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Registered number:
FOR THE PERIOD ENDED 30 JUNE 2024
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OAKMAN GROUP PLC
COMPANY INFORMATION
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OAKMAN GROUP PLC
CONTENTS
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OAKMAN GROUP PLC
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
The Directors of Oakman Group Plc present the Annual Strategic Report for the year ended 30 June 2024. This report provides an overview of the Company's performance, strategy, and position, including significant developments post-yearend that are shaping the Company’s future direction.
Oakman Group Plc is a parent company overseeing a portfolio of subsidiaries within the hospitality sector, primarily operating pubs and restaurants. Historically, the Group has followed an ambitious growth strategy, expanding its estate of high-quality pubs. However, due to various financial and operational challenges, the Group has taken decisive actions to reshape its structure and reduce its debt burden.
Strategic Objectives Throughout the year, Oakman plc focused on:
∙Enhancing operational efficiency and maintaining high standards of guest experience.
∙Addressing the substantial debt load that had become unsustainable, exacerbated by the impacts of the COVID-19 pandemic and macroeconomic factors.
∙Restructuring the business to preserve value for creditors, shareholders, and other stakeholders.
Performance Review and Key Developments The year has been marked by significant challenges. The Group faced substantial financial pressure due to a high debt load, accumulated through an expansion strategy funded by borrowing. In addition, the legacy effects of the COVID-19 pandemic, rising inflation, and the macroeconomic environment further strained the Group's financial stability. Whilst the business traded well during the financial year and saw both guest and team satisfaction scores continue to improve, the Group faced considerable financial strain, primarily due to its exposure to both secured and unsecured debt held within the Group. As part of the Group’s year-end financial review, an impairment assessment was carried out on certain assets in line with applicable accounting standards. This resulted in the recognition of impairment charges against specific sites and development assets where forecast performance no longer supported the carrying value. These impairments reflect both site-level trading challenges and updated assumptions regarding future cash flows. The Board believes these adjustments provide a prudent and realistic reflection of asset values as at 30 June 2024. After a failed sale process that was conducted throughout the Summer and Autumn of 2024, in January 2025, Oakman Group completed the sale of 3 leasehold pubs to McMullen’s, followed by the sale of 10 freehold sites to The Restaurant Group (“TRG”) during May 2025. This sale was a critical milestone in the Group’s efforts to address its unsustainable debt, which had reached nearly £70m. These transactions were necessary to secure a more stable financial footing for the Group and to reduce the burden of the Group’s debt. Following this sale, the focus shifted towards addressing the repayment of unsecured debt, including shareholder loans and bond instruments. The Board continued to be in active discussions with creditors to agree on a path forward that would support the remaining sites and protect the interests of stakeholders. On 21 July 2025, Oakman Inns & Restaurants Ltd (OIRL) and Oakman Dev Ltd, both wholly owned subsidiaries, were placed into administration. PwC was appointed as joint administrator, and a pre-packaged sale of the business and assets out of OIRL (excluding four sites) was completed to Upham Inns. This sale ensured continuity of operations and maximised value for creditors. Two sites held in Oakman Dev Ltd were closed on appointment.
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OAKMAN GROUP PLC
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
Performance Review and Key Developments (continued)
Oakman Group Plc itself remains solvent. Following the administration of OIRL, the intercompany receivable due to Oakman Group Plc is expected to result in a distribution to Oakman Group Plc, which has no external creditors. Accordingly, the Board will resolve to place Oakman Group Plc into a solvent members’ voluntary liquidation (MVL) in the coming weeks to return capital to shareholders in an orderly and efficient manner. The liquidation process will be led by an experienced insolvency practitioner who will be responsible for running that process going forwards. Oakman Inns (P&E) Ltd, another subsidiary of OIRL, which has no external creditors, also remains solvent and too will enter an MVL process in due course. Key performance Indicators Other Financial and Non-financial Key Performance Indicators Below are the KPIs of the sites compared with their performance in the prior year. • During the year, sales performance was up 2.6% from the prior year following the opening of a couple of additional sites during the year. LFL sales were down some 2.8% which was behind the market. • Average net sales per week were at £1,135k during the period compared to £1,112k in the prior year. • Wet Margins dropped by 0.4% compared to the previous year. • Dry Margins dropped by 0.3% compared to the previous year performance. • Payroll % was significantly improved year on year and was some 1.0% lower than the previous year. On a LFL basis, the Payroll % improved by some 1.3% on prior year. • Staff turnover for the period was 56.7%. Future Developments Following the completion of the third of three sale processes and the administration of OIRL and Oakman Dev Ltd, Oakman Group is now focused on managing the liquidation process for its remaining entities, which is expected to result in the orderly return of capital to shareholders. The Group remains committed to maximising value for its stakeholders and ensuring that any remaining value from the Group’s estate is preserved for shareholders in the upcoming liquidation process.
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OAKMAN GROUP PLC
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
The Group recognises that its employees are fundamental to the success of the business and remain our most valuable asset. Throughout the year, Oakman continued to foster a collaborative and inclusive culture that promotes engagement, development, and wellbeing across all levels of the organisation. We are proud of the dedication shown by our teams, particularly as we navigated a challenging trading environment during the financial year.
Our commitment to staff development is reflected in ongoing training programmes, apprenticeship opportunities, and clear progression paths within both front-of-house and kitchen operations. We maintain open lines of communication with employees through regular team meetings, digital communication platforms, and surveys, ensuring that their views are heard and considered in key business decisions. We also placed increased focus on employee wellbeing, offering mental health support initiatives and flexible working arrangements where operationally feasible. Staff turnover was monitored closely and benchmarked against industry trends, and where challenges were identified, we responded with local and Group-wide initiatives to boost retention and morale. Corporate Social Responsibility Oakman Group remains committed to acting as a responsible business with a clear focus on sustainability, ethical practices, and meaningful engagement with the communities we serve. During the year, we continued to implement environmentally conscious practices across our estate, including energy efficiency measures, food waste reduction programmes, and enhanced recycling systems. Wherever possible, our pubs source ingredients locally, supporting regional suppliers and reducing our carbon footprint. We also promote responsible sourcing throughout our supply chain and continue to work towards long-term environmental goals, including reducing single-use plastics and improving biodiversity in our outdoor spaces. Our pubs are embedded in their local communities and play a vital role in supporting local causes. During the year, we partnered with local charities, hosted fundraising events, and encouraged team members to take part in volunteering initiatives. These activities form an integral part of our culture and our commitment to being a positive force in the regions where we operate.
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OAKMAN GROUP PLC
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
Greenhouse gas emissions and energy consumption
The Group's greenhouse gas emissions and energy consumption are as follows: 30 June 20X4 kWh 02 July 2023 kWh Electricity 9,118,036 8,667,977 Main Gas 7,182,022 6,580,524 LPG tCo2 = 2.277 322,738 Propane tCo2 = 312. 395 747,200 Company fuel (Diesel) 102802 tCo2 = 27.866 475 Company fuel (petrol) 165848 tCo2 = 43.822 43,583 Reimbursed fuel 371,664 200,913 Scope 1 emissions in metric tonnes CO2e Natural Gas, LPG and fleet vehicles – 2,010 (2023 – 2,009) Scope 2 emissions in metric tonnes CO2e Purchased electricity – 1,729 (2023 – 987) Scope 3 emissions in metric tonnes CO2e Electricity T&D and Reimbursed Fuel – 12,748 (2023 – 14,001) Total gross emissions in metric tonnes – 16,487 (2023 – 16,977) CO2e Intensity ratio – 262 (2023 – 247) tCO2e/£m
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OAKMAN GROUP PLC
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
The Board of Oakman Group plc recognises its duty under Section 172 of the Companies Act 2006 to promote the success of the company for the benefit of its members as a whole, while also having regard to the interests of its employees, suppliers, customers, the environment, and wider stakeholders.
In its decision-making throughout the year, the Board considered the long-term impact of its actions, including the sustainability of the business, investment in people, and the reputation of the Group. We have maintained strong relationships with key stakeholders through proactive engagement, regular updates, and collaborative partnerships. The Board gave due consideration to the financial position and resilience of the Group in a challenging economic environment. While the trading performance during the year ended 30 June 2024 was under pressure due to macroeconomic headwinds, the Group took steps to preserve liquidity, manage costs, and maintain operational flexibility. Subsequent to the reporting date, Oakman Inns Restaurant Limited and Oakman Dev Limited entered administration on 21 July 2025. These developments occurred after the end of the reporting period and do not affect the Directors’ obligations in preparing this Strategic Report for the year ended 30 June 2024. However, the Board acknowledges the significance of this event and its impact on a range of stakeholders. The Directors continue to work constructively with administrators and professional advisors to support the process and to seek the best possible outcomes for employees, creditors, and shareholders. Below is how we focus and promote these areas: Long term impact – • The Directors regularly update the balanced scorecard KPI measures and seek debate, challenge and approval from the Board and Non Executive directors. Employees – • We gain insight on our employee engagement through effective feedback via team surveys and quarterly team representative meetings, award winning training and development programmes for all levels, apprenticeship schemes, career planning frameworks, fast track leadership development for future general managers, recognition programmes for team members who demonstrate our values and our annual “thank you” festival, Oakfest • We achieved the Princess Royal Training Award in 2023 in recognition of the scope, standard and quality of our training. • We offer a comprehensive benefit package by role to support high performance. • We put team retention at the heart of all decision making • We participate in the Mind Employers Charter and practice pro active initiatives to promote team well being • We support the JEDI (Justice, Equality, Diversity and Inclusion) principles in providing training and support to all employees Customers - • Building trust with our customers at every stage of the customer journey and ensuring our customers are at the heart of all process such as deposits, cancellations, no shows, refunds, complaints, feedback, free celebratory gifts • Providing a premium dining and boutique accommodation experience consistently • Introducing technology to improve the customer journey • Responding to customer feedback including via social media channels Suppliers - • Long term partnerships with suppliers and landlords have been built over the last fifteen years • We maintain regular conversations with suppliers to agree payment plans which work for both parties • We build long term partnerships with suppliers focused on quality, provenance and sustainability that are constantly reviewed
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OAKMAN GROUP PLC
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
Community & Environment - • As our businesses are rooted in local communities, we operate our licences responsibly • Working with the charity Tree Nation to help offset our carbon emissions having now planted over 1.27 million trees • Each site raises funds for their designated local charities • We recruit our teams mainly from within their local community supporting the local economy • We focus on environmentally friendly operating procedures such as reduction in single use plastic and a focus on reducing energy consumption and energy efficiency improvements
High Standards -
• We employ a balanced scorecard approach to evaluating the quality and consistency of our premium offering • We source our food products from British and Irish farms • We ensure quality processes and controls for all areas of the operation • We use external benchmarking Acting Fairly between stakeholders - • Stakeholder engagement relevant for each stakeholder group • Communication and business updates with all stakeholders
The risks facing Oakman plc have been influenced by:
∙The financial strain caused by high and unsustainable levels of debt and the need to manage the remaining Group debt and liabilities
∙The impact of ongoing macroeconomic factors such as inflation, interest rates, employment costs and consumer spending in the hospitality sector.
∙Risks associated with the administration of OIRL and the liquidation processes for Oakman plc and its subsidiaries.
Outlook
Following the completion of the third of three sale processes and the administration of OIRL, Oakman plc is now focused on managing the liquidation process for its remaining entities, which is expected to result in the orderly return of capital to shareholders. The Group remains committed to maximising value for its stakeholders and ensuring that any remaining value from the Group’s estate is preserved for shareholders in the upcoming liquidation process.
This report was approved by the board and signed on its behalf.
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OAKMAN GROUP PLC
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 Group Strategic Report, the Directors' Report and the consolidated 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 Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group 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 £18,133,469 (2023 - loss £6,174,006).
The Directors do not recommend payment of a dividend (2023 - no dividend)
The Directors who served during the period were:
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OAKMAN GROUP PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
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OAKMAN GROUP PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
Group structure
Since the year end, in July 2025, two of the companies that form part of the group have entered administration (Oakman Inns & Restaurants Ltd and Oakman Dev Ltd). Debt Post year end the following debt was repaid: Bank debt - Santander – this was repaid in full in January 2025 facilitated by asset sales. This includes the CBIL bank loan in the form of an overdraft. - Cynergy – this was repaid in full in May 2025 facilitated by asset sales. Other secured loans - The £3,325,000 secured on a freehold asset was repaid in full in May 2025 on the sale of the freehold asset. - The £3,200,000 loan remains unpaid, but the lender has enforced security on these loans and taken control of the assets they were secured on. - The £1,300,000 loan, secured on the freehold of Kingston House, High Street, Harpenden remains unpaid and will be dealt with as part of the administration process of the subsidiary companies. - The £1,400,000 loan from a related party due for repayment in October 2024 was converted to a secured loan note post year end. - In January 2025 the group issued £1,275,000 of secured loan notes as part of the requirements necessary to enable the sale of a leasehold pub to McMullens. The secured loan notes were repaid in full in May 2025 facilitated by asset sales. Other unsecured loans - £409,000 of unsecured loans have been repaid post year end. The remaining balance remains underpaid and will be dealt with as part of the administration process of the subsidiary companies. Fixed assets Across October 2024, November 2024 and January 2025 three leasehold pubs were sold to McMullen generating net proceeds of £6.6m and a net profit on sale in comparison to asset carrying value. In May 2025, 10 freehold sites were sold to TRG for £49.6m generating a net profit on sale in comparison to asset carrying value. As a result of the administration, 19 trading pubs passed into the control of the administrators. 14 of these were immediately sold as part of the pre-pack administration deal for £8.1m resulting in a post year end loss of £3.4m as the sale prices were below market value. This loss has been treated as a non-adjusting post balance sheet event, as it is not considered indicative of market values at the year end. The remaining 5 pubs are currently closed and are expected to sell for less than their market value as part of the administration process. The value of the impact of this is currently unknown and it is considered to be a non-adjusting post balance sheet event as it will not be indicative of the market value at the year end date. One non-trading site that was yet to be developed also passed into the administrators’ control; a sale is anticipated at an amount equivalent to its year end carrying value.
Three leasehold sites that were in development have been handed back to the landlord or will be dealt with as part of the administration process. Post year end impairment of £856k has been recognised on these sites. This is considered to be a non-adjusting post balance sheet event as they were all considered viable sites at the year end, and the fact these sites did not open is as a result of the cashflow issues post year end.
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OAKMAN GROUP PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
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 on
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OAKMAN GROUP PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN GROUP PLC
We have audited the financial statements of Oakman Group Plc (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 June 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group 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 2.3 in the financial statements. This explains that part of the Group has entered into administration and the other part will shortly be entering into a member's voluntary liquidation process.
For this reason, the Directors have concluded the Group 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 2.3. Our opinion is not modified in respect of this matter.
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OAKMAN GROUP PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN GROUP PLC (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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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OAKMAN GROUP PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN GROUP PLC (CONTINUED)
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OAKMAN GROUP PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN GROUP PLC (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 Group 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.
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 GROUP PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN GROUP PLC (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 GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024
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OAKMAN GROUP PLC
REGISTERED NUMBER: 12254114
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
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OAKMAN GROUP PLC
REGISTERED NUMBER: 12254114
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
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 24 to 51 form part of these financial statements.
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OAKMAN GROUP PLC
REGISTERED NUMBER: 12254114
COMPANY 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 24 to 51 form part of these financial statements.
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