1 March 2022 false No description of principal activity Taxfiler 2023.9 NI049766business:PrivateLimitedCompanyLtd2022-03-012023-02-28 NI0497662022-02-28 NI0497662022-03-012023-02-28 NI049766business:AuditExempt-NoAccountantsReport2022-03-012023-02-28 NI049766business:FilletedAccounts2022-03-012023-02-28 NI0497662023-02-28 NI049766business:Director12022-03-012023-02-28 NI049766business:Director22022-03-012023-02-28 NI049766business:RegisteredOffice2022-03-012023-02-28 NI0497662022-02-28 NI049766core:WithinOneYear2023-02-28 NI049766core:WithinOneYear2022-02-28 NI049766core:AfterOneYear2023-02-28 NI049766core:AfterOneYear2022-02-28 NI049766core:ShareCapitalcore:PreviouslyStatedAmount2023-02-28 NI049766core:ShareCapitalcore:PreviouslyStatedAmount2022-02-28 NI049766core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-02-28 NI049766core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-02-28 NI049766core:PreviouslyStatedAmount2023-02-28 NI049766core:PreviouslyStatedAmount2022-02-28 NI049766business:SmallEntities2022-03-012023-02-28 NI049766countries:NorthernIreland2022-03-012023-02-28 NI049766core:PlantMachinery2022-03-012023-02-28 NI049766core:PlantMachinery2022-02-28 NI049766core:PlantMachinery2023-02-28 NI049766business:OrdinaryShareClass12022-03-012023-02-28 NI049766business:OrdinaryShareClass12021-03-012022-02-28 NI0497662021-03-012022-02-28 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. NI049766 (Northern Ireland)
O3 Group Ltd Unaudited accounts for the year ended 28 February 2023
O3 Group Ltd Unaudited accounts Contents
Page
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O3 Group Ltd Company Information for the year ended 28 February 2023
Directors
Rory O'Hare Alison O'Hare
Company Number
NI049766 (Northern Ireland)
Registered Office
FORSYTH HOUSE CROMAC SQUARE BELFAST BT2 8LA
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O3 Group Ltd Statement of financial position as at 28 February 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
168,610 
45,130 
Current assets
Inventories
142,564 
161,502 
Debtors
187,613 
146,324 
Cash at bank and in hand
394,844 
368,783 
725,021 
676,609 
Creditors: amounts falling due within one year
(179,296)
(164,962)
Net current assets
545,725 
511,647 
Total assets less current liabilities
714,335 
556,777 
Creditors: amounts falling due after more than one year
(148,650)
(55,692)
Provisions for liabilities
Deferred tax
(5,562)
(7,679)
Net assets
560,123 
493,406 
Capital and reserves
Called up share capital
4 
4 
Profit and loss account
560,119 
493,402 
Shareholders' funds
560,123 
493,406 
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2023 and were signed on its behalf by
Rory O'Hare Director Company Registration No. NI049766
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O3 Group Ltd Notes to the Accounts for the year ended 28 February 2023
1
Statutory information
O3 Group Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI049766. The registered office is FORSYTH HOUSE, CROMAC SQUARE, BELFAST, BT2 8LA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
12-5 - 20% per annum of cost
Inventories
Inventories and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets and liabilities are not discounted.
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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O3 Group Ltd Notes to the Accounts for the year ended 28 February 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 March 2022
86,374 
Additions
137,535 
At 28 February 2023
223,909 
Depreciation
At 1 March 2022
41,244 
Charge for the year
14,055 
At 28 February 2023
55,299 
Net book value
At 28 February 2023
168,610 
At 28 February 2022
45,130 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
187,613 
146,324 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
20,305 
19,754 
VAT
12,215 
24,560 
Obligations under finance leases and hire purchase contracts
27,507 
- 
Trade creditors
73,840 
66,071 
Taxes and social security
5,079 
34,232 
Other creditors
39,414 
13,921 
Loans from directors
936 
6,424 
179,296 
164,962 
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O3 Group Ltd Notes to the Accounts for the year ended 28 February 2023
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
38,622 
55,692 
Obligations under finance leases and hire purchase contracts
110,028 
- 
148,650 
55,692 
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
4 Ordinary shares of £1 each
4 
4 
9
Average number of employees
During the year the average number of employees was 13 (2022: 13).
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