Company registration number 3865269 (England and Wales)
OASIS CARE SERVICES LIMITED
FORMERLY OASIS YOUNG PEOPLES CARE SERVICES (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
OASIS CARE SERVICES LIMITED
FORMERLY OASIS YOUNG PEOPLES CARE SERVICES (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
OASIS CARE SERVICES LIMITED
FORMERLY OASIS YOUNG PEOPLES CARE SERVICES (UK) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,677,701
3,600,120
Current assets
Debtors
5
95,312
85,425
Cash at bank and in hand
46,041
127,520
141,353
212,945
Creditors: amounts falling due within one year
Loans and overdrafts
6
168,342
160,385
Taxation and social security
42,812
36,313
Other creditors
7
391,509
369,328
602,663
566,026
Net current liabilities
(461,310)
(353,081)
Total assets less current liabilities
3,216,391
3,247,039
Creditors: amounts falling due after more than one year
Loans and overdrafts
6
1,232,258
1,291,800
Other creditors
8
208,000
208,000
(1,440,258)
(1,499,800)
Provisions for liabilities
(211,977)
(211,977)
Net assets
1,564,156
1,535,262
Capital and reserves
Called up share capital
9
6,000
6,000
Profit and loss reserves
1,558,156
1,529,262
Total equity
1,564,156
1,535,262
OASIS CARE SERVICES LIMITED
FORMERLY OASIS YOUNG PEOPLES CARE SERVICES (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
K Rumsby
T Wright
Director
Director
Company registration number 3865269 (England and Wales)
OASIS CARE SERVICES LIMITED
FORMERLY OASIS YOUNG PEOPLES CARE SERVICES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
Oasis Care Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 457 Southchurch Road, Southend on Sea, Essex, SS1 2PH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Land is not depreciated. Depreciation is charged on the building from the year in which it becomes operational - 1% straight line.
Leasehold land and buildings
5% straight line
Computer equipment
40% reducing balance
Fixtures, fittings & equipment
15% reducing balance.
Motor vehicles
25% reducing balance.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
OASIS CARE SERVICES LIMITED
FORMERLY OASIS YOUNG PEOPLES CARE SERVICES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
OASIS CARE SERVICES LIMITED
FORMERLY OASIS YOUNG PEOPLES CARE SERVICES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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 at transaction price.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
OASIS CARE SERVICES LIMITED
FORMERLY OASIS YOUNG PEOPLES CARE SERVICES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
27
25
OASIS CARE SERVICES LIMITED
FORMERLY OASIS YOUNG PEOPLES CARE SERVICES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Computer equipment
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 November 2023
3,620,071
15,842
7,758
14,979
6,000
3,664,650
Additions
106,384
5,824
112,208
At 31 October 2024
3,726,455
15,842
13,582
14,979
6,000
3,776,858
Depreciation and impairment
At 1 November 2023
29,201
15,834
5,741
9,178
4,576
64,530
Depreciation charged in the year
30,265
3,136
870
356
34,627
At 31 October 2024
59,466
15,834
8,877
10,048
4,932
99,157
Carrying amount
At 31 October 2024
3,666,989
8
4,705
4,931
1,068
3,677,701
At 31 October 2023
3,590,870
8
2,017
5,801
1,424
3,600,120
The freehold properties at 667 & 671 London Road, Hadleigh, Essex were valued at the balance sheet date by the directors as being worth £1,765,000.
If the revalued properties were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been £2,981,166 cost, £151,342 accumulated depreciation and carrying value £2,829,824.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
30,148
Other debtors
20,615
25,615
Prepayments and accrued income
74,697
29,662
95,312
85,425
OASIS CARE SERVICES LIMITED
FORMERLY OASIS YOUNG PEOPLES CARE SERVICES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
6
Loans and overdrafts
2024
2023
£
£
Bank loans
1,289,481
1,341,066
Other loans
111,119
111,119
1,400,600
1,452,185
Payable within one year
168,342
160,385
Payable after one year
1,232,258
1,291,800
The bank loan from Barclays bank is secured on the company freehold property at 3-5 Shoebury Mews. Barclays also hold cross guarantees from Oasis Supported Living Limited and Oasis Supported Living CIC. In addition, Barclays have guarantees of £125,000 from the Directors.
The other loan is from from the shareholders to provide funding for the ongoing development of the business. The loan is non-interest bearing.
7
Other creditors falling due within one year
2024
2023
£
£
Trade creditors
30,790
10,673
Other creditors
344,300
345,358
Accruals and deferred income
16,419
13,297
391,509
369,328
8
Other creditors falling due after one year
2024
2023
£
£
Other creditors
208,000
208,000
The balance of creditors due after 1 year represents the non-current balance of the other loan from shareholders. The loan has no fixed repayment period and subject to an interest rate of 5.25%.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
3,000
3,000
3,000
3,000
Ordinary B of £1 each
3,000
3,000
3,000
3,000
6,000
6,000
6,000
6,000
OASIS CARE SERVICES LIMITED
FORMERLY OASIS YOUNG PEOPLES CARE SERVICES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Rent received
Services Provided
2024
2023
2024
2023
£
£
£
£
Entities with common control
209,263
175,676
1,082,673
860,120
2024
2023
Amounts due to related parties
£
£
Entities with common control
288,000
607,119
There are currently no repayment plans.
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with common control
20,615
25,615
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