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Registration number: 01558428

Overley Hall Limited

Annual Report and Financial Statements

for the Year Ended 31 October 2023

 

Overley Hall Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 21

 

Overley Hall Limited

Company Information

Directors

Mrs A Brown

Miss R Brown

Miss E Brown

Company secretary

Miss E Brown

Registered office

Overley Hall
Wellington
Telford
Shropshire
TF6 5HE

Accountants

Phillips Ltd
Chartered Accountants
4 Pearson Road
Central Park
Telford
Shropshire
TF2 9TX

Auditors

CBSL Accountants Limited
Chartered Accountants and Statutory Auditor
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

Overley Hall Limited

Strategic Report for the Year Ended 31 October 2023

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

Principal activity

The principal activities of Overley Hall (the company) are that of a children's home and an independent special school for pupils between the ages of 8 and 19 who have autism, learning disabilities and a range of complex needs. In addition, the company provides adult care at the Woodlands which offer experiential residential care for adults over 19.

Fair review of the business

For the year ended 31 October 2023 the company's fee income rose to £6.2m (2022 - £5.8m), an increase of 5.95%. This rise is a result of a combination of new placements requiring increasing levels of support and fee increases to compensate for increasing costs. However, this is also reflected in the cost increases from £5.3m in 2022 to £5.6m in 2023 with general increases in wages, increased therapy and support costs to meet placement needs and a continued investment in improvements to the infrastructure and facilities on the site.

Profit after tax for the year increased to £461,115 (2022 - £429,664).

Cash at bank remained consistent with the prior year at £2.4m (2022 - £2.4m) with the company looking to its future plans to continue to provide its nuturing offering within an ever changing funding landscape. The business needs to continue to adapt to the changing market conditions and make appropriate investments to ensure a sustainable future.

Net assets at 31 October 2023 totalled £5.0m (2022 - £4.7m).

Principal risks and uncertainties

The key risks and uncertainities that face the company are:
- Changes in Local Authority funding of placements - regular dialogue between management team and Local Authority representatives to ensure fee levels match the care, support and therapies being provided. Local Authorities are having challenging times in funding their services, and therefore the focus will be on quality and effectiveness of our services to meet the expectations of the marketplace.
- Recruiting and retaining sufficient skilled staff continues to remain a difficulty and with further demands on our services this puts a strain on training and development requirements for current staff who have additional responsibilities. The company will continue to look for new ways to encourage staff retention.
- Safeguarding failure or adverse regulator opinion - managed through training and risk assessment. As a result of the Hesley Report the Government and the regulatory bodies will strengthen their assurance system for children in residential settings.
- Medical and dietary procedures follow strict protocols over administering medication, food labelling and monitoring. The company ensures staff are properly trained and made aware of changes to best practice with up-to-date policies and procedures in place that all staff are aware of.
- Health and safety of site and facilities - reviewed continually by site maintenance team and ongoing investment in facilities.

Approved and authorised by the Board on 25 July 2024 and signed on its behalf by:
 


Mrs A Brown
Director

 

Overley Hall Limited

Directors' Report for the Year Ended 31 October 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs A Brown

Miss R Brown

Miss E Brown - Company secretary and director

Financial instruments

Objectives and policies

The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.

Price risk, credit risk, liquidity risk and cash flow risk

In respect of bank balances, all of the business' cash balances are held to achieve a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customer and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Future developments

The company continues to be affected by substantial challenges in the economy with funding pressures affecting Local Authorities, staffing shortages and cost pressures on wages and utilities. The company will be making changes to its prime activities with a view to invest in those services it is better suited to succeed in, and to ensure future sustainability as well as continue to offer new facilities for our placements. These are choices which the Directors will be focusing on.

The company continues to provide a warm and nuturing environment for its children and the care needed for its adult placements at the Overley Hall site. There will continue to be a programme of upgrading the facilities and extending our services for what is already a unique location.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 25 July 2024 and signed on its behalf by:
 


Mrs A Brown
Director

 

Overley Hall Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 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.

 

Overley Hall Limited

Independent Auditor's Report to the Members of Overley Hall Limited

Opinion

We have audited the financial statements of Overley Hall Limited (the 'company') for the year ended 31 October 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 October 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 auditor 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

 

Overley Hall Limited

Independent Auditor's Report to the Members of Overley Hall Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], 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 is 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.

 

Overley Hall Limited

Independent Auditor's Report to the Members of Overley Hall Limited

Auditor 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 an auditor’s 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.

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

We obtained an understanding of the legal and regulatory frameworks that are applicable to this company and its sector and determined that the most significant are those relating to the reporting framework and the relevant UK tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which might be fundamental to the company’s ability to operate or to avoid a material penalty. The laws and regulations we considered in this context were The Education (Independent School Standards) Regulations 2014, the Care Standards Act 2000 and the Guide to Children's Homes Regulations, including the Quality Standards 2015 and the Health and Social Care Act 2008 (Regulated Activities) Regulations 2014 and along with other associated Acts, and Regulations as well as Guidance on best practice, including those governed by the Care Quality Commission and Ofsted.

We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures and inspection of regulatory and legal correspondence, if any.

As an audit engagement team, we assessed the susceptibility of the company’s financial statements to material misstatement including how fraud might occur and considered the opportunities and incentives that may exist within the company for fraud. We considered the controls that the company has established to address the risks identified to prevent, deter and detect fraud; and how the management and directors monitor those controls.

Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Those procedures involved: - enquiries of management and those charged with governance; - journal entry testing; - assessing whether judgements in making accounting estimates are indicative of a potential bias;- reviewing regulatory correspondence with Ofsted and Care Quality Commission; and – evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included revenue recognition and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Overley Hall Limited

Independent Auditor's Report to the Members of Overley Hall Limited

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 an auditor’s 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.




Louise Osselton FCA (Senior Statutory Auditor)
For and on behalf of CBSL Accountants Limited, Statutory Auditor

Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

25 July 2024

 

Overley Hall Limited

Profit and Loss Account for the Year Ended 31 October 2023

Note

2023
£

2022
£

Turnover

3

6,178,630

5,831,513

Gross profit

 

6,178,630

5,831,513

Administrative expenses

 

(5,585,284)

(5,301,739)

Other operating income

4

123

34,216

Operating profit

6

593,469

563,990

Other interest receivable and similar income

7

14,226

162

Interest payable and similar expenses

8

(713)

-

   

13,513

162

Profit before tax

 

606,982

564,152

Tax on profit

12

(145,867)

(134,488)

Profit for the financial year

 

461,115

429,664

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Overley Hall Limited

(Registration number: 01558428)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

2,250,305

2,353,751

Current assets

 

Debtors

14

1,505,608

1,422,420

Cash at bank and in hand

 

2,355,141

2,367,308

 

3,860,749

3,789,728

Creditors: Amounts falling due within one year

16

(1,063,244)

(1,422,604)

Net current assets

 

2,797,505

2,367,124

Total assets less current liabilities

 

5,047,810

4,720,875

Provisions for liabilities

17

(38,252)

(51,432)

Net assets

 

5,009,558

4,669,443

Capital and reserves

 

Called up share capital

100

100

Retained earnings

5,009,458

4,669,343

Shareholders' funds

 

5,009,558

4,669,443

Approved and authorised by the Board on 25 July 2024 and signed on its behalf by:
 


Mrs A Brown
Director

 

Overley Hall Limited

Statement of Changes in Equity for the Year Ended 31 October 2023

Share capital
£

Retained earnings
£

Total
£

At 1 November 2022

100

4,669,343

4,669,443

Profit for the year

-

461,115

461,115

Dividends

-

(121,000)

(121,000)

At 31 October 2023

100

5,009,458

5,009,558

Share capital
£

Retained earnings
£

Total
£

At 1 November 2021

100

4,359,679

4,359,779

Profit for the year

-

429,664

429,664

Dividends

-

(120,000)

(120,000)

At 31 October 2022

100

4,669,343

4,669,443

 

Overley Hall Limited

Statement of Cash Flows for the Year Ended 31 October 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

461,115

429,664

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

115,685

132,530

Loss on disposal of tangible assets

5

-

5,624

Finance income

7

(14,226)

(162)

Finance costs

8

713

-

Income tax expense

12

145,867

134,488

 

709,154

702,144

Working capital adjustments

 

Increase in trade debtors

14

(83,188)

(805,317)

(Decrease)/increase in trade creditors

16

(361,183)

207,385

Cash generated from operations

 

264,783

104,212

Income taxes paid

12

(157,224)

(115,570)

Net cash flow from operating activities

 

107,559

(11,358)

Cash flows from investing activities

 

Interest received

7

14,226

162

Acquisitions of tangible assets

(12,239)

(20,737)

Net cash flows from investing activities

 

1,987

(20,575)

Cash flows from financing activities

 

Interest paid

8

(713)

-

Dividends paid

21

(121,000)

(120,000)

Net cash flows from financing activities

 

(121,713)

(120,000)

Net decrease in cash and cash equivalents

 

(12,167)

(151,933)

Cash and cash equivalents at 1 November

 

2,367,308

2,519,241

Cash and cash equivalents at 31 October

 

2,355,141

2,367,308

 

Overley Hall Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Overley Hall
Wellington
Telford
Shropshire
TF6 5HE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Overley Hall Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

not depreciated

Buildings

2% per annum on cost

Fixtures and fittings

25% per annum reducing balance

Computer equipment

33% per annum on cost

Motor vehicles

25% per annum reducing balance

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2023
 £

2022
 £

Rendering of services

6,178,630

5,831,513

 

Overley Hall Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023
 £

2022
 £

Government grants

123

34,216

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023
 £

2022
 £

Gain/loss on disposal of property, plant and equipment

-

(5,624)

6

Operating profit

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation expense

115,685

132,530

Operating lease expense - plant and machinery

20,745

17,675

Loss on disposal of property, plant and equipment

-

5,624

7

Other interest receivable and similar income

2023
 £

2022
 £

Interest income on bank deposits

14,226

162

8

Interest payable and similar expenses

2023
 £

2022
 £

Interest expense on other finance liabilities

713

-

 

Overley Hall Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
 £

2022
 £

Wages and salaries

3,699,312

3,300,442

Social security costs

298,534

293,858

Pension costs, defined contribution scheme

81,344

86,741

Other employee expense

63,352

37,045

4,142,542

3,718,086

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Direct, administration and support

128

136

128

136

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
 £

2022
 £

Remuneration

30,100

42,872

Contributions paid to money purchase schemes

-

386

30,100

43,258

11

Auditors' remuneration

2023
 £

2022
 £

Audit of the financial statements

5,760

5,760


 

 

Overley Hall Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

12

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

159,047

142,387

Deferred taxation

Arising from origination and reversal of timing differences

(13,180)

(7,899)

Tax expense in the income statement

145,867

134,488

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 22.52% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

606,982

564,152

Corporation tax at standard rate

136,692

107,189

Effect of expense not deductible in determining taxable profit (tax loss)

11,969

24,435

Deferred tax credit relating to changes in tax rates or laws

(1,168)

-

Deferred tax credit from unrecognised temporary difference from a prior period

(1,406)

-

Tax decrease from effect of capital allowances and depreciation

(204)

-

Tax increase from other short-term timing differences

-

2,864

Other tax effects for reconciliation between accounting profit and tax expense (income)

(16)

-

Total tax charge

145,867

134,488

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated tax depreciation

-

38,252

-

38,252

2022

Asset
£

Liability
£

Accelerated tax depreciation

-

51,432

-

51,432

 

Overley Hall Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

13

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

2,657,375

1,298,474

155,026

4,110,875

Additions

-

12,239

-

12,239

At 31 October 2023

2,657,375

1,310,713

155,026

4,123,114

Depreciation

At 1 November 2022

531,032

1,095,330

130,762

1,757,124

Charge for the year

53,148

55,181

7,356

115,685

At 31 October 2023

584,180

1,150,511

138,118

1,872,809

Carrying amount

At 31 October 2023

2,073,195

160,202

16,908

2,250,305

At 31 October 2022

2,126,343

203,144

24,264

2,353,751

Included within the net book value of land and buildings above is £2,073,195 (2022 - £2,126,343) in respect of freehold land and buildings.
 

 

Overley Hall Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

14

Debtors

Current

2023
£

2022
£

Trade debtors

1,402,409

1,326,681

Other debtors

69,849

64,511

Prepayments

33,350

31,228

 

1,505,608

1,422,420

15

Cash and cash equivalents

2023
 £

2022
 £

Cash at bank

2,355,141

2,367,308

16

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

57,210

109,694

Social security and other taxes

 

69,500

67,123

Other payables

 

22,171

34,485

Accrued expenses

 

755,372

1,054,134

Corporation tax liability

12

158,991

157,168

 

1,063,244

1,422,604

17

Provisions for liabilities

Deferred tax
£

Total
£

At 1 November 2022

51,432

51,432

Increase (decrease) in existing provisions

(13,180)

(13,180)

At 31 October 2023

38,252

38,252

 

Overley Hall Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

18

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £81,344 (2022 - £86,741).

19

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

20

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

10,670

10,670

Later than one year and not later than five years

29,343

40,013

40,013

50,683

 

Overley Hall Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

21

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £1,210.00 (2022 - £1,200.00) per ordinary share

 

121,000

 

120,000

         

22

Related party transactions

At 31 October 2023 the directors owed a balance of £45,480 (2022 - £46,480) to the company, which is included in Other debtors.

23

Control

The ultimate controlling party is Mrs A Brown, director.