Company registration number 07830210 (England and Wales)
OAK HOUSING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
OAK HOUSING LIMITED
COMPANY INFORMATION
Directors
Mr E J Andrews
Mr K A Shaw
Mr A M Tracey
Company number
07830210
Registered office
Oak Housing
Here East
Queen Elizabeth Olympic Park
Plexal
London
E15 2GW
Auditor
bk plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
OAK HOUSING LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 24
OAK HOUSING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -

The directors present the strategic report for the year ended 31 August 2025.

Review of the business

The 2024/25 financial year represented a pivotal period of transition for Oak Housing Limited.

Following my appointment as Chief Executive Officer in October 2025, it became clear that the organisation required a renewed focus on governance, operational resilience, financial transparency, and scalable long-term sustainability was required.

In response, Oak commenced a structured transformation programme designed to simplify legacy operating arrangements, strengthen accountability, improve reporting and controls, and prepare the organisation for future growth within an increasingly demanding regulatory and operating environment.

This year’s statutory financial position must therefore be viewed within the context of that wider transition.

The underlying operational performance of the business remained resilient. Oak continued to generate positive operating cash inflows from core activities and maintained strong occupancy demand across key areas of the portfolio. The reported loss principally reflects the impact of enhanced Right of Use lease accounting treatment under FRS102 together with associated depreciation and finance costs arising from the recognition of long-term lease obligations within the balance sheet. These changes were undertaken proactively as part of Oak’s wider review of financial reporting and governance requirements for the sector.

Importantly, the Board took the decision during the year to strengthen external assurance arrangements through the appointment of a new external auditor and to undertake a broader review of Oak’s operating and financial model. This work has informed the development of a new ten year business plan focused upon regulatory resilience, sustainable growth, stronger governance, and a gradual transition toward direct asset ownership and partnership led delivery.

Oak remains fully committed to the standards expected of a Registered Provider and continues to operate in alignment with the Regulator of Social Housing’s Consumer and Economic Standards. Throughout the year the organisation further strengthened complaints oversight, Tenant Satisfaction Measures monitoring, governance reporting, and compliance assurance processes and we look forward to the next round of Tennant Satisfaction Measures collection in 2026.

Looking ahead, Oak’s strategy is centred upon three clear priorities:

• strengthening governance and regulatory resilience.

• transitioning toward a more sustainable ownership model; and

• delivering measured growth supported by long-term strategic partnerships.

The Board and executive team recognise that the wider housing sector continues to operate within a challenging economic environment. However, Oak enters this next phase with a clearer strategic direction, improved governance focus, a stronger transformation programme, and a growing pipeline of partnership opportunities capable of supporting sustainable long-term growth.

I would like to thank our staff, Board, customers, partners, and stakeholders for their continued support throughout this important period of change and development.

OAK HOUSING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -
Principal risks and uncertainties

The business faces a number of risks typical to the sector:

Market Risk

The business operates within the UK social housing sector, which is influenced by wider economic conditions, inflationary pressures, interest rates, housing demand and local authority funding availability. The directors continue to monitor market conditions closely to ensure the business remains resilient and appropriately positioned for future growth.

Financial Risk

The company has no real estate related debt as such is not exposed to interest rate risk. Management actively monitors cashflow forecasting, covenant compliance and operational performance to ensure adequate liquidity and long-term financial sustainability.

Regulatory Risk

The company operates within a regulated sector and is required to comply with applicable standards and requirements under the social housing regulatory framework. We continue to ensure Governance is at the forefront of our operating business model. We will significantly strengthen the board in the next financial period. Our adoption of new accounting policy is reflection of our dedication to best industry practice.

Operational Risk

The business relies on the effective management of housing assets, health and safety compliance, property maintenance and service delivery. The directors continue to strengthen internal controls, compliance procedures and operational oversight to mitigate operational risks across the portfolio.

Key performance indicators

The directors consider the key financial indicators of the business to be as follows:

• Turnover: £7.83m (2024: £8.15m)

• Operating Profit: £1.70m (2024: £1.68m)

• Housing Asset Value: £62.50 m (2024: £43.62 m)

• Employees: 28 (2024: 24)

The directors continue to monitor operational cash generation, occupancy levels, compliance performance and portfolio growth as part of the company’s ongoing strategic oversight.

On behalf of the board

Mr K A Shaw
Director
17 June 2026
OAK HOUSING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 August 2025.

Principal activities

The principal activity of the company continued to be that of Renting and operating of Housing Association real estate.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr E J Andrews
Mr P F Armstrong
(Resigned 31 March 2026)
Mrs L Robinson
(Resigned 31 March 2026)
Mr K A Shaw
Mr A M Tracey
L Y Banga
(Resigned 1 October 2025)
Auditor

bk plus Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible 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 then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

OAK HOUSING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -
On behalf of the board
Mr K A Shaw
Director
17 June 2026
OAK HOUSING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF OAK HOUSING LIMITED
- 5 -
Opinion

We have audited the financial statements of Oak Housing Limited (the 'company') for the year ended 31 August 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 August 2025 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's 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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

OAK HOUSING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF OAK HOUSING LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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, 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 directors' r esponsibilities s tatement, 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's 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.

From the preliminary stages of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which includes, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance, if available;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.

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

OAK HOUSING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF OAK HOUSING LIMITED (CONTINUED)
- 7 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Christopher Hession C.A. (Senior Statutory Auditor)
For and on behalf of bk plus Audit Limited, Statutory Auditor
Chartered Certified Accountants
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
England
17 June 2026
OAK HOUSING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -
2025
2024
as restated
Notes
£
£
Turnover
3
7,826,430
8,152,620
Cost of sales
(1,218,888)
(4,798,105)
Gross profit
6,607,542
3,354,515
Administrative expenses
(4,909,252)
(1,675,818)
Operating profit
4
1,698,290
1,678,697
Interest receivable and similar income
7
461
864
Interest payable and similar expenses
8
(3,190,845)
(1,158,335)
(Loss)/profit before taxation
(1,492,094)
521,226
Tax on (loss)/profit
9
-
0
298,526
(Loss)/profit for the financial year
(1,492,094)
819,752
OAK HOUSING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2025
- 9 -
2025
2024
as restated
£
£
(Loss)/profit for the year
(1,492,094)
819,752
Other comprehensive income
-
-
Total comprehensive income for the year
(1,492,094)
819,752
OAK HOUSING LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 10 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
10
-
0
14,703
Tangible assets
11
62,768,179
43,848,699
62,768,179
43,863,402
Current assets
Debtors
12
6,077,597
5,950,697
Cash at bank and in hand
34,073
202,534
6,111,670
6,153,231
Creditors: amounts falling due within one year
13
(4,152,075)
(2,637,079)
Net current assets
1,959,595
3,516,152
Total assets less current liabilities
64,727,774
47,379,554
Creditors: amounts falling due after more than one year
14
(62,222,546)
(43,382,232)
Net assets
2,505,228
3,997,322
Capital and reserves
Called up share capital
17
100
100
Profit and loss reserves
2,505,128
3,997,222
Total equity
2,505,228
3,997,322

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 17 June 2026 and are signed on its behalf by:
Mr K A Shaw
Director
Company registration number 07830210 (England and Wales)
OAK HOUSING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 August 2024:
Balance at 1 September 2023
100
(119,736)
(119,636)
Effect of change in accounting policy
-
3,297,206
3,297,206
As restated
100
3,177,470
3,177,570
Year ended 31 August 2024:
Profit and total comprehensive income
-
819,752
819,752
Balance at 31 August 2024
100
3,997,222
3,997,322
Year ended 31 August 2025:
Loss and total comprehensive income
-
(1,492,094)
(1,492,094)
Balance at 31 August 2025
100
2,505,128
2,505,228
OAK HOUSING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 12 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
5,338,251
2,220,465
Interest paid
(3,190,845)
(1,158,335)
Income taxes paid
(70,437)
(67,383)
Net cash inflow from operating activities
2,076,969
994,747
Investing activities
Proceeds from disposal of intangibles
(95,258)
-
0
Purchase of tangible fixed assets
(23,038,033)
(572,845)
Proceeds from disposal of tangible fixed assets
826,162
-
0
Interest received
461
864
Net cash used in investing activities
(22,306,668)
(571,981)
Financing activities
Repayment of borrowings
-
0
20,000
Payment of lease liabilities
20,061,238
(364,133)
Net cash generated from/(used in) financing activities
20,061,238
(344,133)
Net (decrease)/increase in cash and cash equivalents
(168,461)
78,633
Cash and cash equivalents at beginning of year
202,534
123,901
Cash and cash equivalents at end of year
34,073
202,534
OAK HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 13 -
1
Accounting policies
Company information

Oak Housing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Oak Housing, Here East, Queen Elizabeth Olympic Park, Plexal, London, E15 2GW.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), the Statement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for social housing from January 2022. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008 and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements. In assessing whether the going concern assumption is appropriate, management has taken into account all available relevant information about the future, which is at least, but is not limited to, 12 months from the date when the financial statements are authorised for issue.

1.3
Revenue

Turnover represents rental and service charge income receivable in the year and is stated net of void losses arising from empty properties.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
4 years, straight line basis
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

OAK HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 14 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
1%, straight line basis
Leasehold land and buildings
1%, straight line basis
Fixtures and fittings
3 years, straight line basis
Right of use Properties
depreciated over lease term

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

OAK HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

OAK HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

OAK HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 17 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
As lessee

At inception, the company assesses whether a contract is, or contains, a lease. A lease arises where the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control of the use of an asset occurs where the company has both the right to direct the use of the asset, and the right to obtain substantially all the economic benefits from that use.

Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within the same line items on the Balance sheet as owned assets.

The right-of-use asset is initially measured at cost, which comprises the initial measurement of the lease liability adjusted for lease payments made at or before the commencement date less any lease incentives or grants received, plus initial direct costs and an estimate of the cost of obligations to dismantle, remove or restore the underlying asset and the site on which it is located.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate or the company’s obtainable borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be payable under residual value guarantees, the exercise price of any purchase options that the company is reasonably certain to exercise, and any penalties for early termination of a lease.

At each financial period end, the lease liability is adjusted to reflect payments made and interest accrued. Also, the lease liability is remeasured to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or recognised in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

OAK HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 18 -

In the comparative period, the company classified leases as finance leases whenever the terms of the lease transferred substantially all the risks and rewards of ownership to the lessees. All other leases were classified as operating leases. Assets held under finance leases were recognised as assets at the lower of the assets' fair value at the date of inception and the present value of the minimum lease payments. The related liability was included in the balance sheet as a finance lease obligation. Lease payments were treated as consisting of capital and interest elements and the interest was charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals payable under operating leases, less any lease incentives received, were charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis was more representative of the time pattern in which economic benefits from the leased asset were consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Social housing lettings
7,826,430
8,152,620
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
7,826,430
8,152,620
2025
2024
£
£
Other revenue
Interest income
461
864
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
18,000
13,800
Depreciation of tangible fixed assets
3,292,391
302,499
Amortisation of intangible assets
14,703
18,402
Loss on disposal of intangible assets
95,258
-
OAK HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 19 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
28
24

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
795,675
714,394
Social security costs
84,576
65,276
Pension costs
15,149
10,756
895,400
790,426
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
80,167
76,000
Company pension contributions to defined contribution schemes
1,321
-
81,488
76,000
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
461
864
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
461
864
8
Interest payable and similar expenses
2025
2024
£
£
Other finance costs
Interest on lease liabilities
3,190,845
1,158,335
OAK HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 20 -
9
Taxation
2025
2024
£
£
Deferred tax
Tax losses carried forward
-
0
(298,526)

The actual charge/(credit) for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
(Loss)/profit before taxation
(1,492,094)
521,226
Expected tax charge based on the standard rate of corporation tax in the UK of 0% (2024: 0%)
-
0
-
0
Unutilised tax losses carried forward
-
0
(298,526)
Taxation charge/(credit) for the year
-
(298,526)
10
Intangible fixed assets
Software
£
Cost
At 1 September 2024 and 31 August 2025
86,203
Amortisation and impairment
At 1 September 2024
71,500
Amortisation charged for the year
14,703
At 31 August 2025
86,203
Carrying amount
At 31 August 2025
-
0
At 31 August 2024
14,703
OAK HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 21 -
11
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Right of use Properties
Total
£
£
£
£
£
Cost
At 1 September 2024
4,995,926
39,307,667
348,663
-
0
44,652,257
Additions
-
0
-
0
188,646
22,849,387
23,038,033
Disposals
-
0
-
0
-
0
(1,126,585)
(1,126,585)
Right-of-use assets recognised
(4,995,926)
(39,307,667)
-
0
44,303,593
-
0
At 31 August 2025
-
0
-
0
537,310
66,026,395
66,563,705
Depreciation and impairment
At 1 September 2024
331,055
350,560
121,942
-
0
803,558
Depreciation charged in the year
-
0
-
0
146,105
3,146,286
3,292,391
Eliminated in respect of disposals
-
0
-
0
-
0
(300,423)
(300,423)
Right-of-use assets recognised
(331,055)
(350,561)
-
0
681,616
-
0
At 31 August 2025
-
0
-
0
268,047
3,527,479
3,795,526
Carrying amount
At 31 August 2025
-
0
-
0
269,263
62,498,916
62,768,179
At 31 August 2024
4,664,871
38,957,107
226,721
-
0
43,848,699
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,232,495
1,088,784
Amounts owed by group undertakings
4,675,384
4,675,384
Other debtors
48,970
77,719
Prepayments and accrued income
120,748
108,810
6,077,597
5,950,697
13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Lease liabilities
15
2,141,990
921,066
Trade creditors
1,581,254
1,163,551
Corporation tax
15,646
86,083
Other taxation and social security
78,152
40,310
Other creditors
304,283
342,518
Accruals and deferred income
30,750
83,551
4,152,075
2,637,079
OAK HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 22 -
14
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Lease liabilities
15
62,222,546
43,382,232
15
Lease liabilities
2025
2024
Amounts due:
£
£
Within one year
2,141,990
921,066
After more than one year
62,222,546
43,382,232
64,364,536
44,303,298

The company entered into a series lease and leaseback transactions with CBRE Global Investment Fund for seven social housing units. Pipers Court in Ipswich, Burwood Court in Putney, Broadmead Court and Highlands Court in Bethnal Green on 18 December 2019. Including Ridley Road, Wolf & Fugglestone, the company granted a headleases subject to immediate leaseback. The units were leased to the Fund for a 250 year Headlease whilst simultaneously being subleased to the company for a 250 year less one month break date of a 22 year period. The initial costs for the 134 units was £464,070 per annum. The premium payable on the grant of the sublease totalled £9.3 million with an implicit interest of 2.78%.

16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
15,149
10,756

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
18
Related party transactions
2025
2024
Amounts due to related parties
£
£
Connected entities & individuals
303,251
313,251
OAK HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 23 -
19
Cash generated from/(absorbed by) operations
2025
2024
£
£
(Loss)/profit after taxation
(1,492,094)
819,752
Adjustments for:
Taxation charged/(credited)
-
0
(298,526)
Finance costs
3,190,845
1,158,335
Investment income
(461)
(864)
Loss on disposal of intangible assets
95,258
-
Amortisation and impairment of intangible assets
14,703
18,402
Depreciation and impairment of tangible fixed assets
3,292,391
302,499
Movements in working capital:
Increase in debtors
(126,900)
(5,950,697)
Increase in creditors
364,509
1,629,930
Cash generated from/(absorbed by) operations
5,338,251
(2,321,169)
20
Analysis of changes in net debt
1 September 2024
Cash flows
31 August 2025
£
£
£
Cash at bank and in hand
202,534
(168,461)
34,073
Lease liabilities
(44,303,298)
(20,061,238)
(64,364,536)
(44,100,764)
(20,229,699)
(64,330,463)
21
Prior period adjustment
Reconciliation of changes in equity
1 September
31 August
2023
2024
£
£
Adjustments to prior year
Change in accounting policy
-
3,297,206
Equity as previously reported
-
700,116
Equity as adjusted
-
3,997,322
Analysis of the effect upon equity
Profit and loss reserves
-
3,297,206
OAK HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
21
Prior period adjustment
(Continued)
- 24 -
Reconciliation of changes in profit for the previous financial period
2024
£
Total adjustments
-
Profit as previously reported
819,752
Profit as adjusted
819,752
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