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Registered number: 08710133









O'LEARY GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

 
O'LEARY GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
Mr S J O'Leary 
Mrs P R O'Leary 
Miss J D O'Leary 




Registered number
08710133



Registered office
Leytonstone House
Hanbury Drive

Leytonstone

London

E11 1GA




Independent auditor
Barnes Roffe LLP
Chartered Accountants  
Statutory Auditor

Leytonstone House

3 Hanbury Drive

Leytonstone

London

E11 1GA





 
O'LEARY GROUP LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 6
Independent auditor's report
 
7 - 10
Consolidated statement of comprehensive income
 
11
Consolidated balance sheet
 
12 - 13
Company balance sheet
 
14
Consolidated statement of changes in equity
 
15
Company statement of changes in equity
 
16
Consolidated Statement of cash flows
 
17 - 18
Consolidated analysis of net debt
 
19
Notes to the financial statements
 
20 - 49


 
O'LEARY GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

Business review
 
The director aims to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business. The directors consider the key financial performance indicators to be turnover and net assets. Turnover provides a good measure of the performance of the group, whilst net assets demonstrate the financial strength of the company.
The financial position of the group also continues to be strong. The group had a healthy net asset position at the year-end in excess of £13.3m 
(2022 - £13.7m). Looking ahead, the group' s business environment is expected to remain challenging. However, the directors consider initiatives in place should provide a conducive platform to capitalise on current and future opportunities.
The results for the year and the financial position of the group are as shown in the annexed financial statements

Principal risks and uncertainties
 
A number of risks, including compliance with Road Haulage Legislation and food standards regulations, arise in the ordinary course of the company's business and these are reviewed regularly by the Board of Directors as part of its ongoing corporate governance procedures. This review considers only the principal risks and uncertainties

Financial key performance indicators
 
The group has the following Key Performance Indicators to monitor the performance of the group:
Total Sales                                                                 £25.6m 
(2022 - £23.8m)
Gross Profit Percentage                                              20.8% (2022 - 21.3%)
(Loss)/Profit Before Tax                                              (£427,585) (2022 - £86,379 loss before tax).
(Loss)/Profit Before Tax excluding exceptional items     (£427,585) 
(2022 - £1,666,879 profit before tax).

Credit and liquidity risks
The group has limited exposure to credit risk by virtue of its client base. The cash balance at the year-end was £2,068k (2022 - £404k) which provides the group with adequate working capital. The directors recognise the importance of funding and liquidity under the current economic climate and will continue to monitor the group's financial resources to ensure that the company is able to support its activities and future growth.
Interest rate and cash flow risk
The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances, which attract interest at the prevailing market rate. Interest bearing liabilities include bank loans and overdrafts which attract interest at fixed rates.

Page 1

 
O'LEARY GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Section 172 (1) statement

As the Directors of The O’Leary Group Limited, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the group’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the group and its stakeholders in doing so must have regard to the following:
- The likely consequences of any decision in the long term;
- The interest of the company’s employees;
- The need to foster the company’s business relationships with suppliers, customers and others;
- The impact of the company’s operations on the community and the environment;
- The desirability of the company maintain a reputation for high standards of business conducted, and;
- The need to act fairly between members of the company.
Our key stakeholders, and the ways in which we engage with them, are as follows: 

Employees

Our business success is strongly linked to the skills and qualification of its management and employees and this is reflected in the high levels of service that we provide.
To ensure that we maintain these high standards, the well-being and development of our employees is critical and we therefore provide appropriate levels of training and support.
Regular updates are provided to employees on all aspects of group business including performance, employee events and opportunities. Employee opinions and suggestions are encouraged at staff meetings and suggestion boxes are placed in the group premises. The Board welcomes ideas and comments from all employees and operates an informal open-door policy.

Customers and Suppliers

We are aware that our customers and suppliers are an important part of our success. We have strong relationships with our customers and suppliers and are in constant contact to maintain these relationships.
Our conduct guarantees that we treat all suppliers and customers fairly. All suppliers are paid to terms with any queries being dealt with as a matter of urgency to ensure the supply chain continues uninterrupted. 

Community

As a group we are active in the local communities where we operate and support local charities and not-for-profit organisations. We participate in charity-organised events. 

Environment

The group continues to monitor its impact in the fields of climate protection, energy management and waste avoidance. In the coming year The O’Leary Group will continue to work to further reduce or compensate for the effects and influences of its economic activities. This includes investing in fuel efficient vehicles.

Page 2

 
O'LEARY GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Standards of Business Conduct

The Group is committed to conduct business with the highest integrity and the compliance with the law and have Standards in place which must be adhered to by everyone who represents the Group. These standards embody the fundamental principles that govern our ethical and legal obligations. These standards not only comply with the Group’s policies but also with laws and regulations applicable.


This report was approved by the board on 25 October 2023 and signed on its behalf.





Mr S J O'Leary
Director

Page 3

 
O'LEARY GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

The directors present their report and the financial statements for the year ended 31 January 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and the Group 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 for the Group's financial statements and then apply them consistently;

make judgments 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 financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £339,736 (2022 - loss £521,222).

The directors do not recommend payment of any dividend.

Directors

The directors who served during the year were:

Mr S J O'Leary 
Mrs P R O'Leary 
Miss J D O'Leary 

Future developments

The Directors' aim to maintain the management polocies which have resulted in the Group's sustainability and growth in recent years.

Engagement with employees

Employees are consulted on matters that are of concern to them through the management team and all employees are made aware of the financial and economic performance of the Group. Employees involvement in the Group's performance is also encouraged.

Page 4

 
O'LEARY GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Engagement with suppliers, customers and others

We are aware that our customers and suppliers are an important part of our success. We have strong relationships with our customers and suppliers and are in constant contact to maintain these relationships.
Our conduct guarantees that we treat all suppliers and customers fairly. All suppliers are paid to terms with any queries being dealt with as a matter of urgency to ensure the supply chain continues uninterrupted. 

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

Subsequent to the year end, the group has settled its loans of £11,600,000 which they had secured against property owned by the company and subsequently entered into a new mortgage arrangement.

Strategic report

Information as required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) regulations 2008 has been included in the Group Strategic Report.

Page 5

 
O'LEARY GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023


Auditor

The auditor, Barnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 25 October 2023 and signed on its behalf.
 





Mr S J O'Leary
Director

Page 6

 
O'LEARY GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF O'LEARY GROUP LIMITED
 

Opinion


We have audited the financial statements of O'Leary Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2023, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 of the parent Company's affairs as at 31 January 2023 and of the Group's loss 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.


Basis for opinion


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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or the 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.


Page 7

 
O'LEARY GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF O'LEARY GROUP LIMITED (CONTINUED)


Other information


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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 set out on page 4, 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
O'LEARY GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF O'LEARY GROUP LIMITED (CONTINUED)


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 Group 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company and group through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;
- We focused on specific laws and regulations, which we considered may have a direct material effect on the financial statements or the operations of the company and group, including the Companies Act 2006 and ISO standards;
- We assessed the extent of compliance with laws and regulations identified above through making enquires of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s and group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud; and
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify and unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. 
Auditing standards also limit the audit procedures to identify non-compliance with laws and regulations to enquiry
Page 9

 
O'LEARY GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF O'LEARY GROUP LIMITED (CONTINUED)


of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect that those that arise from errors as they may involve deliberate concealment or collusion


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Use of our report
 

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 2006Our 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.





Adam Dodds (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants  
Statutory Auditor
Leytonstone House
3 Hanbury Drive
Leytonstone
London
E11 1GA

26 October 2023
Page 10

 
O'LEARY GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
                                                                                                            Note
£
£

  

Turnover
 4 
25,615,994
23,808,608

Cost of sales
  
(20,294,004)
(18,704,204)

Gross profit
  
5,321,990
5,104,404

Administrative expenses
  
(6,062,147)
(4,710,393)

Exceptional administrative expenses
 14 
-
(1,753,258)

Other operating income
 5 
980,052
1,123,528

Operating profit/(loss)
 6 
239,895
(235,719)

Income from fixed assets investments
  
398,808
20,445

Profit/(loss) on disposal of listed investments
  
7,764
202,171

Interest receivable and similar income
 11 
18,523
2,259

Interest payable and similar expenses
 12 
(1,092,575)
(73,430)

Loss before taxation
  
(427,585)
(84,274)

Tax on loss
 13 
87,849
(436,948)

Loss for the financial year
  
(339,736)
(521,222)

  

  

Total comprehensive income for the year
  
(339,736)
(521,222)

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(339,736)
(521,222)

  
(339,736)
(521,222)

The notes on pages 20 to 49 form part of these financial statements.

Page 11

 
O'LEARY GROUP LIMITED
REGISTERED NUMBER: 08710133

CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2023
2022
2022
                                                                        Note
£
£
£
£

Fixed assets
  

Tangible assets
 17 
21,994,276
18,458,339

Investments
 18 
1,838,638
2,641,456

Investment property
 19 
5,083,094
347,457

  
28,916,008
21,447,252

Current assets
  

Stocks
 20 
217,187
156,223

Debtors: amounts falling due within one year
 21 
5,237,269
4,616,443

Current asset investments
 22 
1,802
1,802

Cash at bank and in hand
 23 
2,068,684
404,289

  
7,524,942
5,178,757

Creditors: amounts falling due within one year
 24 
(9,797,113)
(9,617,118)

Net current liabilities
  
 
 
(2,272,171)
 
 
(4,438,361)

Total assets less current liabilities
  
26,643,837
17,008,891

Creditors: amounts falling due after more than one year
 25 
(11,190,456)
(1,126,614)

Provisions for liabilities
  

Deferred taxation
 28 
(357,565)
(446,725)

Other provisions
  
(1,753,258)
(1,753,258)

  
 
 
(2,110,823)
 
 
(2,199,983)

Net assets
  
13,342,558
13,682,294


Capital and reserves
  

Called up share capital 
 30 
100
100

Revaluation reserve
 31 
3,904,567
3,904,567

Other reserves
 31 
499,902
499,902

Profit and loss account
 31 
8,937,989
9,277,725

Equity attributable to owners of the parent Company
  
13,342,558
13,682,294

  
13,342,558
13,682,294


Page 12

 
O'LEARY GROUP LIMITED
REGISTERED NUMBER: 08710133
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr S J O'Leary
Director

Date: 25 October 2023

The notes on pages 20 to 49 form part of these financial statements.

Page 13

 
O'LEARY GROUP LIMITED
REGISTERED NUMBER: 08710133

COMPANY BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2023
2022
2022
                                                                  Note
£
£
£
£

Fixed assets
  

Investments
 18 
1,200
1,100

  
1,200
1,100

  

Creditors: amounts falling due within one year
 24 
(1,100)
(1,000)

Net current liabilities
  
 
 
(1,100)
 
 
(1,000)

Total assets less current liabilities
  
100
100

  

  

Net assets
  
100
100


Capital and reserves
  

Called up share capital 
 30 
100
100

  
100
100


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr S J O'Leary
Director

Date: 25 October 2023

The notes on pages 20 to 49 form part of these financial statements.

Page 14

 
O'LEARY GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 February 2021
100
3,904,567
499,902
9,798,947
14,203,516


Comprehensive income for the year

Loss for the year
-
-
-
(521,222)
(521,222)



At 1 February 2022
100
3,904,567
499,902
9,277,725
13,682,294


Comprehensive income for the year

Loss for the year
-
-
-
(339,736)
(339,736)


At 31 January 2023
100
3,904,567
499,902
8,937,989
13,342,558


The notes on pages 20 to 49 form part of these financial statements.

Page 15

 
O'LEARY GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Total equity

£
£


At 1 February 2021
100
100



At 1 February 2022
100
100


At 31 January 2023
100
100


The notes on pages 20 to 49 form part of these financial statements.

Page 16

 
O'LEARY GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(339,736)
(521,222)

Adjustments for:

Depreciation of tangible assets
870,900
974,808

Loss on disposal of tangible assets
104,193
(162,200)

Interest paid
1,092,575
73,430

Interest received
(43,829)
(22,704)

Taxation charge
(87,849)
436,948

(Increase) in stocks
(60,964)
(22,503)

Decrease/(increase) in debtors
165,836
(542,211)

(Decrease) in creditors
(594,662)
(3,198,573)

Increase in provisions
-
1,753,258

Corporation tax (paid)
(265,501)
(191,549)

Profit on disposal of investments
(381,266)
(202,171)

Net cash generated from operating activities

459,697
(1,624,689)


Cash flows from investing activities

Purchase of tangible fixed assets
(3,987,780)
(2,213,179)

Sale of tangible fixed assets
135,750
164,867

Purchase of investment properties
(4,735,637)
-

Purchase of listed investments
(3,119,920)
(2,936,640)

Sale of listed investments
3,930,502
2,339,412

Purchase of unlisted and other investments
(1,835,000)
-

Sale of unlisted and other investments
2,208,502
-

Interest received
18,523
2,259

HP interest paid
(91,645)
(47,419)

Dividends received
25,306
20,445

Net cash from investing activities

(7,451,399)
(2,670,255)
Page 17

 
O'LEARY GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023


2023
2022

£
£



Cash flows from financing activities

New secured loans
11,600,000
-

Repayment of loans
(1,343,549)
(539,355)

Repayment of/new finance leases
(695,362)
434,746

Interest paid
(1,000,930)
(26,011)

Net cash used in financing activities
8,560,159
(130,620)

Net increase/(decrease) in cash and cash equivalents
1,568,457
(4,425,564)

Cash and cash equivalents at beginning of year
(925,247)
3,500,317

Cash and cash equivalents at the end of year
643,210
(925,247)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,068,684
404,289

Bank overdrafts
(1,425,474)
(1,329,536)

643,210
(925,247)


The notes on pages 20 to 49 form part of these financial statements.

Page 18

 
O'LEARY GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2023





At 1 February 2022
Cash flows
New finance leases
At 31 January 2023
£

£

£

£

Cash at bank and in hand

404,289

1,664,395

-

2,068,684

Bank overdrafts

(1,329,536)

(95,938)

-

(1,425,474)

Debt due after 1 year

(273,405)

(10,256,452)

-

(10,529,857)

Debt due within 1 year

(602,582)

520,756

-

(81,826)

Finance leases

(1,448,687)

845,595

(809,233)

(1,412,325)


(3,249,921)
(7,321,644)
(809,233)
(11,380,798)

The notes on pages 20 to 49 form part of these financial statements.

Page 19

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

O'Leary Group Limited ("the Company") and its subsidiaries (together "the Group") had the following principal activities in the year:
The principal activity of O'Leary Group Limited was that of a holding company.
The principal activity of its main trading subsidiaries, Pass J Holdings Limited, Mike Beer Transport Limited and Online Roadways Limited in the year under review was that of the carrying and transporting of goods, materials and international freight.
The principal activity of one of the group's other subsidiaries, Online Truck and Trailer Parts Limited, is the supply of parts for heavy goods vehicles.
The principal activity of one of the group's other subsidiaries, The Marquis of Cornwallis Limited, is that of a public house, restaurant and hotel.
The principal activities of the other subsidiary of the group, Apol Silva & Orchards Limited, is that of property investment and fruit and vegetable production.
The principal activity of one of the group's other subsidiary, O'Leary Investments Limited, is that of property and other fixed asset investments.
The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office is Leytonstone House, Hanbury Drive, Leytonstone, London, E11 1GA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they form a single entity. 
A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain the benefits from its activities.
Intercompany transactions and balances between Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 20

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.3

Going concern

The directors have considered the impact on the ability of the Company and Group to continue as a going concern. In making their assessment the directors have prepared and critically reviewed the Company and Group’s cash flow and management accounts forecast for the next 12 months and beyond and ensured that these forecast are modelled on a suitably cautious basis. Despite the loss for the year and the decrease in balance sheet net assets the Group is forecast to return to profitability in the coming years partly to be achieved through significant cash inflows from the re-mortgage of freehold properties. Cash solvency remains strong, with Group cash balances increasing after the year end due to the re-mortgaging of freehold properties which has settled existing loans. As a result the directors are confident that the Group and Company will be able to settle all liabilities as they fall due, in the normal course of business. Accordingly, the Group and Company have prepared these financial statements on a going concern basis. 

 
2.4

Foreign currency translation

Functional and presentation currency

The Groups's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 21

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
• the Group has transferred the significant risks and rewards of ownership to the buyer;
• the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the Group will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
International haulage
Revenue from providing services through the international haulage of customers' goods to their intended recipient is recognised in the period in which the services are provided when all of the following conditions are satisfied:
• The Group has completed the delivery of goods to the recipient;
• The amount of revenue can be measured reliably;
• It is probable that the Group will receive the consideration due under the transaction; and
• The costs incurred or to be incurred in respect of the transaction can be measured reliably.
Recovery, repair and maintenance
Revenue from providing recovery, repair and maintenance services for commercial vehicles is recognised in the period in which the services are provided when all of the following conditions are satisfied:
• The contract of work has been completed and the vehicle passed back to the customer;
• The amount of revenue can be measured reliably;
• It is probable that the Group will receive the consideration due under the transaction; and
• The costs incurred or to be incurred in respect of the transaction can be measured reliably.
 
Page 22

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.5
Revenue (continued)

Property rentals
Rental income from operating leases is recognised on a straight line basis over the term of the lease unless the lease payments are structured to increase in line with expected general inflation in which case the income is recognised as revenue in accordance with the expected payments. Rental income is generated from fixed assets and investment properties and is recognised within turnover.

 
2.6

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 23

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.14

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 24

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.15

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

  
2.16

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of comprehensive income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 
2.17

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following annual basis:

Freehold property
-
Nil
Long-term leasehold property
-
5% straight line
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line (less estimated residual value)
Fixtures and fittings
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 25

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

  
2.18

Freehold land and buildings

Freehold buildings are not depreciated on the grounds that the depreciation amount would be immaterial given the estimated remaining useful economic life of the buildings.
The treatment is a departure from the Companies Act 2006, but is necessary in order for the financial statements to show a true and fair view.
The difference to the accounts arising from this treatment instead of that laid down by the Companies Act 2006 is immaterial.

 
2.19

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date. 
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in the Consolidated statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

  
2.20

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Consolidated statement of comprehensive income.

  
2.21

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 26

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.22

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.23

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.24

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.25

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.26

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 27

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.27

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.28

Financial instruments

The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

Page 28

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgments in applying the entity's accounting policies
No significant judgments have had to be made by management in preparing these financial statements.
b) Critical accounting estimates and assumptions
(i) The annual depreciation charge for tangible fixed assets is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on the technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 17 for the carrying amount of the property, plant and equipment, and note 2.17 for useful economic lives for each class of assets.
(ii) Provision is made for contingencies. These provisions require management's best estimate of the costs that will be incurred based on legislative and contractual requirements.
(iii) The directors consider the impairment of investments on an annual basis. The directors consider that the investment balance in the accounts does not need to be impaired.
(iv) Deferred taxation on revalued property is calculated using current tax rates and after allowing for indexation since acquisition. The directors consider the estimated impact of deferred taxation on the revalued property not to be material to the accounts.


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
23,705,792
22,548,164

Rest of Europe
1,910,202
1,260,444

25,615,994
23,808,608


An analysis of turnover by class of business is as follows:


2023
2022
£
£
International haulage

22,443,414

20,588,782
 
Recovery, repairs and maintenance of commercial vehicles

990,720

751,108
 
Public House and restaurant

2,143,547

2,413,396
 
Other

38,313

55,322
 
25,615,994

23,808,608
 

Page 29

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Other operating income

2023
2022
£
£

CJRS claim and other local government support
1,675
435,366

Net rents receivable
956,147
660,507

Insurance claims (payable)/receivable
(3,576)
(12,334)

Sundry (expenses)/income
21,306
(1,029)

Commissions receivable
4,500
41,018

980,052
1,123,528



6.


Operating profit/(loss)

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Depreciation of tangible fixed assets
870,900
974,808

Exchange differences
38,443
43,583

Other operating lease rentals
1,389,171
1,561,482

Defined contribution pension costs
322,177
369,461

Loss/(profit) on disposal of fixed assets
71,276
(79,965)

Provision in respect of regulatory dispute
-
1,735,258


7.


Auditor's remuneration

2023
2022
£
£


Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
33,250
33,250


Fees payable to the Group's auditor and its associates in respect of:


All other services
144,580
82,676

144,580
82,676

Page 30

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
7,991,089
7,468,743
-
-

Social security costs
706,223
618,729
-
-

Cost of defined contribution scheme
322,117
372,384
-
-

9,019,429
8,459,856
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
43
44



Drivers and manual staff
174
171



Restaurant and front of house staff
52
57

269
272


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
228,726
233,139

Group contributions to defined contribution pension schemes
17,434
22,904

246,160
256,043


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £120,978 (2022 - £182,441).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,620 (2022 - £16,200).

Page 31

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

10.


Income from investments

2023
2022
£
£

Income from fixed asset investments
373,502
-


Income from current asset investments
24,704
20,344


Dividends received from unlisted investments
602
101



11.


Interest receivable and similar income

2023
2022
£
£


Other interest receivable
18,523
2,259

18,523
2,259


12.


Interest payable and similar charges

2023
2022
£
£


Bank interest payable
1,000,656
24,748

Other loan interest payable
274
-

Finance leases and hire purchase contracts
91,645
47,419

Other interest payable
-
1,263

1,092,575
73,430

Page 32

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

13.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
15,253

Adjustments in respect of previous periods
1,311
57,726


1,311
72,979


Total current tax
1,311
72,979

Deferred tax


Origination and reversal of timing differences
(89,160)
363,969

Total deferred tax
(89,160)
363,969


Taxation on (loss)/profit on ordinary activities
(87,849)
436,948
Page 33

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(427,585)
(84,274)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
(81,241)
(16,012)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
59,615
375,294

Capital allowances for year in excess of depreciation
(160,297)
128,255

Adjustments to tax charge in respect of prior periods
(1,311)
57,726

Book profit on chargeable assets
-
(6,728)

Dividends from UK companies
(4,674)
(3,861)

Unrelieved tax losses carried forward
100,059
-

Tax losses brought forward
-
(97,726)

Total tax charge for the year
(87,849)
436,948


Factors that may affect future tax charges

The group has unrelieved tax losses carried forward of £1,103,933 which can be offset against future taxable profits.
In the UK Budget on 3 March 2021, it was announced that legislation will be introduced in Finance Bill 2021 to increase the main rate of UK corporation tax from 19% to 25%, effective 1 April 2023. This was substantively enacted in May 2021 and its effects have been reflected in these financial statements and deferred tax has been measured at a rate of 25%. 

Page 34

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

14.


Exceptional items

2023
2022
£
£


Provision in respect of regulatory dispute
-
1,753,258

-
1,753,258

The Group is involved in a regulatory dispute which is expected to result in a probable future economic outflow. This obligation has been currently estimated at £1,753,258 and has been provided for in these consolidated financial statements as an exceptional item within the financial year ended 31 January 2022. There are likely to be additional economic outflows in connection with this matter, but these cannot be estimated reliably at this stage and as such no provision has been made in accordance with section 21.12 of FRS 102.


15.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £Nil (2022 - £NIL).

Page 35

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

16.


Intangible assets

Group and Company





Licences
Goodwill
Total

£
£
£



Cost


At 1 February 2022
6,193
2,686,282
2,692,475



At 31 January 2023

6,193
2,686,282
2,692,475



Amortisation


At 1 February 2022
6,193
2,686,282
2,692,475



At 31 January 2023

6,193
2,686,282
2,692,475



Net book value



At 31 January 2023
-
-
-



At 31 January 2022
-
-
-



Page 36

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

17.


Tangible fixed assets

Group






Freehold property
L/Term Leasehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 February 2022
15,658,182
500,523
1,902,321
11,043,863
468,227
29,573,116


Additions
3,611,472
1,475
1,250
1,029,583
3,000
4,646,780


Disposals
-
-
-
(2,543,538)
-
(2,543,538)



At 31 January 2023

19,269,654
501,998
1,903,571
9,529,908
471,227
31,676,358



Depreciation


At 1 February 2022
182,742
396,904
1,632,611
8,517,679
384,841
11,114,777


Charge for the year on owned assets
56,848
22,730
117,384
136,141
366
333,469


Charge for the year on financed assets
-
-
-
537,431
-
537,431


Disposals
-
-
-
(2,303,595)
-
(2,303,595)



At 31 January 2023

239,590
419,634
1,749,995
6,887,656
385,207
9,682,082



Net book value



At 31 January 2023
19,030,064
82,364
153,576
2,642,252
86,020
21,994,276



At 31 January 2022
15,475,440
103,619
269,710
2,526,184
83,386
18,458,339




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
19,030,064
15,475,440

Long leasehold
82,364
103,619

19,112,428
15,579,059


Page 37

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

           17.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
1,827,050
1,869,285

1,827,050
1,869,285

The land and buildings are included at the directors estimate of the open market values for existing use as at 31 January 2023.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£

Group


Cost
14,699,324
11,087,852

Net book value
14,699,324
11,087,852

Page 38

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

18.


Fixed asset investments

Group





Other investments
Listed investments
Unlisted investments
Other fixed asset investments
Total

£
£
£
£
£



Cost or valuation


At 1 February 2022
19,661
2,310,799
330,657
-
2,661,117


Additions
-
3,119,920
-
1,835,000
4,954,920


Disposals
-
(3,922,738)
-
(1,835,000)
(5,757,738)



At 31 January 2023

19,661
1,507,981
330,657
-
1,858,299



Impairment


At 1 February 2022
19,661
-
-
-
19,661



At 31 January 2023

19,661
-
-
-
19,661



Net book value



At 31 January 2023
-
1,507,981
330,657
-
1,838,638



At 31 January 2022
-
2,310,799
330,657
-
2,641,456

The market value of the listed investments at 31 January 2023 was £1,448,211 (2022 - £2,369,424).

Page 39

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Company





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2022
1,100


Additions
100



At 31 January 2023
1,200






Net book value



At 31 January 2023
1,200



At 31 January 2022
1,100


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Pass J Holdings Limited
Ordinary
-
100%
-
Mike Beer Transport Limited*
Ordinary
-
100%
-
Apol Silva & Orchards Limited*
Ordinary
-
100%
-
Online Truck and Trailer Parts Limited*
Ordinary
-
100%
-
On Line Roadways Limited*
Ordinary
-
100%
-
The Marquis of Cornwallis Limited*
Ordinary
-
100%
-
O'Leary Investments Limited
Ordinary
-
100%
-

Page 40

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 January 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Pass J Holdings Limited
7,019,800
350,422

Mike Beer Transport Limited*
635,181
299,626

Apol Silva & Orchards Limited
10,963,279
(966,621)

Online Truck and Trailer Parts Limited*
(258,335)
(13,754)

On Line Roadways Limited*
(93,636)
-

The Marquis of Cornwallis Limited*
(856,629)
(369,764)

O'Leary Investments Limited
360,455
360,355

* Indirect subsidiary 


19.


Investment property

Group


Freehold investment property

£



Valuation


At 1 February 2022
347,457


Additions at cost
4,735,637



At 31 January 2023
5,083,094

Rental income generated from these investment properties in the year amounted to £70,245 (2022 - £55,463).
The directors consider the investment property values above are not materially different from the market value at the balance sheet date.











Page 41

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

20.


Stocks

Group

Group
Company

Company
2023
2022
2023
2022
£
£
£
£

Raw materials and consumables
217,187
156,223
-
-

217,187
156,223
-
-


Page 42

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

21.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
3,304,367
3,007,447
-
-

Other debtors
959,014
892,839
-
-

Prepayments and accrued income
973,888
716,157
-
-

5,237,269
4,616,443
-
-



22.


Current asset investments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Listed investments
1,802
1,802
-
-

1,802
1,802
-
-


The market value of the listed investments at 31 January 2023 was £2,570 (2022 - £2,106).


23.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,068,684
404,289
-
-

Less: bank overdrafts
(1,425,474)
(1,329,536)
-
-

643,210
(925,247)
-
-


Page 43

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

24.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
1,425,474
1,329,536
-
-

Bank loans
37,226
37,227
-
-

Trade creditors
3,873,824
3,079,386
-
-

Corporation tax
142,159
407,925
-
-

Other taxation and social security
1,164,720
1,243,046
-
-

Obligations under finance lease and hire purchase contracts
751,726
595,478
-
-

Other creditors
1,192,614
1,717,716
1,100
1,000

Accruals and deferred income
1,209,370
1,206,804
-
-

9,797,113
9,617,118
1,100
1,000


Bank loans and overdrafts are secured by a floating charge over all assets. Finance leases and hire purchase contracts are secured on the underlying fixed assets as detailed in the fixed asset note.


25.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
10,529,857
273,405

Net obligations under finance leases and hire purchase contracts
660,599
853,209

11,190,456
1,126,614


A debenture is in place over all of the assets of the Group. A cross corporate guarantee of £1,200,000 is in place. There is a first legal charge over units 2-5 and 6, 240 Freshwater Road, Essex.
Other loans are secured against property owned by the group.



Page 44

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

26.


Loans

Analysis of the maturity loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
37,226
37,227
-
-

Amounts falling due 1-2 years

Bank loans
10,317,486
37,226
-
-

Amounts falling due 2-5 years

Bank loans
111,679
-
-
-

Amounts falling due after more than 5 years

Bank loans
100,692
236,179
-
-

10,567,083
310,632
-
-



27.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
751,726
595,478

Between 1-5 years
660,599
853,209

1,412,325
1,448,687


28.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(446,725)
(82,756)


Charged to profit or loss
89,160
(363,969)



At end of year
(357,565)
(446,725)

Page 45

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
 
28.Deferred taxation (continued)

Group
Group
2023
2022
£
£

Release of/(accelerated) capital allowances
(357,565)
(446,725)

(357,565)
(446,725)


29.


Provisions


Group



Regulatory dispute

£





At 1 February 2022
1,753,258



At 31 January 2023
1,753,258

The Group is involved in a regulatory dispute which is expected to result in a probable future economic outflow. This obligation has been currently estimated at £1,753,258 and has been provided for in these consolidated financial statements as an exceptional item within the financial year ended 31 January 2022. There are likely to be additional economic outflows in connection with this matter, but these cannot be estimated reliably at this stage and as such no provision has been made in accordance with section 21.12 of FRS 102.


30.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary shares of £0.01 each
100
100


Page 46

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

31.


Reserves

Revaluation reserve

The revaluation reserve represents upwards valuations on land and buildings.

Other reserves

Other reserves represents an adjustment on consolidation when applying merger relief considerations. This is a non-distributable reserve.

Profit and loss account

The profit and loss account represents cumulative distributable profits and losses net of dividends and other adjustments.


32.


Contingent liabilities

The Group is involved in a number of legal disputes, all of which are ongoing and the outcome of which are unknown at this stage. On the basis of evidence available, the directors do not believe that any potential liabilities are probable and therefore no provision has been made in the accounts in accordance with FRS 102 section 21. The Group is also involved in a regulatory dispute which is expected to result in a probable future economic outflow. This obligation has been currently estimated at £1,753,258 and has been provided for in these consolidated financial statements as an exceptional item within the financial year ended 31 January 2022. There are likely to be additional economic outflows in connection with this matter, but these cannot be estimated reliably at this stage and as such no provision has been made in accordance with section 21.12 of FRS 102.


33.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £322,117 (2022 - £369,461). Contributions totalling £103,191 (2022 - £140,289) were payable to the fund at the balance sheet date and are included in creditors.

Page 47

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

34.


Commitments under operating leases

At 31 January 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£


Not later than 1 year
360,000
360,000

Later than 1 year and not later than 5 years
1,440,000
1,440,000

Later than 5 years
990,000
1,350,000

2,790,000
3,150,000
Group
Group
2023
2022
£
£


Not later than 1 year
55,572
97,682

Later than 1 year and not later than 5 years
68,741
58,518

124,313
156,200

The Group has aggregate rents receivable of £810,365 (2022 - £660,507) in relation to operating leases.
Rents receivable relate to the company's freehold property and investment property.


35.


Related party transactions

Other
During the year the Group had transactions with entities connected via virtue of directors in common. The Group made total purchases from these entities of £51,710 (2022 - £47,818) and made total sales of £Nil (2022 - £Nil). At the year end, the Group was owed £43,392 (2022 - £89,813) by these entities.
Key Management Personnel
Included within other creditors are amounts owed to directors of £33,895 
(2022 - £565,355).
Included within other debtors are amounts owed from the directors of £767,480 
(2022 - £604,434). Interest has been charged at HMRC's offical rate.
The Group has taken advantage of the exemption available under FRS 102 section 33 'Related Party Transactions' not to disclose transactions with entities included in the consolidated financial statements of O'Leary Group Limited.

Page 48

 
O'LEARY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

36.


Post balance sheet events

Subsequent to the year end, the group has settled its loans of £11,600,000 which they had secured against property owned by the company and subsequently entered into a new mortgage arrangement.


37.


Controlling party

The directors consider the overall controlling party to be the O'Leary family.

Page 49