Company registration number 11945325 (England and Wales)
OAKVIEW CARE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
OAKVIEW CARE GROUP LIMITED
COMPANY INFORMATION
Directors
JS Khatkar
AK Khatkar
Company number
11945325
Registered office
14-20 Overfield Road
Birmingham
B32 3BA
Auditor
Spencer Gardner Dickins Audit LLP
3 Coventry Innovation Village
Cheetah Road
Coventry
CV1 2TL
OAKVIEW CARE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 27
OAKVIEW CARE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
The directors present the strategic report for the year ended 31 March 2023.
Review of the business
The nature of the business remained consistent with prior periods providing residential care for the elderly for residential and nursing residents including those with dementia.true
There has been positive feedback from recent refurbishments which have enhanced communal areas and provided balconies for both first floor units.
This has seen communal spaces being enlarged and improved with the addition of balconies for first floor units and improved garden areas within the dementia and residential units. This reflects increasing acuity levels amongst residents and our recognition of the importance of readily accessible outdoor space.
A rolling programme of improvement and refurbishment has been established to ensure the business retains its position in the market in proving compassionate care in an outstanding environment.
Inflationary pressures lead to significant increases in energy and food costs. Although these are beginning to ease they will pose a challenge as they have increased at a faster rate than fee rates.
As the impact of the pandemic has eased so has the level of Government financial assistance in the forms of various grants to face the increasing costs pressures.
Whilst local authorities, who pay a proportion of the fees, recognise the actual cost of care they pay rates significantly below this level due to budgetary pressures they themselves are facing. The self-pay market, which is an increasing proportion of the business, recognise these costs and accept that we need to reflect these in higher fee rates.
Despite the pressures we are facing the business is in a strong strategic position due to its investments in environment and strong culture of compassionate care to ride the coming storms and to remain as the preferred care provider within its locality.
Principal risks and uncertainties
The Company faces a number of risks and challenges, however its well placed to address these as set out below:
| | |
| Although most Covid measures have now been eased the risk for a new pandemic is ever present and would impact of resident wellbeing, reduced admissions, staff welfare, staff availability, increased costs | Having experienced the first pandemic the business is well versed in the potential issues that this would bring and would be able to react accordingly to mitigate its impact. We also feel lessons have been learned by Government in this regard to enable them to better respond. Our measures were deemed to be fully compliant during the last pandemic when assessed by the Care Quality Commission (CQC) |
OAKVIEW CARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Principal risks and uncertainties (continued)
| With general inflation in double digits, we are faced with specific average costs increasing by 20% particularly in energy where contracts have expired and food. | We have received notification of fee increases from the local authorities and implemented fees increases to the self-pay market which will mitigate some of these increases. There will be an inevitable squeeze on margins, but this is expected to lesson as inflationary pressures ease. |
| Full employment in the economy has seen increasing difficulty in recruiting staff | The company has strong relationship with selected staff agencies who are able to provide consistent staff when required at competitive rates. The company has begun employing overseas staff through its home office sponsorship programme. A large proportion of these candidates are qualified nurses in their own countries and have the requisite skill base to deliver the care required. The recruitment process focuses on the candidates’ aptitude and fit with the Company’s core values. |
| Birmingham region has seen significant number of new build homes over the period increasing competition particularly for the self-pay market. | The company has seen an increase in the number of referrals it has received since the completion of its development. A new website and dedicated online marketing team have helped in this regard. New build developments have mainly affected older care homes or those that are already performing poorly with several closures. The overall number of care beds in the region has remained reasonably static but with an overall improvement in its provision. |
| Potential residents choose to remain in their own homes aided with packages of care from domiciliary agencies and improved technology for remote monitoring. This has been aided by local authorities who use this as the default choice. | Home Care can be the right choice for some if not most who still retain a degree of mobility and have support networks to hand. However, with an aging population we are seeing increasing acuity needs. Therefore, there has been a delay in residents entering care homes at an older age. The other demand is from those with low needs but facing social isolation. The number of enquiries we are receiving is consistent and improving. |
OAKVIEW CARE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Key performance indicators
The Directors consider a number of key performance indicators (KPIs) in order to effectively manage the business. The KPIs are monitored against prior year results and the Directors adapt their plan for the business in order to improve the results. The KPIs considered are:
Turnover - £2.73m (2022: £2.73m)
Operating profit - £756k (2022: £726k)
Net assets - £1.875m (2022: £1.424m)
JS Khatkar
Director
20 December 2023
OAKVIEW CARE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
The directors present their annual report and financial statements for the year ended 31 March 2023.
Principal activities
The principal activities of the company continued to be that of property rental and that of a holding company for a group of companies engaged in the provision of nursing home care.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £28,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
JS Khatkar
AK Khatkar
Auditor
The auditor, Spencer Gardner Dickins Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management objectives, review of performance, research and future developments.true
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
JS Khatkar
Director
20 December 2023
OAKVIEW CARE GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
OAKVIEW CARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OAKVIEW CARE GROUP LIMITED
- 6 -
Opinion
We have audited the financial statements of Oakview Care Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 March 2023 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
OAKVIEW CARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OAKVIEW CARE GROUP LIMITED
- 7 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are responsible for assessing 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
E
Reviewing minutes of meetings of those charged with governance.
Performing audit work over the risk of management override of controls and risk of fraud in revenue recognition, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Our audit planning identified fraud risks in relation to management override and risk of fraud in revenue recognition. We considered the processes and controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud and how management monitors that processes and controls.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment,forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
OAKVIEW CARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OAKVIEW CARE GROUP LIMITED
- 8 -
Other matters which we are required to address
In the previous accounting period the directors of the group and company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.
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 an auditor's report 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.
Susan Thomas-Walls BSc BFP FCA (Senior Statutory Auditor)
For and on behalf of Spencer Gardner Dickins Audit LLP
21 December 2023
Chartered Accountants
Statutory Auditor
3 Coventry Innovation Village
Cheetah Road
Coventry
CV1 2TL
OAKVIEW CARE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
3,464,862
2,733,900
Cost of sales
(2,347,585)
(1,922,553)
Gross profit
1,117,277
811,347
Administrative expenses
(448,809)
(281,782)
Other operating income
87,580
196,926
Operating profit
4
756,048
726,491
Interest receivable and similar income
7
290
259
Interest payable and similar expenses
8
(192,242)
(134,741)
Profit before taxation
564,096
592,009
Tax on profit
9
(85,171)
(61,957)
Profit for the financial year
22
478,925
530,052
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
OAKVIEW CARE GROUP LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Negative goodwill
11
(372,305)
(660,542)
Tangible assets
12
5,986,670
6,164,751
Current assets
Debtors
15
133,990
139,526
Cash at bank and in hand
271,312
273,123
405,302
412,649
Creditors: amounts falling due within one year
16
(833,555)
(999,103)
Net current liabilities
(428,253)
(586,454)
Total assets less current liabilities
5,186,112
4,917,755
Creditors: amounts falling due after more than one year
17
(3,284,272)
(3,470,121)
Provisions for liabilities
Deferred tax liability
19
26,092
22,811
(26,092)
(22,811)
Net assets
1,875,748
1,424,823
Capital and reserves
Called up share capital
21
400
400
Profit and loss reserves
22
1,875,348
1,424,423
Total equity
1,875,748
1,424,823
The financial statements were approved by the board of directors and authorised for issue on 20 December 2023 and are signed on its behalf by:
20 December 2023
JS Khatkar
Director
Company registration number 11945325 (England and Wales)
OAKVIEW CARE GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,600,000
4,700,000
Investments
13
200
200
4,600,200
4,700,200
Current assets
Debtors
15
29,170
276,022
Cash at bank and in hand
1,306
1,044
30,476
277,066
Creditors: amounts falling due within one year
16
(256,764)
(492,880)
Net current liabilities
(226,288)
(215,814)
Total assets less current liabilities
4,373,912
4,484,386
Creditors: amounts falling due after more than one year
17
(3,284,272)
(3,470,121)
Provisions for liabilities
Deferred tax liability
19
7,399
4,002
(7,399)
(4,002)
Net assets
1,082,241
1,010,263
Capital and reserves
Called up share capital
21
400
400
Profit and loss reserves
22
1,081,841
1,009,863
Total equity
1,082,241
1,010,263
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £99,978 (2022 - £108,920 profit).
These 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 board of directors and authorised for issue on 20 December 2023 and are signed on its behalf by:
20 December 2023
JS Khatkar
Director
Company registration number 11945325 (England and Wales)
OAKVIEW CARE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
400
911,371
911,771
Year ended 31 March 2022:
Profit and total comprehensive income
-
530,052
530,052
Dividends
10
-
(17,000)
(17,000)
Balance at 31 March 2022
400
1,424,423
1,424,823
Year ended 31 March 2023:
Profit and total comprehensive income
-
478,925
478,925
Dividends
10
-
(28,000)
(28,000)
Balance at 31 March 2023
400
1,875,348
1,875,748
OAKVIEW CARE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
400
917,943
918,343
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
108,920
108,920
Dividends
10
-
(17,000)
(17,000)
Balance at 31 March 2022
400
1,009,863
1,010,263
Year ended 31 March 2023:
Profit and total comprehensive income
-
99,978
99,978
Dividends
10
-
(28,000)
(28,000)
Balance at 31 March 2023
400
1,081,841
1,082,241
OAKVIEW CARE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
735,423
684,784
Income taxes paid
(51,624)
(146,364)
Net cash inflow from operating activities
683,799
538,420
Investing activities
Purchase of tangible fixed assets
(41,346)
(218,668)
Interest received
290
259
Net cash used in investing activities
(41,056)
(218,409)
Financing activities
Repayment of borrowings
(244,624)
(3,696,085)
Proceeds from new bank loans
-
3,650,000
Repayment of bank loans
(179,688)
(50,000)
Interest paid
(192,242)
(124,006)
Dividends paid to equity shareholders
(28,000)
(17,000)
Net cash used in financing activities
(644,554)
(237,091)
Net (decrease)/increase in cash and cash equivalents
(1,811)
82,920
Cash and cash equivalents at beginning of year
273,123
190,203
Cash and cash equivalents at end of year
271,312
273,123
OAKVIEW CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
1
Accounting policies
Company information
Oakview Care Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 14-20 Overfield Road, Birmingham, B32 3BA.
The group consists of Oakview Care Group Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues
Section 33 ‘Related Party Disclosures’ Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of 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. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
OAKVIEW CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Oakview Care Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2023. 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.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. trueThe directors have confirmed that they will continue to support the company and group with sufficient working capital as necessary to enable the company and group to meet their ongoing liabilities for the foreseeable future.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.6
Intangible fixed assets - goodwill
Negative goodwill represents the difference between the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Negative goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
For the purposes of impairment testing, negative goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any negative goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
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.
OAKVIEW CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Leasehold land and buildings
15 years straight line
Fixtures, fittings and equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in or .
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
OAKVIEW CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
OAKVIEW CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements have had the most significant effect on amounts recognised in the financial statements.
Tangible fixed assets
Judgements are required on estimating the useful economic lives of tangible fixed assets. Where an indication of impairment is identified the estimation of recoverable value requires estimation.
Deferred tax
Management estimation is required to determine the amount of deferred tax assets that can be recognised,
based upon likely timing and level of future taxable profits.
Amortisation of goodwill
Judgements are required on estimating the useful economic lives of goodwill. Where an indication of impairment is identified the estimation of recoverable value requires estimation.
3
Turnover and other revenue
2023
2022
£
£
Other revenue
Interest income
290
259
Grants received
87,580
196,926
The group's turnover is derived wholly from within the United Kingdom from the group's principal activities.
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(87,580)
(196,926)
Depreciation of owned tangible fixed assets
219,427
217,105
Amortisation of intangible assets
(288,237)
(288,237)
OAKVIEW CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
8,250
7,500
Audit of the financial statements of the company's subsidiaries
14,378
10,500
22,628
18,000
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
2
2
2
2
Care home staff
77
74
-
-
Total
79
76
2
2
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,613,903
1,458,213
Social security costs
130,774
110,213
-
-
Pension costs
152,633
69,574
1,897,310
1,638,000
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
21
Other interest income
269
259
Total income
290
259
OAKVIEW CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
-
8,882
Interest on finance leases and hire purchase contracts
192,242
125,806
Other interest
-
53
Total finance costs
192,242
134,741
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
81,890
87,494
Adjustments in respect of prior periods
(49,075)
Total current tax
81,890
38,419
Deferred tax
Origination and reversal of timing differences
3,281
23,538
Total tax charge
85,171
61,957
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
564,096
592,009
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
107,178
112,482
Tax effect of expenses that are not deductible in determining taxable profit
(28,269)
(27,374)
Adjustments in respect of prior years
(49,075)
Effect of change in corporation tax rate
(942)
-
Deferred tax adjustments in respect of prior years
7,204
25,981
Capital allowances super deduction
(57)
Taxation charge
85,171
61,957
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
28,000
17,000
OAKVIEW CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
11
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 1 April 2022 and 31 March 2023
(1,441,185)
Amortisation and impairment
At 1 April 2022
(780,643)
Amortisation charged for the year
(288,237)
At 31 March 2023
(1,068,880)
Carrying amount
At 31 March 2023
(372,305)
At 31 March 2022
(660,542)
The company had no intangible fixed assets at 31 March 2023 or 31 March 2022.
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Fixtures, fittings and equipment
Total
£
£
£
£
Cost
At 1 April 2022
5,000,000
1,749,139
218,764
6,967,903
Additions
41,346
41,346
At 31 March 2023
5,000,000
1,790,485
218,764
7,009,249
Depreciation and impairment
At 1 April 2022
300,000
285,188
217,964
803,152
Depreciation charged in the year
100,000
119,227
200
219,427
At 31 March 2023
400,000
404,415
218,164
1,022,579
Carrying amount
At 31 March 2023
4,600,000
1,386,070
600
5,986,670
At 31 March 2022
4,700,000
1,463,951
800
6,164,751
OAKVIEW CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
12
Tangible fixed assets
(Continued)
- 23 -
Company
Freehold land and buildings
£
Cost
At 1 April 2022 and 31 March 2023
5,000,000
Depreciation and impairment
At 1 April 2022
300,000
Depreciation charged in the year
100,000
At 31 March 2023
400,000
Carrying amount
At 31 March 2023
4,600,000
At 31 March 2022
4,700,000
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
200
200
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
200
Carrying amount
At 31 March 2023
200
At 31 March 2022
200
14
Subsidiaries
Details of the company's subsidiaries at 31 March 2023 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Oakview Care Home Limited
1
Ordinary
100.00
1
3 Coventry Innovation Village, Cheetah Road, Coventry, CV1 2TL
OAKVIEW CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
118,854
122,472
Corporation tax recoverable
8,265
Amounts owed by group undertakings
29,170
276,022
Prepayments and accrued income
6,871
17,054
133,990
139,526
29,170
276,022
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
196,775
190,614
196,775
190,614
Trade creditors
48,908
25,287
Corporation tax payable
81,277
42,746
44,367
50,742
Other taxation and social security
34,699
27,417
-
Other creditors
381,815
644,999
607
244,624
Accruals and deferred income
90,081
68,040
15,015
6,900
833,555
999,103
256,764
492,880
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
3,284,272
3,470,121
3,284,272
3,470,121
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
3,481,047
3,660,735
3,481,047
3,660,735
Payable within one year
196,775
190,614
196,775
190,614
Payable after one year
3,284,272
3,470,121
3,284,272
3,470,121
The bank loans are secured by fixed charges over the assets of Oakview Care Group Limited. The loans are repayable over 5 years until March 2027 and bear interest at the rate of 2.85% over base rate.
OAKVIEW CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
25,381
22,811
Share based payments
711
-
26,092
22,811
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
7,399
4,002
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 April 2022
22,811
4,002
Charge to profit or loss
3,281
3,397
Liability at 31 March 2023
26,092
7,399
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
152,633
69,574
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
OAKVIEW CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
295
300
295
300
A ordinary shares of £1 each
100
100
100
100
B ordinary shares of £1 each
1
0
1
0
C ordinary shares of £1 each
1
0
1
0
D ordinary shares of £1 each
1
0
1
0
E ordinary shares of £1 each
1
0
1
0
F ordinary shares of £1 each
1
0
1
0
400
400
400
400
The Ordinary and A ordinary shares each have full rights with respect to voting dividends and distributions.
On 27 March 2023 5 Ordinary Shares were re-designated into 1 B Ordinary Shares, C Ordinary Shares, D Ordinary Shares, E Ordinary Shares and F Ordinary Shares.
22
Reserves
Equity reserve
The profit and loss reserve represents all current and prior period retained profits and losses.
23
Financial commitments, guarantees and contingent liabilities
Oakview Care Group Limited has a fixed and floating charge over the assets of the company and Oakview Care Home Limited is a guarantor for this. Loans totaling £3.481m (2022 - £3.661m) within Oakview Care Group Limited.
OAKVIEW CARE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
24
Related party transactions
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2023
2022
£
£
Group
Key management personnel
607
227,624
Other related parties
65,963
66,063
Company
Key management personnel
607
227,624
The amounts noted above were interest free and repayable on demand.
Other information
The company has taken advantage of the exemption under the terms of FRS102 not to disclose related party transactions with wholly owned companies within the group.true
25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
478,925
530,052
Adjustments for:
Taxation charged
85,171
61,957
Finance costs
192,242
134,741
Investment income
(290)
(259)
Amortisation and impairment of intangible assets
(288,237)
(288,237)
Depreciation and impairment of tangible fixed assets
219,427
217,105
Movements in working capital:
Decrease/(increase) in debtors
13,801
(51,669)
Increase in creditors
34,384
81,094
Cash generated from operations
735,423
684,784
26
Analysis of changes in net debt - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
273,123
(1,811)
271,312
Borrowings excluding overdrafts
(3,660,735)
179,688
(3,481,047)
(3,387,612)
177,877
(3,209,735)
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