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Registration number: 06829860

Oak Tree Mobility Limited
Annual Report and Financial Statements
for the Year Ended 28 February 2025

Oak Tree Mobility Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 9
Profit and Loss Account | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 to 24

Oak Tree Mobility Limited

Company Information

Directors | Mr T J Powell Mr A Wood

Registered office | Second Floor St James Court 9/12 St.James Parade Bristol BS1 3LH

Auditors | Corrigan Accountants Limited 1st Floor 25 King Street Bristol BS1 4PB

Oak Tree Mobility Limited

Strategic Report for the Year Ended 28 February 2025

The directors present their strategic report for the year ended 28 February 2025.

Fair review of business

As in prior years the principal activity of the company remained that of the sale and installation of mobility products, primarily rise and recline chairs, adjustable beds and bath lifts.
The Directors are pleased to report a very successful year of trading. The results show a turnover of £25.9m, an increase of £1.1m/4% on the prior year and an operating profit before £1.93m, an increase of £0.2m/15% on the prior year. The strong financial performance is driven by numerous business improvement initiatives and projects executed during the year which have driven both sales and gross margin improvements, while at the same time maintaining strong cost control despite all the inflationary pressures due to the prevailing macroeconomic conditions during the year. This strong result enabled the Company to move from a net deficit on the balance sheet in the previous year of £1m, to a net asset position of £0.5m - a fantastic result. It is the Director's opinion that these improvements are now embedded in the business and will continue to benefit the business moving forward.
A well-deserved thanks to our colleagues for their continuing dedication, passion and professionalism and also our suppliers and partners with whom we continue to work in close partnership. As a consumer facing business where success is based so much on human interaction, our people and partners are our greatest asset, and the Directors extend their gratitude to all our colleagues for their exceptional resourcefulness and innovative ideas which have enabled us to deliver a strong set of results.

Prior year Strategic Reports have acknowledged the UK mobility sector has faced enormous challenges, with widespread input cost inflation and downward pressure on consumer disposable incomes, especially older consumers who spend a higher proportion of their (often fixed) incomes on food and energy. The backdrop to this year has been much the same and our success has also been achieved in the face of these considerable ongoing challenges. The Company continued to guard against the persistent and broad-based cost inflation by pro-actively driving operational improvements, in particular working to improve our IT systems and infrastructure, and cost management. The Company also now outsources the majority of it’s chair manufacturing to it’s sister company, RG42 Limited, which provides increased security around supply chain.
Cash remained relatively flat, however this is after funding Group loan repayments of £0.9m and investing £0.2m in capital assets.

The company specialises in mobility products for the over 70's, primarily riser recliners chairs, adjustable beds and bath lifts and its business model revolves around sales conducted in the customer's home. The mobility market is highly competitive across all sales channels and the company differentiates itself through investing into the brand positioning and into a highly motivated sales and marketing team supported by outstanding customer services, as demonstrated by high scores on review sites such as Trustpilot and Google.

Oak Tree Mobility Limited

Strategic Report for the Year Ended 28 February 2025

During the year the Directors specifically focussed on a strategy of:
1) continuing to enhance margins despite inflationary pressures.
2) maintaining and driving operational efficiencies through cost control, process review and other mitigating activities. In particular there was a focus on technology during the year, with a large upgrade in our CRM being undertaken in Q4 for deployment in March 2025, the dividends from which will be seen in the next financial year.
3) enhancing self-sufficiency in chairs manufacturing.
4) strengthening employee engagement across the company.
This strategy has yielded strong results in year, allowing us to continue the momentum from the previous year, and we are now seeing that continue into the subsequent year. The Directors are pleased with the results and future prospects of the company. The core customer base is resilient and continues to value our quality products and personal service on offer. Looking ahead the company is well placed to benefit from the strategic changes over the next 12 months and beyond.

Principal risks and uncertainties

The Company faces a number of business risks in its day-to-day operations and future developments. These risks are identified and continually reviewed at senior management and director level and mitigations are maintained to manage them.
Risks that could potentially have the most impact on the Company are outline below, together with mitigation actions.
Margin erosion - The current global economic situation resulting in rising prices of raw materials and wages which knock-on impact to delivery costs could lead to the erosion of profit margins in the short to medium term. The Company will not seek to win business at any price and will consider increasing sales prices with which are sustainable to customer affordability. Working closely with a range of suppliers maintain competitive pricing.
Supply chain - Again, the current global economic situation is impacting on the supply chain with customers expecting quick order fulfilment. The Company builds strong relationships with high quality suppliers from procurement to delivery to balance short leads times and low stock levels. Any interruptions are quickly detected to enable mitigation such as increased deliveries and diverting suppliers.
Competition in our markets - The Company operates in a competitive market environment and the development of new product ranges is key to success. Customer care is a top priority which can be seen from maintaining high online reviews and efficient marketing and advertising.

Approved and authorised by the Board on 22 September 2025 and signed on its behalf by:

......................................... Mr T J Powell Director
......................................... Mr A Wood Director

Oak Tree Mobility Limited

Directors' Report for the Year Ended 28 February 2025

The directors present their report and the financial statements for the year ended 28 February 2025.

Directors of the company

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

Mr T J Powell

Mr A Wood

Financial instruments

Objectives and policies

The company does not enter into any hedging transactions.

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

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are conducted in sterling.

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.

Approved and authorised by the Board on 22 September 2025 and signed on its behalf by:

......................................... Mr T J Powell Director
......................................... Mr A Wood Director

Oak Tree Mobility 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.

Oak Tree Mobility Limited

Independent Auditor's Report to the Members of Oak Tree Mobility Limited

Opinion

We have audited the financial statements of Oak Tree Mobility Limited (the 'company') for the year ended 28 February 2025, 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 28 February 2025 and of its 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 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 director's 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.

Oak Tree Mobility Limited

Independent Auditor's Report to the Members of Oak Tree Mobility 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 5], 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.

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:

• | We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit.

Oak Tree Mobility Limited

Independent Auditor's Report to the Members of Oak Tree Mobility Limited

• | The company is subject to laws and regulations that govern the preparation of the financial statements including financial reporting legislation, and other companies legislation. The company is also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial statements, including employment, anti-bribery, anti-money laundering and certain aspect of companies legislation.
• | Owing to the inherent limitation of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
| As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
• | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
• | Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the company to cease to continue as a going concern.
• | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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.

Oak Tree Mobility Limited

Independent Auditor's Report to the Members of Oak Tree Mobility Limited

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 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.

......................................
David Wright BSc FCA (Senior Statutory Auditor)
For and on behalf of Corrigan Accountants Limited, Statutory Auditor
1st Floor
25 King Street
Bristol
BS1 4PB

22 September 2025

Oak Tree Mobility Limited

Profit and Loss Account for the Year Ended 28 February 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 25,905,186 | 24,797,490
Cost of sales |  | (18,825,794) | (18,279,944)
Gross profit |  | 7,079,392 | 6,517,546
Administrative expenses |  | (5,347,468) | (5,063,563)
Other operating income | 4 | 194,579 | 227,499
Operating profit | 6 | 1,926,503 | 1,681,482
Other interest receivable and similar income | 7 | 85,438 | 29,284
Exceptional items | 24 | - | 237,724
Interest payable and similar expenses | 8 | (38,318) | (17,546)
|  | 47,120 | 249,462
Profit before tax |  | 1,973,623 | 1,930,944
Tax on profit | 12 | (533,938) | (431,142)
Profit for the financial year |  | 1,439,685 | 1,499,802

The above results were derived from continuing operations.

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

Oak Tree Mobility Limited

(Registration number: 06829860)
Balance Sheet as at 28 February 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 13 | 167,126 | 13,200
Tangible assets | 14 | 27,959 | 36,168
|  | 195,085 | 49,368
Current assets |  |  |
Stocks | 15 | 434,353 | 283,721
Debtors | 16 | 1,970,182 | 2,300,541
Cash at bank and in hand |  | 3,118,314 | 3,165,887
|  | 5,522,849 | 5,750,149
Creditors: Amounts falling due within one year | 18 | (5,260,883) | (6,781,104)
Net current assets/(liabilities) |  | 261,966 | (1,030,955)
Total assets less current liabilities |  | 457,051 | (981,587)
Provisions for liabilities | 19 | - | (1,047)
Net assets/(liabilities) |  | 457,051 | (982,634)
Capital and reserves |  |  |
Called up share capital |  | 10 | 10
Profit and loss account | 22 | 457,041 | (982,644)
Shareholders' funds/(deficit) |  | 457,051 | (982,634)

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 22 September 2025 and signed on its behalf by:

......................................... Mr T J Powell Director
......................................... Mr A Wood Director

Oak Tree Mobility Limited

Statement of Changes in Equity for the Year Ended 28 February 2025

| Share capital £ | Profit and loss account £ | Total £
At 1 March 2024 | 10 | (982,644) | (982,634)
Profit for the year | - | 1,439,685 | 1,439,685
At 28 February 2025 | 10 | 457,041 | 457,051

| Share capital £ | Profit and loss account £ | Total £
At 1 March 2023 | 10 | (2,482,446) | (2,482,436)
Profit for the year | - | 1,499,802 | 1,499,802
At 29 February 2024 | 10 | (982,644) | (982,634)

Oak Tree Mobility Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

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:
Second Floor
St James Court
9/12 St.James Parade
Bristol
BS1 3LH

Principal activity

The principal activity of the company is that of the sale and installation of mobility products, primarily rise and recline chairs, adjustable beds and bath lifts.

These financial statements were authorised for issue by the Board on 22 September 2025.

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 have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.

Oak Tree Mobility Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Summary of disclosure exemptions

This company is a qualifying entity for the purpose of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of the exemptions from the following disclosure requirements:
Section 7 'Statements of Cash Flows': Presentation of a Statement of Cash Flow and related notes and disclosures.
Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit and loss and in other comprehensive income.
Section 26 'Share Based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 'Related Party Disclosures,: Compensation for key management personnel.

Name of parent of group

The financial statements of may be obtained from These financial statements are consolidated in the financial statements of Salus Healthcare Group Limited.
The financial statements of Salus Healthcare Group Limited may be obtained from Unit 12 Parc Business Treorci, Treorci, Rhondda Cynon Taf, Wales, CF42 6DL.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The significant risk and rewards of ownership have transferred to the buyer (usually on despatch of the goods)
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.

Oak Tree Mobility Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Exceptional items

Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold land and buildings | 0-15% straight line
Plant and machinery | 25% straight line
Fixtures, fittings and equipment | 25% straight line
Motor vehicles | 25% straight line
Computer equipment | 25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisationand impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the dateof revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Oak Tree Mobility Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Asset class | Amortisation method and rate
Software | 20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-termhighly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilíties.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Statement of Financial Position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Oak Tree Mobility Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3 | Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods | 25,905,186 | 24,797,490

4 | Other operating income

The analysis of the company's other operating income for the year is as follows:

| 2025 £ | 2024 £
Management charges | 194,579 | 203,230
Miscellaneous other operating income | - | 24,269
| 194,579 | 227,499

5 | Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

| 2025 £ | 2024 £
Gain/(loss) on disposal of tangible assets (not including property) | 770 | (3,320)

Oak Tree Mobility Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

6 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 27,933 | 76,953
Amortisation expense | 10,294 | -
(Profit)/loss on disposal of property, plant and equipment | (770) | 3,320

7 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 85,438 | 29,284

8 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | - | 18
Interest expense on other finance liabilities | 38,318 | 17,528
| 38,318 | 17,546

9 | Staff costs

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

| 2025 £ | 2024 £
Wages and salaries | 3,198,244 | 2,862,003
Social security costs | 325,742 | 293,611
Pension costs, defined contribution scheme | 84,904 | 147,617
Other employee expense | 22,574 | 108,362
| 3,631,464 | 3,411,593

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

| 2025 No. | 2024 No.
Administration and support | 14 | 14
Sales | 46 | 51
Marketing | 7 | 7
Management | 3 | 4
| 70 | 76

Oak Tree Mobility Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

10 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 318,752 | 301,432
Contributions paid to money purchase schemes | 12,413 | 13,416
| 331,165 | 314,848

In respect of the highest paid director:

| 2025 £ | 2024 £
Remuneration | 172,252 | 164,901
Company contributions to money purchase pension schemes | 8,968 | 7,576

11 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 17,000 | 16,500

12 | Taxation

Tax charged/(credited) in the income statement

| 2025 £ | 2024 £
Deferred taxation |  |
Arising from origination and reversal of timing differences | 533,938 | 431,142

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 24.41%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 1,973,623 | 1,930,944
Corporation tax at standard rate | 493,406 | 471,309
Effect of expense not deductible in determining taxable profit (tax loss) | 13,056 | (43,270)
Increase (decrease) in UK and foreign current tax from unrecognised temporary difference from a prior period | - | (7,306)
Deferred tax expense (credit) relating to changes in tax rates or laws | - | 10,409
Tax increase (decrease) arising from group relief | 27,476 | -
Total tax charge | 533,938 | 431,142

Oak Tree Mobility Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Deferred tax

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Accelerated capital allowances | - | (593)
Tax losses | 1,167,212 | -
Short term timing differences | 2,322 | -
| 1,169,534 | (593)

2024 | Asset £ | Liability £
Accelerated capital allowances | - | (1,047)
Tax losses | 1,605,648 | -
Short term timing differences | 98,278 | -
| 1,703,926 | (1,047)

Oak Tree Mobility Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

13 | Intangible assets

| Software £ | Total £
Cost or valuation
At 1 March 2024 | 833,059 | 833,059
Additions acquired separately | 164,220 | 164,220
At 28 February 2025 | 997,279 | 997,279
Amortisation
At 1 March 2024 | 819,859 | 819,859
Amortisation charge | 10,294 | 10,294
At 28 February 2025 | 830,153 | 830,153
Carrying amount
At 28 February 2025 | 167,126 | 167,126
At 29 February 2024 | 13,200 | 13,200

14 | Tangible assets

| Fixtures and fittings £ | Motor vehicles £ | Office equipment £ | Plant and machinery £ | Total £
Cost or valuation
At 1 March 2024 | 220,030 | 6,255 | 542,473 | 13,942 | 782,700
Additions | - | - | 19,724 | - | 19,724
At 28 February 2025 | 220,030 | 6,255 | 562,197 | 13,942 | 802,424
Depreciation
At 1 March 2024 | 210,683 | 6,255 | 515,849 | 13,745 | 746,532
Charge for the year | 7,427 | - | 20,436 | 70 | 27,933
At 28 February 2025 | 218,110 | 6,255 | 536,285 | 13,815 | 774,465
Carrying amount
At 28 February 2025 | 1,920 | - | 25,912 | 127 | 27,959
At 29 February 2024 | 9,347 | - | 26,624 | 197 | 36,168

Oak Tree Mobility Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

15 | Stocks

| 2025 £ | 2024 £
Finished goods and goods for resale | 434,353 | 283,721

16 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 18,952 | 46,938
Amounts owed by related parties | 25 | 228,444 | -
Other debtors |  | 227,701 | 203,932
Prepayments |  | 326,144 | 345,745
Deferred tax assets | 12 | 1,168,941 | 1,703,926
|  | 1,970,182 | 2,300,541

Details of non-current trade and other debtors

£1,168,941 (2024: £1,703,926) of deferred tax assets is classified as non current.

17 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 3,118,314 | 3,165,887

18 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Trade creditors |  | 2,017,058 | 1,683,952
Amounts due to related parties | 25 | 226,650 | 1,142,732
Social security and other taxes |  | 79,172 | 70,818
Outstanding defined contribution pension costs |  | 12,562 | 9,288
Customer deposits |  | 2,123,220 | 2,725,807
Other payables |  | 25,943 | 12,308
Accruals |  | 776,278 | 1,136,199
|  | 5,260,883 | 6,781,104

Oak Tree Mobility Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

19 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 March 2024 | 1,047 | 1,047
Increase (decrease) in existing provisions | (454) | (454)
At 28 February 2025 | 593 | 593

20 | 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 £84,904 (2024 - £147,617).
Contributions totalling £12,562 (2024 - £9,288) were payable to the scheme at the end of the year and are included in creditors.

21 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 10 | 10 | 10 | 10

22 | Reserves

Profit and loss account
This reserve records retained earnings and accumulated losses.

23 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 149,358 | 13,015

The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2024 - £13,015).

Oak Tree Mobility Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

24 | Exceptional items

There are no exceptional items in the current year.
The exceptional items in the prior year relate to the following; the gain on the sale of the property of £272,946, less an accrual of £35,222 for expected further costs in connection with the sale.

25 | Related party transactions

Summary of transactions with parent

Salus Healthcare Group Limited As at the year-end the Company were owed £228,444 (2024: £195,110) by Salus Healthcare Group Limited.

Summary of transactions with other related parties

RG42 Limited (common ownership) During the period, the company made purchases from RG42 Limited of £3,588,207 (2024: £3,235,862), the company also charged RG42 Limited a management charge of £194,579 (2024: £203,230) and recharged insurance costs of £12,853 (2024: £12,853) and vehicle hire costs of £11,359 (2024: £6,763). At the period end, the company owed £226,650 (2024: £1,337,842) to RG42 Limited.

26 | Parent and ultimate parent undertaking

The company's immediate parent is Salus Healthcare Group Limited, incorporated in England and Wales.
The most senior parent entity producing publicly available financial statements is Salus Healthcare Group Limited. These financial statements are available upon request from Unit 12 Parc Business Treorci, Treorci, Rhondda Cynon Taf, Wales, CF42 6DL.
The ultimate controlling party is the directors, by virtue of their ownership of Salus Healthcare Group Limited.

27 | Outstanding charges

There were six outstanding charges at the year-end. Four with Barclays Bank PLC and two with DBW Investments (3) Limited. Further detail of these is publicly available on Companies House.