Registration number:
O'Connell Resourcing Ltd
for the Year Ended 31 July 2022
O'Connell Resourcing Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
O'Connell Resourcing Ltd
Company Information
Director |
P O'Connell |
Registered office |
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Bankers |
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Accountants |
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O'Connell Resourcing Ltd
(Registration number: 07106441)
Balance Sheet as at 31 July 2022
Note |
2022 |
2021 |
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Current assets |
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Debtors |
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Other financial assets |
179,109 |
122,715 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
1,231,078 |
1,434,432 |
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Shareholders' funds |
1,231,178 |
1,434,532 |
For the financial year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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O'Connell Resourcing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There were no material departures from that standard.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover represents the value of consideration for services provided stated net of value added tax, returns, rebates and discounts.
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.
Contract revenue recognition
The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Turnover for such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years. Provision is made for any losses as soon as they are foreseen.
Contract work in progress is stated at costs incurred, less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover.
Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments on account.
O'Connell Resourcing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax charge or credit for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for goods and services provided in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.
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 liabilities 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 liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
O'Connell Resourcing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including the director) during the year, under a written or implied contract of service, was
Other financial assets |
2022 |
2021 |
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Current financial assets |
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Financial assets at fair value through profit and loss |
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O'Connell Resourcing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
Current financial assets comprise equity investments listed on a recognised stock exchange and had a market value of £179,109 (2021 - £122,715) at the period end.
The change in fair value included in administrative expenses within profit and loss for the period is a loss of £46,970 (2021 - £10,360).
Debtors |
2022 |
2021 |
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Trade debtors |
- |
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Other debtors |
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Prepayments |
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Gross amount due from customers for contract work |
- |
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Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Dividends |
2022 |
2021 |
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£ |
£ |
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Interim dividend of £ |
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O'Connell Resourcing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
Related party transactions |
Transactions with the director |
2022 |
At 1 August 2021 |
Advances to director |
Repayments by director |
At 31 July 2022 |
P O'Connell |
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Loan account |
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( |
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2021 |
At 1 February 2020 |
Advances to director |
Repayments by director |
At 31 July 2021 |
P O'Connell |
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Loan account |
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( |
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Interest has been charged on the outstanding loan account balance due from P O'Connell at 2% per annum.
The loan account balance is repayable upon demand by the company.
Directors' remuneration
The director's remuneration for the year was as follows:
2022 |
2021 |
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Remuneration |
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Contributions paid to money purchase schemes |
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49,893 |
54,118 |
Dividends paid to directors
2022 |
2021 |
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P O'Connell |
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Interim dividends |
38,200 |
75,000 |
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O'Connell Resourcing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
Summary of transactions with entities with joint control or significant interest
During the period the company received an unsecured loan of £528 (2021 - £112,220) from OCR Alpha Limited which was repaid by the company prior to the period end.
During the period OCR Alpha Limited charged the company £Nil (2021 - £9,434) for shared operating expenses.
The unsecured loans were interest free and repayable upon demand.
The charges for shared operating expenses were accrued by the company and invoiced on normal trade terms after the period end.