Oakdale Care Homes No.1 Limited - Period Ending 2022-03-31

Oakdale Care Homes No.1 Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

Oakdale Care Homes No.1 Limited

Company Information

Directors

M C Greaves M J Whitehead

Registered office

Helios 47 Isabella Road Garforth Leeds LS25 2DY

Auditors

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Oakdale Care Homes No.1 Limited

(Registration number: 10158125)
Balance Sheet as at 31 March 2022

	Note	31 March 2022  £	31 March 2021  £
Fixed assets
Tangible assets	4	-	6,969,759
Current assets
Debtors	5	545,913	674,426
Cash at bank and in hand		-	30,745
		545,913	705,171
Creditors: Amounts falling due within one year	6	-	(8,209,753)
Net current assets/(liabilities)		545,913	(7,504,582)
Total assets less current liabilities		545,913	(534,823)
Creditors: Amounts falling due after more than one year	6	-	(9,643)
Net assets/(liabilities)		545,913	(544,466)
Capital and reserves
Called up share capital	8	1	1,520,001
Profit and loss account		545,912	(2,064,467)
Total equity		545,913	(544,466)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 June 2022 and signed on its behalf by:
 

M J Whitehead
Director

Oakdale Care Homes No.1 Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

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:
Helios
47 Isabella Road
Garforth
Leeds
LS25 2DY

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 Section 1A - '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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

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

Name of parent of group

These financial statements are consolidated in the financial statements of Halcyon Care Homes Topco Limited.

The financial statements of Halcyon Care Homes Topco Limited may be obtained from Companies House.

Going concern

During the year, the company's trade and net assets were transferred to a fellow subsidiary company, Halcyon Care Homes No.1 Limited. Following this transfer the company became dormant.

Judgements and estimation uncertainty

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

Revenue recognition

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

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Oakdale Care Homes No.1 Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Tax

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

The current 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class	Depreciation method and rate
Leasehold property	Over the term of the lease
Motor vehicles	25% straight line
Furniture, fittings and equipment	25% straight line

Cash and cash equivalents

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

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Oakdale Care Homes No.1 Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Oakdale Care Homes No.1 Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Staff numbers

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

	Year ended 31 March 2022  No.	1 January 2020 to 31 March 2021  No.
Care and support	25	71

Oakdale Care Homes No.1 Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

4

Tangible assets

	Leasehold land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost
At 1 April 2021	6,945,750	10,232	56,384	7,012,366
Disposals	(6,945,750)	(10,232)	(56,384)	(7,012,366)
At 31 March 2022	-	-	-	-
Depreciation
At 1 April 2021	-	3,198	39,409	42,607
Charge for the year	-	306	4,699	5,005
Eliminated on disposal	-	(3,504)	(44,108)	(47,612)
At 31 March 2022	-	-	-	-
Carrying amount
At 31 March 2022	-	-	-	-
At 31 March 2021	6,945,750	7,034	16,975	6,969,759

During the year, the company's long leasehold property was transferred to a fellow subsidiary, Halcyon Care Homes No.1 Limited via the grant of new 999 year leases to that company. The option to purchase the freehold remained in Oakdale Care Homes No.1 Limited as at the transfer date. These transactions formed part of a wider group reorganisation and on the same date the trade and other net assets of the company were also transferred to Halcyon Care Homes No.1 Limited.

5

Debtors

	31 March 2022  £	31 March 2021  £
Trade debtors	-	89,586
Amounts owed by group undertakings	545,913	-
Other debtors	-	158,114
Prepayments	-	32,259
Deferred tax assets	-	394,467
	545,913	674,426

Oakdale Care Homes No.1 Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

6

Creditors

	Note	31 March 2022  £	31 March 2021  £
Due within one year
Loans and borrowings	7	-	3,656
Trade creditors		-	37,827
Amounts due to group undertakings		-	7,853,104
Social security and other taxes		-	40,357
Outstanding defined contribution pension costs		-	6,690
Other creditors		-	74,211
Accrued expenses		-	193,908
		-	8,209,753
Due after one year
Loans and borrowings	7	-	9,643

7

Loans and borrowings

	2022 £	2021 £
Current loans and borrowings
HP and finance lease liabilities	-	3,656

	2022 £	2021 £
Non-current loans and borrowings
HP and finance lease liabilities	-	9,643

Hire purchase liabilities are secured on the assets to which they relate.

Oakdale Care Homes No.1 Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

8

Share capital

Allotted, called up and fully paid shares

	31 March 2022		31 March 2021
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1,520,001	1,520,001

New shares allotted

During the year, 1,038,934 Ordinary shares having an aggregate nominal value of £1,038,934 were allotted for an aggregate consideration of £1,038,934. These shares were allotted on 15 June 2021.

On the same day, the company's issued share capital was reduced from £2,558,935 to £1 by cancelling 2,558,934 Ordinary shares of £1.

9

Parent and ultimate parent undertaking

The company's immediate parent is Oakdale Care Group Limited, incorporated in England and Wales.

 The ultimate parent is Halcyon Care Homes Topco Limited, incorporated in England and Wales, a company with no single controlling party.

10

Disclosure under Section 444(5B) CA 2006 relating to the independent auditor's report

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. Accordingly, the Independent Auditors’ Report has also been omitted.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 29 June 2022 was Simon Worsley, who signed for and on behalf of Hazlewoods LLP.