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REGISTERED NUMBER: 15514113 (England and Wales)

























Group Strategic Report, Report of the Director and

Consolidated Financial Statements

for the Period 22 February 2024 to 30 September 2024

for

Olea Holdings Limited

Olea Holdings Limited (Registered number: 15514113)






Contents of the Consolidated Financial Statements
for the Period 22 February 2024 to 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Olea Holdings Limited

Company Information
for the Period 22 February 2024 to 30 September 2024







DIRECTOR: G W Claffey





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





REGISTERED NUMBER: 15514113 (England and Wales)





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

Olea Holdings Limited (Registered number: 15514113)

Group Strategic Report
for the Period 22 February 2024 to 30 September 2024

The director presents his strategic report of the company and the group for the period 22 February 2024 to 30 September 2024.

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

REVIEW OF BUSINESS
The company has two subsidiaries that operate care homes in Greater Manchester.

In the year, the company has undergone an MBO to ensure the longevity of the company.

In total, our homes provide the highest quality of care for up to 78 residents aged 18+ in accommodation they are proud to call home. Our services have been 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 our services undertaking a large investment into sustainable technologies.

The group produced strong financial results. Annual sales exceeded £2.3m.

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.


Olea Holdings Limited (Registered number: 15514113)

Group Strategic Report
for the Period 22 February 2024 to 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 both services maintain 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

Olea Holdings Limited (Registered number: 15514113)

Report of the Director
for the Period 22 February 2024 to 30 September 2024

The director presents his report with the financial statements of the company and the group for the period 22 February 2024 to 30 September 2024.

COMMENCEMENT OF TRADING
The company started trading on 1 April 2024.

DIVIDENDS
No dividends will be distributed for the period ended 30 September 2024.

DIRECTOR
G W Claffey was appointed as a director on 22 February 2024 and held office during the whole of the period from then to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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 Holdings Limited

Opinion
We have audited the financial statements of Olea Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's loss for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the 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 Group 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 Group 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 Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Olea Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

Report of the Independent Auditors to the Members of
Olea Holdings 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.

Report of the Independent Auditors to the Members of
Olea Holdings 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

Olea Holdings Limited (Registered number: 15514113)

Consolidated Income Statement
for the Period 22 February 2024 to 30 September 2024

Notes £   

TURNOVER 2,302,469

Cost of sales 1,483,614
GROSS PROFIT 818,855

Administrative expenses 978,933
OPERATING LOSS 4 (160,078 )

Interest receivable and similar income 2,670
(157,408 )

Interest payable and similar expenses 5 215,894
LOSS BEFORE TAXATION (373,302 )

Tax on loss 6 5,666
LOSS FOR THE FINANCIAL PERIOD (378,968 )
Loss attributable to:
Owners of the parent (378,968 )

Olea Holdings Limited (Registered number: 15514113)

Consolidated Other Comprehensive Income
for the Period 22 February 2024 to 30 September 2024

Notes £   

LOSS FOR THE PERIOD (378,968 )


OTHER COMPREHENSIVE INCOME
Reserves movement 89,105
Income tax relating to other comprehensive
income

(22,053

)
OTHER COMPREHENSIVE INCOME FOR
THE PERIOD, NET OF INCOME TAX

67,052
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD

(311,916

)

Total comprehensive income attributable to:
Owners of the parent (311,916 )

Olea Holdings Limited (Registered number: 15514113)

Consolidated Balance Sheet
30 September 2024

Notes £    £   
FIXED ASSETS
Intangible assets 8 (416,862 )
Tangible assets 9 6,669,881
Investments 10 -
6,253,019

CURRENT ASSETS
Stocks 11 4,200
Debtors 12 354,482
Cash at bank and in hand 347,660
706,342
CREDITORS
Amounts falling due within one year 13 681,644
NET CURRENT ASSETS 24,698
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,277,717

CREDITORS
Amounts falling due after more than one year 14 (4,992,023 )

PROVISIONS FOR LIABILITIES 16 (307,109 )
NET ASSETS 978,585

CAPITAL AND RESERVES
Called up share capital 17 1,000
Merger relief reserve 18 1,289,501
Revaluation reserve 18 66,384
Retained earnings 18 (378,300 )
SHAREHOLDERS' FUNDS 978,585

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





G W Claffey - Director


Olea Holdings Limited (Registered number: 15514113)

Company Balance Sheet
30 September 2024

Notes £    £   
FIXED ASSETS
Intangible assets 8 -
Tangible assets 9 653,400
Investments 10 2,604,719
3,258,119

CURRENT ASSETS
Debtors 12 1
Cash at bank 18,018
18,019
CREDITORS
Amounts falling due within one year 13 83,001
NET CURRENT LIABILITIES (64,982 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,193,137

CREDITORS
Amounts falling due after more than one year 14 (1,543,604 )

PROVISIONS FOR LIABILITIES 16 (22,053 )
NET ASSETS 1,627,480

CAPITAL AND RESERVES
Called up share capital 17 1,000
Merger relief reserve 18 1,289,501
Revaluation reserve 18 66,384
Retained earnings 18 270,595
SHAREHOLDERS' FUNDS 1,627,480

Company's profit for the financial year 269,927

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





G W Claffey - Director


Olea Holdings Limited (Registered number: 15514113)

Consolidated Statement of Changes in Equity
for the Period 22 February 2024 to 30 September 2024

Called up Merger
share Retained relief Revaluation Total
capital earnings reserve reserve equity
£    £    £    £    £   

Changes in equity
Issue of share capital 1,000 - 1,289,501 - 1,290,501
Total comprehensive income - (378,300 ) - 66,384 (311,916 )
Balance at 30 September 2024 1,000 (378,300 ) 1,289,501 66,384 978,585

Olea Holdings Limited (Registered number: 15514113)

Company Statement of Changes in Equity
for the Period 22 February 2024 to 30 September 2024

Called up Merger
share Retained relief Revaluation Total
capital earnings reserve reserve equity
£    £    £    £    £   

Changes in equity
Issue of share capital 1,000 - 1,289,501 - 1,290,501
Total comprehensive income - 270,595 - 66,384 336,979
Balance at 30 September 2024 1,000 270,595 1,289,501 66,384 1,627,480

Olea Holdings Limited (Registered number: 15514113)

Consolidated Cash Flow Statement
for the Period 22 February 2024 to 30 September 2024

Notes £   
Cash flows from operating activities
Cash generated from operations 1 1,674,992
Interest paid (215,894 )
Tax paid (74,309 )
Net cash from operating activities 1,384,789

Cash flows from investing activities
Purchase of tangible fixed assets (606,769 )
Acquisition of subsidiaries (546,738 )
Interest received 2,670
Net cash from investing activities (1,150,837 )

Cash flows from financing activities
Loan repayments in year (37,048 )
Related company loan 149,821
Amount introduced by directors 20,936
Amount withdrawn by directors (20,001 )
Net cash from financing activities 113,708

Increase in cash and cash equivalents 347,660
Cash and cash equivalents at beginning of
period

2

-

Cash and cash equivalents at end of period 2 347,660

Olea Holdings Limited (Registered number: 15514113)

Notes to the Consolidated Cash Flow Statement
for the Period 22 February 2024 to 30 September 2024

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

£   
Loss before taxation (373,302 )
Depreciation charges 115,507
Finance costs 215,894
Finance income (2,670 )
(44,571 )
Increase in stocks (50 )
Increase in trade and other debtors (136,188 )
Increase in trade and other creditors 1,855,801
Cash generated from operations 1,674,992

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:

Period ended 30 September 2024
30.9.24 22.2.24
£    £   
Cash and cash equivalents 347,660 -


3. ANALYSIS OF CHANGES IN NET DEBT

At 22.2.24 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand - 347,660 347,660
- 347,660 347,660
Debt
Debts falling due within 1 year - (185,738 ) (185,738 )
Debts falling due after 1 year - (3,281,027 ) (3,281,027 )
- (3,466,765 ) (3,466,765 )
Total - (3,119,105 ) (3,119,105 )

Olea Holdings Limited (Registered number: 15514113)

Notes to the Consolidated Financial Statements
for the Period 22 February 2024 to 30 September 2024

1. STATUTORY INFORMATION

Olea Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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 £.

Basis of consolidation
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 30 September. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

Where the fair value of the group's interest in the assets, liabilities and contingent liabilities acquired exceeds the cost of the business combination, negative goodwill arises. The Group, after consideration of the assets, liabilities and contingent liabilities acquired and the cost of the combination, recognises negative goodwill on the balance sheet and releases this to profit and loss, up to the fair value of non-monetary assets acquired, over the periods in which the non-monetary assets are recovered and any excess over the fair value of non-monetary assets in the income statement over the period expected to benefit. The negative goodwill is released in line with the depreciation of the freehold property being 2% cost (50 years).

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 10% on reducing balance and 2% on cost
Plant and machinery - 15% on reducing balance

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


Olea Holdings Limited (Registered number: 15514113)

Notes to the Consolidated Financial Statements - continued
for the Period 22 February 2024 to 30 September 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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 period end and that are expected to apply to the reversal of the timing difference.

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

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

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

3. EMPLOYEES AND DIRECTORS
£   
Wages and salaries 1,126,954
Social security costs 29,916
Other pension costs 56,050
1,212,920

The average number of employees during the period was as follows:

Direct staff 93

The average number of employees by undertakings that were proportionately consolidated during the period was 93 .

£   
Director's remuneration -
Director's pension contributions to money purchase schemes 32,000

4. OPERATING LOSS

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

£   
Hire of plant and machinery 25,842
Depreciation - owned assets 118,835
Goodwill amortisation (3,329 )
Auditors' remuneration 9,000

Olea Holdings Limited (Registered number: 15514113)

Notes to the Consolidated Financial Statements - continued
for the Period 22 February 2024 to 30 September 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
£   
Bank loan interest 125,042
HMRC settlement interest 90,852
215,894

6. TAXATION

Analysis of the tax charge
The tax charge on the loss for the period was as follows:
£   
Current tax:
Corporation Tax adjust prev yr (3,296 )

Deferred tax 8,962
Tax on loss 5,666

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

£   
Loss before tax (373,302 )
Loss multiplied by the standard rate of corporation tax in the UK of 25 % (93,326 )

Effects of:
Expenses not deductible for tax purposes 28,411
Depreciation on ineligible asset 14,762
Tax relating to previous period 681
Losses carried forward not provided for 3,000
Utilisation of subsidiary losses since acquisition 52,009
Other differences 129
Total tax charge 5,666

Tax effects relating to effects of other comprehensive income

Gross Tax Net
£    £    £   
Reserves movement 89,105 (22,053 ) 67,052

7. INDIVIDUAL INCOME STATEMENT

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


Olea Holdings Limited (Registered number: 15514113)

Notes to the Consolidated Financial Statements - continued
for the Period 22 February 2024 to 30 September 2024

8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
Additions (420,191 )
At 30 September 2024 (420,191 )
AMORTISATION
Amortisation for period (3,329 )
At 30 September 2024 (3,329 )
NET BOOK VALUE
At 30 September 2024 (416,862 )

9. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
COST OR VALUATION
Additions 5,909,042 85,817 704,752 6,699,611
Revaluations 89,105 - - 89,105
At 30 September 2024 5,998,147 85,817 704,752 6,788,716
DEPRECIATION
Charge for period 59,981 4,291 54,563 118,835
At 30 September 2024 59,981 4,291 54,563 118,835
NET BOOK VALUE
At 30 September 2024 5,938,166 81,526 650,189 6,669,881

Cost or valuation at 30 September 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
Valuation in 2024 89,105 - - 89,105
Cost 5,909,042 85,817 704,752 6,699,611
5,998,147 85,817 704,752 6,788,716

Olea Holdings Limited (Registered number: 15514113)

Notes to the Consolidated Financial Statements - continued
for the Period 22 February 2024 to 30 September 2024

9. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£   
COST OR VALUATION
Additions 570,895
Revaluations 89,105
At 30 September 2024 660,000
DEPRECIATION
Charge for period 6,600
At 30 September 2024 6,600
NET BOOK VALUE
At 30 September 2024 653,400

Cost or valuation at 30 September 2024 is represented by:

Freehold
property
£   
Valuation in 2024 89,105
Cost 570,895
660,000

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

£   
Cost 570,895

Value of land in freehold land and buildings 570,895

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

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
Additions 2,604,719
At 30 September 2024 2,604,719
NET BOOK VALUE
At 30 September 2024 2,604,719

Olea Holdings Limited (Registered number: 15514113)

Notes to the Consolidated Financial Statements - continued
for the Period 22 February 2024 to 30 September 2024

10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Yorklea Limited
Registered office:
Nature of business: Care Home
%
Class of shares: holding
Ordinary 100.00
30.9.24
£   
Aggregate capital and reserves 18,730
Loss for the period (179,986 )

Dove's Nest Limited
Registered office:
Nature of business: Care Home
%
Class of shares: holding
Ordinary 100.00
30.9.24
£   
Aggregate capital and reserves 2,500,589
Loss for the period (16,550 )


11. STOCKS


Group
£   
Stocks 4,200

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group Company
£    £   
Trade debtors 292,826 -
Other debtors 33,305 -
Directors' loan accounts - 1
Tax 3,296 -
Prepayments 25,055 -
354,482 1

Olea Holdings Limited (Registered number: 15514113)

Notes to the Consolidated Financial Statements - continued
for the Period 22 February 2024 to 30 September 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group Company
£    £   
Bank loans and overdrafts (see note 15) 185,738 -
Trade creditors 118,092 -
Credit Card 4,764 -
Social security and other taxes 42,055 -
Other creditors 60,000 60,000
Pension control 10,825 -
Directors' loan accounts 1,871 -
Accruals and deferred income 258,299 23,001
681,644 83,001

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


Group Company
£    £   
Bank loans (see note 15) 3,281,027 -
Amounts owed to associates 167,392 -
Other creditors 1,543,604 1,543,604
4,992,023 1,543,604

15. LOANS

An analysis of the maturity of loans is given below:


Group
£   
Amounts falling due within one year or on demand:
Bank loans 185,738
Amounts falling due between one and two years:
Bank loans - 1-2 years 191,738
Amounts falling due between two and five years:
Bank loans - 2-5 years 610,715
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 2,478,574

Olea Holdings Limited (Registered number: 15514113)

Notes to the Consolidated Financial Statements - continued
for the Period 22 February 2024 to 30 September 2024

16. PROVISIONS FOR LIABILITIES


Group Company
£    £   
Deferred tax
Accelerated capital allowances 78,711 -
Tax losses carried forward (7,001 ) -
Other timing differences 235,399 22,053
307,109 22,053

Group
Deferred
tax
£   
Provided during period 307,109
Balance at 30 September 2024 307,109

Company
Deferred
tax
£   
Provided during period 22,053
Balance at 30 September 2024 22,053

17. CALLED UP SHARE CAPITAL

During the period 1,000 ordinary £1 shares were issued at a premium.

18. RESERVES

Group
Merger
Retained relief Revaluation
earnings reserve reserve Totals
£    £    £    £   

Deficit for the period (378,968 ) (378,968 )
Cash share issue - 1,289,501 - 1,289,501
Revaluation reserve transfer 668 - (669 ) (1 )
Deferred tax on revaluation - - (22,053 ) (22,053 )
Freehold property revaluation - - 89,106 89,106
At 30 September 2024 (378,300 ) 1,289,501 66,384 977,585

Olea Holdings Limited (Registered number: 15514113)

Notes to the Consolidated Financial Statements - continued
for the Period 22 February 2024 to 30 September 2024

18. RESERVES - continued

Company
Merger
Retained relief Revaluation
earnings reserve reserve Totals
£    £    £    £   

Profit for the period 269,927 269,927
Cash share issue - 1,289,501 - 1,289,501
Revaluation reserve transfer 668 - (668 ) -
Deferred tax on revaluation - - (22,053 ) (22,053 )
Freehold property revaluation - - 89,105 89,105
At 30 September 2024 270,595 1,289,501 66,384 1,626,480


Olea Holdings Limited (Registered number: 15514113)

Notes to the Consolidated Financial Statements - continued
for the Period 22 February 2024 to 30 September 2024

19. BUSINESS COMBINATIONS

The fair value of amounts recognised in relation to various acquisitions in the period are as follows:

Acquisition of Dove's Nest Limited at 31st March 2024

Recognised amounts of identifiable assets acquired and liabilities assumed


Cost/Fair Value at
31st March 2024
£   
Fixed Assets
Tangible 5,012,283
FV Adjustment 724,372
5,736,655
Current Assets
Stocks 2,700
Debtors 171,150
Cash at bank and in hand 660,384
834,233
Total Assets 6,570,888

Creditors
Due within one year (187,893 )
Due after more than one year (3,354,880 )
Deferred Taxation (49,093 )
(3,591,866 )

Total identifiable net assets 2,979,022
Goodwill (442,017 )
Total Purchase Consideration 2,537,005
Consideration
£   
Cash 1,277,505
Equity Investments 1,259,500
Total purchase consideration 2,537,005

Cash Outflow on acquisition £   
Purchase consideration settled in cash, as above 1,259,500
Directly attributable costs 18,005
1,277,505
Less: Cash and cash equivalents acquired (660,384 )
Net cash outflow on acquisition 617,121

The results of Dove's Nest Limited in the period from acquisition to 30 September 2024
are as follows:


Current period
since acquisition
£   
Turnover 1,538,115
Loss net of tax for the period since the acquisition (200,905 )

Olea Holdings Limited (Registered number: 15514113)

Notes to the Consolidated Financial Statements - continued
for the Period 22 February 2024 to 30 September 2024

Acquisition of Yorklea Limited at 31st March 2024

Recognised amounts of identifiable assets acquired and liabilities assumed


Cost/fair value at 31st
March 2024
£   
Fixed Assets
Tangible 157,784
157,784
Current Assets
Stocks 1,450
Debtors 43,536
Cash at bank and in hand 92,155
137,141
Total Assets 294,925

Creditors
Due within one year (86,448 )
Due after more than one year (148,934 )
Deferred Taxation (13,655 )
(249,037 )

Total identifiable net assets 45,888
Goodwill 21,827
Total purchase consideration 67,715

Consideration
£   
Cash 36,715
Equity Investments 31,000
Total purchase consideration 67,715

Cash Outflow on acquisition £   
Purchase consideration settled in cash, as above 31,000

Directly attributable costs 5,715
36,715
Less: Cash and cash equivalents acquired (92,155 )
Net cash inflow on acquisition (55,441 )

The results of Yorklea Limited in the period from acquisition to 30 September 2024 are
as follows:


Current period since
acquisition
£   
Turnover 762,553
Loss net of tax for the period since acquisition (184,941 )