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Registered number: 03033574









OAK TREE SCHOOLS HOLDINGS LIMITED







CONSOLIDATED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
N O Hagger 
M A Hagger 
M O Hagger 




Company secretary
M O Hagger



Registered number
03033574



Registered office
6 Albion Hill

Loughton

Essex

IG10 4RA




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
OAK TREE SCHOOLS HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Directors' Responsibilities Statement
 
6
Independent Auditors' Report
 
7 - 10
Consolidated Statement of Comprehensive Income
 
11
Consolidated Balance Sheet
 
12 - 13
Company Balance Sheet
 
14 - 15
Consolidated Statement of Changes in Equity
 
16 - 17
Company Statement of Changes in Equity
 
18 - 19
Consolidated Statement of Cash Flows
 
20 - 21
Consolidated Analysis of Net Debt
 
22
Notes to the Financial Statements
 
23 - 44


 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

Introduction
 
The directors present their strategic report for the group for the year ended 31 August 2024. The group continued to trade as that of providers of education services.

Business review
 
The Group continues to make use of its efficient system of resourcing the schools centrally. The Group Development Office has flourished with the Group Marketing Team acting as a strong department that oversees the marketing strategy for the Group, including oversight of the websites, apps, advertising and publicity. 
The marketing strategy, together with growing reputations in the local area, have helped the Group to attract more families and the school rolls have grown throughout the period. Turnover has increased over the period in line with projections.
Staffing costs increased in line with projections following the awarding of higher than usual pay rises to staff to help compensate for the reduced awards that were necessary during and following the Covid-19 pandemic.
Other central resources include accounting, operations, health and safety, maintenance, ICT technical support and infrastructure managing and secretarial. 
The Group Management Team comprises the Group Managing Principal (also main Director), Group Bursar, Group Education Principal, Group Operations Manager and Group ICT Manager. The Team meets formally at the start of each week to discuss various issues and generally strategise.
 
Braeside School
At the end of the period, the Group learned that the premises leased to Braeside School had been sold to a third party following a process of sealed bids. Post-year end, on exchange of contracts with the new landlord the school learned that the new proposed lease would be unachievable given the consistent size of the school, and that the new landlord was looking for an alternative use. 
The school had no alternative but to announce the closure at the end of academic/financial year 2024/25 with the relocation of pupils and staff to other schools in the Group.
Oak-Tree Group
In conjunction with the Group’s advisers, the Group has taken the opportunity at the end of this period to consider the intra-company loans and to write off a proportion of intra-company loans to Braeside School. This was felt to be particularly beneficial when planning for the closure of Braeside. 
VAT (post 31 August 2024)
The new Labour government carried out its election proposal to add 20% VAT to school fees from January 2025. The Group secured a group registration from HMRC and announced in November 2024 that although VAT would need to be added to invoices for tuition and other activities from the Spring Term 2025, the Group would be subsidising invoices for the remainder of the academic year by reducing the fees by 4%. This facilitated a net increase of 16% for families. The Group’s fees remained at a far lower level than many of it’s competitor schools. The early signs following the implementation of the VAT have been very positive from families.


Independent Schools Inspectorate Inspections
 
Page 1

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


There were no school inspections in the period, with inspections envisaged taking place at Oaklands, Coopersale Hall and Normanhurst during 2024/2025.
Facilities
During the academic year many of the internal facilities were refurbished, with rooms redecorated and recarpeted on a rolling programme.
At Coopersale Hall, Phase 1 of the building programme to open a new senior department on site was completed and the school welcomed the first cohort of 16 Year 7 pupils. New senior staff also joined the school from September 2023. 
Phase 1 was to convert the premises of a newly-purchased neighbouring residential property into specialist classrooms (Science Lab, prep room, Art/DT Studio and prep area, ICT suite, support rooms, offices, toilets). 
Phase 2 started in Summer 2024 to construct a new senior building in the grounds of the senior premises. This is anticipated to be completed in Summer 2025 so that the school will be well-placed to relocate senior pupils from Braeside, take existing pupils into the seniors and welcome new pupils to the school.
Technology
The Group continued to invest heavily in a range of virtual platforms for pupils of all ages in order to facilitate the virtual home learning programmes embedded into homework tasks and assessment/exam revision.
Activities
An enhanced programme of holiday activities and weekend clubs was provided in the main breaks, which were very popular with parents and generated additional income.
Coffee Mornings
The programme of coffee mornings with parents and Mr Hagger at each school continued during the period. The discussions were seen as being very useful for both sides and subsequent actions helped to develop the schools.
Staffing
Beyond the normal routine staff movements, there was a change of Head at Coopersale Hall. The previous Head left during the summer and the Deputy Head stepped up into the role on a temporary basis for one academic year from September 2024.

Principal risks and uncertainties
 
The Group’s operations expose it to a variety of financial risks that include credit risks, liquidity risk and interest rate risk.
The Group has in place a risk management programme that seeks to limit the adverse effect on the financial performance of the Group by monitoring levels of debt finance and the related finance costs. The Group does not use derivative financial instruments to manage interest rate costs, and as such no hedge accounting is applied.

Given the size of the Group, the directors have not delegated the responsibility of monitoring financial risk management to a subcommittee of the board. The Group’s finance department implements the policies set by
Page 2

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

the board of directors. The department have guidelines, agreed by the directors, to manage interest rate risk, credit risk and circumstances where it would be appropriate to use financial instruments to manage these.
Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures.
Liquidity risk
The Group manages its cash and borrowing requirements in order to minimise the interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
Interest bearing liabilities include only bank borrowing facilities on which interest is charged a base rate plus a fixed rate.
Competition
The main risk to the business is from competitor schools. However, most of the neighbouring preparatory schools are smaller than the schools within the Group and do not have the Group’s level of resources.
There are many large senior schools in the area, all with prep departments and some with pre-prep departments. Although some of these posed a risk when their pre-prep departments were first created, relatively few families decide to leave early.

Financial key performance indicators
 
Annual turnover rose in 2023/2024. Staffing costs included an average 4% pay rise for staff that was applied from September 2024.
Other running costs and overheads have remained stable compared with the previous year.


This report was approved by the board on 7 August 2025 and signed on its behalf.





................................................
M O Hagger
Director

Page 3

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Principal activity

The group's principal activity is that of the provision of education services.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £41,751 (2023 - loss £143,688).

The directors have declared a dividend of £Nil (2023 - £366,000). 

Directors

The directors who served during the year were:

N O Hagger 
M A Hagger 
M O Hagger 

Future developments

The main development has been the completion of Phase 1 of the Coopersale Hall senior development, followed by the commencement of Phase 2.
Various smaller improvement projects took place at Normanhurst and Oaklands during the year.

Engagement with employees

The Group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting their current and future interest.

Disabled employees

Application for employment by disabled person are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the group continues and that appropriate training is arranged.
It is the policy of the Group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

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 and the Group'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 and the Group's auditors are aware of that information.

Page 4

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Post balance sheet events

The announcement was made at the start of November 2024 that Braeside would close from 31 August 2025. All staff were guaranteed positions within the Group, with no redundancies offered. All pupils were guaranteed places at the other schools in the Group, and many relocated during the school year in order to help with the integration into their new schools.
 
Auditors

Under section 487(2) of the Companies Act 2006Haslers will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 7 August 2025 and signed on its behalf.
 





................................................
M O Hagger
Director

Page 5

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 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.

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 the Group and of the profit or loss of the Group for that period.

 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 judgments 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 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 2006They 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 directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Page 6

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAK TREE SCHOOLS HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Oak Tree Schools Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, 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 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 Group's and of the parent Company's affairs as at 31 August 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 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.


Emphasis of matter


We draw attention to note 2.3 and note 14 in the financial statements, which describes circumstances that have impacted the preparation basis of the accounts. As stated in this note, the school is due to close at the end of the Summer Term, July 2025. Our opinion is not modified in respect of this matter but it does affect the schools ability to continue as a going concern.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 7

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAK TREE SCHOOLS HOLDINGS 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 Group Strategic Report and the Directors' Report for the financial year 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.


Matters on which we are required to report by exception
 

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.


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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 8

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAK TREE SCHOOLS HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 6, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 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:

Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we determined that the most significant are those that had a direct effect on the determination of material amounts and disclosures in the financial statements.
We obtained an understanding of how the entity  are complying with those legal and regulatory frameworks by making enquiries of the management. We corroborated our enquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations. 
We discussed among the audit engagement team regarding the opportunities, including management override of controls, that may exist within the entity for fraud and where fraud might occur in the financial statements. 
As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below:
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to potential weaknesses in the procurement system, control over banking and the existence of inappropriate journal entries to manipulate performance were also identified. 
Procedures performed to address these were as follows:
•  Identifying and assessing the effectiveness of controls management has in place to prevent and detect
 fraud, including known of suspected instances or non-compliance with laws and regulations and fraud.
•  Understanding how the management considered and addressed the potential for override of controls
 or other inappropriate influence over the financial reporting process.
 
Page 9

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAK TREE SCHOOLS HOLDINGS LIMITED (CONTINUED)


•  Using analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
 material misstatements due to fraud.
•  Assessing the appropriateness of accounting estimates and challenging any significant assumptions or   judgements made by management.
•  Incorporating testing of manual journal entires that were posted throughout the year. In particular we    focused on material journal entrties, journal entries posted with unusual account combinations, journal
 entries crediting turnover or cash, and journal entries with specific defined descriptions. These were 
 scrutinised for evidence of unusual entries. 
•  Evaluating the business rationale of any significant transactions that are unusual or outside of the normal  course of business.


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.


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.




Laura Ambrose BA (Hons) FCA  (Senior Statutory Auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

8 August 2025
Page 10

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
As restated 2023
Note
£
£

  

Turnover
 4 
12,534,655
11,788,870

Cost of sales
  
(7,691,283)
(7,091,070)

Gross profit
  
4,843,372
4,697,800

Distribution costs
  
(2,761,112)
(2,233,490)

Administrative expenses
  
(1,814,776)
(2,437,034)

Operating profit
 5 
267,484
27,276

Interest receivable and similar income
 9 
15,491
6,233

Interest payable and similar expenses
 10 
(201,286)
(40,209)

Profit/(loss) before taxation
  
81,689
(6,700)

Tax on profit/(loss)
 11 
(62,941)
(102,565)

Profit/(loss) for the financial year
  
18,748
(109,265)

  

Unrealised surplus on revaluation of freehold properties
  
-
2,151,718

Other comprehensive income for the year
  
-
2,151,718

Total comprehensive income for the year
  
18,748
2,042,453

Profit/(loss) for the year attributable to:
  

Non-controlling interests
  
(23,003)
34,423

Owners of the parent Company
  
41,751
(143,688)

  
18,748
(109,265)

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
(23,003)
34,423

Owners of the parent Company
  
41,751
2,008,030

  
18,748
2,042,453

The notes on pages 23 to 44 form part of these financial statements.

Page 11

 
OAK TREE SCHOOLS HOLDINGS LIMITED
REGISTERED NUMBER: 03033574

CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2024

2024
As restated 2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
(17,687)
(35,375)

Tangible assets
 15 
15,958,949
15,725,580

  
15,941,262
15,690,205

Current assets
  

Debtors: amounts falling due within one year
 17 
3,786,602
1,239,412

Cash at bank and in hand
 18 
29,719
105,975

  
3,816,321
1,345,387

Creditors: amounts falling due within one year
 19 
(8,047,797)
(5,297,502)

Net current liabilities
  
 
 
(4,231,476)
 
 
(3,952,115)

Total assets less current liabilities
  
11,709,786
11,738,090

Creditors: amounts falling due after more than one year
 20 
(1,178,317)
(1,237,371)

Provisions for liabilities
  

Deferred taxation
 23 
(123,404)
(111,402)

  
 
 
(123,404)
 
 
(111,402)

Net assets
  
10,408,065
10,389,317

Page 12

 
OAK TREE SCHOOLS HOLDINGS LIMITED
REGISTERED NUMBER: 03033574
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

2024
As restated 2023
Note
£
£

Capital and reserves
  

Called up share capital 
 24 
10,200
10,200

Share premium account
 25 
6,708,323
6,708,323

Revaluation reserve
 25 
1,323,589
1,323,589

Capital redemption reserve
 25 
500,000
500,000

Profit and loss account
 25 
1,618,317
1,576,566

Equity attributable to owners of the parent Company
  
10,160,429
10,118,678

Non-controlling interests
  
247,636
270,639

  
10,408,065
10,389,317


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 August 2025.




................................................
M O Hagger
Director

The notes on pages 23 to 44 form part of these financial statements.

Page 13

 
OAK TREE SCHOOLS HOLDINGS LIMITED
REGISTERED NUMBER: 03033574

COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024

2024
As restated 2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
15,816,512
15,585,227

Investments
 16 
434,600
434,600

  
16,251,112
16,019,827

Current assets
  

Debtors: amounts falling due within one year
 17 
1,540,709
716,377

Cash at bank and in hand
 18 
31,041
105,511

  
1,571,750
821,888

Creditors: amounts falling due within one year
 19 
(7,084,104)
(6,039,715)

Net current liabilities
  
 
 
(5,512,354)
 
 
(5,217,827)

Total assets less current liabilities
  
10,738,758
10,802,000

  

Creditors: amounts falling due after more than one year
 20 
(1,178,317)
(1,237,371)

Provisions for liabilities
  

Deferred taxation
 23 
(91,248)
(81,743)

  
 
 
(91,248)
 
 
(81,743)

Net assets
  
9,469,193
9,482,886

Page 14

 
OAK TREE SCHOOLS HOLDINGS LIMITED
REGISTERED NUMBER: 03033574
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

2024
As restated 2023
Note
£
£


Capital and reserves
  

Called up share capital 
 24 
10,200
10,200

Share premium account
 25 
6,708,323
6,708,323

Revaluation reserve
 25 
1,323,589
1,323,589

Capital redemption reserve
 25 
500,000
500,000

Profit and loss account
 25 
927,081
940,774

  
9,469,193
9,482,886


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 August 2025.


................................................
M O Hagger
Director

The notes on pages 23 to 44 form part of these financial statements.

Page 15
 

 
OAK TREE SCHOOLS HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 September 2023 (as previously stated)
10,200
6,708,323
500,000
1,323,589
748,437
270,639
9,561,188


Prior year adjustment - correction of error
-
-
-
-
828,129
-
828,129


At 1 September 2023 (as restated)
10,200
6,708,323
500,000
1,323,589
1,576,566
270,639
10,389,317



Comprehensive income for the year


Profit for the year
-
-
-
-
41,751
(23,003)
18,748

Total comprehensive income for the year
-
-
-
-
41,751
(23,003)
18,748



At 31 August 2024
10,200
6,708,323
500,000
1,323,589
1,618,317
247,636
10,408,065



The notes on pages 23 to 44 form part of these financial statements.

Page 16

 

 
OAK TREE SCHOOLS HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£
£


At 1 September 2022
10,200
6,708,323
500,000
-
1,195,898
8,414,421
298,443
8,712,864



Comprehensive income for the year


Loss for the year
-
-
-
-
(143,688)
(143,688)
34,423
(109,265)


Surplus on revaluation of freehold property
-
-
-
-
2,151,718
2,151,718
-
2,151,718

Total comprehensive income for the year
-
-
-
-
2,008,030
2,008,030
34,423
2,042,453



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(366,000)
(366,000)
-
(366,000)


Transfer to/from profit and loss account
-
-
-
1,323,589
(1,323,589)
-
-
-


Other movement
-
-
-
-
62,227
62,227
(62,227)
-



At 31 August 2023
10,200
6,708,323
500,000
1,323,589
1,576,566
10,118,678
270,639
10,389,317



The notes on pages 23 to 44 form part of these financial statements.

Page 17

 

 
OAK TREE SCHOOLS HOLDINGS LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 September 2023 (as previously stated)
10,200
6,708,323
500,000
1,323,589
112,645
8,654,757


Prior year adjustment - correction of error
-
-
-
-
828,129
828,129


At 1 September 2023 (as restated)
10,200
6,708,323
500,000
1,323,589
940,774
9,482,886



Comprehensive income for the year


Loss for the year
-
-
-
-
(13,693)
(13,693)

Total comprehensive income for the year
-
-
-
-
(13,693)
(13,693)



At 31 August 2024
10,200
6,708,323
500,000
1,323,589
927,081
9,469,193



The notes on pages 23 to 44 form part of these financial statements.

Page 18

 

 
OAK TREE SCHOOLS HOLDINGS LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 September 2022
10,200
6,708,323
500,000
-
268,475
7,486,998



Comprehensive income for the year


Loss for the year
-
-
-
-
(91,830)
(91,830)


Surplus on revaluation of freehold property
-
-
-
-
2,151,718
2,151,718

Total comprehensive income for the year
-
-
-
-
2,059,888
2,059,888



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(64,000)
(64,000)


Transfer to/from profit and loss account
-
-
-
1,323,589
(1,323,589)
-



Total transactions with owners
-
-
-
1,323,589
(1,387,589)
(64,000)



At 31 August 2023
10,200
6,708,323
500,000
1,323,589
940,774
9,482,886



The notes on pages 23 to 44 form part of these financial statements.

Page 19
 
OAK TREE SCHOOLS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
18,748
(109,265)

Adjustments for:

Amortisation of intangible assets
(17,688)
(17,688)

Depreciation of tangible assets
249,722
193,614

Loss on disposal of tangible assets
70
16

Interest paid
201,286
40,209

Interest received
(15,491)
(6,233)

Taxation charge
62,941
102,565

(Increase) in debtors
(2,547,194)
(673,241)

Increase in creditors
2,697,311
1,202,705

Corporation tax (paid)/received
(275,519)
67,035

Net cash generated from operating activities

374,186
799,717


Cash flows from investing activities

Purchase of tangible fixed assets
(483,146)
(994,091)

Proceeds of sale of tangible fixed assets
(14)
(16)

Interest received
15,491
6,233

Net cash from investing activities

(467,669)
(987,874)
Page 20

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


2024
2023

£
£



Cash flows from financing activities

New secured loans
-
383,495

Repayment of loans
(59,054)
-

Dividends paid
-
(366,000)

Interest paid
(201,286)
(40,209)

Net cash used in financing activities
(260,340)
(22,714)

Net (decrease) in cash and cash equivalents
(353,823)
(210,871)

Cash and cash equivalents at beginning of year
(996,373)
(785,503)

Cash and cash equivalents at the end of year
(1,350,196)
(996,374)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
29,719
105,975

Bank overdrafts
(1,379,915)
(1,102,349)

(1,350,196)
(996,374)


The notes on pages 23 to 44 form part of these financial statements.

Page 21

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024




At 1 September 2023
Cash flows
At 31 August 2024
£

£

£

Cash at bank and in hand

105,975

(76,256)

29,719

Bank overdrafts

(1,102,348)

(277,567)

(1,379,915)

Debt due after 1 year

(1,237,371)

59,054

(1,178,317)

Debt due within 1 year

(182,902)

39,245

(143,657)


(2,416,646)
(255,524)
(2,672,170)

The notes on pages 23 to 44 form part of these financial statements.

Page 22

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Oak Tree Schools Holdings Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 03033574. The address of the registered office is 6 Albion Hill, Loughton, Essex, IG10 4RA. The group's principal activity is that of the provision of education services.

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 Company's financial statements are rounded to the nearest Pound.
The Company's function currency GBP.

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 September 2014.

 
2.3

Going concern

The company incurred a profit before tax of £81,689 (2023 - loss £6,700) in the year and have net assets at the year end totalling £10,408,065 (2023 - £10,389,317). The financial statements have been prepared on a going concern basis.
The financial statements have been prepared on a going concern basis as the director is satisfied that the business has access to sufficient cash resources to be considered a going concern for at least the 12 months following signing of these financial statements.

Page 23

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised by the Group in respect of services supplied. This is principally made up of income from tuition fees. Turnover is recognised for the period the tuition fees relate to and to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discount, rebates, value added tax and other sales taxes. 

 
2.5

Operating leases: the Group as lessee

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

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
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.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 24

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful life of 10 years.
Negative Goodwill
Negative goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition whereby the fair value of the Group's identifable assets are greater than the cost to acquire. Negative Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful life of 10 years.

Page 25

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
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.

Land is not depreciated. Depreciation on other assets 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 basis:

Freehold property
-
not depreciated
Freehold improvements
-
4%
straight-line
Leasehold improvements
-
4%
straight-line
Motor vehicles
-
25%
straight-line
Fixtures and fittings
-
15%
straight-line
Office equipment
-
33%
straight-line
Computer equipment
-
33%
straight-line

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.

Depreciation on freehold property has not been provided. In the view of the directors, any such charge, taking in to account the residual value of the properties, would not be material. 

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 26

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
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 Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.



Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans 
Page 27

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
The director does not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements.


4.


Turnover

All turnover arose within the United Kingdom.

Page 28

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
166,128
117,462


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
45,850
43,600

Fees payable to the Company's auditors in connection with the Group's pension scheme(s) in respect of:

Taxation compliance services
5,000
4,500

Page 29

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
7,451,433
6,986,680
23,234
-

Social security costs
697,368
641,390
-
-

Cost of defined contribution scheme
433,996
363,766
-
-

8,582,797
7,991,836
23,234
-


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
3
3
3
3



Teachers and administration
268
266
-
39

271
269
3
42

The company whose average number of employees, including the directors are 30 (2023 - 29) incurred a total wage cost of £1,098,312 (2023 - £1,176,954) which has been apportioned to the subsidiary companies to which the cost relates. 


8.


Directors' remuneration

2024
2023
£
£



Directors' emoluments
100,000
100,000

During the year no directors were remunerated through the holding company (2023 - £Nil).
During the year the remuneration paid to the highest paid director amounted to £100,000 (2023 - £100,000).
During the year retirement benefits were accruing for 0 directors (2023 - 0) in respect of defined contribution pension scheme. 
The value of the Group's contribution paid to a defined contribution pension scheme in respect of the highest paid director amounted to £Nil (2023 - £Nil).

Page 30

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
15,491
6,233


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
154,469
29,495

Other loan interest payable
46,066
10,714

Other interest payable
751
-

201,286
40,209


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
50,939
64,636


Deferred tax


Origination and reversal of timing differences
12,002
37,929


62,941
102,565
Page 31

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
81,690
(6,700)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
20,423
(1,441)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
14
-

Capital allowances for year in excess of depreciation
25,669
-

Rollover relief on profit on disposal of fixed assets
4
-

Unrelieved tax losses carried forward
-
71,913

Other differences leading to an increase (decrease) in the tax charge
4,829
(5,836)

Deferred tax
12,002
37,929

Total tax charge for the year
62,941
102,565


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends
-
366,000


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £13,693 (2023 - loss £91,829).

Page 32

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


Intangible assets

Group





Goodwill
Negative goodwill
Total

£
£
£



Cost


At 1 September 2023
642,053
(176,879)
465,174



At 31 August 2024

642,053
(176,879)
465,174



Amortisation


At 1 September 2023
642,053
(141,504)
500,549


Charge for the year on owned assets
-
(17,688)
(17,688)



At 31 August 2024

642,053
(159,192)
482,861



Net book value



At 31 August 2024
-
(17,687)
(17,687)



At 31 August 2023
-
(35,375)
(35,375)



Page 33

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
           14.Intangible assets (continued)

Company




Goodwill

£



Cost


At 1 September 2023
642,053



At 31 August 2024

642,053



Amortisation


At 1 September 2023
642,053



At 31 August 2024

642,053



Net book value



At 31 August 2024
-



At 31 August 2023
-

Page 34

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


Tangible fixed assets

Group






Freehold property
Freehold improvements
Leasehold improvements
Motor vehicles

£
£
£
£



Cost or valuation


At 1 September 2023
12,696,872
4,363,588
860,482
133,527


Additions
-
400,445
27,113
-


Disposals
-
-
(611,661)
(5,500)



At 31 August 2024

12,696,872
4,764,033
275,934
128,027



Depreciation


At 1 September 2023
-
2,146,050
297,122
125,724


Charge for the year on owned assets
-
152,143
35,504
3,348


Disposals
-
-
(611,661)
(5,500)



At 31 August 2024

-
2,298,193
(279,035)
123,572



Net book value



At 31 August 2024
12,696,872
2,465,840
554,969
4,455



At 31 August 2023
12,696,872
2,217,538
563,360
7,803
Page 35

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

           15.Tangible fixed assets (continued)


Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2023
673,626
248,935
325,232
19,302,262


Additions
8,934
22,896
23,758
483,146


Disposals
(565,514)
(175,344)
-
(1,358,019)



At 31 August 2024

117,046
96,487
348,990
18,427,389



Depreciation


At 1 September 2023
576,404
237,015
194,366
3,576,681


Charge for the year on owned assets
16,506
14,473
27,748
249,722


Disposals
(565,474)
(175,328)
-
(1,357,963)



At 31 August 2024

27,436
76,160
222,114
2,468,440



Net book value



At 31 August 2024
89,610
20,327
126,876
15,958,949



At 31 August 2023
97,222
11,920
130,866
15,725,581

Page 36
 


 
OAK TREE SCHOOLS HOLDINGS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


Company







Freehold property
Freehold Property improvements
Leasehold Property improvements
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£
£
£

Cost or valuation


At 1 September 2023
12,696,872
3,751,928
860,482
82,514
15,000
122,665
17,529,461


Additions
-
400,445
27,113
-
-
23,758
451,316



At 31 August 2024

12,696,872
4,152,373
887,595
82,514
15,000
146,423
17,980,777



Depreciation


At 1 September 2023
-
1,534,389
297,122
77,804
-
34,920
1,944,235


Charge for the year on owned assets
-
152,143
35,504
2,575
3,750
26,059
220,031



At 31 August 2024

-
1,686,532
332,626
80,379
3,750
60,979
2,164,266



Net book value



At 31 August 2024
12,696,872
2,465,841
554,969
2,135
11,250
85,444
15,816,511



At 31 August 2023
12,696,872
2,217,540
563,360
4,709
15,000
87,745
15,585,226






Page 37
 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost 


At 1 September 2023
434,600



At 31 August 2024
434,600





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Oaklands School Limited
Provision of education services
Ordinary
80%
Coopersale Hall School Limited
Provision of education services
Ordinary
80%
Normanhurst School Limited
Provision of education services
Ordinary
100%
Braeside School Limited
Provision of education services
Ordinary
100%

The aggregate of the share capital and reserves as at 31 August 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Oaklands School Limited
608,145
(167,027)

Coopersale Hall School Limited
1,194,573
55,332

Normanhurst School Limited
159,307
(311,736)

Braeside School Limited
(464,860)
(55,913)

Page 38

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,985,789
252,587
-
-

Other debtors
1,583,562
886,788
1,413,479
716,377

Prepayments and accrued income
217,251
100,037
127,230
-

3,786,602
1,239,412
1,540,709
716,377


Other debtors due within one year includes loans advanced from the group's Employee Benefit Trust (EBT) of £170,000 (2023 - £170,000) that was established in the year ended 31 August 2010.


18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
29,719
105,975
31,041
105,511

Less: bank overdrafts
(1,379,915)
(1,102,348)
-
-

(1,350,196)
(996,373)
31,041
105,511



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
1,379,915
1,102,348
-
-

Bank loans
143,657
143,657
143,657
143,657

Payments received on account
2,839,492
1,537,286
-
-

Trade creditors
2,067,929
1,179,059
171,824
73,050

Amounts owed to group undertakings
-
-
6,247,658
5,077,350

Corporation tax
346,042
570,623
280,962
509,343

Other taxation and social security
328,994
136,694
45,775
-

Other creditors
137,354
225,186
123,636
213,467

Accruals and deferred income
804,414
402,649
70,592
22,848

8,047,797
5,297,502
7,084,104
6,039,715


Page 39

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
1,178,317
1,237,371
1,178,317
1,237,371


The borrowings of the group that amount to £2,701,889 (2023: £2,483,376) are secured by cross guarantees and debentures by and between Oaklands School Limited, Coopersale Hall School Limited, Braeside School Limited, Normanhurst School Limited and Oak Tree Schools Holdings Limited.



21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
143,657
143,657
143,657
143,657

Amounts falling due 1-2 years

Bank loans
143,657
143,657
143,657
143,657

Amounts falling due 2-5 years

Bank loans
1,034,660
1,093,714
1,034,660
1,093,714


1,321,974
1,381,028
1,321,974
1,381,028


Page 40

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

22.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
29,719
105,975
31,041
105,511

Financial assets that are debt instruments measured at amortised cost
3,569,351
1,139,375
1,413,479
716,377

3,599,070
1,245,350
1,444,520
821,888


Financial liabilities

Financial liabilities measured at amortised cost
(3,009,699)
(1,806,894)
(6,613,713)
(5,386,715)


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors and other debtors.


Financial assets that are equity instruments measured at cost less impairment comprise trade creditors, amounts owed to group undertakings, other creditors and accruals.


23.


Deferred taxation


Group



2024
As restated 2023


£

£






At beginning of year
(111,402)
(73,473)


Charged to profit or loss
(12,002)
(37,929)



At end of year
(123,404)
(111,402)

Page 41

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
23.Deferred taxation (continued)

Company


2024
As restated 2023


£

£






At beginning of year
(81,743)
(62,620)


Charged to profit or loss
(9,505)
(19,123)



At end of year
(91,248)
(81,743)

Group
Group
Company
Company
2024
As restated 2023
2024
As restated 2023
£
£
£
£

Accelerated capital allowances
(123,404)
(111,402)
(91,248)
(81,743)

(123,404)
(111,402)
(91,248)
(81,743)


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,200 (2023 - 10,200) Ordinary shares of £1.00 each
10,200
10,200


Page 42

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

25.


Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares net of issue costs.

Revaluation reserve

The revaluation reserve represents uplifts in the property values net of any deferred tax movements and other adjustments.

Capital redemption reserve

The capital redemption reserve account represents non distributable reserves arising on the repurchase of the company's own shares.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


26.


Prior year adjustment

Prior year adjustments have been processed to deferred taxation, revaluation reserve and profit and loss reserve. The overall impact of the restatement on the comparative Balance Sheet (as at 31 August 2023) was to decreased deferred taxation by £590,744 and decrease revaluation reserve by £590,744. 
During the year, the company identified an error on deferred taxation of freehold properties. An adjustment was made to the Balance Sheet as at 31 August 2023 to decrease deferred taxation by £590,744 and to decrease revaluation reserve by £590,744.
During the year, the company identified an error on the classification of revaluation reserve. An adjustment was made to the Balance Sheet as at 31 August 2023 to decrease revaluation reserve by £237,354 and increase profit and loss reserves by £237,354.


27.


Pension commitments

The Group operates a defined contributions pension scheme. 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 Group to the fund and amounted to £433,996 (2023 - £363,766).
Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date.

Page 43

 
OAK TREE SCHOOLS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

28.


Commitments under operating leases

At 31 August 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
180,726
99,831
12,158
13,263

Later than 1 year and not later than 5 years
51,934
387,594
-
49,952

Later than 5 years
-
19,333
-
-

232,660
506,758
12,158
63,215


29.


Related party transactions

The Company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned Group companies.
During the year the company operated a directors loan account of £1,059,549 (2023 - £538,495) with M Hagger, a director of the company. Interest was charged on the directors overdrawn loan account of £15,491 (2023 - £6,569).
Key management personnel compensation in the year totalled £1,475,133 (2023 - £1,339,215).


30.


Post balance sheet events

On 5th November 2024, the Directors' issued a letter to the parents of the pupils at Braeside School stating that the school will stop operating at the end of the Summer Term, July 2025. This is due to the lease on the property coming to an end and a new agreement on a new lease not being reached. All pupils have been offered available places at the other schools within the Oak Tree Group who all have similar values and ethoses as Braeside School. All staff have been offered a similar role at the other schools within the Oak Tree Group. 


31.


Controlling party

The ultimate parent and controlling party is The Hagger Family due to its majority shareholding.
Consolidated financial statements for Oak Tree Schools Holdings Limited can be obtained from 6 Albion Hill, Loughton, Essex, IG10 4RA.

Page 44