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REGISTERED NUMBER: 05261680 (England and Wales)





OAK TREE MOTOR HOMES LTD

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 12

Other Comprehensive Income 13

Balance Sheet 14

Statement of Changes in Equity 16

Cash Flow Statement 17

Notes to the Cash Flow Statement 19

Notes to the Financial Statements 21


OAK TREE MOTOR HOMES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr R Matthews
Mr M Morris



SECRETARY: Mrs M Matthews



REGISTERED OFFICE: Gin Close Way
Awsworth
Nottinghamshire
NG16 2HH



REGISTERED NUMBER: 05261680 (England and Wales)



AUDITORS: APC Accountants Limited
Chartered Accountants
and Statutory Auditors
7 St John Street
Mansfield
Nottinghamshire
NG18 1QH



BANKERS: Santander Plc
Santander Corporate & Commercial
Nottingham Business Centre
2nd Floor, 2 Clumber Street
Nottingham
NG1 3GA

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their strategic report for the year ended 31 March 2023.

PRINCIPAL ACTIVITY, BUSINESS MODEL & STRATEGY
The Company (Oak Tree) is a retailer of motorhomes and associated products and accessories. It retails primarily used motorhomes, which it sources from a wide variety of suppliers in the trade and privately; and prepares these vehicles to a high standard before sale. Oak Tree also sells motorhomes and other vehicles, which are principally unwanted part-exchanges, to trade customers.

The Company's strategy is to provide choice, value and a great service to its customers, and values their positive feedback which helps to encourage repeat business and customer referrals.

Oak Tree intends not to be the biggest, but the best.

REVIEW OF BUSINESS & KPIS
The year to March 2023 was very much of two halves. The year started strongly, continuing the previous year's performance following re-opening following the Covid restrictions. Business though got very tight in September 2022 following the installation of the Truss government and the disastrous mini-budget; and continued in that vein until January 2023. A pick up in activity from that point has thankfully continued into the early months of the current year.
Turnover increased marginally from £21.5 million to £21.7 million. Gross margin fell from 14.4% to 12.7% (FY21: 14.8%). Operating profit was £0.64 million (FY22: £1.53 million). The profit after tax was £0.54 million, down from £1.21 million.

There was only a small cash generation from operations during the year as a result of building back stock. Because of loans to related parties year-end cash balances were reduced to £1.18m plus investments of £nil (FY22: cash balances and investments of £3.74m and £1.03m respectively).

KPI's which management use to determine progress of the business include revenue, gross margin and operating profit; together with the Company's Trustpilot score which remains at a maximum 5 stars.

PRINCIPAL RISKS AND UNCERTAINTIES
The business is exposed to a number of risks the most significant of which are:

- Reliance on a small senior management team
- The potential for depreciation of stock as market prices change
- The continued availability of suitably priced stock to purchase, due to changes in demand patterns, or in supply
- The financial viability of related parties

The company has appropriate risk management policies in place to minimise the impact of these risks.


OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

DIVERSITY
At the year end the directors were male and the company secretary was female. One of four other senior managers was female. Five of 38 employees overall were female.

THE POSITION OF THE COMPANY AT THE YEAR END
The Company has a robust and liquid balance sheet and sufficient financing facilities to take advantage of market opportunities. Net assets at 31 March 2023 were £7.44 million including net cash balances and deposits of £1.18 million (FY22: £7.11 million and net cash balances and deposits of £3.74 million).

The business started the new financial year with good market conditions, however these feel quite fragile with wider economic conditions in the UK under stress. The company and directors are used to coping with market downturns and have put a number of measures in place to reduce the risk of wider economic conditions having a fundamental negative impact on the business; and the company remains profitable.

ON BEHALF OF THE BOARD:





Mr R Matthews - Director


9 February 2024

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of sales of motor homes.

DIVIDENDS
The directors paid interim dividends per share as follows:

Share type Share value Dividend per share
Ordinary A1 £0.01 £5.67
Ordinary A2 £0.01 £4.00
Ordinary A3 £0.01 £90.50
Ordinary A4 £0.01 £76.50

The total distribution of dividends for the year ended 31 March 2023 will be £205,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

Mr R Matthews
Mr M Morris

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-make judgements 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.


OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, APC Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr R Matthews - Director


9 February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAK TREE MOTOR HOMES LTD


Opinion
We have audited the financial statements of Oak Tree Motor Homes Ltd (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year 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 UK, including the FRC'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
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.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAK TREE MOTOR HOMES LTD


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAK TREE MOTOR HOMES LTD


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAK TREE MOTOR HOMES LTD


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis of our opinion.

Identifying and assessing potential risks related to irregularities

As detailed above we carried out our audit in line with the appropriate guidance. In regards to our procedures during the initial planning, onsite work and final review stages we assessed our audit plan against the changing environments and updated wherever appropriate.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered and carried out a background information assessment on the company and looked at all of the appropriate laws and regulations that the company must abide with. These included GDPR, health and safety, and employment laws.

The company monitors all of its internal policies and procedures and carries out annual updates for those policies, or regular reviews when Government guidance has changed. This is then communicated to staff on all levels to ensure updates in policies and procedures are known throughout the workforce.

The significant laws and regulations in regards to the business are Companies Act, Employment Law, Pensions legislation, Tax legislation, Health & Safety, and GDPR.

We reviewed the company's risk assessments for its business in the significant laws and regulations, carried out reviews on board minutes including discussions with company officials and review of any legal cases and costs.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAK TREE MOTOR HOMES LTD


Audit response to risks identified

As a result of performing the above, we identified presentation of the company's stock as a key audit matter related to the potential risk of fraud. Our specific procedures in this regard are as follows:-

- obtaining an understanding of the relevant controls relating to the purchase of vehicles for resale;
- Undertaking a stock take at the year end then performing further testing on this sample at the time of the audit, to ensure stock valuations were in line with post year end sales;
- assessing that the accounting entries have been recorded in accordance with income recognition policies within FRS102;

In addition to the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations, which have a direct effect on the financial statements;
- making enquiries of management, including legal experts concerning actual or potential litigation and claims;
- On our review of journal entries nothing unusual or unexpected had been identified from our sample testing of journal adjustments carried out by the company to its accounting system.
- We used limited analytical review procedures during our audit work and placed more reliance up on our transactional and detailed audit testing. Our analytical review for highlighting trends were then reviewed and assessed against our detailed testing work.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those 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.

Our audit team had regular updates and meetings within the team including all members of the team, including the RI to ensure that our audit work was being carried out appropriately and to ensure that our assessments have constantly been updated during our audit, as part of these meetings all team members remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAK TREE MOTOR HOMES LTD


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 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 a Report of the Auditors 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.




Leighton Sharp, FCCA, AAT (Senior Statutory Auditor)
for and on behalf of APC Accountants Limited
Chartered Accountants
and Statutory Auditors
7 St John Street
Mansfield
Nottinghamshire
NG18 1QH

13 February 2024

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

TURNOVER 21,704,294 21,547,853

Cost of sales (18,940,753 ) (18,437,307 )
GROSS PROFIT 2,763,541 3,110,546

Administrative expenses (2,130,004 ) (1,954,955 )
633,537 1,155,591

Other operating income - 8,382
OPERATING PROFIT 5 633,537 1,163,973

Income from fixed asset investments - 371,379
Interest receivable and similar income 7,175 -
Interest payable and similar expenses 6 (864 ) (915 )
PROFIT BEFORE TAXATION 639,848 1,534,437

Tax on profit 7 (100,231 ) (323,526 )
PROFIT FOR THE FINANCIAL YEAR 539,617 1,210,911

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 539,617 1,210,911


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

539,617

1,210,911

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 107,561 215,121
Tangible assets 10 75,226 115,696
Investments 11 - 1,030,352
182,787 1,361,169

CURRENT ASSETS
Stocks 12 3,398,071 2,545,408
Debtors 13 3,529,215 633,326
Cash at bank and in hand 1,180,324 3,738,420
8,107,610 6,917,154
CREDITORS
Amounts falling due within one year 14 842,995 1,165,811
NET CURRENT ASSETS 7,264,615 5,751,343
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,447,402

7,112,512

CREDITORS
Amounts falling due after more than one
year

15

(900

)

(1,035

)

PROVISIONS FOR LIABILITIES 18 (7,553 ) (7,145 )
NET ASSETS 7,438,949 7,104,332

CAPITAL AND RESERVES
Called up share capital 19 10,100 10,100
Share premium 20 980,000 980,000
Capital redemption reserve 20 10,000 10,000
Retained earnings 20 6,438,849 6,104,232
SHAREHOLDERS' FUNDS 7,438,949 7,104,332

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements were approved by the Board of Directors and authorised for issue on 9 February 2024 and were signed on its behalf by:





Mr R Matthews - Director


OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2021 10,100 5,140,821 980,000 10,000 6,140,921

Changes in equity
Dividends - (247,500 ) - - (247,500 )
Total comprehensive income - 1,210,911 - - 1,210,911
Balance at 31 March 2022 10,100 6,104,232 980,000 10,000 7,104,332

Changes in equity
Dividends - (205,000 ) - - (205,000 )
Total comprehensive income - 539,617 - - 539,617
Balance at 31 March 2023 10,100 6,438,849 980,000 10,000 7,438,949

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 269,121 2,435,713
Interest paid - (123 )
Interest element of hire purchase
payments paid

(727

)

(792

)
Finance costs paid (137 ) -
Tax paid (259,071 ) (281,958 )
Net cash from operating activities 9,186 2,152,840

Cash flows from investing activities
Purchase of tangible fixed assets (4,571 ) (8,133 )
Purchase of fixed asset investments - (4,263,092 )
Sale of fixed asset investments 750,000 3,867,508
Interest received 7,175 -
Dividends received - 371,379
Net cash from investing activities 752,604 (32,338 )

Cash flows from financing activities
Loan repayments in year - (105,000 )
Capital repayments in year (4,554 ) (5,463 )
Amount introduced by directors - 1,215,269
Amount withdrawn by directors (3,389,519 ) -
Movement on related party loans 279,187 170,222
Equity dividends paid (205,000 ) (247,500 )
Net cash from financing activities (3,319,886 ) 1,027,528

(Decrease)/increase in cash and cash equivalents (2,558,096 ) 3,148,030
Cash and cash equivalents at
beginning of year

2

3,738,420

590,390


OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   
Cash and cash equivalents at end of
year

2

1,180,324

3,738,420

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 639,848 1,534,437
Depreciation charges 146,058 153,024
Loss on disposal of fixed assets 6,543 59,334
Loss on revaluation of fixed assets 280,352 -
Finance costs 864 915
Finance income (7,175 ) (371,379 )
1,066,490 1,376,331
(Increase)/decrease in stocks (852,663 ) 849,659
Decrease in trade and other debtors 90,134 128,607
(Decrease)/increase in trade and other creditors (34,840 ) 81,116
Cash generated from operations 269,121 2,435,713

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 1,180,324 3,738,420
Year ended 31 March 2022
31/3/22 1/4/21
£    £   
Cash and cash equivalents 3,738,420 590,390


OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/22 Cash flow At 31/3/23
£    £    £   
Net cash
Cash at bank and in hand 3,738,420 (2,558,096 ) 1,180,324
3,738,420 (2,558,096 ) 1,180,324
Debt
Finance leases (4,554 ) 4,554 -
(4,554 ) 4,554 -
Total 3,733,866 (2,553,542 ) 1,180,324

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Oak Tree Motor Homes Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The functional currency of the financial statements is the Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention, adjusted for fair value on investments

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The significant judgements and estimates are as follows:

The fixed asset depreciation rates are detailed in the accounting policy. The rates are reviewed annually in line to what the directors believe the assets are worth.

The amortisation of goodwill has been reviewed upon the transition to FRS102 and due to the income streams still generated, it was deemed appropriate for goodwill to be amortised over 10 years.

The company lent money in the previous year to a related party some of which is still outstanding at the year end. The recoverability of this debt has been assessed by the directors based upon four year projections, and they believe that the loan is fully recoverable within the projections time period. The ongoing position will be assessed by the directors on a regular basis. As such, no provision has been made in the financial statements.

The company holds cryptocurrencies, at the year end in US$ denominated deposits. These deposits are valued at market value according to the platform through which they are held, and which the directors believe is their fair value. However these are unregulated products which can be subject to volatile market swings, currency risks and a potential lack of liquidity.

The company has no other significant judgements and estimates other than those detailed in the accounting policies.

Turnover
Turnover represents the value, excluding Value Added Tax, of used motor homes, warranties associated with those sales, and parts sales provided to customers during the year. All income is taken to the income statement at the same point as the right to receive consideration has been achieved. In respect of the sales of motor homes, the right to receive consideration is the point where a contract for sale is signed by a customer on delivery of the vehicle.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over 10 years, its estimated useful life from the date of transition of 1 April 2014 to FRS102. Prior to transition, goodwill was being amortised over the estimated useful life of 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - in accordance with the property
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the income statement. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.Those held under hire purchase contracts are depreciated under their estimated useful lives.Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 905,507 967,277
Social security costs 85,528 88,881
Other pension costs 331 299
991,366 1,056,457

The average number of employees during the year was as follows:
2023 2022

Management 3 2
Administration 10 10
Sales 6 6
Valeting 8 8
Workshop 11 10
38 36

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 24,179 16,216
Directors' pension contributions to money purchase schemes 331 299

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of equipment 1,040 1,040
Vehicle hire 44,038 42,232
Depreciation - owned assets 38,498 45,464
Loss on disposal of fixed assets 6,543 59,334
Goodwill amortisation 107,560 107,560
Auditors' remuneration 15,114 14,645
Foreign exchange differences - 51,778
Related party loan write off 113,588 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Stock funding interest - 123
Hire purchase interest 727 792
Corporation tax interest paid 137 -
864 915

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 170,657 339,406
Over / under provision in prior year (70,835 ) (13,381 )
Total current tax 99,822 326,025

Deferred tax 409 (2,499 )
Tax on profit 100,231 323,526

UK corporation tax was charged at 19%) in 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 639,848 1,534,437
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

121,571

291,543

Effects of:
Depreciation in excess of capital allowances 27,505 47,863
Adjustments to tax charge in respect of previous periods (70,835 ) (13,381 )
Other 408 (2,499 )
Related party loan written off 21,582 -
Total tax charge 100,231 323,526

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. DIVIDENDS

20222021
£   £   
Ordinary A1 shares of £0.0151,00065,000
Ordinary A2 shares of £0.0130,50048,000
Ordinary A3 shares of £0.0190,50090,500
Ordinary A4 shares of £0.0175,50077,000
Ordinary B shares of £0.01--
247,500280,500

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 1,536,574
AMORTISATION
At 1 April 2022 1,321,453
Amortisation for year 107,560
At 31 March 2023 1,429,013
NET BOOK VALUE
At 31 March 2023 107,561
At 31 March 2022 215,121

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 261,944 151,657 89,597 503,198
Additions - 4,571 - 4,571
Disposals (32,676 ) - - (32,676 )
Reclassification/transfer - - 29,622 29,622
At 31 March 2023 229,268 156,228 119,219 504,715
DEPRECIATION
At 1 April 2022 217,489 112,031 57,982 387,502
Charge for year 22,620 7,970 7,908 38,498
Eliminated on disposal (26,133 ) - - (26,133 )
Reclassification/transfer - - 29,622 29,622
At 31 March 2023 213,976 120,001 95,512 429,489
NET BOOK VALUE
At 31 March 2023 15,292 36,227 23,707 75,226
At 31 March 2022 44,455 39,626 31,615 115,696

Included in the total net book value of tangible fixed assets held at 31 March 2022 was £NIL (2022: £6,674) in respect of assets held under hire purchase and finance lease contracts.

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 April 2022 1,030,352
Disposals (750,000 )
Impairments (280,352 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 1,030,352

12. STOCKS
2023 2022
£    £   
Stocks 3,398,071 2,545,408

13. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 63,871 168,462
Other debtors 8,983 4,674
Directors' current accounts 3,265,346 -
Prepayments and accrued income 88,959 78,811
3,427,159 251,947

Amounts falling due after more than one year:
Amounts owed by related parties 102,056 381,379

Aggregate amounts 3,529,215 633,326

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 16) - 4,554
Trade creditors 173,859 160,285
Corporation tax 170,657 329,906
Social security and other taxes 31,530 26,778
VAT 153,327 210,616
Other creditors 231,759 153,694
Directors' current accounts - 124,173
Accruals and deferred income 81,863 155,805
842,995 1,165,811

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed to related parties 900 1,035

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 4,554

Non-cancellable operating leases
2023 2022
£    £   
In more than five years 190,613 21,994

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 4,554

The bank overdraft is secured on fixed and floating charges.
The stocking facility is secured on the stock book.

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 7,553 7,145

Deferred
tax
£   
Balance at 1 April 2022 7,145
Provided during year 408
Balance at 31 March 2023 7,553

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £ £
10,000 Ordinary £1 10,000 10,000
6,000 Ordinary A1 £0.01 60 60
1,000 Ordinary A2 £0.01 10 10
1,000 Ordinary A3 £0.01 10 10
1,000 Ordinary A4 £0.01 10 10
500 Ordinary B £0.01 5 5
500 Ordinary C £0.01 5 5
10,100 10,100

20. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2022 6,104,232 980,000 10,000 7,094,232
Profit for the year 539,617 539,617
Dividends (205,000 ) (205,000 )
At 31 March 2023 6,438,849 980,000 10,000 7,428,849

21. CAPITAL COMMITMENTS

The company had no capital commitments or contingent liabilities at the balance sheet date.

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr R Matthews
Balance outstanding at start of year (124,173 ) 1,091,096
Amounts advanced 3,389,519 -
Amounts repaid - (1,215,269 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,265,346 (124,173 )

Interest charged on the above amount was £Nil.

OAK TREE MOTOR HOMES LTD (REGISTERED NUMBER: 05261680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


23. RELATED PARTY DISCLOSURES

During the year the company paid consultancy fees to a related party, a company owned and controlled by a director, to the value of £9,450 (2022: £71,212).
At the balance sheet date, £NIL (2022: £1,035) was outstanding in respect of these transactions.

During the year the company provided financial assistance to a related parties to the value of £NIL (2022: £4,582).

During the year the company has written off £113,558 in respect of related party loans.

The company also purchased goods and service on ordinary commercial terms with an amount outstanding at the year end of £11,708 (2022: £9,933)

At the balance sheet date, the company was owed £102,056 (2022: £381,379) from related party companies and owed £900 (2022 - £1,035) from related party companies..

During the year the company paid dividends to the shareholders to the value of £205,000 (2022: £247,500).

Key management personnel remuneration during the year totalled £143,952 (2022: £193,592).

Directors' remuneration during the year totalled £35,150 (2022: £116,084).

Interest paid on the directors loan account during the year amounted to £Nil (2022: £Nil).