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Registration number: 11389052

Oaklands Residential Care Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Oaklands Residential Care Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Oaklands Residential Care Ltd.

Company Information

Director:

Mr T Hyman

Company secretary:

Ms R S Hyman

Registered office:

Savoy House
Savoy Circus
London
W3 7DA

Registered number:

11389052

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Oaklands Residential Care Ltd.

(Registration number: 11389052)
Balance Sheet as at 31 December 2023

Note

31.12.23

31.12.22

   

£

£

£

£

FIXED ASSETS

   

 

Tangible assets

4

 

1,804,169

 

1,804,295

CURRENT ASSETS

   

 

Stocks

220

 

345

 

Debtors

5

580,638

 

560,356

 

Cash at bank and in hand

 

155,042

 

173,162

 

 

735,900

 

733,863

 

CREDITORS

   

 

Creditors within 1yr

6

527,680

 

495,397

 

Net current assets

   

208,220

 

238,466

Total assets less current liabilities

   

2,012,389

 

2,042,761

Creditors
Amounts falling due after more than one year

6

 

1,520,304

 

1,580,619

Net assets

   

492,085

 

462,142

CAPITAL AND RESERVES

   

 

Called up share capital

 

100

 

100

Profit and loss account

 

491,985

 

462,042

Shareholders' funds

   

492,085

 

462,142

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Oaklands Residential Care Ltd.

(Registration number: 11389052)
Balance Sheet as at 31 December 2023 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 September 2024

.........................................
Mr T Hyman
Director

 

Oaklands Residential Care Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Savoy House
Savoy Circus
London
W3 7DA
England

These financial statements were authorised for issue by the director on 20 September 2024.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The presentational currency is Pound Sterling (£).

Revenue recognition

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

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.

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

 

Oaklands Residential Care Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Tax

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 orsubstantively enacted by the balance sheet date.

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.


Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balancesheet 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 thetiming 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.

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

Plant and machinery

25% straight line basis

Fixtures and fittings

20% straight line basis

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.

 

Oaklands Residential Care Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

3.

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 23 (2022 - 19).

4.

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

1,730,031

214,824

9,120

1,953,975

Additions

-

43,750

-

43,750

At 31 December 2023

1,730,031

258,574

9,120

1,997,725

Depreciation

At 1 January 2023

-

145,584

4,096

149,680

Charge for the year

-

42,052

1,824

43,876

At 31 December 2023

-

187,636

5,920

193,556

Carrying amount

At 31 December 2023

1,730,031

70,938

3,200

1,804,169

At 31 December 2022

1,730,031

69,240

5,024

1,804,295

Included within the net book value of land and buildings above is £1,730,031 (2022 - £1,730,031) in respect of freehold land and buildings.
 

Land and buildings is maintained to a high standard and no depreciation is charged as, in the opinion of the director, any such sum is immaterial.

 

Oaklands Residential Care Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5.

Debtors

Current

31.12.23
£

31.12.22
£

Trade debtors

43,771

55,428

Prepayments

-

99

Other debtors

536,867

504,829

 

580,638

560,356

6.

Creditors

Creditors: amounts falling due within one year

Note

31.12.23
£

31.12.22
£

Due within one year

 

Loans and borrowings

59,297

135,559

Trade creditors

 

212,851

138,869

Taxation and social security

 

22,999

16,897

Accruals and deferred income

 

35,065

36,863

Other creditors

 

197,468

167,209

 

527,680

495,397

Creditors: amounts falling due after more than one year

Note

31.12.23
£

31.12.22
£

Due after one year

 

Loans and borrowings

1,057,834

1,099,901

Other non-current financial liabilities

 

462,470

480,718

 

1,520,304

1,580,619

31.12.23
£

31.12.22
£

Due after more than five years

After more than five years by instalments

764,571

812,272

-

-

 

Oaklands Residential Care Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7.

SECURED DEBTS

The following secured debts are included within creditors:

31.12.23
£

31.12.22
£

Bank loans

1,117,131

1,235,460

The bank loans are secured by a fixed and floating charge over the company's assets.