Company registration number 11347863 (England and Wales)
THE OAKS (NEWTOWN) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
THE OAKS (NEWTOWN) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
THE OAKS (NEWTOWN) LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
297,134
306,807
Tangible assets
5
79,286
72,995
376,420
379,802
Current assets
Debtors falling due after more than one year
6
133,271
144,658
Debtors falling due within one year
6
736,851
333,529
Cash at bank and in hand
39,797
49,964
909,919
528,151
Creditors: amounts falling due within one year
7
(881,150)
(1,027,493)
Net current assets/(liabilities)
28,769
(499,342)
Total assets less current liabilities
405,189
(119,540)
Creditors: amounts falling due after more than one year
8
(554,376)
(282,538)
Provisions for liabilities
(13,184)
(14,842)
Net liabilities
(162,371)
(416,920)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(162,471)
(417,020)
Total equity
(162,371)
(416,920)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 July 2025 and are signed on its behalf by:
R C Shore
Director
Company registration number 11347863 (England and Wales)
THE OAKS (NEWTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information
The Oaks (Newtown) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 419 Chadwick House, Birchwood Park, Warrington, WA3 6AE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company reports net liabilities as at the balance sheet date as a result of the trading losses reported in prior periods following the establishment of the company. The company has reported profits in the current period, and anticipate that the company will report a net asset position at the following year end. true
The directors and management team have prepared budgets and cash flow forecasts which show that the company has the necessary liquidity and profitability to continue trading for the foreseeable future. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as and when they fall due for at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Revenue from contracts for the provision of services is recognised by reference to the delivery of care to the home residents. Income which is invoiced in advance or arrears is apportioned so that only that relating to the period of the financial statements is included in turnover.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Capitalised lease costs
Costs relating to the lease of The Oaks are being amortised evenly over the estimated useful life of thirty five years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
THE OAKS (NEWTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
THE OAKS (NEWTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
THE OAKS (NEWTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
THE OAKS (NEWTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
97
87
4
Intangible fixed assets
Capitalised lease costs
£
Cost
At 1 November 2023 and 31 October 2024
338,540
Amortisation and impairment
At 1 November 2023
31,733
Amortisation charged for the year
9,673
At 31 October 2024
41,406
Carrying amount
At 31 October 2024
297,134
At 31 October 2023
306,807
Capitalised lease costs relate to costs incurred when the company entered into a 35 year lease for premises in 2020.
5
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 November 2023
14,915
60,642
43,531
22,598
141,686
Additions
13,691
16,715
351
6,301
37,058
Disposals
(1,260)
(18,754)
(20,014)
At 31 October 2024
28,606
76,097
43,882
10,145
158,730
Depreciation and impairment
At 1 November 2023
1,289
25,513
24,406
17,483
68,691
Depreciation charged in the year
3,910
13,533
8,673
1,421
27,537
Eliminated in respect of disposals
(673)
(16,111)
(16,784)
At 31 October 2024
5,199
38,373
33,079
2,793
79,444
THE OAKS (NEWTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
5
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
(Continued)
- 7 -
Carrying amount
At 31 October 2024
23,407
37,724
10,803
7,352
79,286
At 31 October 2023
13,626
35,129
19,125
5,115
72,995
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
57,121
168,406
Other debtors
679,730
138,535
736,851
306,941
Deferred tax asset
26,588
736,851
333,529
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
133,271
129,816
Deferred tax asset
14,842
133,271
144,658
Total debtors
870,122
478,187
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
49,998
35,958
Trade creditors
64,077
112,629
Amounts owed to group undertakings
74,795
194,689
Corporation tax
48,429
Other taxation and social security
39,696
65,834
Other creditors
604,155
618,383
881,150
1,027,493
THE OAKS (NEWTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
554,376
282,538
Creditors which fall due after five years are payable as follows:
Payable by instalments
354,385
138,706
Bank loans are secured by way of debenture - fixed and floating charges over the undertakings and assets of the company, fellow subsidiary undertaking Sandstone Care North West Limited and parent company Sandstone Holdings (TGT) Limited.
Corporate guarantees have been provided by the the aforementioned companies, together with additional guarantees from Sandstone Care Limited, Caresolve Limited, Caresolve Financial Limited, AP Birkenhead Limited and AP Specialist Care Group Limited, companies controlled by the Directors.
The Directors have also provided personal guarantees totalling £450,000 in respect of the secured loans noted above.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Andrew Simm F.C.A.
Statutory Auditor:
Smith & Goulding Limited
Date of audit report:
28 July 2025
10
Financial commitments, guarantees and contingent liabilities
In additional to the security provided in relation to the company's borrowings, the company is subject to fixed and floating charges covering all properties and undertakings in respect of lease obligations to the company's landlord.
11
Operating lease commitments
As lessee
THE OAKS (NEWTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
11
Operating lease commitments
(Continued)
- 9 -
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total commitments
16,202,970
16,743,069
12
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Management charges
Management charges
2024
2023
£
£
Entities with control, joint control or significant influence over the company
156,357
118,067
Cost recharges paid
Cost recharges received
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
103,557
94,973
36,005
36,000
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
412,812
464,157
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
489,667
-
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