REGISTERED NUMBER: 08419630 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 31 October 2023 |
for |
Oakwood House (UK) Ltd |
REGISTERED NUMBER: 08419630 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 31 October 2023 |
for |
Oakwood House (UK) Ltd |
Oakwood House (UK) Ltd (Registered number: 08419630) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Income and Retained Earnings | 6 |
Consolidated Balance Sheet | 7 |
Company Balance Sheet | 8 |
Consolidated Cash Flow Statement | 9 |
Notes to the Consolidated Cash Flow Statement | 10 |
Notes to the Consolidated Financial Statements | 12 |
Oakwood House (UK) Ltd |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Cloth Hall |
150 Drake Street |
Rochdale |
Lancashire |
OL16 1PX |
Oakwood House (UK) Ltd (Registered number: 08419630) |
Group Strategic Report |
for the Year Ended 31 October 2023 |
The director presents his strategic report of the company and the group for the year ended 31 October 2023. |
REVIEW OF BUSINESS |
The care homes owned and run by Rochcare Limited and Rochcare (UK ) Ltd have maintained high occupancy levels throughout the year. |
Group turnover has increased by 33% over the last twelve months mainly due to increased occupancy levels. |
The care home operated by Rochcare Limited has now maintained a high occupancy through out the year which has contributed towards the profit levels. |
Rochcare Ltd has now started construction of their new 64 bed care home in Chadderton. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors are aware of the principal risks and uncertainties facing the company and in brief these are:- |
a) Changes in state funding provision; and |
b) Other changes in regulation of the business leading to increased costs. |
The company will continue to look for further savings while maintaining care standards. |
ON BEHALF OF THE BOARD: |
Oakwood House (UK) Ltd (Registered number: 08419630) |
Report of the Director |
for the Year Ended 31 October 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 October 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of residential care homes. |
DIVIDENDS |
An interim dividend of £237.50 per share was paid on 31 October 2023. The director recommends that no final dividend be paid. |
The total distribution of dividends for the year ended 31 October 2023 will be £ 91,500 . |
DIRECTOR |
POLITICAL DONATIONS AND EXPENDITURE |
No political donations have been made (2022:£nil). |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information. |
AUDITORS |
The auditors, PKW Chartered Accountants LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Oakwood House (UK) Ltd |
Opinion |
We have audited the financial statements of Oakwood House (UK) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 October 2023 and of the group's 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's 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 |
Oakwood House (UK) Ltd |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
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: |
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: |
- review of financial statement disclosures and vouching to supporting documentation to assess compliance with applicable laws and regulations; |
- auditing the risk of management override of controls, including the testing of journal entries and other adjustments for appropriateness; |
- testing the effectiveness of the company's internal controls and systems; |
- use of analytical procedures to review client data for unusual trends and fluctuations. |
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. |
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. |
for and on behalf of |
Cloth Hall |
150 Drake Street |
Rochdale |
Lancashire |
OL16 1PX |
Oakwood House (UK) Ltd (Registered number: 08419630) |
Consolidated |
Statement of Income and |
Retained Earnings |
for the Year Ended 31 October 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ |
TURNOVER | 5,093,815 | 3,833,845 |
Cost of sales | 3,458,406 | 2,721,005 |
GROSS PROFIT | 1,635,409 | 1,112,840 |
Administrative expenses | 664,615 | 543,278 |
970,794 | 569,562 |
Other operating income | 216,263 | 267,482 |
OPERATING PROFIT | 4 | 1,187,057 | 837,044 |
Interest receivable and similar income | 6,119 | 1,083 |
1,193,176 | 838,127 |
Interest payable and similar expenses | 5 | 60,182 | 41,741 |
PROFIT BEFORE TAXATION | 1,132,994 | 796,386 |
Tax on profit | 6 | 190,967 | 39,319 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year as previously reported |
2,267,372 |
1,525,659 |
Dividends | 8 | (91,500 | ) | (84,000 | ) |
Prior year adjustment - corrections of material errors |
9 |
(228,821 |
) |
(160,175 |
) |
RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
2,889,078 |
2,038,551 |
Profit attributable to: |
Owners of the parent | 942,027 | 757,067 |
Oakwood House (UK) Ltd (Registered number: 08419630) |
Consolidated Balance Sheet |
31 October 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | (684,365 | ) | (1,026,548 | ) |
Tangible assets | 11 | 7,942,728 | 6,817,706 |
Investments | 12 | - | - |
7,258,363 | 5,791,158 |
CURRENT ASSETS |
Debtors | 13 | 1,389,345 | 1,282,733 |
Investments | 14 | 2,478 | 2,478 |
Cash at bank and in hand | 523,859 | 1,226,587 |
1,915,682 | 2,511,798 |
CREDITORS |
Amounts falling due within one year | 15 | 1,740,445 | 1,563,427 |
NET CURRENT ASSETS | 175,237 | 948,371 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,433,600 |
6,739,529 |
CREDITORS |
Amounts falling due after more than one year | 16 | (799,728 | ) | (960,096 | ) |
PROVISIONS FOR LIABILITIES | 19 | (7,135 | ) | (3,223 | ) |
NET ASSETS | 6,626,737 | 5,776,210 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 400 | 400 |
Share premium | 21 | 3,737,259 | 3,737,259 |
Retained earnings | 21 | 2,889,078 | 2,038,551 |
SHAREHOLDERS' FUNDS | 6,626,737 | 5,776,210 |
The financial statements were approved by the director and authorised for issue on 25 July 2024 and were signed by: |
A Mahmood - Director |
Oakwood House (UK) Ltd (Registered number: 08419630) |
Company Balance Sheet |
31 October 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 59,898 | 59,709 |
The financial statements were approved by the director and authorised for issue on |
Oakwood House (UK) Ltd (Registered number: 08419630) |
Consolidated Cash Flow Statement |
for the Year Ended 31 October 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 960,375 | 689,098 |
Interest paid | (58,740 | ) | (41,028 | ) |
Interest element of hire purchase payments paid | (1,398 | ) | (713 | ) |
Finance costs paid | (44 | ) | - |
Tax paid | (59,500 | ) | (91,097 | ) |
Net cash from operating activities | 840,693 | 556,260 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,263,509 | ) | (293,689 | ) |
Sale of tangible fixed assets | - | 74,546 |
Interest received | 6,119 | 1,083 |
Net cash from investing activities | (1,257,390 | ) | (218,060 | ) |
Cash flows from financing activities |
New loans in year | 25,235 | - |
Loan repayments in year | (212,674 | ) | (296,433 | ) |
Capital repayments in year | (2,799 | ) | (5,196 | ) |
Amount introduced by directors | 5,599 | - |
Equity dividends paid | (91,500 | ) | (84,000 | ) |
Net cash from financing activities | (276,139 | ) | (385,629 | ) |
Decrease in cash and cash equivalents | (692,836 | ) | (47,429 | ) |
Cash and cash equivalents at beginning of year | 2 | 1,213,426 | 1,260,855 |
Cash and cash equivalents at end of year | 2 | 520,590 | 1,213,426 |
Oakwood House (UK) Ltd (Registered number: 08419630) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 October 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
as restated |
£ | £ |
Profit before taxation | 1,132,994 | 796,386 |
Depreciation charges | (203,697 | ) | (211,764 | ) |
Loss on disposal of fixed assets | - | 23,255 |
Finance costs | 60,182 | 41,741 |
Finance income | (6,119 | ) | (1,083 | ) |
983,360 | 648,535 |
(Increase)/decrease in trade and other debtors | (106,612 | ) | 62,784 |
Increase/(decrease) in trade and other creditors | 83,627 | (22,221 | ) |
Cash generated from operations | 960,375 | 689,098 |
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 October 2023 |
31.10.23 | 1.11.22 |
£ | £ |
Cash and cash equivalents | 523,859 | 1,226,587 |
Bank overdrafts | (3,269 | ) | (13,161 | ) |
520,590 | 1,213,426 |
Year ended 31 October 2022 |
31.10.22 | 1.11.21 |
as restated |
£ | £ |
Cash and cash equivalents | 1,226,587 | 1,260,855 |
Bank overdrafts | (13,161 | ) | - |
1,213,426 | 1,260,855 |
Oakwood House (UK) Ltd (Registered number: 08419630) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 October 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1.11.22 | Cash flow | At 31.10.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,226,587 | (702,728 | ) | 523,859 |
Bank overdrafts | (13,161 | ) | 9,892 | (3,269 | ) |
1,213,426 | (692,836 | ) | 520,590 |
Liquid resources |
Current asset investments | 2,478 | - | 2,478 |
2,478 | - | 2,478 |
Debt |
Finance leases | (2,799 | ) | (15,427 | ) | (18,226 | ) |
Debts falling due within 1 year | (209,829 | ) | 35,482 | (174,347 | ) |
Debts falling due after 1 year | (960,096 | ) | 170,182 | (789,914 | ) |
(1,172,724 | ) | 190,237 | (982,487 | ) |
Total | 43,180 | (502,599 | ) | (459,419 | ) |
Oakwood House (UK) Ltd (Registered number: 08419630) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Oakwood House (UK) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
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. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Government grants |
Grants are accounted under the accruals model as permitted under FRS 102. Grants relating to expenditure on tangible assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included within other creditors as deferred income. |
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure. |
Oakwood House (UK) Ltd (Registered number: 08419630) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
as restated |
£ | £ |
Wages and salaries | 2,685,482 | 2,213,838 |
Social security costs | 168,145 | 129,117 |
Other pension costs | 49,796 | 42,391 |
2,903,423 | 2,385,346 |
The average number of employees during the year was as follows: |
2023 | 2022 |
as restated |
Directors | 2 | 2 |
Other staff | 159 | 143 |
2023 | 2022 |
as restated |
£ | £ |
Director's remuneration | 26,057 | 26,179 |
Director's pension contributions to money purchase schemes | 12,000 | 12,000 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
as restated |
£ | £ |
Depreciation - owned assets | 138,486 | 130,418 |
Loss on disposal of fixed assets | - | 23,255 |
Goodwill amortisation | (342,183 | ) | (342,182 | ) |
Auditors' remuneration | 5,400 | 5,040 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
as restated |
£ | £ |
Bank interest | 871 | 469 |
Bank loan interest | 57,869 | 40,559 |
Hire purchase | 1,398 | 713 |
Corporation tax interest | 44 | - |
60,182 | 41,741 |
Oakwood House (UK) Ltd (Registered number: 08419630) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | 187,055 | 59,544 |
Deferred tax | 3,912 | (20,225 | ) |
Tax on profit | 190,967 | 39,319 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2023 | 2022 |
as restated |
£ | £ |
Ordinary shares of 1 each |
Interim | 91,500 | 84,000 |
9. | PRIOR YEAR ADJUSTMENT |
A prior year adjustment has been made to correct depreciation charged on Freehold Property, which, since construction ended, has not been depreciated in line with the accounting policy in previous periods. |
The adjustments made to previous years are as follows: |
Year ended 31 October 2019: £22,883 |
Year ended 31 October 2020: £68,646 |
Year ended 31 October 2021: £68,646 |
Year ended 31 October 2022: £68,646 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 | (1,710,913 | ) |
AMORTISATION |
At 1 November 2022 | (684,365 | ) |
Amortisation for year | (342,183 | ) |
At 31 October 2023 | (1,026,548 | ) |
NET BOOK VALUE |
At 31 October 2023 | (684,365 | ) |
At 31 October 2022 | (1,026,548 | ) |
Oakwood House (UK) Ltd (Registered number: 08419630) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2022 | 7,539,340 | 510,696 | 31,445 | 8,081,481 |
Additions | 1,219,422 | 2,376 | 41,710 | 1,263,508 |
At 31 October 2023 | 8,758,762 | 513,072 | 73,155 | 9,344,989 |
DEPRECIATION |
At 1 November 2022 | 882,050 | 350,280 | 31,445 | 1,263,775 |
Charge for year | 106,561 | 23,235 | 8,690 | 138,486 |
At 31 October 2023 | 988,611 | 373,515 | 40,135 | 1,402,261 |
NET BOOK VALUE |
At 31 October 2023 | 7,770,151 | 139,557 | 33,020 | 7,942,728 |
At 31 October 2022 | 6,657,290 | 160,416 | - | 6,817,706 |
Included in cost of land and buildings is freehold land of £ 698,595 which is not depreciated. |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2022 |
Additions |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
as restated | as restated |
£ | £ | £ | £ |
Trade debtors | 286,052 | 315,399 |
Amounts owed by group undertakings | 1,053,853 | 904,762 |
Other debtors | - | 7,372 |
Prepayments and accrued income | 49,440 | 55,200 |
1,389,345 | 1,282,733 |
Oakwood House (UK) Ltd (Registered number: 08419630) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
14. | CURRENT ASSET INVESTMENTS |
Group |
2023 | 2022 |
as restated |
£ | £ |
Listed investments | 2,478 | 2,478 |
Market value of listed investments held by the group at 31 October 2023 - £2,477 (2022 - £2,477). |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
as restated | as restated |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 177,616 | 222,990 |
Hire purchase contracts (see note 18) | 8,412 | 2,799 |
Trade creditors | 158,279 | 222,811 |
Amounts owed to group undertakings | 598,651 | 598,651 |
Tax | 198,158 | 70,602 |
Social security and other taxes | 27,532 | 6,872 |
Other creditors | 161,804 | 61,804 |
No description | 178,507 | - | - | - |
Directors' current accounts | 157,203 | 151,604 | 66,693 | 61,094 |
Accruals and deferred income | 74,283 | 225,294 |
1,740,445 | 1,563,427 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
as restated |
£ | £ |
Bank loans (see note 17) | 789,914 | 960,096 |
Hire purchase contracts (see note 18) | 9,814 | - |
799,728 | 960,096 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
as restated |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 3,269 | 13,161 |
Bank loans | 174,347 | 209,829 |
177,616 | 222,990 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 789,914 | 960,096 |
Oakwood House (UK) Ltd (Registered number: 08419630) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year | 8,412 | 2,799 |
Between one and five years | 9,814 | - |
18,226 | 2,799 |
19. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
as restated |
£ | £ |
Deferred tax | 7,135 | 3,223 |
Group |
Deferred |
tax |
£ |
Balance at 1 November 2022 | 3,223 |
Charge to Income Statement during year | 3,912 |
Balance at 31 October 2023 | 7,135 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | as restated |
£ | £ |
Ordinary | 1 | 400 | 400 |
21. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 November 2022 | 2,267,372 | 3,737,259 | 6,004,631 |
Prior year adjustment | (228,821 | ) | (228,821 | ) |
2,038,551 | 5,775,810 |
Profit for the year | 942,027 | 942,027 |
Dividends | (91,500 | ) | (91,500 | ) |
At 31 October 2023 | 2,889,078 | 3,737,259 | 6,626,337 |