OAKMINSTER GROUP LIMITED - Limited company accounts 20.1

REGISTERED NUMBER: SC642222 (Scotland)

Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 March 2022

for

OAKMINSTER GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTOR:

Mrs S Poddar

REGISTERED OFFICE:

40 Lambhill Street

Kinning Park

Glasgow

G41 1AU

REGISTERED NUMBER:

SC642222 (Scotland)

AUDITORS:

O'Haras Accountants Limited

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

SOLICITORS:

Morton Fraser Lawyers

145 St Vincent Street

Glasgow

G2 5JF

The director presents her strategic report of the company and the group for the year ended 31 March 2022.

REVIEW OF BUSINESS

The group aims to ensure that all residents receive the highest possible care through high quality staffing and aesthetically pleasing accommodation.

Key performance indicators

2022

2021

Gross profit %

29.53%

29.57%

Turnover has increased by 7.13%. This is primarily due to increased occupancy rates. Occupancy rates had decreased in the previous year as a result of COVID-19.

The group maintains an excellent working relationship with its regulators and Glasgow City Council.

PRINCIPAL RISKS AND UNCERTAINTIES

Competitive Risks

The group is reliant on placements from local authorities.

There continues to be a national shortage of nurses within the UK which may increase employment costs. Also, the Scottish Executive is coming under increasing pressure to provide direct care to the elderly in their own homes which may have an impact on our occupancy.

Legislative Risks

There is increasing pressure to ensure all staff are trained to the highest standard. This is challenging due to the diverse needs of residents being admitted. This standard is subject to continuous revision in relation to current staff employed and may have a direct impact on funding.

Financial Risks

Credit risk and cash flow risk are low with local authorities representing by far the largest proportion of the group's customer base and payment of outstanding debts is generally made every four weeks. The local authority also underwrites any debt arising from the contribution received directly from residents.

COVID-19

Our care homes have been impacted by COVID-19 in a number of ways. Client have been at greater risk during the pandemic, along with our staff who have had to work in very difficult conditions. With the impact on clients this then moves into our ability to maintain our occupancy levels with the movement of clients into and out of homes being an ongoing issue.

The group has managed to mitigate and continues to mitigate the challenges presented by COVID-19 to not just our group but all care home operators. Having five care homes in differing locations has helped as it enables the group to take a portfolio view of the risks and ensure that each care home is suitably isolated and controlled from the other homes. Care of clients is paramount and given the age profile COVID-19 had impacted the lives of the clients and will continue to do so.

Our staff have also worked exceptionally hard to ensure that all safety / risk protocols are adhered to and that they remain safe as well. Without the support of the teams at each care home this would have been even harder for the group. We have and do continue to manage the use of agency resource from both a financial and operational perspective during COVID-19.

Our key stakeholders have also been supportive with NHS and local councils providing us with insights, guidance and supporting resource planning to ensure we provide the care levels required and also have suitable capacity when required. Our bank has also been understanding of the situation that the group has found itself in and we thank them for that continuing support.

Overall our plans to develop the group have been impacted by COVID-19 and we will need time to get back onto the growth plan that we had envisaged pre COVID-19. We fully expect to be moving back to that growth plan and it is on that fundamental basis that we continue to plan the future of the group.

DEVELOPMENT AND PERFORMANCE

The immediate priorities of the group are to improve the level of care and facilities offered to its residents and to manage the overheads of the business to improve profitability.

ON BEHALF OF THE BOARD:

Mrs S Poddar - Director

15 November 2022

The director presents her report with the financial statements of the company and the group for the year ended 31 March 2022.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2022.

DIRECTOR

Mrs S Poddar held office during the whole of the period from 1 April 2021 to the date of this report.

DISABLED PERSONS

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

ENGAGEMENT WITH EMPLOYEES

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, O'Haras Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs S Poddar - Director

15 November 2022

Opinion

We have audited the financial statements of OAKMINSTER GROUP LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2022 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

- We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, primarily in the residential and nursing care sector. We made enquiries of management as to whether there were any known or suspected instances of non-compliance with laws and regulations or fraud, and reviewed available board minutes for any indication of such matters.

- We gained an understanding of management's internal controls designed to prevent and detect irregularities in their day-to-day operations.

- We considered laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement components. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of relevant third parties.

- We considered how fraud might occur in this company and designed our tests accordingly.

- As in all audits, we also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

John O'Hara CA (Senior Statutory Auditor)

for and on behalf of O'Haras Accountants Limited

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

15 November 2022

TURNOVER

11,801,163

11,015,380

Cost of sales

8,315,831

7,758,436

GROSS PROFIT

3,485,332

3,256,944

Administrative expenses

3,814,299

3,419,663

(328,967

)

(162,719

)

Other operating income

984,020

866,901

OPERATING PROFIT

5

655,053

704,182

Interest receivable and similar income

118

87

655,171

704,269

Interest payable and similar expenses

6

450,081

441,579

PROFIT BEFORE TAXATION

205,090

262,690

Tax on profit

7

156,631

208,667

PROFIT FOR THE FINANCIAL YEAR

48,459

54,023

Profit attributable to:

Owners of the parent

48,459

54,023

PROFIT FOR THE YEAR

48,459

54,023

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

48,459

54,023

Total comprehensive income attributable to:

Owners of the parent

48,459

54,023

FIXED ASSETS

Intangible assets

9

260,371

303,765

Tangible assets

10

16,615,927

17,451,222

Investments

11

-

-

16,876,298

17,754,987

CURRENT ASSETS

Debtors

12

1,033,890

730,161

Cash at bank

2,501,793

1,348,726

3,535,683

2,078,887

CREDITORS

Amounts falling due within one year

13

4,060,318

2,224,273

NET CURRENT LIABILITIES

(524,635

)

(145,386

)

TOTAL ASSETS LESS CURRENT LIABILITIES

16,351,663

17,609,601

CREDITORS

Amounts falling due after more than one year

14

(14,274,691

)

(15,540,691

)

PROVISIONS FOR LIABILITIES

16

(594,935

)

(635,332

)

NET ASSETS

1,482,037

1,433,578

CAPITAL AND RESERVES

Called up share capital

17

4

4

Retained earnings

18

1,482,033

1,433,574

SHAREHOLDERS' FUNDS

1,482,037

1,433,578

The financial statements were approved by the director and authorised for issue on 15 November 2022 and were signed by:

Mrs S Poddar - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

300,000

300,000

300,000

300,000

CURRENT ASSETS

Cash in hand

2

2

NET CURRENT ASSETS

2

2

TOTAL ASSETS LESS CURRENT LIABILITIES

300,002

300,002

CAPITAL AND RESERVES

Called up share capital

17

4

4

Retained earnings

18

299,998

299,998

SHAREHOLDERS' FUNDS

300,002

300,002

Company's profit for the financial year

-

-

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 15 November 2022 and were signed by:

Mrs S Poddar - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2020

4

1,379,551

1,379,555

Changes in equity

Total comprehensive income

-

54,023

54,023

Balance at 31 March 2021

4

1,433,574

1,433,578

Changes in equity

Total comprehensive income

-

48,459

48,459

Balance at 31 March 2022

4

1,482,033

1,482,037

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2020

4

299,998

300,002

Changes in equity

Balance at 31 March 2021

4

299,998

300,002

Changes in equity

Balance at 31 March 2022

4

299,998

300,002

Cash flows from operating activities

Cash generated from operations

1

1,967,468

809,867

Interest paid

(450,081

)

(441,579

)

Tax paid

(218,014

)

(15,116

)

Net cash from operating activities

1,299,373

353,172

Cash flows from investing activities

Purchase of tangible fixed assets

(108,919

)

(186,908

)

Sale of tangible fixed assets

-

1

Interest received

118

87

Net cash from investing activities

(108,801

)

(186,820

)

Cash flows from financing activities

Loan repayments in year

(821,999

)

-

Amount introduced by directors

784,494

751,817

Amount withdrawn by directors

-

(751,809

)

Net cash from financing activities

(37,505

)

8

Increase in cash and cash equivalents

1,153,067

166,360

Cash and cash equivalents at beginning of year

2

1,348,726

1,182,366

Cash and cash equivalents at end of year

2

2,501,793

1,348,726

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2022

2021

£

£

Profit before taxation

205,090

262,690

Depreciation charges

987,607

1,104,838

Loss on disposal of fixed assets

-

12,890

Finance costs

450,081

441,579

Finance income

(118

)

(87

)

1,642,660

1,821,910

Increase in trade and other debtors

(303,729

)

(440,864

)

Increase/(decrease) in trade and other creditors

628,537

(571,179

)

Cash generated from operations

1,967,468

809,867

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2022

31.3.22

1.4.21

£

£

Cash and cash equivalents

2,501,793

1,348,726

Year ended 31 March 2021

31.3.21

1.4.20

£

£

Cash and cash equivalents

1,348,726

1,182,366

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.21

Cash flow

At 31.3.22

£

£

£

Net cash

Cash at bank

1,348,726

1,153,067

2,501,793

1,348,726

1,153,067

2,501,793

Debt

Debts falling due within 1 year

-

(444,000

)

(444,000

)

Debts falling due after 1 year

(15,540,691

)

1,266,000

(14,274,691

)

(15,540,691

)

822,000

(14,718,691

)

Total

(14,191,965

)

1,975,067

(12,216,898

)

1.	STATUTORY INFORMATION

OAKMINSTER GROUP LIMITED is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Going concern

The banking facilities were renewed in December 2019 across the group with a 5 year facility which is repayable on 22 November 2024. We remain covenant compliant and are forecast to remain so for the next 12 months at least.

The directors have considered in detail the group's performance and continue to prepare regular group forecasts and cash flows (which are shared with the bank on a regular basis and reflect changes to the capital repayment profit noted). The directors have assess the financial position of the group/company (including it's capital and liquidity resources) with a particular focus on the impact of COVID-19. On the basis of these assessments and the continued funding facilities being in place, present the accounts on a going concern basis.

Basis of consolidation

The consolidated financial statements incorporate those of Oakminster Group Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries included as part of the group restructuring during the year are consolidated using the merger method. Therefore, the full year and comparative results have been shown as if these subsidiaries have always been part of the current group structure.

All financial statements are made up to 31 March 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The cost of a a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

As permitted by s408 Companies Act 2006, the company has not presented its own statement of comprehensive income and related notes as it prepared group accounts and the company individual statement of financial position shows the company's profit for the financial period.

Revenue

Sale of services represents amounts receivable from the provision of nursing and enhanced residential care.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

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

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Impairment of fixed assets

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents

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

3.	EMPLOYEES AND DIRECTORS

2022

2021

£

£

Wages and salaries

6,776,125

6,633,556

Social security costs

529,434

497,156

Other pension costs

141,954

121,847

7,447,513

7,252,559

The average number of employees during the year was as follows:

2022

2021

Nursing staff

327

340

Admin staff

29

25

356

365

The average number of employees by undertakings that were proportionately consolidated during the year was 356 (2021 - 365 ) .

4.	DIRECTORS' EMOLUMENTS

2022

2021

£

£

Director's remuneration

255,042

240,100

Information regarding the highest paid director is as follows:

2022

2021

£

£

Emoluments etc

176,375

170,100

5.	OPERATING PROFIT

The operating profit is stated after charging:

2022

2021

£

£

Depreciation - owned assets

944,214

1,061,447

Loss on disposal of fixed assets

-

12,890

Goodwill amortisation

43,394

43,394

Auditors' remuneration

30,000

18,346

Auditors' remuneration for non audit work

3,870

18,791

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2022

2021

£

£

Bank loan interest

450,081

441,579

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2022

2021

£

£

Current tax:

UK corporation tax

197,028

220,185

Prior year under/over

provision

-

(2,171

)

Total current tax

197,028

218,014

Deferred tax

(40,397

)

(9,347

)

Tax on profit

156,631

208,667

8.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9.	INTANGIBLE FIXED ASSETS

Group

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

867,889

AMORTISATION

At 1 April 2021

564,124

Amortisation for year

43,394

At 31 March 2022

607,518

NET BOOK VALUE

At 31 March 2022

260,371

At 31 March 2021

303,765