Oakbridge Care Limited - Accounts to registrar (filleted) - small 23.2.5
Oakbridge Care Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 March 2023 |
| for |
| Oakbridge Care Limited |
| Oakbridge Care Limited (Registered number: SC299329) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Oakbridge Care Limited |
| Company Information |
| for the Year Ended 31 March 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Radleigh House |
| 1 Golf Road |
| Clarkston |
| Glasgow |
| G76 7HU |
| SOLICITORS: |
| 145 St Vincent Street |
| Glasgow |
| G2 5JF |
| Oakbridge Care Limited (Registered number: SC299329) |
| Balance Sheet |
| 31 March 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Share premium |
| Revaluation reserve | 9 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Oakbridge Care Limited (Registered number: SC299329) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2023 |
| 1. | STATUTORY INFORMATION |
| Oakbridge Care Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The directors have considered in detail the company and Group performance and continue to prepare regular company and 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 assessed the financial position of the company and the Group (including it's capital and liquidity resources) On the basis of these assessments and the continued funding facilities being in place, they present the accounts on a going concern basis. |
| Revenue |
| Turnover represents fees raised by the company in respect of care home services supplied during the year. |
| The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK. |
| Tangible fixed assets |
| Freehold property | - |
| Fixtures and fittings | - |
| Taxation |
| The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable. |
| Current and deferred tax is charged or credited to profit and loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity. |
| Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously. |
| Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. |
| Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. |
| Oakbridge Care Limited (Registered number: SC299329) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Trade, other and inter-company debtors |
| Trade, other and inter-company debtors are recognised initially at the transaction price, or when the arrangement constitutes a financing transaction, at the present value of future payments discounted at a market rate of interest for a similar debt instrument. Trade, other and inter-company debtors are subsequently measured at amortised cost using the effective interest rate method, less any impairment losses. |
| A provision for impairment of trade, other and inter-company debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade or other debtor over the present value of future cash flows discounted using the original effective interest rates. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss. |
| Trade, other and inter-company creditors |
| Trade, other and inter-company creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
| Where the instrument with a trade, other or inter-company creditor constitutes a financing transaction, the creditor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument. |
| 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 with borrowings in current liabilities. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Oakbridge Care Limited (Registered number: SC299329) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | and |
| property | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| Included in land and buildings is land at cost of £350,000 (2022: £350,000) which is not depreciated. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | SECURED DEBTS |
| The banking facilities are secured by cross guarantees between Oakbridge Care Ltd and Oakminster Healthcare Ltd, supported by: |
| - a floating charge over the assets and undertakings of Oakbridge Care Ltd. |
| Oakbridge Care Limited (Registered number: SC299329) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 9. | RESERVES |
| Share Premium |
| Consideration received for shares issued above their nominal value net of transactions costs. |
| Revaluation reserve |
| The cumulative revaluation gains and losses in respect of tangible fixed assets, except revaluation gains and losses recognised in profit or loss. |
| Profit and loss reserves |
| Cumulative profit and loss net of distributions to owners. |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | PARENT COMPANY |
| The company's immediate parent company is Oakminster Healthcare Limited. |
| The company's ultimate parent company and ultimate controlling party is Oakminster Group Limited, whose registered office is 40 Lambhill Street, Kinning Park, Glasgow, G41 1AU. |
| Oakminster Group Limited is the smallest group for which consolidated accounts are prepared. These can be obtained from Companies House, 4th Floor, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF. |