Registration number:
Oak Tree Mobility Limited
for the Year Ended 29 February 2024
Oak Tree Mobility Limited
Contents
Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Comprehensive Income |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Oak Tree Mobility Limited
Company Information
Directors |
Mr A Wood Mr T Powell |
Registered office |
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Auditors |
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Oak Tree Mobility Limited
Strategic Report for the Year Ended 29 February 2024
The directors present their strategic report for the year ended 29 February 2024.
Fair review of the business
As in prior years the principal activity of the company remained that of the sale and installation of mobility products, primarily rise and recline chairs, adjustable beds and bath lifts.
The directors are pleased to report a very successful year of trading. The results show a turnover of £24.8m and a profit before tax of £1.93m for the financial year (comparative 12 months £25m and loss of £5.9m respectively). The strong financial performance is driven by numerous business improvement initiatives and projects executed during the year. Those actions have helped improved gross margin 6.5% to 26.3% which alone increased gross profit £0.4m from the same level of turnover. It is the director’s opinion that these improvements are now embedded in the business and will continue to benefit the business moving forward.
A well-deserved thanks to our colleagues for their dedication, passion and professionalism in a year of organisational changes and also our suppliers and partners with whom we continue to work in close partnership. As a consumer facing business where success is based so much on human interaction, our people and partners are our greatest asset, and the directors extend their gratitude to all our colleagues for their exceptional resourcefulness and innovative ideas which have enabled us to deliver a strong set of results.
Last year’s Director’s Report acknowledged the UK mobility sector has faced enormous challenges, being at the sharp end of both widespread input cost inflation and downward pressure on the consumer disposable incomes, especially older consumers who spend a higher proportion of their (often fixed) incomes on food and energy. The backdrop to this year has been much the same and our success has also been achieved in the face of these considerable ongoing challenges. As part of a wider group the company continued to guard against the persistent and broad-based cost inflation by pro-actively driving operational improvements and cost management whilst simultaneously increasing the company’s self-sufficiency in chairs from its own manufacturing operations, so de-risking the operational supply chain further.
Cash generation improved considerably during the year, despite revenues and volumes on a like-for-like basis being relatively flat, reflecting a strong core proposition and the strategic focus to build a more profitable platform for future growth. In the year the company disposed of its freehold property which further strengthened the company’s financial position. At the year-end cash at the bank stood at £3.17m representing an increase of £2.7m in the year, with £1.00m generated from the sale of the property.
The company specialises in mobility products for the over 70's, primarily riser recliners chairs, adjustable beds and bath lifts and its business model revolves around sales conducted in the customer’s home. The mobility market is highly competitive across all sales channels and the company differentiates itself through investing into the brand positioning and into a highly motivated sales and marketing team supported by outstanding customer services, as demonstrated by high scores on review sites such as Trustpilot and Google.
Oak Tree Mobility Limited
Strategic Report for the Year Ended 29 February 2024 (continued)
During the year the directors specifically focussed on a strategy of:
1) margin enhancing initiatives.
2) driving operational efficiencies through cost control, process review and other mitigating activities.
3) enhancing self-sufficiency in chairs manufacturing and
4) strengthening employee engagement across the company.
This strategy has started to yield results in the year, but more importantly the process of continual improvement will generate greater rewards going forward. The directors are pleased with the results and future prospects of the company. The core customer base is resilient and continues to value our quality products and personal service on offer. Looking ahead the company is well placed to benefit from the strategic changes over the next 12 months and beyond.
Principal risks and uncertainties
The company faces a number of business risks in its day-to-day operations and future developments. These risks are identified and continually reviewed at senior management and director level and mitigations are maintained to manage them.
Risks that could potentially have the most impact on the company are outline below, together with mitigation actions.
Margin erosion - The current global economic situation resulting in rising prices of raw materials and wages which knock-on impact to delivery costs could lead to the erosion of profit margins in the short to medium term. The company will not seek to win business at any price and will consider increasing sales prices with which are sustainable to customer affordability. Working closely with a range of suppliers maintain competitive pricing.
Supply chain - Again, the current global economic situation is impacting on the supply chain with customers expecting quick order fulfilment. The company builds strong relationships with high quality suppliers from procurement to delivery to balance short leads times and low stock levels. Any interruptions are quickly detected to enable mitigation such as increased deliveries and diverting suppliers.
Competition in our markets - The company operates in a competitive market environment and the development of new product ranges is key to success. Customer care is a top priority which can be seen from maintaining high online reviews and efficient marketing and advertising.
Approved and authorised by the
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Oak Tree Mobility Limited
Directors' Report for the Year Ended 29 February 2024
The directors present their report and the financial statements for the year ended 29 February 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company does not enter into any hedging transactions.
Price risk, credit risk, liquidity risk and cash flow risk
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are conducted in sterling.
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
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Oak Tree Mobility 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.
Oak Tree Mobility Limited
Independent Auditor's Report to the Members of Oak Tree Mobility Limited
Opinion
We have audited the financial statements of Oak Tree Mobility Limited (the 'company') for the year ended 29 February 2024, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, 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 29 February 2024 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.
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.
Oak Tree Mobility Limited
Independent Auditor's Report to the Members of Oak Tree Mobility Limited (continued)
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 5], 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.
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.
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:
• |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit. |
Oak Tree Mobility Limited
Independent Auditor's Report to the Members of Oak Tree Mobility Limited (continued)
• |
The company is subject to laws and regulations that govern the preparation of the financial statements including financial reporting legislation, and other companies legislation. The company is also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial statements, including employment, anti-bribery, anti-money laundering and certain aspect of companies legislation. |
• |
Owing to the inherent limitation of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• |
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
• |
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. |
• |
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
• |
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor’s Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors’ Report. However, future events or conditions may cause the company to cease to continue as a going concern. |
• |
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our 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.
Oak Tree Mobility Limited
Independent Auditor's Report to the Members of Oak Tree Mobility Limited (continued)
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.
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For and on behalf of
80 Oxford Street
Somerset
TA8 1EF
Oak Tree Mobility Limited
Statement of Comprehensive Income for the Year Ended 29 February 2024
Note |
Period ended |
(As restated) |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
1,681,482 |
1,134,209 |
|
Exceptional items |
|
( |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
249,462 |
(9,975,752) |
||
Profit/(loss) before tax |
|
( |
|
Tax on profit/(loss) |
( |
|
|
Profit/(loss) for the financial year |
|
( |
The above results were derived from continuing operations.
For details of the prior period restatement see Note 29.
The company has no recognised gains or losses for the year other than the results above.
Oak Tree Mobility Limited
(Registration number: 06829860)
Statement of Financial Position as at 29 February 2024
Note |
2024 |
(As restated) |
|
Fixed assets |
|||
Intangible assets |
|
- |
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
10 |
10 |
|
Profit and loss account |
(982,644) |
(2,482,446) |
|
Shareholders' deficit |
(982,634) |
(2,482,436) |
For details of the prior period restatement see Note 29.
Approved and authorised by the
|
|
Oak Tree Mobility Limited
Statement of Changes in Equity for the Year Ended 29 February 2024
Share capital |
Profit and loss account |
Total |
|
At 1 March 2023 |
|
( |
( |
Profit for the year |
- |
|
|
At 29 February 2024 |
|
( |
( |
Share capital |
Profit and loss account |
Total |
|
At 1 September 2021 |
|
|
|
Loss for the year |
- |
( |
( |
At 28 February 2023 |
10 |
(2,482,446) |
(2,482,436) |
Oak Tree Mobility Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is that of the sale and installation of mobility products, primarily rise and recline chairs, adjustable beds and bath lifts.
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.
The financial statements are prepared in sterling which is the functional currency of the entity.
Oak Tree Mobility Limited
Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)
2 |
Accounting policies (continued) |
Summary of disclosure exemptions
This company is a qualifying entity for the purpose of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of the exemptions from the following disclosure requirements:
• Section 7 'Statements of Cash Flows': Presentation of a Statement of Cash Flow and related notes and disclosures.
• Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit and loss and in other comprehensive income.
• Section 26 'Share Based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
• Section 33 'Related Party Disclosures,: Compensation for key management personnel..
Name of parent of group
These financial statements are consolidated in the financial statements of World Class Finance Limited, the company name changed on 4 July 2024 to Salus Healthcare Group Ltd.
The financial statements of World Class Finance Limited (as of 4 July 2024, company name changed to Salus Healthcare Group Ltd) may be obtained from Unit 12 Parc Business Treorci, Treorci, Rhondda Cynon Taf, Wales, CF42 6DL.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Oak Tree Mobility Limited
Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)
2 |
Accounting policies (continued) |
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
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 value added tax, returns, rebates and discounts.
The company recognises revenue when:
The significant risk and rewards of ownership have transferred to the buyer (usually on despatch of the goods)
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.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
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.
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 statement of financial position 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.
Oak Tree Mobility Limited
Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)
2 |
Accounting policies (continued) |
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 |
Freehhold land and buildings |
0-15% straight line |
Plant and machinery |
25% straight line |
Fixtures, fittings and equipment |
25% straight line |
Motor vehicles |
25% straight line |
Computer equipment |
25% straight line |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Software |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
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.
Oak Tree Mobility Limited
Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)
2 |
Accounting policies (continued) |
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Statement of Financial Position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
Period ended |
Period ended |
|
Sale of goods |
|
|
Oak Tree Mobility Limited
Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)
Other operating income |
The analysis of the company's other operating income for the year is as follows:
Period ended |
Period ended |
|
Rental income |
- |
68,577 |
Management charges |
203,230 |
- |
Other operating income |
24,269 |
17,865 |
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
Period ended |
Period ended |
|
Loss on disposal of tangible assets (not including property) |
( |
- |
The property disposal gain has been included in Exceptional items, see Note 25.
Operating profit |
Arrived at after charging/(crediting)
Period ended |
Period ended |
|
Depreciation expense |
|
|
Amortisation expense |
- |
|
Loss on disposal of tangible assets (not including property) |
|
- |
Other interest receivable and similar income |
Period ended |
Period ended |
|
Interest income on bank deposits |
|
|
Oak Tree Mobility Limited
Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)
Interest payable and similar expenses |
Period ended |
Period ended |
|
Interest on bank overdrafts and borrowings |
|
- |
Interest on obligations under finance leases and hire purchase contracts |
- |
|
Interest expense on other finance liabilities |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
Period ended |
Period ended |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
Sales |
|
|
Marketing |
|
|
Management |
|
|
|
|
Oak Tree Mobility Limited
Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)
Directors' remuneration |
The directors' remuneration for the year was as follows:
Period ended |
Period ended |
|
Remuneration |
|
|
Settlement on resignation |
- |
67,500 |
Contributions paid to money purchase schemes |
|
|
314,848 |
641,170 |
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Auditors' remuneration |
Period ended |
Period ended |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the statement of comprehensive income
Period ended |
(As restated) |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Oak Tree Mobility Limited
Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)
12 |
Taxation (continued) |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit/(loss) before tax |
|
( |
Corporation tax at standard rate |
|
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
( |
|
Deferred tax (credit)/expense from unrecognised temporary difference from a prior period |
( |
|
Deferred tax expense/(credit) relating to changes in tax rates or laws |
|
( |
Total tax charge/(credit) |
|
( |
For details of the prior period restatement see Note 29.
Oak Tree Mobility Limited
Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)
Intangible assets |
Software |
Total |
|
Cost or valuation |
||
At 1 March 2023 |
|
|
Additions acquired separately |
|
|
At 29 February 2024 |
|
|
Amortisation |
||
At 1 March 2023 |
|
|
At 29 February 2024 |
|
|
Carrying amount |
||
At 29 February 2024 |
|
|
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||||
At 1 March 2023 |
|
|
|
|
|
|
Additions |
- |
- |
- |
|
- |
|
Disposals |
( |
( |
( |
( |
( |
( |
At 29 February 2024 |
- |
|
|
|
|
|
Depreciation |
||||||
At 1 March 2023 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
( |
( |
( |
( |
|
( |
At 29 February 2024 |
- |
|
|
|
|
|
Carrying amount |
||||||
At 29 February 2024 |
- |
|
|
|
- |
|
At 28 February 2023 |
|
|
|
|
|
|
Included within the net book value of land and buildings above is £Nil (2023 - £871,630) in respect of freehold land and buildings and £Nil (2023 - £Nil) in respect of long leasehold land and buildings.
Oak Tree Mobility Limited
Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)
14 |
Tangible assets (continued) |
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Motor vehicles |
- |
6,938 |
Stocks |
2024 |
2023 |
|
Finished goods and goods for resale |
|
|
Debtors |
Current |
Note |
2024 |
(As restated) |
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Deferred tax assets |
|
|
|
|
|
For details of the prior period restatement see Note 29.
Details of non-current trade and other debtors
£1,703,926 (2023: £2,151,654) of deferred tax assets is classified as non current.
Cash and cash equivalents |
2024 |
2023 |
|
Cash at bank |
|
|
Oak Tree Mobility Limited
Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
- |
|
Other payables |
|
|
|
Accruals |
|
|
|
Payments received on account |
|
|
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 March 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 29 February 2024 |
|
|
|
Deferred tax |
The deferred tax included in the statement of financial position is as follows:
Note |
29/02/24 |
28/02/23 |
|
Included in debtors |
1,703,926 |
2,151,654 |
|
Included in provisions |
(1,047) |
(17,636) |
|
1,702,879 |
2,134,018 |
The deferred tax account consists of the tax effect of timing differences in respect of:
Oak Tree Mobility Limited
Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)
20 |
Deferred tax (continued) |
29/02/24 |
28/02/23 |
|
Accelerated capital allowances |
(1,047) |
(17,636) |
Short term timing differences |
98,278 |
98,278 |
Tax losses |
1,605,648 |
2,053,376 |
1,702,879 |
2,134,018 |
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 £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
10 |
|
10 |
Reserves |
Profit and loss account
This reserve records retained earnings and accumulated losses.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
- |
|
|
|
Oak Tree Mobility Limited
Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)
24 |
Obligations under leases and hire purchase contracts (continued) |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Exceptional items |
The exceptional items in the prior year relate to the following; bad debts written off after the administration of Middleton Mobility Limited totalling £7,757,459, costs relating to the administration of Middleton Mobility Limited totalling £872,170, the release of the advertising prepayment totalling £141,687, stock, employment and restructuring costs totalling £877,470, and other costs of £247,983.
Related party transactions |
Summary of transactions with parent
As at the year-end the Company were owed £195,110 by World Class Finance Limited (as of 4 July 2024, company name changed to Salus Healthcare Group Ltd). At the previous year-end the Company owed £162,928 to World Class Finance Limited (as of 4 July 2024, company name changed to Salus Healthcare Group Ltd). No interest is payable on this balance.
Summary of transactions with other related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
Subsequent to the year-end on 4 July 2024 World Class Finance Ltd changed company name to Salus Healthcare Group Ltd.
Oak Tree Mobility Limited
Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)
Outstanding charges |
There were four outstanding charges at the year-end. Three with Barclays Bank and one with DBW Investments Ltd. Further detail of these is publicly available on Companies House.
Prior period restatement |
On review of tax losses held at the prior year end, the deferred tax asset was understated by £303,376.