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REGISTERED NUMBER: 01659756 (England and Wales)

























Strategic Report, Report of the Director and

Financial Statements for the Year Ended 30 September 2024

for

Dove's Nest Limited

Dove's Nest Limited (Registered number: 01659756)






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




Page

Company Information 1

Strategic Report 2

Report of the Director 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


Dove's Nest Limited

Company Information
for the Year Ended 30 September 2024







DIRECTOR: G W Claffey





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





REGISTERED NUMBER: 01659756 (England and Wales)





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

Dove's Nest Limited (Registered number: 01659756)

Strategic Report
for the Year Ended 30 September 2024

The director presents his strategic report for the year ended 30 September 2024.

The principal activity of the company during the year under review is the operation of a residential and nursing care home.

REVIEW OF BUSINESS
The company operates a care home in Greater Manchester.

In the year, the company has undergone an MBO to ensure the longevity of the company and is now a subsidiary of Olea Holdings Limited.

Doves Nest provides the highest quality of care for up to 50 residents aged 18+ in accommodation they are proud to call home. Doves Nest has been purpose built and designed with resident experience, social opportunities, and wellbeing at the forefront.

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.
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 and over recent years, our sustainability initiatives have developed further with Doves Nest undertaking a large investment into sustainable technologies.

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 20%, which is very pleasing.

The Company again produced strong financial results. Annual sales exceeded £2.9m and EBITDA was 13.9%.

GOING CONCERN
The director has 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. He therefore believes that it remains appropriate to prepare the financial statements on a going concern basis.


Dove's Nest Limited (Registered number: 01659756)

Strategic Report
for the Year Ended 30 September 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The director considers 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.
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 occupational demand, a home being placed on embargo or, in extremes, a home being closed.

The director is pleased to report that the site is visited on a regular basis and has received an overall rating of good.

FUTURE DEVELOPMENTS
The director anticipates the business environment will continue to be competitive but is 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

Dove's Nest Limited (Registered number: 01659756)

Report of the Director
for the Year Ended 30 September 2024

The director presents his report with the financial statements of the company for the year ended 30 September 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 was £277,528.

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 H E Claffey - resigned 28 March 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself 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
Dove's Nest Limited

Opinion
We have audited the financial statements of Dove's Nest Limited (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 loss 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's 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
Dove's Nest Limited


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Dove's Nest Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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
Dove's Nest Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Louise Webster BSc BFP ACA (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

Dove's Nest Limited (Registered number: 01659756)

Income Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

TURNOVER 2,999,509 2,479,769

Cost of sales 1,782,194 1,394,135
GROSS PROFIT 1,217,315 1,085,634

Administrative expenses 920,845 568,199
OPERATING PROFIT 4 296,470 517,435

Interest receivable and similar income 4,933 3,113
301,403 520,548

Interest payable and similar expenses 5 317,953 204,855
(LOSS)/PROFIT BEFORE TAXATION (16,550 ) 315,693

Tax on (loss)/profit 6 (7,130 ) 120,106
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (9,420 ) 195,587

Dove's Nest Limited (Registered number: 01659756)

Other Comprehensive Income
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (9,420 ) 195,587


OTHER COMPREHENSIVE INCOME
Property revaluation 937,717 -
Excess depreciation on revalued assets
transferred to profit and loss reserve 84,334 -
Excess depreciation on revalued assets
transferred from revaluation reserve (84,334 ) -
Income tax relating to components of other
comprehensive income

(213,345

)

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

724,372

-
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

714,952

195,587

Dove's Nest Limited (Registered number: 01659756)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 5,851,651 5,024,402

CURRENT ASSETS
Stocks 9 2,700 2,700
Debtors 10 164,920 471,950
Cash at bank and in hand 296,267 374,910
463,887 849,560
CREDITORS
Amounts falling due within one year 11 440,109 478,565
NET CURRENT ASSETS 23,778 370,995
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,875,429

5,395,397

CREDITORS
Amounts falling due after more than one year 12 (3,119,532 ) (3,283,139 )

PROVISIONS FOR LIABILITIES 16 (255,308 ) (49,093 )
NET ASSETS 2,500,589 2,063,165

CAPITAL AND RESERVES
Called up share capital 17 100 100
Revaluation reserve 18 640,038 -
Retained earnings 18 1,860,451 2,063,065
SHAREHOLDERS' FUNDS 2,500,589 2,063,165

The financial statements were approved by the director and authorised for issue on 2 June 2025 and were signed by:





G W Claffey - Director


Dove's Nest Limited (Registered number: 01659756)

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

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 100 1,867,478 - 1,867,578

Changes in equity
Total comprehensive income - 195,587 - 195,587
Balance at 30 September 2023 100 2,063,065 - 2,063,165

Changes in equity
Dividends - (277,528 ) - (277,528 )
Total comprehensive income - 74,914 640,038 714,952
Balance at 30 September 2024 100 1,860,451 640,038 2,500,589

Dove's Nest Limited (Registered number: 01659756)

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 1 527,749 561,612
Interest paid (317,953 ) (204,682 )
Interest element of hire purchase or finance
lease rental payments paid

-

(173

)
Tax paid (71,013 ) (62,679 )
Net cash from operating activities 138,783 294,078

Cash flows from investing activities
Purchase of tangible fixed assets (3,904 ) (47,438 )
Sale of tangible fixed assets - 15,850
Interest received 4,933 3,113
Net cash from investing activities 1,029 (28,475 )

Cash flows from financing activities
Loan repayments in year (154,607 ) (200,215 )
Capital repayments in year - (1,113 )
Amount introduced by directors 233,680 624
Amount withdrawn by directors (20,000 ) (115,000 )
- 18,677
Equity dividends paid (277,528 ) -
Net cash from financing activities (218,455 ) (297,027 )

Decrease in cash and cash equivalents (78,643 ) (31,424 )
Cash and cash equivalents at beginning of
year

2

374,910

406,334

Cash and cash equivalents at end of year 2 296,267 374,910

Dove's Nest Limited (Registered number: 01659756)

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

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.9.24 30.9.23
£    £   
(Loss)/profit before taxation (16,550 ) 315,693
Depreciation charges 114,372 34,654
Profit on disposal of fixed assets - (9,476 )
Loss on revaluation of fixed assets - 100
Finance costs 317,953 204,855
Finance income (4,933 ) (3,113 )
410,842 542,713
Increase in stocks - (1,450 )
Decrease/(increase) in trade and other debtors 93,974 (63,561 )
Increase in trade and other creditors 22,933 83,910
Cash generated from operations 527,749 561,612

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 296,267 374,910
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 374,910 406,334


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 374,910 (78,643 ) 296,267
374,910 (78,643 ) 296,267
Debt
Debts falling due within 1 year (148,500 ) (9,000 ) (157,500 )
Debts falling due after 1 year (3,283,139 ) 163,607 (3,119,532 )
(3,431,639 ) 154,607 (3,277,032 )
Total (3,056,729 ) 75,964 (2,980,765 )

Dove's Nest Limited (Registered number: 01659756)

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

1. STATUTORY INFORMATION

Dove's Nest 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 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 as modified by the revaluation of certain assets.

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
Plant and machinery - 15% on reducing balance

During the period the company revalued the property from which it trades.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Dove's Nest Limited (Registered number: 01659756)

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

3. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
£    £   
Wages and salaries 1,384,428 1,067,956
Other pension costs 72,627 46,989
1,457,055 1,114,945

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

Direct staff 57 50
Directors 1 1
58 51

30.9.24 30.9.23
£    £   
Directors' remuneration 21,000 42,000
Directors' pension contributions to money purchase schemes 32,000 24,000

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.24 30.9.23
£    £   
Hire of plant and machinery 46,934 36,296
Depreciation - owned assets 114,372 34,653
Profit on disposal of fixed assets - (9,476 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Bank loan interest 239,776 204,682
HMRC settlement interest 78,177 -
Hire purchase - 173
317,953 204,855

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
30.9.24 30.9.23
£    £   
Current tax:
UK corporation tax - 71,013

Deferred tax (7,130 ) 49,093
Tax on (loss)/profit (7,130 ) 120,106

Dove's Nest Limited (Registered number: 01659756)

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

6. TAXATION - continued

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

30.9.24 30.9.23
£    £   
(Loss)/profit before tax (16,550 ) 315,693
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

(4,138

)

59,982

Effects of:
Expenses not deductible for tax purposes 25,242 3,568
Utilisation of tax losses (49,427 ) -
Adjustments to tax charge in respect of previous periods - 36,092
Depreciation on ineligible asset 21,193 -
Change in Corporation Tax rate - 21,489
Superdeduction uplift - (1,025 )
Total tax (credit)/charge (7,130 ) 120,106

Tax effects relating to effects of other comprehensive income

30.9.24
Gross Tax Net
£    £    £   
Property revaluation 937,717 (234,429 ) 703,288
Excess depreciation on revalued assets
transferred to profit and loss reserve 84,334 - 84,334
Excess depreciation on revalued assets
transferred from revaluation reserve (84,334 ) 21,084 (63,250 )
937,717 (213,345 ) 724,372

7. DIVIDENDS
30.9.24 30.9.23
£    £   
Ordinary shares of 1 each
Interim 277,528 -

Dove's Nest Limited (Registered number: 01659756)

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

8. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST OR VALUATION
At 1 October 2023 5,004,065 573,560 5,577,625
Additions - 3,904 3,904
Revaluations 334,082 35,472 369,554
At 30 September 2024 5,338,147 612,936 5,951,083
DEPRECIATION
At 1 October 2023 176,034 377,189 553,223
Charge for year 53,381 60,991 114,372
Revaluation adjustments (176,034 ) (392,129 ) (568,163 )
At 30 September 2024 53,381 46,051 99,432
NET BOOK VALUE
At 30 September 2024 5,284,766 566,885 5,851,651
At 30 September 2023 4,828,031 196,371 5,024,402

Cost or valuation at 30 September 2024 is represented by:

Freehold Plant and
property machinery Totals
£    £    £   
Valuation in 2024 334,082 35,472 369,554
Cost 5,004,065 577,464 5,581,529
5,338,147 612,936 5,951,083

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

30.9.24 30.9.23
£    £   
Cost 5,004,065 -
Aggregate depreciation 176,034 -

Freehold land and buildings were valued on open market value basis on 31 March 2024 by Avison Young .

9. STOCKS
30.9.24 30.9.23
£    £   
Stocks 2,700 2,700

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 131,615 212,507
Other debtors 33,305 46,387
Directors' loan accounts - 213,056
164,920 471,950

Dove's Nest Limited (Registered number: 01659756)

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

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts (see note 13) 157,500 148,500
Trade creditors 81,204 102,244
Credit Card 2,697 3,685
Tax - 71,013
Social security and other taxes 29,819 22,237
Other creditors - 9,602
Pension control 8,508 3,920
Directors' loan accounts 624 -
Accruals and deferred income 159,757 117,364
440,109 478,565

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans (see note 13) 3,119,532 3,283,139

13. 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 157,500 148,500

Amounts falling due between one and two years:
Bank loans - 1-2 years 163,500 150,500

Amounts falling due between two and five years:
Bank loans - 2-5 years 526,000 458,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,430,032 2,674,639

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.9.24 30.9.23
£    £   
Within one year 28,315 32,957
Between one and five years 10,060 11,350
38,375 44,307

Dove's Nest Limited (Registered number: 01659756)

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

15. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bank loans 3,277,032 3,431,639

The loans are secured by a legal charge and debenture as registered at Companies House.

16. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax
Accelerated capital allowances 41,963 49,093
Other timing differences 213,345 -
255,308 49,093

Deferred
tax
£   
Balance at 1 October 2023 49,093
Credit to OCI (7,130 )
Debit to revaluation reserve 213,345
Balance at 30 September 2024 255,308

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
100 Ordinary 1 100 100

18. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 October 2023 2,063,065 - 2,063,065
Deficit for the year (9,420 ) (9,420 )
Dividends (277,528 ) (277,528 )
Revaluation reserve transfer 84,334 (84,335 ) (1 )
Deferred tax on revaluation - (213,345 ) (213,345 )
Revaluation in the year - 937,718 937,718
At 30 September 2024 1,860,451 640,038 2,500,489

Dove's Nest Limited (Registered number: 01659756)

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

19. RELATED PARTY DISCLOSURES

At the balance sheet date £NIL (2023: £13,083) was owed to the company by Yorklea Limited, a company controlled by the directors.This is included in other debtors.

At the balance sheet date £NIL (2023: £8,634) was owed to Olea Care Limited, a company controlled by the directors. This is included in other creditors.

During the year the company paid dividends of £277,528 (2023: £NIL) to Olea Holdings Limited, the parent company.

20. ULTIMATE CONTROLLING PARTY

During the year the company was acquired by Olea Holdings Limited and is now a wholly owned subsidiary.

The company is controlled by its directors.