Registered number:
FOR THE PERIOD ENDED 2 JULY 2023
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OAKMAN INNS (P&E) LIMITED
COMPANY INFORMATION
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OAKMAN INNS (P&E) LIMITED
CONTENTS
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OAKMAN INNS (P&E) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 2 JULY 2023
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.
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.
• 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%.
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OAKMAN INNS (P&E) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 2 JULY 2023
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.
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.
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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.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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).
The Directors who served during the period were:
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OAKMAN INNS (P&E) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 2 JULY 2023
The auditors, Haysmacintyre LLP, will 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.
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OAKMAN INNS (P&E) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN INNS (P&E) LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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OAKMAN INNS (P&E) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN INNS (P&E) LIMITED (CONTINUED)
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 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.
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.
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.
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OAKMAN INNS (P&E) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN INNS (P&E) LIMITED (CONTINUED)
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.
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OAKMAN INNS (P&E) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN INNS (P&E) LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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OAKMAN INNS (P&E) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 2 JULY 2023
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OAKMAN INNS (P&E) LIMITED
REGISTERED NUMBER: 11871359
BALANCE SHEET
AS AT 2 JULY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 29 form part of these financial statements.
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OAKMAN INNS (P&E) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 2 JULY 2023
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
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
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:
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.
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
2.Accounting policies (continued)
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.
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
2.Accounting policies (continued)
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
2.Accounting policies (continued)
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:
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.
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
2.Accounting policies (continued)
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
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
2.Accounting policies (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.
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
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.
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
11.Taxation (continued)
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.
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
Capital redemption reserve
Profit and loss account
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.
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
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.
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