Registered number
01021327
Michael O'Connor Limited
Unaudited Filleted Abridged Accounts
31 August 2021
Michael O'Connor Limited
Registered number: 01021327
Abridged Balance Sheet - 31 August 2021
As restated
Notes 2021 2020
£ £
Current assets
Debtors 140,912 356,431
Cash at bank and in hand 509,965 350,368
650,877 706,799
Creditors: amounts falling due within one year (538,998) (600,046)
Net current assets 111,879 106,753
Net assets 111,879 106,753
Capital and reserves
Called up share capital 20,000 20,000
Profit and loss account 91,879 86,753
Shareholders' funds 111,879 106,753
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
P M O'Connor
Director
Approved by the board on 13 September 2022
Michael O'Connor Limited
Notes to the Abridged Accounts
for the year ended 31 August 2021
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Grants received
Grants received are accounted for on an accruals basis and are recognised in the profit and loss account in the the period in which the related costs are charged.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Prior year adjustment
Due to a change in accounting policy, work in progress is no longer recognised within the company and instead all costs incurred by the company are recharged to Kaybridge Construction (Barnet) Limited in the year in which they arise. The effect of this change is reflected as a prior year adjustment of £3,193,900 between subcontractors and services rendered with a corresponding adjustment to the inter-company loan account with Kaybridge Construction (Barnet) Limited in the 31/08/2020 accounts. There is no effect on retained reserves.
3 Employees 2021 2020
Number Number
Average number of persons employed by the company 181 234
4 Related party transactions
Kaybridge Construction (Barnet) Limited
During the year the company received service charges of £4,552,037, (2020: £7,895,639), from Kaybridge Construction (Barnet) Limited, a company controlled by P M O'Connor.

At the year-end the company was owed £140,912 by Kaybridge Construction (Barnet) Limited.
5 Controlling party
The ultimate controlling party is P M O'Connor by virtue of her interest in 95% of the issued share capital of the company.
6 Other information
Michael O'Connor Limited is a private company limited by shares and incorporated in England. Its registered office is: Tudor House, Cecil Road, Enfield, Middlesex, EN2 6TG.
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