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Registered number:
FOR THE PERIOD ENDED 30 JUNE 2024
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OAKMAN INNS (P&E) LIMITED
COMPANY INFORMATION
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OAKMAN INNS (P&E) LIMITED
CONTENTS
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OAKMAN INNS (P&E) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
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.
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.
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%.
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OAKMAN INNS (P&E) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
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.
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.
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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).
The directors who served during the period were:
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.
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OAKMAN INNS (P&E) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
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.
On 18 November, the Company's auditors changed their name from Haysmacintyre LLP to HaysMac LLP.
The auditors, HaysMac LLP, will 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.
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OAKMAN INNS (P&E) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN INNS (P&E) LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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OAKMAN INNS (P&E) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN INNS (P&E) LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
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.
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.
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OAKMAN INNS (P&E) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN INNS (P&E) LIMITED (CONTINUED)
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.
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OAKMAN INNS (P&E) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN INNS (P&E) LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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OAKMAN INNS (P&E) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024
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OAKMAN INNS (P&E) LIMITED
REGISTERED NUMBER: 11871359
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 28 form part of these financial statements.
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OAKMAN INNS (P&E) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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
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:
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.
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.
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
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.
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
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:
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.
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
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
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (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. 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.
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
3.Judgements in applying accounting policies (continued)
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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OAKMAN INNS (P&E) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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