| REGISTERED NUMBER: |
| Strategic Report, Report of the Director and |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Dove's Nest Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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 |
| Other changes in directors holding office are as follows: |
| 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: |
| 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. |
| for and on behalf of |
| Statutory Auditors |
| Chartered Accountants |
| Douglas Bank House |
| Wigan Lane |
| Lancashire |
| WN1 2TB |
| Dove's Nest Limited (Registered number: 01659756) |
| Income Statement |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 301,403 | 520,548 |
| Interest payable and similar expenses | 5 |
| (LOSS)/PROFIT BEFORE TAXATION | ( |
) |
| Tax on (loss)/profit | 6 | ( |
) |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
) |
| 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 | ( |
) |
| OTHER COMPREHENSIVE INCOME |
| Property revaluation |
| Excess depreciation on revalued assets |
| transferred to profit and loss reserve |
| Excess depreciation on revalued assets |
| transferred from revaluation reserve | ( |
) |
| Income tax relating to components of other comprehensive income |
( |
) |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Dove's Nest Limited (Registered number: 01659756) |
| Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Stocks | 9 |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 12 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Revaluation reserve | 18 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| 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 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2024 |
| 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 |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase or finance lease rental payments paid |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Capital repayments in year | ( |
) |
| Amount introduced by directors | 233,680 | 624 |
| Amount withdrawn by directors | (20,000 | ) | (115,000 | ) |
| Equity dividends paid | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Decrease in cash and cash equivalents | ( |
) | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
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 | ( |
) |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) |
| 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 | ( |
) |
| Decrease/(increase) in trade and other debtors | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 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 | ( |
) | 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Freehold property | - |
| Plant and machinery | - |
| 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 |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 30.9.24 | 30.9.23 |
| Direct staff | 57 | 50 |
| Directors | 1 | 1 |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loan interest |
| HMRC settlement interest |
| Hire purchase |
| 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 |
| Deferred tax | ( |
) |
| Tax on (loss)/profit | ( |
) |
| 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 | ( |
) |
| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Utilisation of tax losses | ( |
) |
| Adjustments to tax charge in respect of previous periods |
| 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 | (234,429 | ) | 703,288 |
| Excess depreciation on revalued assets |
| transferred to profit and loss reserve | - | 84,334 |
| Excess depreciation on revalued assets |
| transferred from revaluation reserve | ( |
) | 21,084 | (63,250 | ) |
| 937,717 | (213,345 | ) | 724,372 |
| 7. | DIVIDENDS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Ordinary shares of 1 each |
| Interim |
| 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 |
| Additions |
| Revaluations |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Revaluation adjustments | ( |
) | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' loan accounts | - | 213,056 |
| 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) |
| Trade creditors |
| Credit Card | 2,697 | 3,685 |
| Tax |
| Social security and other taxes |
| Other creditors |
| Pension control | 8,508 | 3,920 |
| Directors' loan accounts | 624 | - |
| Accruals and deferred income |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans (see note 13) |
| 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 |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| 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 |
| Between one and five years |
| 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 |
| 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 |
| Other timing differences | 213,345 | - |
| 255,308 | 49,093 |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Credit to OCI | (7,130 | ) |
| Debit to revaluation reserve | 213,345 |
| Balance at 30 September 2024 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| Ordinary | 1 | 100 | 100 |
| 18. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 October 2023 | 2,063,065 |
| Deficit for the year | ( |
) | ( |
) |
| Dividends | ( |
) | ( |
) |
| 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 | 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. |