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REGISTERED NUMBER: 08047704 (England and Wales)

























Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2024

for

Olea Care Ltd

Olea Care Ltd (Registered number: 08047704)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Olea Care Ltd

Company Information
for the Year Ended 30 September 2024







DIRECTORS: G W Claffey
Mrs L Claffey





SECRETARY: Ms L A Claffey





REGISTERED OFFICE: 20 Torkington Road
Hazel Grove
Stockport
Cheshire
SK7 4RQ





REGISTERED NUMBER: 08047704 (England and Wales)





AUDITORS: Fairhurst Audit Services Ltd
Statutory Auditors
Chartered Accountants
Douglas Bank House
Wigan Lane
Lancashire
WN1 2TB

Olea Care Ltd (Registered number: 08047704)

Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report for the year ended 30 September 2024.

The principal activities of the company during the year under review are the operation of a residential care home and day nursery.

REVIEW OF BUSINESS
The company operates a care home and connected, intergenerational day nursery in Stockport.

Fernlea provides the highest quality of care for up to 48 residents in accommodation they are proud to call home. Fernlea has been purpose built and designed with resident experience, social opportunities, and wellbeing at the forefront.
Fernbees, the first intergenerational day nursery in the North of England opened in 2022 on the grounds of Fernlea. Fernbees provides the highest quality of childcare for up to 30 children in an environment that has been designed to promote intergenerational interaction and provide children with effective opportunities to develop their imagination, take risks and accept challenges, and form relationships with people of all walks of life and all ages.

Our philosophy represents the very essence of how we care for our residents, treat our customers and staff and conduct our business. It represents our beliefs and provides us with the foundation, on which we can build and fulfil our goals.

We believe our people are the corner stone to our success and we are proud of the valuable contribution of all staff team members and their dedication and commitment to providing the highest quality of service to our residents and children.
We believe that a high standard of integrity, professional conduct and business judgement must form the basis of how we conduct business and we believe that effective planning will ensure that quality is planned into our service and not left to chance or judgement. Continual improvement is a permanent objective and will provide us with a performance advantage and ensure we are able to react quickly to changing requirements.

Sustainability has formed one of our key values for many years, however, with the opening of Fernbees, our sustainability initiatives have developed in order to ensure we play a role in leaving a better world for our children.

In 2024 the company has seen a rise in the demand for the company's services which has resulted in an increase in turnover of 11.6%, which is very pleasing. Annual sales exceeded £3.6m and EBITDA was 24%.

GOING CONCERN
The directors have reviewed the management accounts to date and the cash requirements for a period of 12 months from the date of approval of these financial statements, which indicate that, taking account of any possible reduction in occupation, the company will have sufficient funds to continue trading and to meet its liabilities as they fall due during that period. They therefore believe that it remains appropriate to prepare the financial statements on a going concern basis


Olea Care Ltd (Registered number: 08047704)

Strategic Report
for the Year Ended 30 September 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the key risks and uncertainties that the company faces comes from a variety of directions:

Financial risk
The company's credit risk is low, being mainly attributable to trade debtors. Privately funded residents pay a deposit on commencement and all credit risk, both publicly and privately funded, is managed by monitoring payments against contractual agreements. The company monitors cash flow as part of its day to day control procedures.

Operational risk
The primary risk to the company is a material decline in occupancy. The demand for care home beds is driven by necessity and is expected to increase significantly in the near future. The ongoing demand for beds is driven through ongoing marketing activities and positive local reputation which is expected to be maintained.
The UK care home employment market remains competitive and the company continually faces the challenge of recruitment and retention of quality team members. The company has mitigated this by paying all its care home staff above the National Living Wage and a generous benefits package. The company also offers opportunities for career progression and training through a robust schedule of in-house training and opportunities to engage in nationally recognised training courses.

Regulatory risk
The company operates in a regulatory environment.

The Care Quality Commission has inspection models for residential care homes under five key lines of enquiry for every provider or service: is it safe, is it caring, is it responsive, is it effective and is it well-led. Similarly, Ofsted have inspection models for day nurseries taking into account a number of key areas.
Each question is rated one of inadequate, requires improvement, good or outstanding and provides an overall rating for the home. A poor rating may lead to a reduced level of demand, a service being placed on embargo or, in extremes, a service being closed.

The directors are pleased to report that both Fernlea and Fernbees maintain an overall rating of good.

FUTURE DEVELOPMENTS
The directors anticipate the business environment will continue to be competitive but are confident the service provided by the company is set up to meet the needs of its customers. Changes and refurbishments will be made to service demand.

FINANCIAL INSTRUMENTS
The company has a normal level of exposure to price, credit, liquidity, and cash flow risks arising from trading activities which are conducted in the local market place.

ON BEHALF OF THE BOARD:





G W Claffey - Director


2 June 2025

Olea Care Ltd (Registered number: 08047704)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a nursing home for the elderly.

DIVIDENDS
During the year dividends totalling £63,000 were paid.

DIRECTORS
G W Claffey has held office during the whole of the period from 1 October 2023 to the date of this report.

Other changes in directors holding office are as follows:

Mrs L Claffey - appointed 24 June 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, Fairhurst Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G W Claffey - Director


2 June 2025

Report of the Independent Auditors to the Members of
Olea Care Ltd

Opinion
We have audited the financial statements of Olea Care Ltd (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Olea Care Ltd


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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Olea Care Ltd


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.

Extent to which the audit was considered capable of detecting irregularities including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- 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 identified the laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006;
- we identified those laws and regulations which do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur, by;
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud: and
- considered the internal control in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions; and
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

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 inspections of regulatory and legal correspondence, if any.

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.

Other matters which we are required to address
The financial statements of the company for the year ended 30th September 2023 were unaudited.

Report of the Independent Auditors to the Members of
Olea Care Ltd


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.




Louise Webster (Senior Statutory Auditor)
for and on behalf of Fairhurst Audit Services Ltd
Statutory Auditors
Chartered Accountants
Douglas Bank House
Wigan Lane
Lancashire
WN1 2TB

2 June 2025

Olea Care Ltd (Registered number: 08047704)

Income Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

TURNOVER 3,695,712 3,321,518

Cost of sales 221,843 188,986
GROSS PROFIT 3,473,869 3,132,532

Administrative expenses 2,854,522 2,493,552
619,347 638,980

Other operating income 44,052 44,052
OPERATING PROFIT 4 663,399 683,032

Interest receivable and similar income 21,432 9,561
684,831 692,593

Interest payable and similar expenses 5 206,118 173,197
PROFIT BEFORE TAXATION 478,713 519,396

Tax on profit 6 142,573 184,233
PROFIT FOR THE FINANCIAL YEAR 336,140 335,163

Olea Care Ltd (Registered number: 08047704)

Other Comprehensive Income
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

PROFIT FOR THE YEAR 336,140 335,163


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

336,140

335,163

Olea Care Ltd (Registered number: 08047704)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 4,035,920 4,114,928

CURRENT ASSETS
Debtors 9 232,108 77,880
Cash at bank and in hand 1,133,986 1,004,313
1,366,094 1,082,193
CREDITORS
Amounts falling due within one year 10 672,544 693,083
NET CURRENT ASSETS 693,550 389,110
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,729,470

4,504,038

CREDITORS
Amounts falling due after more than one year 11 (2,663,608 ) (2,714,459 )

PROVISIONS FOR LIABILITIES 15 (84,364 ) (81,221 )
NET ASSETS 1,981,498 1,708,358

CAPITAL AND RESERVES
Called up share capital 16 75 75
Capital redemption reserve 17 25 25
Retained earnings 17 1,981,398 1,708,258
SHAREHOLDERS' FUNDS 1,981,498 1,708,358

The financial statements were approved by the Board of Directors and authorised for issue on 2 June 2025 and were signed on its behalf by:





G W Claffey - Director


Olea Care Ltd (Registered number: 08047704)

Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 75 1,438,095 25 1,438,195

Changes in equity
Dividends - (65,000 ) - (65,000 )
Total comprehensive income - 335,163 - 335,163
Balance at 30 September 2023 75 1,708,258 25 1,708,358

Changes in equity
Dividends - (63,000 ) - (63,000 )
Total comprehensive income - 336,140 - 336,140
Balance at 30 September 2024 75 1,981,398 25 1,981,498

Olea Care Ltd (Registered number: 08047704)

Cash Flow Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 780,135 1,010,852
Interest paid (206,118 ) (173,197 )
Tax paid (103,012 ) (79,294 )
Net cash from operating activities 471,005 758,361

Cash flows from investing activities
Purchase of tangible fixed assets (99,552 ) (240,607 )
Interest received 21,432 9,561
Net cash from investing activities (78,120 ) (231,046 )

Cash flows from financing activities
Loan repayments in year (89,941 ) (165,247 )
Amount introduced by directors 337,624 37,312
Amount withdrawn by directors (447,895 ) (140,000 )
Equity dividends paid (63,000 ) (65,000 )
Net cash from financing activities (263,212 ) (332,935 )

Increase in cash and cash equivalents 129,673 194,380
Cash and cash equivalents at beginning of
year

2

1,004,313

809,933

Cash and cash equivalents at end of year 2 1,133,986 1,004,313

Olea Care Ltd (Registered number: 08047704)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2024

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

30.9.24 30.9.23
£    £   
Profit before taxation 478,713 519,396
Depreciation charges 178,222 199,872
Loss on disposal of fixed assets 337 -
Finance costs 206,118 173,197
Finance income (21,432 ) (9,561 )
841,958 882,904
(Increase)/decrease in trade and other debtors (154,228 ) 78,995
Increase in trade and other creditors 92,405 48,953
Cash generated from operations 780,135 1,010,852

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 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 1,133,986 1,004,313
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 1,004,313 809,933


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 1,004,313 129,673 1,133,986
1,004,313 129,673 1,133,986
Debt
Debts falling due within 1 year (165,246 ) 39,091 (126,155 )
Debts falling due after 1 year (2,714,459 ) 50,851 (2,663,608 )
(2,879,705 ) 89,942 (2,789,763 )
Total (1,875,392 ) 219,615 (1,655,777 )

Olea Care Ltd (Registered number: 08047704)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Olea Care Ltd 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 Company Information page.

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.

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 £.

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

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
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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

Current or deferred taxation assets and liabilities are not discounted.

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

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
£    £   
Wages and salaries 1,772,967 1,529,165
Other pension costs 219,064 87,387
1,992,031 1,616,552

Olea Care Ltd (Registered number: 08047704)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.9.24 30.9.23

Directors 2 1
Direct staff 73 73
75 74

30.9.24 30.9.23
£    £   
Directors' remuneration 106,500 90,000
Directors' pension contributions to money purchase schemes 172,443 60,000

4. OPERATING PROFIT

The operating profit is stated after charging:

30.9.24 30.9.23
£    £   
Hire of plant and machinery 45,254 46,147
Depreciation - owned assets 178,223 199,871
Loss on disposal of fixed assets 337 -
Auditors' remuneration 6,500 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Loan interest 206,118 173,197

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
£    £   
Current tax:
UK corporation tax 139,430 103,012

Deferred tax 3,143 81,221
Tax on profit 142,573 184,233

Olea Care Ltd (Registered number: 08047704)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

6. 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:

30.9.24 30.9.23
£    £   
Profit before tax 478,713 519,396
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

119,678

98,685

Effects of:
Expenses not deductible for tax purposes - 2,037
Adjustments to tax charge in respect of previous periods - 36,588
Depreciation on ineligible asset 22,895 17,400
Change in Corporation Tax rate - 33,573
Superdeduction uplift - (4,050 )
Total tax charge 142,573 184,233

7. DIVIDENDS
30.9.24 30.9.23
£    £   
Ordinary shares of £1 each
Interim 35,000 37,000
A Ordinary shares of £1 each
Interim 28,000 28,000
63,000 65,000

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 4,578,983 300,298 476,144 65,762 5,421,187
Additions - 89,289 10,263 - 99,552
Disposals - (599 ) - - (599 )
At 30 September 2024 4,578,983 388,988 486,407 65,762 5,520,140
DEPRECIATION
At 1 October 2023 788,937 138,987 321,967 56,368 1,306,259
Charge for year 91,580 43,184 41,110 2,349 178,223
Eliminated on disposal - (262 ) - - (262 )
At 30 September 2024 880,517 181,909 363,077 58,717 1,484,220
NET BOOK VALUE
At 30 September 2024 3,698,466 207,079 123,330 7,045 4,035,920
At 30 September 2023 3,790,046 161,311 154,177 9,394 4,114,928

Olea Care Ltd (Registered number: 08047704)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

9. DEBTORS
30.9.24 30.9.23
£    £   
Amounts falling due within one year:
Trade debtors 64,716 65,832
Other debtors - 12,048
64,716 77,880

Amounts falling due after more than one year:
Other debtors 167,392 -

Aggregate amounts 232,108 77,880

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts (see note 12) 126,155 165,246
Trade creditors 135,619 112,429
Tax 139,430 103,012
Social security and other taxes 33,943 29,803
Other creditors - 28,000
Credit card 14,887 9,517
Pension control 13,768 5,042
Directors' loan accounts 32,041 142,312
Accruals and deferred income 176,701 97,722
672,544 693,083

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans (see note 12) 2,663,608 2,714,459

12. LOANS

An analysis of the maturity of loans is given below:

30.9.24 30.9.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 126,155 165,246

Amounts falling due between one and two years:
Bank loans - 1-2 years 170,000 170,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 510,000 510,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,983,608 2,034,459

Olea Care Ltd (Registered number: 08047704)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.9.24 30.9.23
£    £   
Within one year 35,032 40,302
Between one and five years 25,644 65,972
In more than five years 27,149 6,787
87,825 113,061

14. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bank loans 2,789,763 2,879,705

15. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax
Accelerated capital allowances 84,364 81,221

Deferred
tax
£   
Balance at 1 October 2023 81,221
Provided during year 3,143
Balance at 30 September 2024 84,364

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
39 Ordinary £1 39 39
21 A Ordinary £1 21 21
5 B Ordinary £1 5 5
5 C Ordinary £1 5 5
5 D Ordinary £1 5 5
75 75

During the previous year the company reclassified the Ordinary shares into Ordinary, A Ordinary, B Ordinary, C Ordinary and D Ordinary shares.

Olea Care Ltd (Registered number: 08047704)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

17. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 October 2023 1,708,258 25 1,708,283
Profit for the year 336,140 336,140
Dividends (63,000 ) (63,000 )
At 30 September 2024 1,981,398 25 1,981,423

18. RELATED PARTY DISCLOSURES

The banking facilities are secured on a property owned by the directors.

At the balance sheet date Dove's Nest Limited, a company controlled by the director, owed the company £NIL (2023: £8,634) which is included in other debtors.

At the balance sheet date Yorklea Limited, a company controlled by the director, owed the company £167,392 (2023: £3,414) which is included in other debtors.

19. ULTIMATE CONTROLLING PARTY

The company is considered to be under the control of the directors.