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REGISTERED NUMBER: NI610891 (Northern Ireland)















1 OAK LEISURE IRELAND LTD

Unaudited Financial Statements for the Year Ended 31 August 2024






1 OAK LEISURE IRELAND LTD (REGISTERED NUMBER: NI610891)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


1 OAK LEISURE IRELAND LTD

Company Information
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Patrick Scullion
Nichola Ruth Huddleston





REGISTERED OFFICE: 71 Creagh Road
Castledawson
Magherafelt
BT45 8EY





REGISTERED NUMBER: NI610891 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
1 Oak Leisure Ireland Ltd

The following reproduces the text of the report prepared for the directors in respect of the Company's annual unaudited financial statements. In accordance with the Companies Act 2006, the Company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.


In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the Company for the year ended 31 August 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report 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 Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Statement of Financial Position as at 31 August 2024 your duty to ensure that the Company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the Company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP


5 June 2025

1 OAK LEISURE IRELAND LTD (REGISTERED NUMBER: NI610891)

Statement of Financial Position
31 AUGUST 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 218,261 209,896
Property, plant and equipment 6 2,599,817 2,866,877
2,818,078 3,076,773

CURRENT ASSETS
Inventories 79,369 46,743
Receivables: amounts falling due within
one year

7

84,739

122,950
Cash at bank and in hand 67,414 57,323
231,522 227,016
PAYABLES
Amounts falling due within one year 8 (3,710,104 ) (3,558,932 )
NET CURRENT LIABILITIES (3,478,582 ) (3,331,916 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(660,504

)

(255,143

)

PAYABLES
Amounts falling due after more than
one year

9

(266,298

)

(12,115

)

PROVISIONS FOR LIABILITIES (103,969 ) (139,645 )
NET LIABILITIES (1,030,771 ) (406,903 )

CAPITAL AND RESERVES
Called up share capital 11 1 1
Retained earnings (1,030,772 ) (406,904 )
SHAREHOLDERS' FUNDS (1,030,771 ) (406,903 )

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

1 OAK LEISURE IRELAND LTD (REGISTERED NUMBER: NI610891)

Statement of Financial Position - continued
31 AUGUST 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 June 2025 and were signed on its behalf by:





Patrick Scullion - Director


1 OAK LEISURE IRELAND LTD (REGISTERED NUMBER: NI610891)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

1 Oak Leisure Ireland Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are prepared on a going concern basis under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

The accounting policies detailed below have been applied consistently throughout the year.

The financial statements are prepared in sterling (£), which is the functional currency of the entity.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;

-
the company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill arises on business acquisitions and represents the excess of cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its 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.

Development costs are being amortised evenly over their estimated useful life of five years.

1 OAK LEISURE IRELAND LTD (REGISTERED NUMBER: NI610891)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

3. ACCOUNTING POLICIES - continued

Property, plant and equipment
Property, Plant and Equipment under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Income Statement during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. The estimated useful lives range as follows:

Freehold Property5%straight line
Plant and equipment20%reducing balance
Fixtures and Fittings10%reducing balance
Motor Vehicles25%reducing balance
Computer Equipment20%reducing balance

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the Income Statement.

Inventories
Inventories are valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.

1 OAK LEISURE IRELAND LTD (REGISTERED NUMBER: NI610891)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and 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.


1 OAK LEISURE IRELAND LTD (REGISTERED NUMBER: NI610891)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

3. ACCOUNTING POLICIES - continued
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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 the income statements in the period to which they relate. The assets of the scheme are held separately from those of the company in an independently administered fund.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Hire purchase and leasing commitments
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the income statement the shorter of estimated useful economic life and the term of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the income statement over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

Finance Costs
Finance costs are charged to the Income Statement over the term of the debt.

Operating leases
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 54 (2023 - 44 ) .

1 OAK LEISURE IRELAND LTD (REGISTERED NUMBER: NI610891)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

5. INTANGIBLE FIXED ASSETS
Development
Goodwill costs Totals
£ £ £
COST
At 1 September 2023 530,001 464,410 994,411
Additions - 8,365 8,365
At 31 August 2024 530,001 472,775 1,002,776
AMORTISATION
At 1 September 2023
and 31 August 2024 530,000 254,515 784,515
NET BOOK VALUE
At 31 August 2024 1 218,260 218,261
At 31 August 2023 1 209,895 209,896

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
COST
At 1 September 2023 2,999,811 297,381 2,117,658
Additions - 6,455 8,179
Disposals - - -
At 31 August 2024 2,999,811 303,836 2,125,837
DEPRECIATION
At 1 September 2023 1,301,295 236,073 1,066,579
Charge for year 149,001 13,048 105,315
Eliminated on disposal - - -
At 31 August 2024 1,450,296 249,121 1,171,894
NET BOOK VALUE
At 31 August 2024 1,549,515 54,715 953,943
At 31 August 2023 1,698,516 61,308 1,051,079

1 OAK LEISURE IRELAND LTD (REGISTERED NUMBER: NI610891)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

6. PROPERTY, PLANT AND EQUIPMENT - continued

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 September 2023 76,800 68,631 5,560,281
Additions 7,450 - 22,084
Disposals (13,500 ) - (13,500 )
At 31 August 2024 70,750 68,631 5,568,865
DEPRECIATION
At 1 September 2023 35,782 53,675 2,693,404
Charge for year 8,655 2,991 279,010
Eliminated on disposal (3,366 ) - (3,366 )
At 31 August 2024 41,071 56,666 2,969,048
NET BOOK VALUE
At 31 August 2024 29,679 11,965 2,599,817
At 31 August 2023 41,018 14,956 2,866,877

The net book value of tangible fixed assets includes amount of £39,572 (2023: £74,369) in respect of assets held under hire purchase agreements.

7. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade receivables 1,791 4,224
Amounts owed by group undertakings 15,500 50,776
Amounts owed by participating interests 5,563 5,563
Prepayments and accrued income 61,885 62,387
84,739 122,950

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 31,193 245,273
Hire purchase contracts 8,785 16,834
Trade payables 226,504 215,007
Amounts owed to group undertakings 1,535,067 1,070,549
Amounts owed to participating interests 820,208 492,459
Social security and other taxes 7,903 7,089
VAT 43,003 70,929
Other payables 5,430 3,901
Directors' current accounts 1,009,916 1,427,363
Accruals and deferred income 22,095 9,528
3,710,104 3,558,932

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Bank loans - 1-2 years 266,298 -
Hire purchase contracts - 12,115
266,298 12,115

1 OAK LEISURE IRELAND LTD (REGISTERED NUMBER: NI610891)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 297,491 245,273
Hire purchase contracts 8,785 28,949
306,276 274,222

Bank loans and overdrafts totalling £245,273 (2023: £237,144) are secured by fixed and floating charges over Company assets. A bounce back loan of £29,116 (2023: £38,912) is guaranteed by the UK Government under the Bounce Back Loan Scheme. The loan is repayable over 5 years with a rate of interest of 2.5%.

Obligations under hire purchase contracts totalling £28,949 (2023: £60,155) are secured on the assets for which this finance was originally obtained.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1 Ordinary 1 1 1

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. ULTIMATE CONTROLLING PARTY

The controlling party is Oakleaf Homes (Irl) Limited.

Oakleaf Homes (Irl) Limited is registered in Northern Ireland to be the company's parent company.
Oakleaf Homes (Irl) Limited has a 100% interest in the ordinary share capital of 1 Oak Leisure Ireland Ltd at 31 August 2024.