Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30falsetruetruefalseNo description of principal activity2023-07-0336truefalse399 11871359 2023-07-03 2024-06-30 11871359 2022-07-04 2023-07-02 11871359 2024-06-30 11871359 2023-07-02 11871359 2022-07-04 11871359 1 2023-07-03 2024-06-30 11871359 1 2022-07-04 2023-07-02 11871359 1 2023-07-03 2024-06-30 11871359 d:Exceptional 2023-07-03 2024-06-30 11871359 d:Exceptional 2022-07-04 2023-07-02 11871359 e:Director1 2023-07-03 2024-06-30 11871359 e:Director2 2023-07-03 2024-06-30 11871359 e:Director3 2023-07-03 2024-06-30 11871359 e:RegisteredOffice 2023-07-03 2024-06-30 11871359 d:Buildings 2023-07-03 2024-06-30 11871359 d:Buildings 2024-06-30 11871359 d:Buildings 2023-07-02 11871359 d:Buildings d:OwnedOrFreeholdAssets 2023-07-03 2024-06-30 11871359 d:PlantMachinery 2023-07-03 2024-06-30 11871359 d:PlantMachinery 2024-06-30 11871359 d:PlantMachinery 2023-07-02 11871359 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-03 2024-06-30 11871359 d:FurnitureFittings 2023-07-03 2024-06-30 11871359 d:FurnitureFittings 2024-06-30 11871359 d:FurnitureFittings 2023-07-02 11871359 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-03 2024-06-30 11871359 d:OfficeEquipment 2023-07-03 2024-06-30 11871359 d:OfficeEquipment 2024-06-30 11871359 d:OfficeEquipment 2023-07-02 11871359 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-03 2024-06-30 11871359 d:OtherPropertyPlantEquipment 2023-07-03 2024-06-30 11871359 d:OtherPropertyPlantEquipment 2024-06-30 11871359 d:OtherPropertyPlantEquipment 2023-07-02 11871359 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-07-03 2024-06-30 11871359 d:OwnedOrFreeholdAssets 2023-07-03 2024-06-30 11871359 d:CurrentFinancialInstruments 2024-06-30 11871359 d:CurrentFinancialInstruments 2023-07-02 11871359 d:Non-currentFinancialInstruments 2024-06-30 11871359 d:Non-currentFinancialInstruments 2023-07-02 11871359 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 11871359 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-02 11871359 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 11871359 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-02 11871359 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 11871359 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-02 11871359 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 11871359 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-02 11871359 d:ReportableOperatingSegment1 2023-07-03 2024-06-30 11871359 d:ReportableOperatingSegment1 2022-07-04 2023-07-02 11871359 d:ReportableOperatingSegment2 2023-07-03 2024-06-30 11871359 d:ReportableOperatingSegment2 2022-07-04 2023-07-02 11871359 d:UKTax 2023-07-03 2024-06-30 11871359 d:UKTax 2022-07-04 2023-07-02 11871359 d:ShareCapital 2024-06-30 11871359 d:ShareCapital 2023-07-02 11871359 d:ShareCapital 2022-07-04 11871359 d:RetainedEarningsAccumulatedLosses 2023-07-03 2024-06-30 11871359 d:RetainedEarningsAccumulatedLosses 2024-06-30 11871359 d:RetainedEarningsAccumulatedLosses 2022-07-04 2023-07-02 11871359 d:RetainedEarningsAccumulatedLosses 2023-07-02 11871359 d:RetainedEarningsAccumulatedLosses 2022-07-04 11871359 e:OrdinaryShareClass1 2023-07-03 2024-06-30 11871359 e:OrdinaryShareClass1 2024-06-30 11871359 e:OrdinaryShareClass1 2023-07-02 11871359 e:FRS102 2023-07-03 2024-06-30 11871359 e:Audited 2023-07-03 2024-06-30 11871359 e:FullAccounts 2023-07-03 2024-06-30 11871359 e:PrivateLimitedCompanyLtd 2023-07-03 2024-06-30 11871359 4 2023-07-03 2024-06-30 11871359 6 2023-07-03 2024-06-30 11871359 f:PoundSterling 2023-07-03 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11871359










OAKMAN INNS (P&E) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2024

 
OAKMAN INNS (P&E) LIMITED
 
 
COMPANY INFORMATION


Directors
T O Williams 
P J Borg-Neal 
D F King 




Registered number
11871359



Registered office
Saxon House
211 High Street

Berkhamsted

Hertfordshire

United Kingdom

HP4 1AD




Independent auditors
HaysMac LLP

10 Queen Street Place

London

EC4R 1AG





 
OAKMAN INNS (P&E) LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 28


 
OAKMAN INNS (P&E) LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2024

Business Overview
 
Oakman Inns (P&E) Limited is a wholly owned subsidiary of Oakman Group plc, holding and managing a portfolio of freehold pubs within the hospitality sector. During the year the Company played a crucial role in the Oakman Group, focusing on the ownership of key property assets and the strategic management of its pub estate.
The year ended 30 June 2024 marked a significant period of restructuring and transformation for Oakman Inns (P&E) Limited, with the Directors taking decisive steps to strengthen the Company’s position within the wider Oakman Group and to support its long-term sustainability.

Key Developments
 
Restructuring of Intercompany Loans
Throughout the year, the Directors undertook a major restructuring of intercompany loans within the Oakman Group. This restructuring aimed to streamline the Group’s financial position, improve liquidity, and facilitate greater financial flexibility for Oakman Inns (P&E) Limited. The move supported the long-term strategy of the Company while managing the financial pressures faced by the wider Group.
Hiving Up of Trade and Assets from Subsidiaries
On 3 July 2023, Oakman Inns (P&E) Limited successfully transferred the trade and assets of its wholly owned subsidiaries, Downoak Ltd and Hedderwick Ltd, into the Company. It also transferred the trade and assets of its fellow group companies, Oakman Property Ltd and Oakman Bedfordshire Holdings Ltd. This “hive-up” of operations allowed Oakman Inns (P&E) Limited to consolidate valuable assets and streamline its operational structure. This strategic move ensures the continued efficient management of assets, with improved operational synergies and resource allocation moving forward. An £9m impairment charge on investments in subsidiaries has been recognised in the year due to the hive up of trade and assets from these companies during the period.
Strategic Focus
The Company’s primary strategic focus during the year has been to maintain the value of its freehold pub estate while improving operational efficiency and strengthening its financial position.
Performance and Financial Overview
For the period ending 30 June 2024, Oakman Inns (P&E) Limited’s performance was closely tied to the overall restructuring efforts within the Oakman Group. While the Company faced challenges arising from the wider Group’s financial restructuring, including the transfer of assets and the reorganisation of intercompany loans, Oakman Inns (P&E) Limited remained in a strong position with its freehold pubs. 
The Directors have worked diligently to optimise the operational performance of the freehold pubs held by Oakman Inns (P&E) Limited, ensuring that these assets were well-managed and contributed positively to the Group’s financial position. 

Other Financial and Non-financial Key Performance Indicators
 
Following the hive up of the sites from the subsidiaries, below are the KPIs of the nine pubs compared to their performance in the prior year.  
• During the year, sales performance was down 1.4% from the prior year, and behind the market. 
• Average net sales per week were at £40.4k during the period compared to £41k in the prior year. 
• Wet Margins dropped by 0.6% compared to the previous year. 
• Dry Margins remained level with the previous year performance. 
• Payroll % was significantly improved year on year and was some 1.5% lower than the previous year.
• Staff turnover for the period was 55.4%. 

Page 1

 
OAKMAN INNS (P&E) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024

Principle risks and uncertainties
 
The risks faced by Oakman Inns (P&E) Limited during the year were influenced by the wider Oakman Group’s financial restructuring, the impacts of macroeconomic factors such as inflation and rising interest rates, and the ongoing challenges in the hospitality sector. The Directors continued to actively manage these risks as part of the Group's broader strategy to preserve value for stakeholders.

Post-Year-End and Future Developments
 
Subsequent to the year-end, the Company’s focus shifted toward the planned sale of its freehold pubs. On 19 May 2025, all the freehold pubs held within Oakman Inns (P&E) Limited were sold to The Restaurant Group (TRG) for £46 million. This sale facilitated the repayment of bank loans secured on the properties, amounting to £29 million, thereby significantly reducing the Company’s debt burden.
Transitional services were provided to TRG for a brief period, concluding on 30 June 2025. Following the cessation of these transitional services, Oakman Inns (P&E) Limited will cease trading, marking the end of its operations.
Outlook and Strategy
With the completion of the sale of the freehold pubs and the conclusion of the transitional services period, the Company will no longer trade. However, the Directors are committed to ensuring that any remaining value is maximized for shareholders as the liquidation process progresses.

Conclusion
The Directors remain committed to protecting shareholder value and ensuring an orderly and successful conclusion to the Company’s operations following the cessation of transitional services in June 2025.


This report was approved by the board and signed on its behalf.


................................................
D F King
Director

Date: 5 August 2025

Page 2

 
OAKMAN INNS (P&E) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2024

The directors present their report and the financial statements for the period ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under Company law the directors must not approve the financial statements unless they are 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 directors are required to:


select suitable accounting policies for the Company's financial statements 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 directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Results and dividends

The loss for the period, after taxation, amounted to £10,982,580 (2023: loss after tax of £3,120,342).

No dividends were paid in the period ended 30 June 2024 (2023: £nil).

Directors

The directors who served during the period were:

P J Borg-Neal 
D F King  
T O Williams (appointed 1 February 2024)

Future developments

The Company has chosen, in accordance with Companies Act 2006, s.414C(11), to set out in the Company's strategic report information relating to future development and financial risk management.

Page 3

 
OAKMAN INNS (P&E) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

On 19 May 2025 the company sold all of its freehold property and fixed assets generating £46,000,000 in proceeds. Following this sale the company no longer trades and the will be liquidated in due course.
On 19 May 2025 the bank loans of £29m were repaid in full following the sale of assets.

Auditors

On 18 November, the Company's auditors changed their name from Haysmacintyre LLP to HaysMac LLP.

The auditorsHaysMac LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
D F King
Director

Date: 5 August 2025

Page 4

 
OAKMAN INNS (P&E) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN INNS (P&E) LIMITED
 

Opinion


We have audited the financial statements of Oakman Inns (P&E) Limited (the 'Company') for the period ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 June 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Emphasis of matter - financial statements prepared on a basis other than going concern


We draw attention to note 2.4 in the financial statements. This explains that the freehold pubs have been sold post year end and the company no longer trades. The company will be wound up in due course.


For this reason, the Directors have concluded the Company is no longer a going concern and therefore these financial statements have been prepared on a basis other than going concern as described in note 2.4. Our opinion is not modified in respect of this matter. 





Page 5

 
OAKMAN INNS (P&E) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN INNS (P&E) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
OAKMAN INNS (P&E) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN INNS (P&E) LIMITED (CONTINUED)


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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.

Based on our understanding of the Company and industry, we identified the principal risks of non-compliance with laws and regulations particularly in respect of minimum wage legislation and alcohol licensing regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

inspecting correspondence with regulators and tax authorities;
inquires with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
evaluating management’s controls designed to prevent and detect irregularities;
identifying and testing journals, selecting journals for testing based on our fraud risk assessment; and
challenging assumptions and judgements made by management in their critical accounting estimates.
 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 7

 
OAKMAN INNS (P&E) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN INNS (P&E) LIMITED (CONTINUED)


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 2006Our 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 an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.





Isabelle Shepherd (Senior Statutory Auditor)
for and on behalf of
HaysMac LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

5 August 2025
Page 8

 
OAKMAN INNS (P&E) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024

12 months ended
30 June
12 months ended
2 July
2024
2023
Note
£
£

Turnover
 4 
18,905,387
1,392,895

Cost of sales
  
(11,178,236)
(895,523)

Gross profit
  
7,727,151
497,372

Administrative expenses
  
(6,455,435)
(2,407,237)

Exceptional administrative expenses
  
(9,027,619)
-

Other operating income
 5 
77,833
2,051

EBITDA
 6 
(7,678,070)
(1,907,814)

Impairment reversal
  
-
911,740

Depreciation
  
(548,246)
(62,992)

Total operating loss
  
(8,226,316)
(1,059,066)

Interest payable and similar expenses
 9 
(2,756,264)
(2,061,276)

Loss before tax
  
(10,982,580)
(3,120,342)

Tax on loss
 10 
-
-

Loss for the financial period
  
(10,982,580)
(3,120,342)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 28 form part of these financial statements.

Page 9

 
OAKMAN INNS (P&E) LIMITED
REGISTERED NUMBER: 11871359

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

30 June
2 July
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
35,014,106
2,825,854

Investments
 13 
-
8,807,270

  
35,014,106
11,633,124

Current assets
  

Stocks
 14 
241,493
19,204

Debtors
 15 
975,791
21,451,795

Cash at bank and in hand
 16 
316,235
14,398

  
1,533,519
21,485,397

Creditors: amounts falling due within one year
 17 
(31,208,587)
(16,557,687)

Net current (liabilities)/assets
  
 
 
(29,675,068)
 
 
4,927,710

Total assets less current liabilities
  
5,339,038
16,560,834

Creditors: amounts falling due after more than one year
 18 
(29,003,854)
(29,243,070)

Net liabilities
  
(23,664,816)
(12,682,236)


Capital and reserves
  

Called up share capital 
 20 
1
1

Profit and loss account
 21 
(23,664,817)
(12,682,237)

  
(23,664,816)
(12,682,236)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D F King
Director

Date: 5 August 2025

The notes on pages 12 to 28 form part of these financial statements.

Page 10

 
OAKMAN INNS (P&E) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 4 July 2022
1
(9,561,895)
(9,561,894)



Loss for the period
-
(3,120,342)
(3,120,342)



At 3 July 2023
1
(12,682,237)
(12,682,236)



Loss for the period
-
(10,982,580)
(10,982,580)


At 30 June 2024
1
(23,664,817)
(23,664,816)


Page 11

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

Oakman Inns (P & E) Limited is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 11871359 and registered office address is Saxon House, 211 High Street, Berkhamsted Hertfordshire, United Kingdom, HP4 1AD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Oakman Group Plc as at 30 June 2024 and these financial statements may be obtained from Companies House.

Page 12

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Going concern

In preparing the financial statements the Directors have made the assessment of the entity’s ability to continue as a going concern.
Post year end on 19 May 2025 all the freehold pubs held within Oakman (P&E) Limited were sold to The Restaurant Group for £46m. This enabled the repayment of bank loans which were secured on the properties of £29m.
Transitional services were provided to The Restaurant Group for a short period which concluded on 30 June 2025.
Following this cessation of Transitional Services the Company no longer trades and will be wound up in due course. 
For this reason the Directors have concluded that the Company is no longer a going concern and these financial statements have been prepared on this basis. No material adjustments arose as a result of ceasing to apply the going concern basis.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable for the sale of food and beverage in the pubs operated by the Company, excluding value added tax and other sales taxes. Food and beverage revenue is measured as the fair value of the consideration received or receivable for the sale of food and beverage in the pubs operated by the Company, excluding value added tax, discounts and other sales taxes. Accomodation revenue is also measured as the fair value of the consideration received or receivable for the sale of accomodation in the hotel operated by the Company, excluding value added tax, discounts and other sales taxes.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.11

Tangible fixed assets

Tangible fixed assets 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property
-
50 years (100% residual value)
Fixtures and fittings
-
10 years
Office equipment
-
3 years
Other fixed assets
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if 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 in profit or loss.

Page 14

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated 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 weighted average basis. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.15

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small Company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate
Page 15

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. The director considers the valuation of fixed assets to be a critical estimate and judgement applicable to the financial statements. 
Tangible fixed assets
The estimated useful economic lives and residual values of tangible fixed assets are based on management's judgement and experience. When management identifies that the actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively. Due to the significance of tangible fixed asset investment to the Company, variations between actual and estimated useful economic lives, and variations between actual and estimated residual value, could impact operating results both positively and negatively, although historically few changes to estimated useful economic lives have been required.
The directors are required to evaluate the carrying values of tangible fixed assets for impairment whenever circumstances indicate, in management's judgement, that the carrying value of such assets may not be recoverable. An impairment review requires management to make subjective judgements concerning the cash flows, growth rates, EBITDA multiples and discount rates of the cash generating units under review. There has therefore been a high level of judgement and estimation used in the impairment assessment and were any of assumptions to change, the value would materially change. The post year end asset sale was also considered as part of the impairment review and the sales price confirmed managements year end assessment that no impairment was required.
Investments in subsidiaries
The directors are required to consider whether any impairment is required on fixed asset investments. An impairment charge has been recognised during the year on investments in subsidiaries, as the trade and assets of the subsidiaries were hived up on 3 July 2023 meaning they no longer hold any trade or assets, and hold no value. 

Intercompany debtor recoverability
The recoverability of intercompany debtors was a significant judgment as at 2 July 2023. During the year the intercompany debtors were cleared down as a result of the hive up of trade and assets from Oakman group companies therefore their recoverability is no longer a significant area.
 



 
Page 16

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

3.Judgements in applying accounting policies (continued)

At 2 July 2023 the recoverability of these debts was assessed based on the underlying value and future trading expectations of the other entities within the Group. Were these expectations to change, the material nature of the intercompany balance meant there could be a material impact on the accounts at 2 July 2023.


4.


Turnover

An analysis of turnover by class of business is as follows:


12 months ended
30 June
12 months ended
2 July
2024
2023
£
£

Food and beverage
16,385,359
980,013

Accommodation
2,520,028
412,882

18,905,387
1,392,895


All turnover arose within the United Kingdom.


5.


Other operating income

12 months ended
30 June
12 months ended
2 July
2024
2023
£
£

Net rents receivable
77,833
2,051


Page 17

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

6.


Operating loss

The operating loss is stated after charging:

12 months ended
30 June
12 months ended
2 July
2024
2023
£
£

Depreciation of tangible fixed assets
515,788
62,992

Defined contribution pension scheme
99,940
7,186

Pre-opening costs
66,971
63,661

Management fees
2,764,461
2,040,794


7.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors:


12 months ended
30 June
12 months ended
2 July
2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,200
12,000

Page 18

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

8.


Employees

Staff costs were as follows:


12 months ended
30 June
12 months ended
2 July
2024
2023
£
£

Wages and salaries
5,898,377
515,285

Social security costs
404,357
29,808

Cost of defined contribution scheme
99,440
7,186

6,402,174
552,279


The average monthly number of employees, including the directors, during the period was as follows:


  12 months ended
        30 June
   12 months ended
        2 July
        2024
        2023
            No.
            No.







Retail
399
36

The employees are contracted with Oakman Inns and Restaurants Limited, the parent Company. The costs are recharged to the Company and this is what the above disclosure reflects. 


9.


Interest payable and similar expenses

12 months ended
30 June
12 months ended
2 July
2024
2023
£
£


Bank interest payable
2,726,876
1,987,367

Loan arrangement fee release
29,388
35,309

Other loan interest payable
-
38,600

2,756,264
2,061,276

Page 19

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

10.


Taxation


12 months ended
30 June
12 months ended
2 July
2024
2023
£
£


Current tax on profits for the year
-
-

Total current tax
-
-

Deferred tax

Total deferred tax
-
-

Taxation on profit on ordinary activities
 
-
 
-
Page 20

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
 
10.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than (2023: higher than) the standard rate of corporation tax in the UK of25% (2023: 20.53%). The differences are explained below:

12 months ended
30 June
12 months ended
2 July
2024
2023
£
£


Loss on ordinary activities before tax
(10,982,580)
(3,120,342)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.53%)
(2,745,645)
(823,188)

Effects of:


Expenses not deductible for tax purposes
139,180
225,145

Capital allowances for period in excess of depreciation
15,043
9,366

Impairment of investment in subsidiaries which is not deductible
2,201,817
-

Remeasurement of deferred tax for changes in tax rates
-
(80,275)

Deferred tax not recognised
111,003
449,262

Income not taxable for tax purposes
(51,006)
-

Other tax adjustments, reliefs and transfers
329,543
-

Other permanent differences
65
-

Group relief surrendered
-
219,690

Total tax charge for the period
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

11.


Exceptional Items

30 June
2 July
2024
2023
£
£


Impairment in investment of subsidiaries
8,807,270
-

Other costs
220,349
-

Total exceptional items for the period
9,027,619
-

On 3 July 2023 the trade and assets of the companies subsidiaries, and the trade and assets of fellow Oakman Group companies were hived up into Oakman Inns (P&E) Ltd. As a result of this, the subsidiaries no longer trade or have any assets, and therefore hold no value. The investment in subsidiaries balance has therefore been impaired in full.

Page 22
 


 
OAKMAN INNS (P&E) LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024


12.


Tangible fixed assets









Freehold property
Plant and machinery
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost 


At 3 July 2023
2,415,841
-
528,519
6,000
81,610
3,031,970


Additions
43,467
-
118,255
21,042
-
182,764


Transfers intra group
30,231,614
134,451
1,949,710
3,600
201,901
32,521,276



At 30 June 2024

32,690,922
134,451
2,596,484
30,642
283,511
35,736,010



Depreciation


At 3 July 2023
-
-
171,395
5,968
28,753
206,116


Charge for the period on owned assets
-
34,196
429,343
24,317
27,932
515,788



At 30 June 2024

-
34,196
600,738
30,285
56,685
721,904



Net book value



At 30 June 2024
32,690,922
100,255
1,995,746
357
226,826
35,014,106



At 2 July 2023
2,415,841
-
357,124
32
52,857
2,825,854

Page 23

 


 
OAKMAN INNS (P&E) LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

           12.Tangible fixed assets (continued)

The freehold property acts as security for the loan disclosed in note 19. 

Transfers intra group relate to the hive up up of assets from other Oakman Group companies that took place on 3 July 2023. 

Page 24
 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

13.


Fixed asset investments








Investments in subsidiary companies

£



Cost


At 3 July 2023
8,807,270


Impairment
(8,807,270)



At 30 June 2024
-

The following were subsidiary undertakings of the Company:
Downoak Limited with 100% holding of ordinary shares registered at Saxon House, 211 High Street, Berkhamsted, HP4 1AD.
Hedderwick Limited with 100% holding of ordinary shares registered at Saxon House, 211 High Street, Berkhamsted, HP4 1AD.


14.


Stocks

30 June
2 July
2024
2023
£
£

Raw materials and consumables
241,493
19,204



15.


Debtors

30 June
2 July
2024
2023
£
£

Trade debtors
608
-

Amounts owed by group undertakings
54,032
21,392,015

Other debtors
522,873
56,752

Prepayments and accrued income
398,278
3,028

975,791
21,451,795


Amounts owed by group undertakings are interest free and repayable on demand.

Page 25

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

16.


Cash

30 June
2 July
2024
2023
£
£

Cash at bank and in hand
316,235
14,398



17.


Creditors: amounts falling due within one year

30 June
2 July
2024
2023
£
£

Bank loans
382,600
438,601

Trade creditors
1,977,809
123,487

Amounts owed to group undertakings
27,566,341
15,931,617

Amounts owed to related parties
-
2,646

Other taxation and social security
3,718
-

Other creditors
458,112
4,821

Accruals and deferred income
820,007
56,515

31,208,587
16,557,687


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


18.


Creditors: amounts falling due after more than one year

30 June
2 July
2024
2023
£
£

Bank loans
29,003,854
29,243,070


Page 26

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

19.


Loans


Analysis of the maturity of loans is given below:


30 June
2 July
2024
2023
£
£

Amounts falling due within one year

Bank loans
382,600
438,601

Amounts falling due 1-2 years

Bank loans
382,600
438,601

Amounts falling due 2-5 years

Bank loans
28,621,254
28,804,468


29,386,454
29,681,670


A £28,993,000 facility from Cynergy Bank was drawn down in January 2022 with a further £1,007,000 being drawn down in November 2022. The loans carry interest at base rate plus 3.65% p.a. payable monthly. The loans are interest only for the first year, after which quarterly capital repayments started, and the balance is due on the repayment date being January 2027 for the initial drawndown and November 2027 for the subsequent drawdown. The loans are secured against the assets of the company.

The loans are disclosed net of arrangement fees which total £96k (2023: £124k).
 
Post year end on 19 May 2025 the loans were repaid in full following the sale of assets.

Page 27

 
OAKMAN INNS (P&E) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

20.


Share capital

30 June
2 July
2024
2023
£
£
Allotted, called up and fully paid



1 (2023:1) ordinary share of £1
1
1



21.


Reserves

Profit and loss account

This reserve includes all accumulated profits and losses of the Company less any dividends paid. 


22.


Pension commitments

The Group in which the Company sits operates a defined contributions pension scheme for all employees within the Company. The assets of the scheme are held separately from those of the Group in an independently administered fund.
The pension cost charge represents contributions payable by the Company to the fund and amounted to £99,440 (2023: £8,026). Contributions payable to the fund at the reporting date are recognised by Oakman Inns and Restaurants Limited where the employees are contracted. 


23.


Related party transactions

At the period end £1,082 (2023: £2,645) was owed to companies under common control due to mutual management teams and £79,029 (2023: £nil) was owed by companies under common control due to mutual directors.


24.


Post balance sheet events

On 19 May 2025 the company sold all of its freehold property and fixed assets generating £46,000,000 in proceeds. Following this sale the company no longer trades and the will be liquidated in due course.
On 19 May 2025 the bank loans of £29m were repaid in full following the sale of assets.


25.


Controlling party

The immediate parent company is Oakman Inns and Restaurants Limited. The ultimate controlling Company is Oakman Group Plc. Both of these companies are registered at Saxon House, 211 High Street Berkhamsted, Hertfordshire, HP4 1AD. Oakman Group Plc prepares consolidated accounts which include the results of this company.

Page 28