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REGISTERED NUMBER: 07238291 (England and Wales)















OAKHURST COURT HOLDINGS LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 11

Consolidated Statement of Financial Position 12

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17


OAKHURST COURT HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P L Jackson
W J Davies





REGISTERED OFFICE: Woodlands of Woolley Residential Home
Woolley Low Moor Lane
Woolley
Wakefield
West Yorkshire
WF4 2LN





REGISTERED NUMBER: 07238291 (England and Wales)





AUDITORS: Cox Costello & Horne
Chartered Accountants and Statutory Auditors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report of the company and the group for the year ended 31 March 2024.

The principal activity of the group is the operation of care homes in the UK.

REVIEW OF BUSINESS
Revenue totalled £5.3m for the year compared to £5.0m in 2023 which represented 8% increase in sales and GP margin was 47.4% compared to 50.1% in 2023.

During the reporting period, the holding company continues with the lending business but on a much lower scale still creating surplus funds which have enabled the group to make a healthy margin on it's shareholder funds.

Trading at our homes is generally in line with our expectations and in some instances exceeds our expectations.

Regulators and particularly safeguarding committees take up more and more of their time leaving less time for us to improve the business.

I would like to express the Boards gratitude to Pearl Jackson and all our staff for their caring and support of our clients during these difficult times.

In summary 2024 had been a challenging year for the Group and for the care home industry as a whole. The Group will continue to provide excellent service for our clients and keep the occupancy rate as high as possible by careful planning and management. I am confident that the Group will continue to be able to achieve its goals and deliver first class service to the client.


OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The principle risks and uncertainties of the business are as follows:

1. The potential for a pandemic.
2. Exposure to new legislation and regulatory requirements.
3. The recruitment and retention of suitably trained staff and changes in regulations relating to immigration controls.
4. The regulatory requirements and the inspections by CQC and local authorities.
5. The potential withdrawal of local authority approval/funding.
6. Continuing inflationary pressures particularly in relation to gas and electricity.

Key Performance Indicators
The directors consider the following key performance indicators of the business to be the most important and monitor them on a regular basis.

1. Gross margin
2. Wage costs per occupied bed
3. Occupancy rates
4. Investment in property assets
5. Debtor turn and cash balances

Financial risk
The group's activities expose it to a variety of financial risks: market risk (including fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the group's finance department to limit the adverse effects of such finance risks by monitoring levels of debt and related finance costs.

Market risk
The group has no exposure to equity securities price risk, as it has no listed equity investments. The group has both interest-bearing assets and liabilities. Interest-bearing assets include only cash balances, all of which earn interest at a variable rate. The group has a policy of maintaining debt at a fixed or capped rate to ensure certainty of future interest cash flows. Thus the group is only exposed to fair value interest rate risk, which is not expected to have a significant impact on profit or loss or equity.

Credit risk
Credit risk arises from cash and cash equivalents as well as exposure to customers including outstanding debtors.

Liquidity risk
The group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure that the group has sufficient available funds for operations and planned expansions.

Capital risk
The group's objectives when managing capital are to safeguard the group's ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.


OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

GOING CONCERN
The directors, after reviewing the group's operating budgets and financing arrangements, consider that the company and group have sufficient financing available at the date of approval of this report. Accordingly, the directors are satisfied that it is appropriate to adopt the going concern basis in preparing the annual report and financial statements. Refer to note 2 of the financial statements for further details.

A full description of the group's business activities, financial position, cash flows, liquidity position, committed facilities and borrowing position, together with the factors likely to affect its future development and performance, are set out in the Strategic Report.

ON BEHALF OF THE BOARD:





W J Davies - Director


27 March 2025

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

The report of the directors is a document produced by the board of directors under the requirement of UK company law. It details the state of the company and group, and its compliance with applicable financial, accounting and corporate social responsibility regulations.

DIVIDENDS
An interim dividend of £0.667 per share on the Ordinary A £1 shares was paid. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary B £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the period ended 31 March 2024 will be £550,000 (2023: £450,000)

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

P L Jackson
W J Davies

FINANCIAL INSTRUMENTS
The risk management objectives and policies of the group and the exposure of the group to price risk, credit risk, liquidity risk and cash flow risk are contained in the notes to the consolidated financial statements.

EMPLOYEES
The group operates non-discriminatory employment policies which are designed to attract, retain and motivate the very best people, recognising that this can only be achieved through offering equal opportunities regardless of age, disability, gender, race, religion, colour, nationality, marital status and sexual orientation.

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned.

In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the group continues and that appropriate facilities are available and training is arranged. It is the policy of the group that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability.

Staff are encouraged to plan their careers within the group and to participate in appropriate ongoing training, consistent with the needs of the business.

All care homes develop their own internal communications and employees receive regular updates on the group's strategies, policies and results.

The group has taken appropriate steps during the financial year to introduce, maintain, or develop arrangements aimed at consulting employees or their representatives on a regular basis so that the views of employees can be taken into account in making decisions that are likely to affect their interests.

Our success is due to the teamwork and co-operation of the people within the group. The directors thank all those who have worked so hard and contributed so much to achieve these results during a demanding time. The group continues to develop and maintain a culture which encourages long service and we are proud that so many employees choose to remain with us over many years.

DIRECTORS' LIABILITY INSURANCE
As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the financial year and is currently in force. The company also purchased and maintained throughout the financial year, directors' and officers' liability insurance in respect of itself and its directors.


OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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 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 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Cox Costello & Horne, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





W J Davies - Director


27 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAKHURST COURT HOLDINGS LIMITED


Opinion
We have audited the financial statements of Oakhurst Court Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated 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 group's and of the parent company affairs as at 31 March 2024 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 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 in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAKHURST COURT HOLDINGS LIMITED


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 Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept 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 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 six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAKHURST COURT HOLDINGS LIMITED


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:

We designed procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud.

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; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an effect: laws and regulations relevant to an CQC regulated businesses, employment legislation; health and safety legislation, data protection legislation; anti-bribery and corruption legislation.

International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

1. Challenging assumptions made by management in its significant accounting estimates;

2. Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, and journal entries posted by senior management;

3. Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

4. Ensuring that testing undertaken on both the performance statement and the Balance Sheet] includes a number of items selected on a random basis;

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations 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 International Auditing Standards (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAKHURST COURT HOLDINGS 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 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.




Michael F Cox BSc FCA (Senior Statutory Auditor)
for and on behalf of Cox Costello & Horne
Chartered Accountants and Statutory Auditors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ

27 March 2025

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £ £

TURNOVER 5,250,088 4,963,766

Cost of sales 2,788,041 2,475,345
GROSS PROFIT 2,462,047 2,488,421

Administrative expenses 1,374,893 1,216,283
1,087,154 1,272,138

Other operating income 18,000 9,450
OPERATING PROFIT 5 1,105,154 1,281,588

Interest receivable and similar income 166,872 6,796
Interest payable and similar expenses 6 (301,716 ) (301,395 )
PROFIT BEFORE TAXATION 970,310 986,989

Tax on profit 7 251,461 239,123
PROFIT FOR THE FINANCIAL YEAR 718,849 747,866

OTHER COMPREHENSIVE INCOME
Tax adjustments re prior revaluations
Income tax relating to other comprehensive
income

(419,963

)

(194,649

)
OTHER COMPREHENSIVE INCOME FOR THE
YEAR, NET OF INCOME TAX

(419,963

)

(194,649

)
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

298,886

553,217

Profit attributable to:
Owners of the parent 718,849 747,866

Total comprehensive income attributable to:
Owners of the parent 298,886 553,217

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31.3.24 31.3.23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 10 8,761,515 8,929,711
Investments 11 - -
8,761,515 8,929,711

CURRENT ASSETS
Stocks 12 2,669 2,669
Debtors 13 358,754 1,412,418
Cash at bank and in hand 3,333,057 1,670,681
3,694,480 3,085,768
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

14

3,413,096

3,143,876
NET CURRENT ASSETS/(LIABILITIES) 281,384 (58,108 )
TOTAL ASSETS LESS CURRENT LIABILITIES 9,042,899 8,871,603

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

15

(3,000,000

)

(3,000,000

)

PROVISIONS FOR LIABILITIES 17 (1,374,241 ) (951,831 )
NET ASSETS 4,668,658 4,919,772

CAPITAL AND RESERVES
Called up share capital 18 825,100 825,100
Revaluation reserve 19 3,048,865 3,585,580
Retained earnings 19 794,693 509,092
SHAREHOLDER FUNDS 4,668,658 4,919,772

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





W J Davies - Director


OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

COMPANY STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31.3.24 31.3.23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 10 - -
Investments 11 1,776,526 1,776,526
1,776,526 1,776,526

CURRENT ASSETS
Debtors 13 2,156,744 2,510,402
Cash at bank 1,364,627 964,257
3,521,371 3,474,659
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

14

1,185,591

1,274,374
NET CURRENT ASSETS 2,335,780 2,200,285
TOTAL ASSETS LESS CURRENT LIABILITIES 4,112,306 3,976,811

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

15

3,000,000

3,000,000
NET ASSETS 1,112,306 976,811

CAPITAL AND RESERVES
Called up share capital 18 825,100 825,100
Retained earnings 19 287,206 151,711
SHAREHOLDERS' FUNDS 1,112,306 976,811

Company's profit for the financial year 685,495 608,892

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





W J Davies - Director


OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£ £ £ £
Balance at 1 April 2022 825,100 27,574 3,963,881 4,816,555
Total comprehensive income - 931,518 (378,301 ) 553,217
Dividends - (450,000 ) - (450,000 )
Balance at 31 March 2023 825,100 509,092 3,585,580 4,919,772
Total comprehensive income - 835,601 (536,715 ) 298,886
Dividends - (550,000 ) - (550,000 )
Balance at 31 March 2024 825,100 794,693 3,048,865 4,668,658

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 April 2022 825,100 (7,181 ) 817,919
Total comprehensive income - 608,892 608,892
Dividends - (450,000 ) (450,000 )
Balance at 31 March 2023 825,100 151,711 976,811
Total comprehensive income - 685,495 685,495
Dividends - (550,000 ) (550,000 )
Balance at 31 March 2024 825,100 287,206 1,112,306

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £ £
Cash flows from operating activities
Cash generated from operations 23 2,710,425 755,357
Interest paid (301,716 ) (301,395 )
Tax paid (296,755 ) (31,451 )
Net cash from operating activities 2,111,954 422,511

Cash flows from investing activities
Purchase of tangible fixed assets (41,449 ) (30,504 )
Interest received 166,872 6,796
Net cash from investing activities 125,423 (23,708 )

Cash flows from financing activities
Net receipts from group loan facility (25,001 ) 325,750
Equity dividends paid (550,000 ) (450,000 )
Net cash from financing activities (575,001 ) (124,250 )

Increase in cash and cash equivalents 1,662,376 274,553
Cash and cash equivalents at beginning of
year

24

1,670,681

1,396,128

Cash and cash equivalents at end of year 24 3,333,057 1,670,681

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. GENERAL INFORMATION

Oakhurst Court Holdings Limited is a private company limited by shares incorporated in England (the "company").

The registered office is c/o Woodlands of Woolley Residential Home, Woolley Low Moor Lane, Wakefield, WF4 2LN.

The consolidated financial statements for the period ended 31 March 2024 comprise the financial statements of the company and its subsidiaries (the "group").

The directors have taken advantage of the exemption, as permitted by Section 408 of the Companies Act 2006 and not presented a profit and loss account nor statement of comprehensive income for the company alone.

The group's principal activities are set out in the strategic report.

2. STATUTORY INFORMATION

Oakhurst Court Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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


3. ACCOUNTING POLICIES

Basis of accounting
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

As the company has debt instruments which are publicly traded, in accordance with paragraph 1.5 of FRS 102 it is required to comply with IFRS 8 Operating Segments, the directors believe that the company has one operating segment, and confirm that all turnover is derived in the UK and all non-current assets are located in the UK. No single customer represents more than 10% of the groups revenue.

Going concern
In determining the appropriate basis of preparation of the financial statements for the period ended 31 March 2024, the directors are required to consider whether the group can continue in operational existence for the foreseeable future; taken to be 12 months from signing the financial statements. The board of directors have concluded that it is appropriate to adopt the going concern basis, having undertaken a thorough assessment of the financial forecasts with specific consideration to the trading position of the group.

The directors have assessed the group's financial commitments and consider, after taking into account cash generated from operations and existing facilities, the business would have sufficient liquidity to continue to operate and to discharge its liabilities as they fall due.

The directors, after reviewing the group's operating budgets and financing arrangements, consider that the company and group have sufficient financing available at the date of approval of this report.

Accordingly, the directors are satisfied that it is appropriate to adopt the going concern basis in preparing the financial statements.

Parent company disclosure exemptions
In preparing the separate financial statements of the parent company,Oakhurst Court Holdings Limited, advantage has been taken of the following disclosure exemptions available to qualifying entities:
- only one reconciliation of the number of shares outstanding at the beginning and end of the period has been presented as the reconciliations for the group and the parent company would be identical;
- no cash flow statement or net debt reconciliation has been presented for the parent company and;
- no disclosure has been given for the aggregate remuneration of the key management personnel of the parent company as their remuneration is included in the totals for the group as a whole.

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued

Basis of consolidation
The group's consolidated financial statements incorporate the results for the company and all entities controlled by the company including its subsidiaries made up to the period-end date.

Subsidiaries and related undertakings
Subsidiary undertakings are all entities over which the group has control. Control exists when the group has the power to direct the relevant activities of an entity so as to affect the return on investment. All intercompany balances, transactions and unrealised gains are eliminated upon consolidation.

Company
Investments in subsidiaries are carried at cost less any impairment loss in the financial statements of the company.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's and group's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the key sources of estimation uncertainty that the directors have assessed as being applicable to the company and group and that the most significant effect on the amounts recognised in the financial statements.

(a) Valuation of freehold property
The valuation method of freehold property is considered most likely to have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. An external valuer is periodically contracted to value the property; the latest valuation was undertaken 28 June 2016. In future periods, the directors will continue to review the carrying value of the property to ensure it remains in line with its fair value.

(b) Impairment of investment in subsidiary undertakings
Determining whether the carrying values of the company's investments is impaired requires an estimation of the value in use of the cash-generating units of each of the investments. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. At the balance sheet date, the directors are satisfied that no further provision was necessary against the carrying amount of investments at the balance sheet.

Turnover
Turnover comprises the invoiced value of goods and services supplied by the group excluding trade discounts.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. The specific methods used to recognise the different forms of revenue earned by the group are set out below:
- sale of goods: turnover and profit from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer and the amount of revenue can be reliably measured; and
- rendering of services: turnover and profit from the provision of services is recognised as the contract activity progresses to reflect the performance of the underlying contractual obligations.

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost and not provided
Plant and machinery - 25% on cost

Freehold land is considered to have an infinite life and is not depreciated.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Tangible assets (not including freehold property) are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use.

Freehold property is originally stated at deemed cost held at valuation. Freehold property is subsequently held at their latest revaluation amount less any accumulated depreciation and accumulated impairment losses. Revaluation gains and losses are taken to a revaluation reserve within equity and reported as other comprehensive income. Revaluation loss is taken to the revaluation reserve to the extent that there is a surplus on the revaluation reserve. Any excess of the loss over the surplus is taken to the profit and loss account. Revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. Valuations are undertaken on a "desk top" basis by a Chartered Surveyor from Cushman & Wakefield on an ad hoc basis.

Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised immediately in profit or loss.

Stocks
Stocks and work in progress are stated at the lower of cost and estimated selling price. Cost includes all costs incurred in bringing each product to its present location and condition, as follows:

Raw materials, consumables and goods for resale - purchase cost on a first-in, first-out basis.

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued

Basic financial instruments
The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

(a) Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(b) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(c) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued
Taxation
Current tax
Current tax is accounted for on the basis of tax laws enacted or substantively enacted at the balance sheet date. Current tax is charged or credited to the profit or loss account, except when it relates to items charged to equity or other comprehensive income.

Deferred tax
Deferred tax is accounted for on the basis of temporary differences arising from differences between the tax base and accounting base of assets and liabilities.

Deferred tax is recognised for all temporary differences, except to the extent where it arises from the initial recognition of an asset or a liability in a transaction that is not a business combination and, at the time of transaction, affects neither accounting profit nor taxable profit. It is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.
Deferred tax is charged or credited to the profit or loss account, except when it relates to items charged or credited directly to equity or other comprehensive income.

Deferred tax is provided on temporary differences associated with investments in subsidiaries and joint ventures except where the group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

Government grants
Income received from government grants are accounted for over the period in which the grant was received for.

Leasing commitments
Rentals payable under operating leases are recognised as an expense on a straight line basis over the lease term.

Pension costs
The group operates, for the benefit of its employees, a defined contribution scheme. The scheme is funded by the payment of contributions to trustee administered funds which are kept entirely separate from the assets of the group. The group does not operate any defined benefit retirement arrangements.

As of 1 April 2015 it became a statutory requirement to enrol all eligible staff into a workplace pension scheme. Employees are enrolled in the NEST Pension Scheme, an independently administered scheme, and is a defined contribution pension scheme. The employee can choose to "opt out" of the scheme after they have been auto-enrolled, this opt out lasts for three years, after which time the group will be required to re-enrol the employee. The group is required to make employer contributions of the employee's qualifying salary to the NEST Pension Scheme. The pension costs represents contributions payable under the scheme and the group has no liability under the scheme other than for the payment of those contributions.

Contributions outstanding at the balance sheet date amounted to £12,593 (2023 - £11,784).

Share capital and dividends
All company shares are classified as equity.
Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a deduction from equity. Repurchased shares are cancelled.

Dividends
Dividends on ordinary shares are recognised as a liability at the time it becomes obligated to pay.

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£ £
Wages and salaries 2,044,758 1,720,274
Social security costs 177,450 157,454
Other pension costs 30,439 27,798
2,252,647 1,905,526

The average number of employees during the year was as follows:
31.3.24 31.3.23

Managerial and administrative 5 5
Care, catering, domestic and maintenance 87 95
92 100

Key management compensation
Key management includes the directors of the company and managerial staff of care homes. Key management compensation includes salaries, national insurance costs and pension costs. Costs of key management compensation are included within operating expenses.

The holding company does not employ any staff directly.

31.3.24 31.3.23
£ £
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

31.3.24 31.3.23
£ £
Other operating leases - 9,000
Depreciation - owned assets 209,645 183,027
Auditors' remuneration 5,640 5,640
The auditing of group undertakings of the company 12,280 11,730
Non-audit services - accounts preparation 11,303 9,645

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£ £
Corporation tax interest 590 -
Interest payable on loan notes 300,000 300,000
Interest payable 1,126 1,395
301,716 301,395

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£ £
Current tax:
UK corporation tax 249,013 233,318

Deferred tax 2,448 5,805
Tax on profit 251,461 239,123

UK corporation tax has been charged at 25 % (2023 - 19 %).

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

31.3.24 31.3.23
£ £
Profit before tax 970,310 986,989
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
19 %)

242,578

187,528

Effects of:
Depreciation in excess of capital allowances 46,383 45,790
Utilisation of tax losses (39,948 ) -
Deferred tax 2,448 5,805
Total tax charge 251,461 239,123

Tax effects relating to effects of other comprehensive income

31.3.24
Gross Tax Net
£ £ £
Tax adjustments re prior revaluations - (419,963 ) (419,963 )

31.3.23
Gross Tax Net
£ £ £
Property revaluation adjustments - (194,649 ) (194,649 )

Factors that may affect future tax charges
(a) Tax rate changes
Changes to the UK corporation tax rates were substantively enacted as part of Finance Act 2021 on 24 May 2021 (Royal Assent received on 10 June 2021). These include increasing the main rate of tax from 19% to 25% from 1 April 2023 on profits over £250,000. The rate for small profits under £50,000 will remain at 19%.

Where a company's profits fall between £50,000 and £250,000 (the lower and upper limits), it will be able to claim an amount of marginal relief, providing a gradual increase in the corporation tax rate.

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

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
31.3.24 31.3.23
£ £
Ordinary A shares of £1 each
Interim 550,000 450,000

10. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor
property machinery vehicles Totals
£ £ £ £
COST OR VALUATION
At 1 April 2023 10,000,000 597,422 4,000 10,601,422
Additions - 20,949 20,500 41,449
At 31 March 2024 10,000,000 618,371 24,500 10,642,871
DEPRECIATION
At 1 April 2023 1,131,200 536,511 4,000 1,671,711
Charge for year 172,750 31,770 5,125 209,645
At 31 March 2024 1,303,950 568,281 9,125 1,881,356
NET BOOK VALUE
At 31 March 2024 8,696,050 50,090 15,375 8,761,515
At 31 March 2023 8,868,800 60,911 - 8,929,711

Included in cost or valuation of land and buildings is freehold land of £1,482,500 (2023 - £1,482,500) which is not depreciated.

At the reporting date, the directors consider without undertaking a formal valuation that the carrying value of freehold property to be in line with open market expectations.

Cost or valuation at 31 March 2024 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£ £ £ £
Valuation in 2016 5,342,207 - - 5,342,207
Valuation in 2017 1,201,759 - - 1,201,759
Cost 3,456,034 618,371 24,500 4,098,905
10,000,000 618,371 24,500 10,642,871

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. TANGIBLE FIXED ASSETS - continued

Group

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£ £
Cost 3,456,034 3,456,034
Aggregate depreciation 1,253,262 1,197,264

Value of land in freehold land and buildings 656,148 656,148

Freehold land and buildings were valued on an informal basis on 31 March 2024 by directors .

The last time a full valuation was undertaken, was on 28 June 2016, undertaken by DTZ Debenham Tie Leung Limited.

Due to the uncertainty brought on by Covid, the directors have revisited the "Special Comment Regarding Valuation Methodology in a Covid Environment (see below)" as mentioned in the 31 March 2020 financial statements. The directors have reassessed commentary and have concluded due to the material uncertainty existing in the healthcare market, a formal valuation will be reconsidered for the 31 March 2025 financial statements.

"Special Comment Regarding Valuation Methodology in a Covid-19 Environment by Martin Robb BSc FRICS, International Partner, Cushman & Wakefield Debenham Tie Leung Limited.

As at 31 March 2020, the RICS, as the regulatory body for valuations, had recommended that Material Uncertainty clauses be applied to all valuations.

As agents in the healthcare market we noticed almost all transactional activity come to a halt, rather than terminated. A key factor concerning valuations is the presumption of the "willing buyer and willing seller". In our opinion those circumstances did not exist. Sellers were faced with uncertainty around future trade, but if not forced sellers for any reason, they were comfortable in withdrawing the assets from a sale process. Conversely, buyers were looking to reduce prices often for no better reason than they felt they should ask. The result was an impasse accordingly. We believe that a valuation of the assets at 31 March 2020 for balance sheet purposes would be difficult as normal market trading conditions had in effect been suspended.

It therefore seems reasonable to us that a logical conclusion in the circumstances is not to carry out a revaluation for balance sheet purposes as at 31 March 2024."

11. FIXED ASSET INVESTMENTS

All undertakings listed below are fully owned by the company and interests represent ordinary share capital. All undertakings are consolidated in full.

The nature of business for all the undertakings listed below: care home services.
The registered address for all the undertakings listed below: Woodlands of Woolley Residential Home, Woolley Low Moor Lane, Wakefield, WF4 2LN.

a) Subsidiary undertakings

Entity
Country of
incorporation

Interest

Holding
Charlton Court Care Home Limited UK 100% Direct
Oakhurst Court Limited UK 100% Direct

Group and company
The directors consider that the carrying value of investments are supported by their underlying net assets.

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. STOCKS

Group
31.3.24 31.3.23
£ £
Stocks 2,669 2,669

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£ £ £ £
Trade debtors 242,166 547,830 - -
Amounts owed by group undertakings - - 2,156,744 2,270,402
Other debtors 95,933 847,450 - 240,000
Prepayments 20,655 17,138 - -
358,754 1,412,418 2,156,744 2,510,402

Amount owed by group undertaking is unsecured, attracts no interest, has no fixed terms of repayment and considered payable on demand.

Other debtors include loans totalling £0 (2023: £240,000) which are secured by registered legal charges.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£ £ £ £
Trade creditors 109,400 65,169 - -
Amounts owed to group undertaking 1,175,750 1,200,750 1,175,750 1,200,750
Tax 249,668 297,410 - -
Social security and other taxes 80,747 79,278 - -
Other creditors 1,759,506 1,464,338 - 63,783
Accruals 38,025 36,931 9,841 9,841
3,413,096 3,143,876 1,185,591 1,274,374

Amounts owed to group undertaking is unsecured, attracts no interest, has no fixed terms of repayment and considered payable on demand.

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£ £ £ £
Amount owed to group undertakings 3,000,000 3,000,000 3,000,000 3,000,000

Group and company
To document existing indebtness of the company, the company entered into a loan note instrument dated 8 June 2012. Pursuant to which, £3,000,000 of 10% redeemable loan notes are now issued to the company's principal shareholder, Oakhurst Court Holdings (Cayman) Limited. 2,500,000 10% redeemable loan notes were initially admitted to the Official List of the Channel Islands Stock Exchange on the 13 July 2012. A further 500,000 10% redeemable loan notes were admitted on the 3 October 2016. The loan notes were redeemable in full at par on the maturity date of 8 June 2022 and have subsequently been extended by another 10 years to 8 June 2032.

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


16. BASIC FINANCIAL INSTRUMENTS

Group
The group has the following basic financial instruments:
31.3.24 31.3.23
£ £

Financial assets measured at amortised cost 3,855,509 3,183,802

Financial liabilities measured at amortised cost 6,267,033 5,851,588

Company
The company has the following basic financial instruments:
31.3.24 31.3.23
£ £

Financial assets that are debt instruments measured at amortised cost 3,621,361 3,218,584

Financial liabilities measured at amortised cost 4,285,581 4,274,374

Financial assets measured at amortised cost comprise cash, trade debtors, other debtors and amounts owed by group undertakings.

Financial liabilities measured at cost comprise trade creditors, other creditors, amounts owed to group undertakings and accruals.

17. PROVISIONS FOR LIABILITIES

Group
31.3.24 31.3.23
£ £
Deferred tax 1,374,241 951,831

Group
Deferred tax
£
Balance at 1 April 2023 951,831
Accelerated capital allowances 2,448
Tax adj re prior revaluations 419,962
Balance at 31 March 2024 1,374,241

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £ £
825,000 Ordinary A £1 825,000 825,000
100 Ordinary B £1 100 100
825,100 825,100

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


19. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 April 2023 509,092 3,585,580 4,094,672
Profit for the year 718,849 - 718,849
Dividends (550,000 ) - (550,000 )
Tax effect on revaluations - (419,963 ) (419,963 )
Depreciation transfer 116,752 (116,752 ) -
At 31 March 2024 794,693 3,048,865 3,843,558

Company
Retained
earnings
£

At 1 April 2023 151,711
Profit for the year 685,495
Dividends (550,000 )
At 31 March 2024 287,206

Revaluation reserve represents the surplus or deficit arising between the fair value and book value of freehold properties and deferred tax thereon.

20. ULTIMATE PARENT COMPANY

Oakhurst Court Holdings (Cayman) Limited (incorporated in the Cayman Islands ) is regarded by the directors as being the company's ultimate parent company.

According to Cayman Islands company law, Companies Act (2023 Revision), there is no statutory requirement to prepare financial statements in the current year or the previous year.

Oakhurst Court Holdings Limited, as an intermediary parent of a group, prepares consolidated financial statements and can be obtained from Oakhurst Court Holdings Limited's registered office.

The directors consider these financial statements to be the largest for which group financial statements are prepared and in which the company's results are included.

21. RELATED PARTY DISCLOSURES

Oakhurst Court Holdings (Cayman) Ltd - parent company
During the reporting period, the company incurred interest of £300,000 (2023: £300,000) and rent of £nil (2023: £9,000). At the reporting date, the amount outstanding was £1,175,750 (2023: £1,200,750).

During the reporting period, dividends paid totalled £550,000 (2023: £450,000).

ADL Plc - key management personnel are common
During the reporting period, the company contracted services and amounts due under profit share arrangements totalled £812,898 (2023: £778,722). At the reporting date, the amount outstanding was £1,478,624 (2023: £608,213).

At the reporting date, outstanding amounts are unsecured, attract no interest, have no fixed terms of repayment and considered payable on demand.

22. ULTIMATE CONTROLLING PARTY

In the directors' opinion, Mr H Harford is the ultimate controlling party as at the current year end and the previous year as he owns and controls a majority of the shares in Oakhurst Court Holdings (Cayman) Limited.

OAKHURST COURT HOLDINGS LIMITED (REGISTERED NUMBER: 07238291)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


23. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.24 31.3.23
£ £
Profit before taxation 970,310 986,989
Depreciation charges 209,645 183,027
Finance costs 301,716 301,395
Finance income (166,872 ) (6,796 )
1,314,799 1,464,615
Decrease/(increase) in trade and other debtors 1,053,664 (866,948 )
Increase in trade and other creditors 341,962 157,690
Cash generated from operations 2,710,425 755,357

24. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£ £
Cash and cash equivalents 3,333,057 1,670,681
Year ended 31 March 2023
31.3.23 1.4.22
£ £
Cash and cash equivalents 1,670,681 1,396,128


25. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£ £ £
Net cash
Cash at bank and in hand 1,670,681 1,662,376 3,333,057
1,670,681 1,662,376 3,333,057
Total 1,670,681 1,662,376 3,333,057