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REGISTERED NUMBER: 07146960 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 August 2024

for

OAKVILLE (SOUTH WALES) LIMITED

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Contents of the Consolidated Financial Statements
for the Year Ended 31 August 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


OAKVILLE (SOUTH WALES) LIMITED

Company Information
for the Year Ended 31 August 2024







DIRECTORS: Mrs R Patel
Mr A Patel





REGISTERED OFFICE: Panteg Farm Graig Road
Lisvane
Cardiff
CF14 0UF





REGISTERED NUMBER: 07146960 (England and Wales)





AUDITORS: Advantage Accountancy & Advisory Ltd
Chartered Certified Accountants
and Statutory Auditors
Avalon House
5-7 Cathedral Road
Cardiff
CF11 9HA

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Group Strategic Report
for the Year Ended 31 August 2024


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

REVIEW OF BUSINESS
The group's results for the year show a profit before taxation of £756,245 (2023: £427,408). The shareholders funds total £7,810,593 (2023: £7,398,325). The group's performance for the financial year ended 31 August 2024 is encouraging. Turnover increased to £5,219,553 during the year compared to £4,427,316 for 2022/23. Similarly, operating profits increased from £568,819 to £886,352 for the year ended 31 August 2024.

BUSINESS ENVIRONMENT
The sector in which the group operates is extremely competitive and highly regulated. The group holds a licence from Care Inspectorate Wales to allow it to operate its care home. The group, along with all other care homes is subject to unannounced inspections from Care Inspectorate Wales.

STRATEGY
The management and staff at the homes try to provide their service users with a "home from home". The focus is to create a stimulating environment that offers activities, independence and choice to the residents of the home. Management is dedicated to providing the highest possible standard of care in a comfortable environment. The group is dependent upon attracting and retaining well qualified nursing and other staff. The group relies on their professionalism and efficiency in satisfying both the needs of the residents and their health and safety requirements. Training is provided to develop the staff, deliver high quality tailored care and to reduce the operational risks associated with providing care to vulnerable people. This is the strategy that the directors are following to ensure that the group has thriving, caring and profitable care homes.

KEY PERFORMANCE INDICATORS
The group has made significant progress throughout the year in relation to achieving key elements of its strategy. The directors and senior management review the financial progress of the group by comparing the average occupancy rates. During the year ended 31 August 2024, average occupancy rates increased from 75% to 80%, once again evidencing the post Covid-19 recovery. It could take a couple of years or more for occupancy rates to recover completely. Reducing care budgets and the government and local authority drive to maintain service users in their homes will continue to affect the residency rates in our care homes.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal commercial risk faced by the group is the loss of its licence to operate a care home provided by Care Inspectorate Wales. The directors operate a semi hands on approach to ensuring that the group's licence is protected. Systems and procedures have been put in place that ensure that the home is operated within the guidelines produced by Care Inspectorate Wales.

The principal financial risk to the business is in relation to the bank loan. There is a possibility that bank interest rates will increase in the future from their historically low levels. The group's bank loan is subject to various terms and conditions and the directors continue to monitor these to ensure compliance.

The group's credit risk is mainly attributable to its trade debtors. Where a resident changes from one type of funded care to another there can be delays in the home receiving payments. The directors closely monitor this and communicate with the appropriate authorities.

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Group Strategic Report
for the Year Ended 31 August 2024


FUTURE DEVELOPMENTS
Results since the balance sheet date continue to remain positive, however the group has experienced increased costs as a result of service requirement, occupancy pressures and higher staff costs as a result of measures brought in during the most recent budget.

The directors remain confident about the continuing financial performance of the business and are looking to develop the business further. It will continue to invest in capital expenditure to ensure that the homes are maintained to a high standard for resident living. Following the financial year-end, the group has also diversified with the purchase of a hotel property, which it looks forward to developing and opening for future use.

In the opinion of the directors, there are no issues with going concern.

ON BEHALF OF THE BOARD:





Mrs R Patel - Director


27 May 2025

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Report of the Directors
for the Year Ended 31 August 2024


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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the management of residential care homes.

DIVIDENDS
The total distribution of dividends for the year ended 31 August 2024 will be £140,000 (2023: £156,000).

RESEARCH AND DEVELOPMENT
No significant research and developments activities were undertaken during the period ending 31 August 2024.

FUTURE DEVELOPMENTS
Please refer to the strategic report.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in note 27 of the financial statements.

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

Mrs R Patel
Mr A Patel

FINANCIAL INSTRUMENTS
The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities. The company does not enter into any formally designated hedging arrangements.

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). 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.

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Report of the Directors
for the Year Ended 31 August 2024


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, Advantage Accountancy & Advisory Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs R Patel - Director


27 May 2025

Report of the Independent Auditors to the Members of
Oakville (South Wales) Limited


Opinion
We have audited the financial statements of Oakville (South Wales) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 August 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.

Report of the Independent Auditors to the Members of
Oakville (South Wales) Limited


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.

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 four, 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.

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.

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:

•The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

•We obtained understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: The Companies Act 2006, UK corporate taxation laws, employment legislation and health and safety legislation.

•We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to management. We corroborated our inquiries through our review of legal correspondence.

•We assessed the susceptibility of the company's financial statements to material misstatements, including how fraud might occur. Audit procedures performed by the engagement team included:

Report of the Independent Auditors to the Members of
Oakville (South Wales) Limited



• making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud;

• identifying and assessing the design effectiveness of controls management has in place to prevent and
detect fraud;

• understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
• performing analytical procedures to identify any unusual or unexpected relationships;
• challenging assumptions and judgements made by management in its significant accounting estimates;

• identifying and testing journal entries, in particular any journal entries posted with unusual account
combinations; and
• assessing the extent of compliance with relevant laws and regulations.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.




Stephen John Bickerton (Senior Statutory Auditor)
for and on behalf of Advantage Accountancy & Advisory Ltd
Chartered Certified Accountants
and Statutory Auditors
Avalon House
5-7 Cathedral Road
Cardiff
CF11 9HA

27 May 2025

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

TURNOVER 3 5,219,553 4,427,316

Cost of sales (3,237,374 ) (2,950,130 )
GROSS PROFIT 1,982,179 1,477,186

Administrative expenses (1,170,538 ) (948,079 )
811,641 529,107

Other operating income 4 74,711 39,712
OPERATING PROFIT 6 886,352 568,819

Interest receivable and similar income 8 35,968 5,442
922,320 574,261

Interest payable and similar expenses 9 (166,075 ) (146,853 )
PROFIT BEFORE TAXATION 756,245 427,408

Tax on profit 10 (203,977 ) (112,104 )
PROFIT FOR THE FINANCIAL YEAR 552,268 315,304

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

552,268

315,304

Profit attributable to:
Owners of the parent 552,268 315,304

Total comprehensive income attributable to:
Owners of the parent 552,268 315,304

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Consolidated Balance Sheet
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 13 3,886,774 4,377,478
Investments 14 350,000 -
Investment property 15 1,238,342 1,238,342
5,475,116 5,615,820

CURRENT ASSETS
Debtors 16 3,042,587 2,572,706
Cash at bank 2,101,816 1,813,851
5,144,403 4,386,557
CREDITORS
Amounts falling due within one year 17 1,065,449 448,422
NET CURRENT ASSETS 4,078,954 3,938,135
TOTAL ASSETS LESS CURRENT LIABILITIES 9,554,070 9,553,955

CREDITORS
Amounts falling due after more than one
year

18

(1,692,084

)

(2,104,938

)

PROVISIONS FOR LIABILITIES 21 (51,393 ) (50,692 )
NET ASSETS 7,810,593 7,398,325

CAPITAL AND RESERVES
Called up share capital 22 2 2
Retained earnings 23 7,810,591 7,398,323
SHAREHOLDERS' FUNDS 7,810,593 7,398,325

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





Mrs R Patel - Director


OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Company Balance Sheet
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 13 54,153 471,250
Investments 14 350,102 102
Investment property 15 1,238,342 1,238,342
1,642,597 1,709,694

CURRENT ASSETS
Debtors 16 2,417,216 2,114,362
Cash at bank 1,018,715 869,405
3,435,931 2,983,767
CREDITORS
Amounts falling due within one year 17 4,816,684 4,315,860
NET CURRENT LIABILITIES (1,380,753 ) (1,332,093 )
TOTAL ASSETS LESS CURRENT LIABILITIES 261,844 377,601

PROVISIONS FOR LIABILITIES 21 13,538 -
NET ASSETS 248,306 377,601

CAPITAL AND RESERVES
Called up share capital 22 2 2
Retained earnings 23 248,304 377,599
SHAREHOLDERS' FUNDS 248,306 377,601

Company's profit/(loss) for the financial year 10,705 (5,477 )

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





Mrs R Patel - Director


OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Consolidated Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2022 2 7,239,019 7,239,021

Changes in equity
Dividends - (156,000 ) (156,000 )
Total comprehensive income - 315,304 315,304
Balance at 31 August 2023 2 7,398,323 7,398,325

Changes in equity
Dividends - (140,000 ) (140,000 )
Total comprehensive income - 552,268 552,268
Balance at 31 August 2024 2 7,810,591 7,810,593

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Company Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2022 2 539,076 539,078

Changes in equity
Dividends - (156,000 ) (156,000 )
Total comprehensive income - (5,477 ) (5,477 )
Balance at 31 August 2023 2 377,599 377,601

Changes in equity
Dividends - (140,000 ) (140,000 )
Total comprehensive income - 10,705 10,705
Balance at 31 August 2024 2 248,304 248,306

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Consolidated Cash Flow Statement
for the Year Ended 31 August 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,411,654 977,664
Interest paid (166,075 ) (146,853 )
Tax paid 113,306 (181,377 )
Net cash from operating activities 1,358,885 649,434

Cash flows from investing activities
Purchase of tangible fixed assets (98,207 ) (398,884 )
Purchase of investment property - (65,681 )
Sale of tangible fixed assets 16,250 -
Interest received 35,968 5,442
Net cash from investing activities (45,989 ) (459,123 )

Cash flows from financing activities
Loan repayments in year (317,506 ) (227,500 )
Amount introduced by directors 204,662 578,330
Amount withdrawn by directors (772,087 ) (522,008 )
Equity dividends paid (140,000 ) (156,000 )
Net cash from financing activities (1,024,931 ) (327,178 )

Increase/(decrease) in cash and cash equivalents 287,965 (136,867 )
Cash and cash equivalents at beginning of
year

2

1,813,851

1,950,718

Cash and cash equivalents at end of year 2 2,101,816 1,813,851

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 August 2024


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

2024 2023
£    £   
Profit before taxation 756,245 427,408
Depreciation charges 117,595 111,174
Impairment of investments 105,000 -
Finance costs 166,075 146,853
Finance income (35,968 ) (5,442 )
1,108,947 679,993
Decrease in trade and other debtors 97,544 275,484
Increase in trade and other creditors 205,163 22,187
Cash generated from operations 1,411,654 977,664

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 2,101,816 1,813,851
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 1,813,851 1,950,718


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank 1,813,851 287,965 2,101,816
1,813,851 287,965 2,101,816
Debt
Debts falling due within 1 year (132,152 ) (95,348 ) (227,500 )
Debts falling due after 1 year (2,104,938 ) 412,854 (1,692,084 )
(2,237,090 ) 317,506 (1,919,584 )
Total (423,239 ) 605,471 182,232

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024


1. STATUTORY INFORMATION

Oakville (South Wales) 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 (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 except that as disclosed in the accounting policies that are shown at fair value.

Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

Basis of consolidation
The financial statements consolidate the financial statements of Oakville (South Wales) Limited and all of its subsidiary undertakings.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial operating policies of an entity so as to obtain benefits from its activities. The results of subsidiary acquired or disposed of during the year are included from or to the date that control passes. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Significant judgements and estimates
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.

Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no material balances where uncertain accounting estimates are used.

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

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 - 0% - 2% straight line
Plant and machinery - 20% Straight line and 10% Straight line
Fixtures and fittings - 10% Straight line

The freehold land is not depreciated.

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments
Fixed asset investments in unlisted shares and other investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024


2. ACCOUNTING POLICIES - continued

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months
after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss
Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Classification
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.

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual
provisions of the instrument.

Debt instruments are subsequently measured at amortised cost.

Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Rendering of services 5,219,553 4,427,316
5,219,553 4,427,316

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024


3. TURNOVER - continued

The whole of turnover is attributable to the principal activity of the group whole undertaken in the United Kingdom

4. OTHER OPERATING INCOME
2024 2023
£    £   
Rents received 74,711 32,699
Other operating income - 7,013
74,711 39,712

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,734,829 2,527,838
Social security costs 216,521 170,971
Other pension costs 174,973 168,985
3,126,323 2,867,794

The average number of employees during the year was as follows:
2024 2023

Production staff 2 2
Distribution staff 4 4
Administrative staff 3 2
Management staff 14 31
Care staff 78 94
Kitchen and domestic staff 22 15
Maintenance and activities staff 7 3
130 151

2024 2023
£    £   
Directors' remuneration 20,818 17,688
Directors' pension contributions to money purchase schemes 120,000 120,900

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024


6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 3,820 -
Depreciation - owned assets 117,661 111,174
Impairment of investments 105,000 -

7. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

18,000

15,102

8. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Interest receivable 35,968 5,442

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 166,075 146,853

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 224,137 104,919
Over/under provision in prior year (20,861 ) (296 )
Total current tax 203,276 104,623

Deferred tax 701 7,481
Tax on profit 203,977 112,104

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024


10. TAXATION - continued

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:

2024 2023
£    £   
Profit before tax 756,245 427,408
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 29.542 %)

189,061

126,265

Effects of:
Expenses not deductible for tax purposes 30,772 (29,685 )
Depreciation in excess of capital allowances 4,304 18,918
Adjustments to tax charge in respect of previous periods (20,861 ) 289
Group relief surrendered - (3,933 )
Super deduction - (793 )
Deferred tax arising on fixed asset timing differences 701 -
Effect of different UK tax rates on some earnings - 1,043
Total tax charge 203,977 112,104

11. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


12. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Interim 140,000 156,000

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024


13. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2023 5,570,280 147,399 642,131 471,250 6,831,060
Additions - 60,497 37,710 - 98,207
Disposals - - - (16,250 ) (16,250 )
Reclassification/transfer - - - (455,000 ) (455,000 )
At 31 August 2024 5,570,280 207,896 679,841 - 6,458,017
DEPRECIATION
At 1 September 2023 1,793,954 106,849 552,779 - 2,453,582
Charge for year 87,927 11,757 17,977 - 117,661
At 31 August 2024 1,881,881 118,606 570,756 - 2,571,243
NET BOOK VALUE
At 31 August 2024 3,688,399 89,290 109,085 - 3,886,774
At 31 August 2023 3,776,326 40,550 89,352 471,250 4,377,478

Tangible assets with a carrying value of £2,835,981 (2023: £2,911,710) are pledged as security for the group's bank loan. Included in Freehold property is an amount of £1,000,000 which is not depreciated as it relates to land owned by the group.

Please see note 14 for re-classification of motor vehicles.

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024


13. TANGIBLE FIXED ASSETS - continued

Company
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 September 2023 - 471,250 471,250
Additions 59,076 - 59,076
Disposals - (16,250 ) (16,250 )
Reclassification/transfer - (455,000 ) (455,000 )
At 31 August 2024 59,076 - 59,076
DEPRECIATION
Charge for year 4,923 - 4,923
At 31 August 2024 4,923 - 4,923
NET BOOK VALUE
At 31 August 2024 54,153 - 54,153
At 31 August 2023 - 471,250 471,250


14. FIXED ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£ £ £ £
Shares in group undertakings - - 102 102
Other investments not loans 350,000 - 350,000 -
350,000 - 350,102 102

Additional information is as follows:

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024


Group

Investments (neither listed nor unlisted) were as follows:

Motor
vehicles
£
COST
At 1 September 2023 -
Transfer from PPE 455,000
Impairment (105,000 )
At 31 August 2024 350,000
NET BOOK VALUE
At 31 August 2024 350,000
At 31 August 2023 -

Company



Shares in
group
undertakings
£
COST
At 1 September 2023
and 31 August 2024 102
NET BOOK VALUE
At 31 August 2024 102
At 31 August 2023 102
The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Oakville Care Limited
Registered office: Panteg Farm, Craig Road, Lisvane, Cardiff, CF14 0UK
Nature of business: management of a nursing care home
%
Class of shares: holding
Ordinary 100.00

Oak House Care Limited
Registered office: Panteg Farm, Craig Road, Lisvane, Cardiff, CF14 0UK
Nature of business: management of a residential care home
%
Class of shares: holding
Ordinary 100.00

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024


Investments (neither listed nor unlisted) were as follows:

Motor
vehicles
£
COST
At 1 September 2023 -
Transfer from PPE 455,000
Impairment (105,000 )
At 31 August 2024 350,000
NET BOOK VALUE
At 31 August 2024 350,000
At 31 August 2023 -

The company holds a collection of classic motor vehicles. These have been transferred from property, plant and equipment as they are held for investment purposes and not for use in the operation of the business. The vehicles have been impaired to their recoverable amounts after the directors reviewed recent transactions for similar assets and sought valuations from specialist car dealers.

15. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 1,238,342
NET BOOK VALUE
At 31 August 2024 1,238,342
At 31 August 2023 1,238,342

Company
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 1,238,342
NET BOOK VALUE
At 31 August 2024 1,238,342
At 31 August 2023 1,238,342

The directors consider that there is no change in fair value of the investment property at the balance sheet date.

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024


16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 220,444 216,770 - -
Other debtors 1,651,453 1,775,587 1,345,572 1,615,563
Directors' loan accounts 1,059,139 491,714 1,059,139 491,714
Prepayments and accrued income 111,551 88,635 12,505 7,085
3,042,587 2,572,706 2,417,216 2,114,362

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 19) 227,500 132,152 - -
Trade creditors 70,446 100,556 9,683 31,452
Amounts owed to group undertakings - - 4,410,746 4,277,057
Tax 396,634 80,118 172,497 1,519
Social security and other taxes 51,232 42,913 - -
Other creditors 239,959 21,412 217,461 1,167
Accruals and deferred income 79,678 71,271 6,297 4,665
1,065,449 448,422 4,816,684 4,315,860

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

Group
2024 2023
£    £   
Bank loans (see note 19) 1,692,084 2,104,938

19. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 227,500 132,152
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,692,084 2,104,938

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024


19. LOANS - continued

The loan is repayable in monthly installments over the period to June 2026 at an interest rate of 2.62% above the bank's base rate.

Secured borrowings
The bank loan is secured on the freehold property of the company which has a carrying value of £2,835,981 (2023: £2,911,710).

Handelsbanken Plc have an unlimited cross guarantee over the assets of companies related by common control. The loan is also secured by a debenture charge over the company' other assets by a directors life insurance policy.

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 9,167 -
Between one and five years 15,279 -
24,446 -

The amount of non-cancellable operating lease payments recognised as an expense during the period was £3,820.

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 9,167 -
Between one and five years 15,279 -
24,446 -

21. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 51,393 50,692 13,538 -

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024


21. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 September 2023 50,692
Charge to Statement of Comprehensive Income during year 701
Balance at 31 August 2024 51,393

Company
Deferred
tax
£   
Provided during year 13,538
Balance at 31 August 2024 13,538

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary 1 2 2

23. RESERVES

Group
Retained
earnings
£   

At 1 September 2023 7,398,323
Profit for the year 552,268
Dividends (140,000 )
At 31 August 2024 7,810,591

Company
Retained
earnings
£   

At 1 September 2023 377,599
Profit for the year 10,705
Dividends (140,000 )
At 31 August 2024 248,304

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024


23. RESERVES - continued


24. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £174,973 (2023: £168,907).

Contributions totalling £22,498 (2023: £20,245) were payable to the scheme at the end of the period and are included in creditors.

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
Mr A Patel
Balance outstanding at start of year 104,670 274,172
Amounts advanced 437,030 319,498
Amounts repaid (134,662 ) (489,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 407,038 104,670

Mrs R Patel
Balance outstanding at start of year 387,044 273,864
Amounts advanced 335,057 202,510
Amounts repaid (70,000 ) (89,330 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 652,101 387,044

26. RELATED PARTY DISCLOSURES

The ultimate controlling party is Mr A Patel and Mrs R Patel.

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.

At the year end the group owed a balance of £82,373 (2023: £228,429 due from) to Llantarnam Care Ltd. The balance is interest free, unsecured and has no set repayment terms. The companies are related by virtue of common directors.

At the year end the group was owed a balance of £1,104,943 (2023: £1,354,257) to Isca Care Ltd. The balance is interest free, unsecured and has no set repayment terms. The companies are related by virtue of common directors.

OAKVILLE (SOUTH WALES) LIMITED (REGISTERED NUMBER: 07146960)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024


27. POST BALANCE SHEET EVENTS

On 18 December 2024 the group purchased an investment property totalling £2,250,000.