid and the war in Ukraine that has resulted in sharp increases in energy and certain food prices and in turn led to high inflation and a rise in interest rates. This backdrop has impacted the consumers propensity to spend on eating out and seen increases in the cost of food, energy and labour all of which are integral to the Group's business offering.
The Directors believe that because the Group's business outlets are mostly situated in suburban affluent areas, its customers’ propensity to spend on eating-out is not impacted as severely as the general UK consumer. Also, the commodity element of the Group's energy contracts were fixed until October 2024 just prior to the war in Ukraine. Increases in food costs have been somewhat mitigated through menu changes and moving supply routes all of which provides some protection to the economic threats imposed by the cost-of-living crisis. The Directors are encouraged by the fact that wholesale energy prices are now lower than their pre-war levels and that the Bank of England economic forecasts inflation to fall further in 2024. Nevertheless, the directors expect the trading environment to remain challenging throughout 2023 and in to the first half of 2024.
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. 

Page 13

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable for the sale of food and beverage in the pubs operated by the Company, excluding value added tax and other sales taxes. Food and beverage revenue is measured as the fair value of the consideration received or receivable for the sale of food and beverage in the pubs operated by the Company, excluding value added tax, discounts and other sales taxes. Accomodation revenue is also measured as the fair value of the consideration received or receivable for the sale of accomodation in the hotel operated by the Company, excluding value added tax, discounts and other sales taxes.

 
2.5

Government grants

Grants were accounted under the accruals model as permitted by FRS 102. The grants received in the prior year were revenue based grants under the Coronavirus Job Retention Scheme (CJRS) and they were recognised as Other Income in the Statement of Comprehensive Income. The amounts recognised to 3 July 2022 reflect the employee's covered by CJRS in the period leading up to this date, while the pubs were closed due to the Covid-19 pandemic. Grants have also been received under the Retail, Hospitality and Tourism scheme. These grants were recognised in the period in which the Company became entitles to the grant. 

 
2.6

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.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.8

Taxation

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 operates and generates income.

Page 14

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

2.Accounting policies (continued)

 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Over 50 years (with 100% residual value)
Fixtures and fittings
-
10 years
Office equipment
-
3 years
Other fixed assets
-
3 years

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.

 
2.10

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. 

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.

Page 15

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at present value of the future cash
flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially
and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid
or received. However, if the arrangements of a short-term instrument constitute a financing
transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an
out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially
at the present value of future cash flows discounted at a market rate of interest for a similar debt
instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the
case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an
impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference
between an asset's carrying amount and the present value of estimated cash flows discounted at the
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate
for measuring any impairment loss is the current effective interest rate determined under the
contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which
Page 16

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

is
an approximation of the amount that the Company would receive for the asset if it were to be sold at
the balance sheet date.

Page 17

 
OAKMAN INNS (P&E) 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

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. The Director considers the valuation of fixed assets to be a critical estimate and judgement applicable to the financial statements. 
Tangible Fixed Assets
The estimated useful economic lives of tangible fixed assets are based on management's judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted retrospectively. Due to the significance of tangible fixed asset investment to the company, variations between actual and estimated useful economic lives could impact operating results both positively and negatively, although historically few changes to estimated useful economic lives have been required. The estimated useful economic lives and residual values of tangible fixed assets are based on management's judgement and experience. When management identifies that the actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively. Due to the significance of tangible fixed asset investment to the company, variations between actual and estimated useful economic lives, and variations between actual and estimated residual value, could impact operating results both positively and negatively, although historically few changes to estimated useful economic lives have been required.
The Directors are 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, EBITDA multiples and discount rates of the cash generating units under review. As at 3 July 2022 the Globe had £911,740 of impairment charged against its cash generating unit. As part of the assessment as at 2 July 2023 this has been fully released.  There has therefore been a high level of judgement and estimation used in the impairment assessment and were any of assumptions to change, the value would materially change.
Investments in subsidiaries
The Directors are required to consider whether any impairment is required on fixed asset investments. As these investments are subsidiary companies they have oversight of the net assets of these companies. The net assets do not however reflect the fair value of the fixed assets owned, therefore the assessment allows for this uplift in value. The underlying property fair value uses estimates and judgements, and were these to differ from actuals, there could be a material impact on the value, and therefore a material impact on the investment carrying value in the financial statements. 
Intercompany Debtor Recoverability
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.

Page 18

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Food and Beverage
980,013
1,044,431

Accommodation
412,882
367,136

1,392,895
1,411,567


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Net rents receivable
2,051
2,255

Government grants receivable
-
9,017

2,051
11,272


The Company was awarded a government grant amounting to £nil (2022: £3,017) in relation to the Coronavirus Job Retention Scheme. The grant received in relation to the Coronavirus Job Retention Scheme was claimed by another company in the group (Oakman Inns and Restaurants Limited) as they are the employer. The value in relation to the employees that work for this company is what has been recognised as other operating income.


6.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
62,992
51,575

Defined contribution pension scheme
7,186
8,026

Page 19

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

7.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,000
6,720

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
515,285
523,108

Social security costs
29,808
38,689

Cost of defined contribution scheme
7,186
8,026

552,279
569,823


The average monthly number of employees, including the Directors, during the period was as follows:


        2023
        2022
            No.
            No.







Retail
36
32

The employees are contracted with Oakman Inns and Restaurants Limited, the parent company. The costs are recharged to the Company and this is what the above disclosure reflects. 


9.


Directors' remuneration

The Director emoluments are paid by the parent company. Their services to this company were of a negligible value so no amounts have been recharged.
The Directors are considered to be the key management personnel of the Company. 




Page 20

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Bank loan interest payable
1,987,367
564,450

Loan arrangement fee release
35,309
17,654

Other loan interest payable
38,600
1,404,387

2,061,276
1,986,491


11.


Taxation


2023
2022
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
-
-

Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of20.53% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(3,120,342)
(4,305,814)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.53% (2022 - 19%)
(823,188)
(818,105)

Effects of:


Expenses not deductible for tax purposes
225,145
187,234

Capital allowances for period/year in excess of depreciation
9,366
7,923

Remeasurement of deferred tax for changes in tax rates
(80,275)
(41,499)

Deferred tax not recognised
449,262
172,913

Group relief surrendered
219,690
491,534

Total tax charge for the period/year
-
-

Page 21

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

On 24 May 2021 the increase of corporation tax to 25% was substantively enacted, as of 1 April 2023. The deferred tax at the balance sheet date has therefore been measured at this rate.


12.


Exceptional items

2023
2022
£
£
Fixed asset impairment / (impairment release)

(911,740)

161,000
 

See note 3 for details on impairment. 

Page 22

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

13.


Tangible fixed assets







Freehold property
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£



Cost 


At 4 July 2022
2,387,086
482,908
6,000
69,244
2,945,238


Additions
28,755
45,611
-
12,366
86,732



At 2 July 2023

2,415,841
528,519
6,000
81,610
3,031,970



Depreciation


At 4 July 2022
911,740
117,522
5,485
20,117
1,054,864


Charge for the period on owned assets
-
53,873
483
8,636
62,992


Impairment losses written back
(911,740)
-
-
-
(911,740)



At 2 July 2023

-
171,395
5,968
28,753
206,116



Net book value



At 2 July 2023
2,415,841
357,124
32
52,857
2,825,854



At 3 July 2022
1,475,346
365,386
515
49,127
1,890,374

The freehold property acts as security for the loan disclosed in note 20. 

Page 23

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

14.


Fixed asset investments








Investments in subsidiary companies

£



Cost


At 3 July 2022
8,807,270



At 2 July 2023
8,807,270





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Downoak Limited
Saxon House, 211 High Street Berkhamsted
HP4 1AD
Ordinary
100%
Hedderwick Limited
Saxon House, 211 High Street Berkhamsted
HP4 1AD
Ordinary
100%


15.


Stocks

2023
2022
£
£

Raw materials and consumables
19,204
13,915

19,204
13,915


Page 24

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

16.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
21,392,015
21,318,711

Other debtors
56,752
44,725

Prepayments and accrued income
3,028
47,942

21,451,795
21,411,378


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


17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
14,398
13,722

14,398
13,722



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
438,601
455,915

Trade creditors
123,487
137,882

Amounts owed to group undertakings
15,931,617
12,643,304

Amounts owed to related parties
2,646
3,677

Other creditors
4,821
13,409

Accruals and deferred income
56,515
83,832

16,557,687
13,338,019


Amounts owed to group undertakings are unsecured, interest free and repayable on demand. 
See note 20 for information on the bank loan.

Page 25

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
29,243,070
28,360,534

29,243,070
28,360,534


See note 20 for information on the bank loan.

Page 26

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

20.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
438,601
455,915


438,601
455,915

Amounts falling due 1-2 years

Bank loans
438,601
492,042


438,601
492,042

Amounts falling due 2-5 years

Bank loans
28,816,468
27,868,492

Amounts falling due after more than 5 years

Bank loans
(12,000)
-

(12,000)
-

29,681,670
28,816,449


A £28,993,000 facility from Cynergy Bank was drawn down in January 2022 with a further £1,007,000 being drawn down in November 2022. The loans carry interest at base rate plus 3.65% p.a. payable monthly. The loans are interest only for the first year, after which quarterly capital repayments started, and the balance is due on the repayment date being January 2027 for the initial drawndown and November 2027 for the subsequent drawdown. The loans are secured against the assets of Oakman Inns (P&E) Limited, Oakman Property Limited, Oakman Bedfordshire Holdings Limited, Downoak Limited and Hedderwick Limited.
The loans are disclosed net of arrangement fees which total £124k (2022 - £177k). 

Page 27

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1
1
1



22.


Reserves

Capital redemption reserve

In 2019 the Company received a capital contribution from Oakman Inns and Restaurants Limited, its parent company, which reflects the fact its parent had issued warrants over £6m of the £18m loan obtained by Oakman Inns (P&E) Limited in 2019. This represented an amount that was not a loan, as nothing was repayable, and not share capital. Therefore the definition of a capital contribution was met. In the period to 3 July 2022, the loan was repaid in full at which point the warrants expired. Therefore the capital contribution reserve was transferred to the P&L reserve in the prior period.

Profit and loss account

This reserve includes all accumulated profits and losses of the Company. 


23.


Pension commitments

The Group in which the Company sits operates a defined contributions pension scheme for all employees within the company. 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 Company to the fund and amounted to £7,186 (2022: £8,026). Contributions payable to the fund at the reporting date are recognised by Oakman Inns and Restaurants Limited where the employees are contracted. 


24.


Related party transactions

At the period end £2,646 (2022 - £2,645) was owed by companies under common control due to mutual management teams. 


25.


Post balance sheet events

On 3 July 2023, the Directors restructured the intercompany loans within Oakman Group and then “hived up” the trade and assets of the subsidiary Companies net of liabilities by transferring them to Oakman Inns (P&E) Limited. Following this “hive up” Oakman Inns (P&E) Limited has acquired properties and  operates a number of additional sites post the restructure. The subsidiary Companies no longer trade post the restructure.

Page 28

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

26.


Controlling party

The immediate parent company is Oakman Inns and Restaurants Limited. The ultimate controlling company is Oakman Group Plc. Both of these companies are registered at Saxon House, 211 High Street Berkhamsted, Hertofrdshire, HP4 1AD. Oakman Group Plc prepares consolidated accounts which include the results of this company. There is no ultimate controlling party. 

Page 29