ACCOUNTS - Final Accounts

Commitments under operating leases

At 31 December 2020 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

OAK TREE FOREST LIMITED - Company Information

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Registered number: 07071928

OAK TREE FOREST LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020


OAK TREE FOREST LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 7


OAK TREE FOREST LIMITED REGISTERED NUMBER:07071928

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		323,461		376,972
Current assets
Debtors: amounts falling due after more than one year	5	90,000		169,000
Debtors: amounts falling due within one year	5	3,481,132		2,227,075
Cash at bank and in hand		779,063		801,320
		4,350,195		3,197,395
Current liabilities
Creditors: amounts falling due within one year	6	(3,175,503)		(2,421,481)
Net current assets			1,174,692		775,914
Total assets less current liabilities			1,498,153		1,152,886
Provisions for liabilities
Deferred tax			(26,186)		(26,506)
Net assets			1,471,967		1,126,380

Capital and reserves
Called up share capital	8	100	100
Profit and loss account		1,471,867	1,126,280
		1,471,967	1,126,380

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 November 2021.

Guy Indig Consulting Israel Limited

Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1


OAK TREE FOREST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.	General information

Oak Tree Forest Limited is a private limited liability company incorporated and domiciled in England and Wales. The registered office and business address is at Ellern Mede Ridgeway Holcombe Hill, The Ridgeway, London NW7 4HX.
The company's principal activity is that of provision of inpatient and outpatient treatment and care to children and adolescents with eating disorders.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover comprises revenue recognised by the company in respect of inpatient and outpatient services supplied during the year.
Revenue from the provision of eating disorder services to young people are recognised in the period the services are provided.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Short-term leasehold property	-	over the lease term or useful life of the asset if shorter
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	15%-33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 2


OAK TREE FOREST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.4

Basic financial instruments

The company only enters into transactions that result in the recognition of basic financial assets and basic financial liabilities.
Basic financial assets, such as trade and other debtors, are initially recognised at the transaction price less attributable transaction costs. Basic financial liabilities, such as trade and other creditors, are initially recognised at the transaction price plus attributable transaction costs. Subsequently, they are measured at amortised cost using the effective interest method, less any impairment losses in the case of basic financial assets.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is an 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.

2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Government grants

Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

2.7

Pensions

The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 3


OAK TREE FOREST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.8

Current and deferred taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
a) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
b) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 118 (2019 -125).

Page 4


OAK TREE FOREST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

4.	Tangible fixed assets

	Leasehold improvements	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 January 2020	256,155	28,704	772,439	1,057,298
Additions	9,581	-	72,412	81,993
At 31 December 2020	265,736	28,704	844,851	1,139,291
Depreciation
At 1 January 2020	105,558	16,038	558,730	680,326
Charge for the year on owned assets	40,762	3,167	91,575	135,504
At 31 December 2020	146,320	19,205	650,305	815,830
Net book value
At 31 December 2020	119,416	9,499	194,546	323,461
At 31 December 2019	150,597	12,666	213,709	376,972

5.	Debtors
		2020	2019
		£	£

Due after more than one year
Other debtors	90,000	169,000

					2020	2019
					£	£

Due within one year
Trade debtors	1,019,465	267,222
Amounts owed by group undertakings	1,663,452	1,296,908
Amounts owed by other participating interests	60,000	-
Other debtors	609,728	225,446
Called up share capital not paid	100	100
Prepayments and accrued income	128,387	437,399
	3,481,132	2,227,075

Page 5


OAK TREE FOREST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	447,866	611,384
Amounts owed to group undertakings	133,402	1,223,447
Amounts owed to other participating interests	-	200,000
Other taxation and social security	472,153	123,255
Other creditors	1,765,856	104,447
Accruals and deferred income	356,226	158,948
	3,175,503	2,421,481

7.	Deferred taxation

	2020	2019
	£	£

At beginning of year	26,506	34,481
Charged to profit or loss	(320)	(7,975)
At end of year	26,186	26,506

The provision for deferred taxation is made up as follows:
	2020	2019
	£	£

Accelerated capital allowances

26,186

26,506

8.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

100 Ordinary shares of £1 each	100	100

Page 6


OAK TREE FOREST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

9.	Pension commitments

The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £51,798 (2019 - £40,368). Contributions totalling £4,821 (2019 - £13,085) were payable to the fund at the reporting date and are included in creditors.

Not later than 1 year	351,352	350,000
Later than 1 year and not later than 5 years	1,400,000	1,400,000
Later than 5 years	824,658	1,174,658
	2,576,010	2,924,658

11.	Parent undertaking

The immediate parent undertaking is Ellern Mede Investments Ltd, a company registered in Guernsey. The directors consider that the ultimate parent company is IGMG Limited, a company registered in Guernsey and which has its registered office at 18-20 Le Pollet, St Peter Port, Guernsey, GY1 1WH.

12.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2020 was unqualified.

The audit report was signed on 18 November 2021 by Martyn Atkinson (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

Page 7