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Registered number: 03308639










Oakland Court Limited








Unaudited

Directors' report and financial statements

For the year ended 31 May 2023

 
Oakland Court Limited
 

Company Information


Directors
S F M Evans 
M S Evans 




Company secretary
A D Priestley



Registered number
03308639



Registered office
9 Donnington Park
85 Birdham Road

Chichester

West Sussex

PO20 7AJ




Accountants
Kreston Reeves LLP
Chartered Accountants

9 Donnington Park

85 Birdham Road

Chichester

West Sussex

PO20 7AJ





 
Oakland Court Limited
 

Contents



Page
Directors' report
1
Accountants' report
2
Statement of income and retained earnings
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 12


 
Oakland Court Limited
 

 
Directors' report
For the year ended 31 May 2023

The Directors present their report and the financial statements for the year ended 31 May 2023.

Principal activity

The principal activity of the Company is the management of a residential home.

Directors

The Directors who served during the year were:

S F Stephens (resigned 15 May 2023)
S F M Evans 
M S Evans 

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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





................................................
S F M Evans
Director
Date: 13 February 2024

Page 1

 
Oakland Court Limited
 
  
Chartered accountants' report to the board of Directors on the preparation of the unaudited statutory financial statements of Oakland Court Limited for the year ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Oakland Court Limited for the year ended 31 May 2023 which comprise the Statement of income and retained earnings, the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Oakland Court Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Oakland Court Limited  and state those matters that we have agreed to state to the Board of directors of Oakland Court Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oakland Court Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Oakland Court Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Oakland Court Limited. You consider that Oakland Court Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Oakland Court Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
15 February 2024
Page 2

 
Oakland Court Limited
 

Statement of income and retained earnings
For the year ended 31 May 2023

2023
2022
£
£

  

Turnover
  
1,571,652
1,280,593

Cost of sales
  
(1,063,496)
(882,935)

Gross profit
  
508,156
397,658

Administrative expenses
  
(352,930)
(357,803)

Other operating income
  
4,480
45,658

Operating profit
  
159,706
85,513

Interest receivable and similar income
  
6,741
2,390

Profit before tax
  
166,447
87,903

Tax on profit
  
(7,579)
8,317

Profit after tax
  
158,868
96,220

  

  

Retained earnings at the beginning of the year
  
1,476,646
1,417,426

  
1,476,646
1,417,426

Profit for the year
  
158,868
96,220

Dividends declared and paid
  
(77,500)
(37,000)

Retained earnings at the end of the year
  
1,558,014
1,476,646
Page 3

 
Oakland Court Limited
Registered number: 03308639

Balance sheet
As at 31 May 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
876,343
870,672

Current assets
  

Stocks
  
600
600

Debtors: amounts falling due within one year
 5 
390,508
41,123

Cash at bank and in hand
  
370,097
623,374

  
761,205
665,097

Creditors: amounts falling due within one year
 6 
(69,077)
(46,822)

Net current assets
  
 
 
692,128
 
 
618,275

Total assets less current liabilities
  
1,568,471
1,488,947

Creditors: amounts falling due after more than one year
 7 
(10,455)
(12,299)

  

Net assets
  
1,558,016
1,476,648


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,558,014
1,476,646

  
1,558,016
1,476,648


Page 4

 
Oakland Court Limited
Registered number: 03308639

Balance sheet (continued)
As at 31 May 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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




................................................
S F M Evans
Director

Date: 13 February 2024

The notes on pages 6 to 12 form part of these financial statements.

Page 5

 
Oakland Court Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

1.


General information

The Company is a private company limited by share capital incorporated in England and Wales  (Registered number: 03308639).
The registered office address is: 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ.
The principal place of business is 26 Admiralty Road, Felpham, Bognor Regis, West Sussex PO22 7DW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

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

Rendering of services

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

 
2.3

Operating leases: The Company as lessee

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

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. 
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Interest income

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

Page 6

 
Oakland Court Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

 
2.8

Tangible fixed assets

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

Page 7

 
Oakland Court Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Fixtures and fittings
-
15%
reducing balance

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.

 
2.9

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 8

 
Oakland Court Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.14

Dividends

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


3.


Employees

The average monthly number of employees, including directors, during the year was 41 (2022 - 42).

Page 9

 
Oakland Court Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

4.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost


At 1 June 2022
1,306,923
273,816
1,580,739


Additions
14,392
27,644
42,036



At 31 May 2023

1,321,315
301,460
1,622,775



Depreciation


At 1 June 2022
509,022
201,045
710,067


Charge for the year on owned assets
24,209
12,156
36,365



At 31 May 2023

533,231
213,201
746,432



Net book value



At 31 May 2023
788,084
88,259
876,343



At 31 May 2022
797,901
72,771
870,672

Page 10

 
Oakland Court Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

5.


Debtors

2023
2022
£
£


Trade debtors
32,992
12,047

Amounts owed by group undertakings
250,142
215

Other debtors
36,631
16

Prepayments and accrued income
65,656
17,305

Deferred taxation
5,087
11,540

390,508
41,123



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
17,263
11,817

Amounts owed to group undertakings
12,856
1,289

Corporation tax
1,110
-

Other taxation and social security
18,718
15,837

Other creditors
7,233
7,070

Accruals and deferred income
11,897
10,809

69,077
46,822



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Government grants received
10,455
12,299


Page 11

 
Oakland Court Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
11,540
3,223


Charged to profit or loss
(6,453)
8,317



At end of year
5,087
11,540

2023
2022
£
£


Accelerated capital allowances
5,087
11,540


9.


Pension commitments

The Company operates a defined contributions pension scheme. The pension cost charge represents contributions payable by the Company to the fund and amounted to £13,684 (2022 - £13,522). Contributions totalling £Nil (2022 - £207) were payable to the fund at the balance sheet date and are included in creditors.


10.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
2,683
5,396

Later than 1 year and not later than 5 years
6,260
8,049

8,943
13,445


11.


Controlling party

The Company is controlled by its parent company and ultimate controlling party, Oakland Limited (registered number: 01554178), which is a company incorporated in England and Wales.


Page 12