Registered number:
FOR THE PERIOD ENDED 2 JULY 2023
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE PERIOD ENDED 2 JULY 2023
The Directors present their report and the financial statements for the 52 weeks ended 2 July 2023.
Oakman Property Limited is a wholly owned subsidiary of Oakman Inns and Restaurants Limited and is part of Oakman Group. The Company owns and operates one freehold premium pub with hotel rooms and function facilities.
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. 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 £4.7m up some £0.2m on the prior year with adjusted EBITDA of £0.9m up from £0.6m achieved in the prior year. The Balance Sheet shows Net Liabilities of £1.7m down from £2.5m at the end of the previous year. The Company is funded through an inter-company debt from Oakman Inns (P&E) Limited.
• During the year sales performed in line with the market being some 3.7% up on prior year (per Coffer Peach Business Tracker)
• Average net sales increased to £89 k per week for the whole of the period, up from some £86k during the previous year. • Wet Margins improved by 0.7% compared to the previous year. • Dry Margins fell back by some 2.1% compared to the previous year . • Staff turnover for the period was at 53%.
The principal risks facing the business in the period are covered below. They continue to be risks to the operation of the pubs however the risk has transferred to Oakman Inns (P&E) Limited given the post year end hive up of trade.
The Directors have restructured the intercompany loans within Oakman Group at the start of July 2023 and are then planning to “hive up” the trade and assets of the Company net of liabilities by transferring them to Oakman Inns (P&E) Limited. Following this “hive up” the Company will no longer trade.
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STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 2 JULY 2023
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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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 profit for the period, after taxation, amounted to £780,968 (2022 - £300,271).
No dividends were paid in the period (2022: £nil).
The Directors who served during the period were:
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 2 JULY 2023
Post period end, the Directors have restructured the intercompany loans within Oakman Group and have “hived up” the trade and assets of the Company net of liabilities by transferring them to Oakman Inns (P&E) Limited at net book value on 3 July 2023. Following this “hive up” the Company no longer trades.
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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN PROPERTY LIMITED
We have audited the financial statements of Oakman Property 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 of the financial statements. This explains that, post period end, the Directors have restructured the intercompany loans within Oakman Group and have “hived up” the trade and assets of the Company net of liabilities by transferring them to Oakman Inns P&E Limited at NBV on 3 July 2023. Following this “hive up” the Company no longer trades.
For this reason, the Directors have concluded that the Company is no longer a going concern and therefore these financial statements have been prepared on a basis other than going concern as described in noted 2.3. Our opinion is not modified in respect of this matter.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN PROPERTY 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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN PROPERTY 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 the site on the FSA website to identify whether any instances of poor ratings or breaches. - Licencing: We discussed with management to identify whether they were aware of instances of non-compliance, and we reviewed board minutes. - Minimum wage: We discussed with management to identify whether they were aware of 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 challenged 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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN PROPERTY 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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STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 2 JULY 2023
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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 22 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 2 JULY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
Oakman Property Limited is a private company limited by shares registered in England & Wales with registration number 07219458. Its registered office is Saxon House, 211 High Street, Berkhamsted, HP4 1AD and its principal place of trading is The Royal Foresters, London Road, Ascot, SL5 8DR.
Post period end, the Directors have restructured the intercompany loans within Oakman Group and have “hived up” the trade and assets of the Company net of liabilities by transferring them to Oakman Inns (P&E) Limited at net book value on 4 July 2023. Following this “hive up” the Company no longer trades. See note 2.3 for further information.
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 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙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 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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
2.Accounting policies (continued)
In preparing the financial statements, the Directors have made the assessment of the entity’s ability to continue as a going concern.
The Directors are planning to restructure the intercompany loans within Oakman Group and the “hive up” the trade and assets of the Company net of liabilities by transferring them to Oakman Inns (P&E) Limited on 3 July 2023. Following this “hive up” the Company will no longer trade. For this reason, the Directors have concluded that the Company is not longer a going concern and these financial statements have been prepared on this basis. No material adjustments arose as a result of ceasing to apply the going concern basis. Accommodation revenue is recognised in the period in which the services are provided and food and beverage sales are recognised at the point of sale. Grants have also been received under the Retail, Hospitality and Tourism scheme. These grants have been recognised in the period in which the company became entitled to the grant.
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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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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. 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 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 3 July 2022 on the basis of the known information at this date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
12.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
Profit and loss account
The Company 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 £20,984 (2022: £19,19,248). Contributions payable to the fund at the reporting date are recognised by Oakman Inns and Restaurants Limited where the employees are contracted.
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, HP4 1AD. Oakman Group Plc prepares consolidated accounts which include the results of this company.
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