Oakleaf Westmidlands Limited - Period Ending 2021-10-12

Oakleaf Westmidlands Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 8

Oakleaf Westmidlands Limited

Company Information

Directors

K Lineker K Browner

Registered office

1 Suffolk Way Sevenoaks Kent TN13 1YL

Accountants

Hazlewoods LLP Windsor House Bayshill Rd Cheltenham GL50 3AT

Oakleaf Westmidlands Limited

(Registration number: 11306516)
Balance Sheet as at 12 October 2021

	Note	2021 £	2021 £
Fixed assets
Intangible assets	4	179,997	204,997
Tangible assets	5	1,045,871	1,028,587
		1,225,868	1,233,584
Current assets
Debtors	6	7,025	56,973
Cash at bank and in hand		264	14,556
		7,289	71,529
Creditors: Amounts falling due within one year	7	(1,129,437)	(1,097,166)
Net current liabilities		(1,122,148)	(1,025,637)
Total assets less current liabilities		103,720	207,947
Deferred tax liabilities		(56,560)	(56,560)
Net assets		47,160	151,387
Capital and reserves
Called up share capital		100	100
Profit and loss account		47,060	151,287
Shareholders' funds		47,160	151,387

For the financial period ending 12 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 21 September 2023 and signed on its behalf by:
 

K Lineker
Director

Oakleaf Westmidlands Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2021 to 12 October 2021

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:
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Disclosure of long or short period

The financial statements cover a period of 153 days. The accounting period has been shortened to the day prior to acquisition of the company by Active Adult Limited on 13 Octover 2021.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgementsand 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Oakleaf Westmidlands Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2021 to 12 October 2021

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold land	Not depreciated
Buildings	2% Straight line
Fixtures, fittings and equipment	20% Straight line

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	Straight line over 20 years

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 liabilites 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 liabilites.

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.

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.

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.

Oakleaf Westmidlands Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2021 to 12 October 2021

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.

Oakleaf Westmidlands Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2021 to 12 October 2021

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 period, was as follows:

	1 May 2021 to 12 October 2021  No.	Year ended 30 April 2021  No.
Average number of employees	20	20

Oakleaf Westmidlands Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2021 to 12 October 2021

4

Intangible assets

	Goodwill  £	Total £
Cost
At 1 May 2021	299,996	299,996
At 12 October 2021	299,996	299,996
Amortisation
At 1 May 2021	94,999	94,999
Amortisation charge	25,000	25,000
At 12 October 2021	119,999	119,999
Carrying amount
At 12 October 2021	179,997	179,997
At 30 April 2021	204,997	204,997

5

Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost
At 1 May 2021	906,547	206,260	1,112,807
Additions	39,508	-	39,508
At 12 October 2021	946,055	206,260	1,152,315
Depreciation
At 1 May 2021	19,238	64,982	84,220
Charge for the period	5,036	17,188	22,224
At 12 October 2021	24,274	82,170	106,444
Carrying amount
At 12 October 2021	921,781	124,090	1,045,871
At 30 April 2021	887,309	141,278	1,028,587

Included within the net book value of land and buildings above is £921,781 (30 April 2021- £887,309) in respect of freehold land and buildings.
 

Oakleaf Westmidlands Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2021 to 12 October 2021

6

Debtors

	12 October 2021  £	30 April 2021  £
Trade debtors	5,600	5,601
Other debtors	870	-
Prepayments	555	51,372
	7,025	56,973
Total current trade and other debtors	7,025	56,973

7

Creditors

	Note	12 October 2021  £	30 April 2021  £
Due within one year
Trade creditors		-	20,937
Other creditors		1,129,195	974,841
Accrued expenses		242	101,388
		1,129,437	1,097,166

8

Parent and ultimate parent undertaking

The company's immediate parent is Active Adult Limited, incorporated in England and Wales.

 The ultimate parent is Ruby Holdco Limited, incorporated in England and Wales.

 The ultimate controlling party is Montreux Healthcare Fund.

On 13 October 2021, the company was acquired by Active Adult Limited.

9

Disclosure under Section 444(5B) CA 2006

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. These accounts are unaudited.