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Registration number: 13400013

Oakland Opco B Limited
Annual Report and Financial Statements
for the Year Ended 31 December 2024

Oakland Opco B Limited

Contents

Company Information | 1
Directors' Report | 2 to 4
Strategic Report | 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 9
Profit and Loss Account | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 to 19

Oakland Opco B Limited

Company Information

Directors | J L Balmer R Dooley J H Sage P Donnelly

Company secretary | J H Sage

Registered office | Lambwood Heights 244 Lambourne Road Chigwell IG7 6HX

Auditors | Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Oakland Opco B Limited

Directors' Report for the Year Ended 31 December 2024

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

Directors of the company

The directors who held office during the year were as follows:

J L Balmer

R Dooley

J H Sage

The following director was appointed after the year end:

P Donnelly (appointed 22 May 2025)

Financial instruments

Objectives and policies

The board constantly monitors the company's trading results and revise projections as appropriate to ensure that the company can meet its future obligations as they fall due.

Price risk, credit risk, liquidity risk and cash flow risk

The principal business risks and uncertainties facing the Group are broadly grouped into categories as below.
Regulation compliance
The business closely monitors any updates to the sector’s regulations and compliance to ensure it meets all requirements. The frequency of regulatory visits from the CQC continues to be uncertain and lower than pre-pandemic. The Directors ensure that qualified and experienced personnel are employed and that staff are continuously trained to provide quality care and services to the residents. The business is confident that the internal processes and practices will ensure ongoing compliance throughout any changes in the regulatory environment.
Treasury operations and financial instruments
The primary financial instruments are bank loans, intercompany loans, deposits, trade debtors, trade creditors and shareholder’s funds. These arise directly from the Group’s trading operations and shareholder’s support and are regularly reviewed to ensure the Group is not overexposed.
Liquidity and credit risk
The principal financial assets are real estate, bank balances and cash, which represent the Group’s maximum exposure to credit risk in relation to financial assets. The company manages its cash and borrowing requirements to maximise interest income and minimise interest expense, whilst ensuring the Group has sufficient liquid resources to meet the operating needs of the business.
A multi-year hedge facility protecting against movements in interest rates was put in place in 2022 and extended in 2024 to ensure exposure under variable interest rate debt is covered protecting the Group from increases in interest rates.
Planning processes
As an investor and developer of land, the Group is subject to navigating the planning system which with delays, inefficiencies and bureaucratic hurdles is inefficient and slow. The impact of this delays the ability of the Group to scale with delayed revenue generation and cost overruns. The Labour government has included a commitment to improve the efficiency of planning processes which is welcomed with a strategic certainty enabling the business more easily to commit to long-term investments.
Potential risk
Due to the nature of the business the Directors have assessed that there will be little or no impact on the future activities of the company as a result of Brexit. The Directors continue to monitor developments in relation to Brexit.

Oakland Opco B Limited

Directors' Report for the Year Ended 31 December 2024

Cost of living crisis
The UK continues to experience significant economic pressures stemming from the cost of living crisis, characterised by rising energy bills, inflation, high interest rates and increased housing costs. These factors have notably impacted disposable incomes, putting considerable pressure on households across the UK.
The Labour party have been addressing this crisis as a central part of their agenda, with commitments to various economic and social measures designed to alleviate the financial burden on citizens. These include raising the minimum Wage to ensure wages keep pace with the actual cost of living.
The Group is supportive of such measures and pays the Real Living Wage across its estate. To meet the increase in costs arising from this, the Group will need to consider its pricing strategies, continue to focus on efficiency improvements and to ensure it optimises processes to prevent the limit the burden of additional costs being passed directly to residents.

Future developments

The Directors continue to invest in its legacy care homes Woodland Grove, Hastings Court, Beechwood Grove, Lambwood Heights, Elsyng House and Elmbrook Court to ensure best in class provision of care in a high-quality safe environment. The new Care Homes of Birchwood Heights, Maplewood Court, Hyllden Heights were opened since 2022 with Osbern Manor opening at the start of the new financial year. A rolling programme of capital expenditure across all homes is in place to ensure the Group’s high standards are maintained on an ongoing basis.
A number of potential development sites are being actively pursued to maintain significant growth in future years and include a rolling plan of new homes being commissioned and CQC registered each year. The latest sites to be acquired in 2024 are Harpenden, Bracknell and Fleet. The Harpenden Springs Eco Care Home is planned to be the first UK net zero care home, which is scheduled to be fully developed and opened in early 2026.
Following the successful Green World Awards win and further Greenmark accreditations the Directors plan to progress the environmental and community work undertaken including the current construction of the first UK net zero care home.
The Directors pay heed to the long-term consequences of their decisions and aim to maintain the operational and management policies which have resulted in the Group’s good performance to date. They anticipate that 2025 will show further growth and progression for the business.

Going concern

Notwithstanding net current liabilities of £6,765,000 (2023 - £5,539,000) as at 31 December 2024 and a loss for the year then ended of £1,032,000 (2023 - £3,086,000), the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The Company is part of the Gibson Topco Limited group (the “Group”). The Company is a property investment company with the main activity being the holding of and leasing of a care home to a fellow group entity.
The Group have multiyear cash flow forecasts including a downside scenario reflecting a possible disruption to operations as result of the Coronavirus pandemic. Under all scenarios considered, the Group would be able to operate within its borrowing facilities. The plan shows that the company and the Group are a going concern when considering the trading of the Group and continuation of the Group financing facility.
The Directors are confident having secured the businesses ongoing financing facility that the Going Concern status of the Group will remain strong for the foreseeable future.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Oakland Opco B Limited

Directors' Report for the Year Ended 31 December 2024

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 8 August 2025 and signed on its behalf by:

J L Balmer
Director

Oakland Opco B Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the company is as a holding company.

Fair review of the business

The results for the year, which are set out in the profit and loss account, show turnover of £18,267,000 (2023 - £8,468,000) and an operating loss of £845,000 (2023 - £2,831,000). At 31 December 2024, the company had net liabilities of £6,364,000 (2023 - £5,330,000). The directors consider the performance for the year and the financial position at the year end to be satisfactory.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2024 | 2023
Turnover | £'000 | 18,267 | 8,468
Earnings before interest, tax, depreciation and amortisation | £'000 | (478) | (2,807)
Average weekly fees | £ per week | 1,732 | 1,521
Direct wages percentage of turnover | % | 60 | 71

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks as disclosed within the directors' report.

Approved by the Board on 8 August 2025 and signed on its behalf by:

J L Balmer
Director

Oakland Opco B Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Oakland Opco B Limited

Independent Auditor's Report to the Members of Oakland Opco B Limited

Opinion

We have audited the financial statements of Oakland Opco B Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, 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).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Oakland Opco B Limited

Independent Auditor's Report to the Members of Oakland Opco B Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Oakland Opco B Limited

Independent Auditor's Report to the Members of Oakland Opco B Limited

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA's (UK).
In identifying and assessing risks of material mis-statement in respect of fraud, including irregularities and non-compliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the company financial statements or that had a fundamental effect on the company's operations. We determined that the most significant laws and regulations included UK GAAP, UK Companies Act 2006 and taxation laws.
• We understood how the company is complying with those legal and regulatory frameworks by making inquiries of management, those responsible for legal and compliance procedures.
• We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur.
Audit procedures performed by the engagement team included:
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process. Detailed analysis of journals posted through the accounting system during the period to 31 December 2024 has been undertaken;
• Understanding the controls in place to prevent and detect fraud. Reliance was not placed on controls for the entirety of the audit, instead taking a substantive testing approach, however controls were in place to prevent fraud, and they appeared to be working effectively;
• Challenging assumptions and judgements made by management in its significant accounting estimates.

• | identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
• | understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
• | challenging assumptions and judgements made by management in its significant accounting estimates; and
• | identifying and testing journal entries, in particular any journal entries with unusual characteristics.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of this 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 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 auditor’s 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.

Simon Worsley (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

8 August 2025

Oakland Opco B Limited

Profit and Loss Account for the Year Ended 31 December 2024

| Note | 2024 £ 000 | 2023 £ 000
Turnover | 3 | 18,267 | 8,468
Cost of sales |  | (12,340) | (6,673)
Gross profit |  | 5,927 | 1,795
Administrative expenses |  | (6,479) | (4,631)
Exceptional items | 5 | (293) | 5
Operating loss | 4 | (845) | (2,831)
Other interest receivable and similar income | 6 | 405 | 165
Interest payable and similar expenses |  | (592) | (420)
Loss before tax |  | (1,032) | (3,086)
Taxation | 11 | - | -
Loss for the financial year |  | (1,032) | (3,086)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Oakland Opco B Limited

(Registration number: 13400013)
Balance Sheet as at 31 December 2024

| Note | 2024 £ 000 | 2023 £ 000
Fixed assets |  |  |
Tangible assets | 12 | 401 | 209
Current assets |  |  |
Debtors | 13 | 8,909 | 3,927
Cash at bank and in hand |  | 83 | 1,080
|  | 8,992 | 5,007
Creditors: Amounts falling due within one year | 14 | (15,757) | (10,546)
Net current liabilities |  | (6,765) | (5,539)
Net liabilities |  | (6,364) | (5,330)
Capital and reserves |  |  |
Profit and loss account |  | (6,363) | (5,330)
Total equity |  | (6,363) | (5,330)

Approved and authorised by the Board on 8 August 2025 and signed on its behalf by:

J L Balmer
Director

Oakland Opco B Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

| Share capital £ 000 | Profit and loss account £ 000 | Total £ 000
At 1 January 2024 | - | (5,331) | (5,331)
Loss for the year | - | (1,033) | (1,033)
At 31 December 2024 | - | (6,363) | (6,363)

| Share capital £ 000 | Profit and loss account £ 000 | Total £ 000
At 1 January 2023 | - | (2,244) | (2,244)
Loss for the year | - | (3,087) | (3,087)
At 31 December 2023 | - | (5,331) | (5,331)

Oakland Opco B Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lambwood Heights
244 Lambourne Road
Chigwell
IG7 6HX

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

The company has not presented a cash flow statement on the grounds that the company is a wholly owned subsidiary and a group cash flow statement is included in the financial statements of the ultimate parent company.

Name of parent of group

These financial statements are consolidated in the financial statements of Gibson Topco Limited.

The financial statements of Gibson Topco Limited may be obtained from Companies House.

Going concern

Notwithstanding net current liabilities of £6,765,000 (2023 - £5,539,000) as at 31 December 2024 and a loss for the year then ended of £1,032,000 (2023 - £3,086,000), the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The Company is part of the Gibson Topco Limited group (the “Group”). The Company is a property investment company with the main activity being the holding of and leasing of a care home to a fellow group entity.
The Group have multiyear cash flow forecasts including a downside scenario reflecting a possible disruption to operations as result of the Coronavirus pandemic. Under all scenarios considered, the Group would be able to operate within its borrowing facilities. The plan shows that the company and the Group are a going concern when considering the trading of the Group and continuation of the Group financing facility.
The Directors are confident having secured the businesses ongoing financing facility that the Going Concern status of the Group will remain strong for the foreseeable future.

Oakland Opco B Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Leasehold improvements | Over the term of the lease
Furniture, fittings and equipment | 20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Oakland Opco B Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

| 3 | Turnover

The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.

Oakland Opco B Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

| 4 | Operating profit

Arrived at after charging/(crediting)

| 2024 £ 000 | 2023 £ 000
Depreciation expense | 74 | 28
Operating lease expense - property | 2,884 | 2,117
Operating lease expense - plant and machinery | - | 1
Operating lease expense - other | - | 1

| 5 | Exceptional items

| 2024 £ 000 | 2023 £ 000
Exceptional expenses | 293 | (5)

Exceptional items in the current year and prior period consist of pre-opening costs.

| 6 | Other interest receivable and similar income

| 2024 £ 000 | 2023 £ 000
Interest income from group undertakings | 405 | 165

| 7 | Interest payable and similar expenses

| 2024 £ 000 | 2023 £ 000
Interest expense to group undertakings | 592 | 420

Oakland Opco B Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

| 8 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2024 £ 000 | 2023 £ 000
Wages and salaries | 9,816 | 5,405
Social security costs | 859 | 459
Pension costs, defined contribution scheme | 238 | 132
| 10,913 | 5,996

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2024 No. | 2023 No.
Carers | 328 | 187
Administration and support | 35 | 30
| 363 | 217

| 9 | Directors' remuneration

Directors' remuneration has been borne by a fellow group undertaking.

| 10 | Auditors' remuneration

Auditors' remuneration has been borne by a fellow group undertaking.

| 11 | Taxation

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 23.5%).
The differences are reconciled below:

| 2024 £ 000 | 2023 £ 000
Loss before tax | (1,032) | (3,086)
Corporation tax at standard rate | (258) | (725)
Effect of expense not deductible in determining taxable profit (tax loss) | 17 | 63
Tax increase/(decrease) from effect of capital allowances and depreciation | 36 | (12)
Tax increase from effect of unrelieved tax losses carried forward | 205 | 1
Tax increase arising from group relief | - | 673
Total tax charge/(credit) | - | -

A deferred tax asset of £820,000 (2023 - £382,000) has not been recognised as sufficient taxable profits are not expected in the foreseeable future.

Oakland Opco B Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

| 12 | Tangible assets

| Leasehold improvements £ 000 | Furniture, fittings and equipment £ 000 | Total £ 000
Cost
At 1 January 2024 | 34 | 210 | 244
Additions | - | 266 | 266
At 31 December 2024 | 34 | 477 | 511
Depreciation
At 1 January 2024 | - | 35 | 35
Charge for the year | - | 74 | 74
At 31 December 2024 | - | 110 | 110
Carrying amount
At 31 December 2024 | 34 | 367 | 401
At 31 December 2023 | 34 | 175 | 209

| 13 | Debtors

| Note | 2024 £ 000 | 2023 £ 000
Trade debtors |  | 399 | 147
Amounts owed by group undertakings | 18 | 8,288 | 3,457
Other debtors |  | 104 | 181
Prepayments |  | 118 | 142
Total current trade and other debtors |  | 8,909 | 3,927

Amounts owed by group undertakings bear interest at 5% (2023 - 5%) and are repayable on demand.

| 14 | Creditors

| Note | 2024 £ 000 | 2023 £ 000
Due within one year |  |  |
Trade creditors |  | 77 | 132
Amounts due to group undertakings | 18 | 12,427 | 8,785
Social security and other taxes |  | 292 | 148
Outstanding defined contribution pension costs |  | 85 | 40
Other creditors |  | 1,512 | 776
Accrued expenses |  | 1,364 | 665
|  | 15,757 | 10,546

Amounts due to group undertakings bear interest at 5% (2023 - 5%) and are repayable on demand.

Oakland Opco B Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

| 15 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £237,000 (2023 - £133,000).
Contributions totalling £85,000 (2023 - £40,000) were payable to the scheme at the end of the year and are included in creditors.

| 16 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2024 £ 000 | 2023 £ 000
Not later than one year | 2,835 | 2,154
Later than one year and not later than five years | 11,338 | 8,594
Later than five years | 40,336 | 21,202
| 54,509 | 31,950

| 17 | Contingent liabilities

There is a fixed and floating charge which covers all the property or undertaking of the company by way of a group guarantee for the loan facility in Oakland Propco B Limited, a fellow subsidiary undertaking. The balance of the loan and accrued interest as at 31 December 2023 was £64,225,000 (2023 - £55,582,000).

| 18 | Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 9 to the financial statements.
The company is exempt from disclosing transactions with other members within the group headed by Gibson Topco Limited on the grounds that consolidated financial statements, which indicate the company are publicly available.

| 19 | Parent and ultimate parent undertaking

The company's immediate parent is Oakland Propco B Limited, incorporated in England and Wales.
The ultimate parent is Gibson Topco Limited, incorporated in England and Wales.
The ultimate controlling party is Synova Capital GP III LP, which is considered to have no single controlling party.
Gibson Topco Limited is the parent undertaking of the largest and smallest group of undertakings to consolidate these financial statements at 31 December 2023. A copy of the consolidated financial statements can be obtained from Companies House.