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REGISTERED NUMBER: 03020925 (England and Wales)















O'BRIEN CONTRACTORS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


O'BRIEN CONTRACTORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: P N O'Brien
S Chamberlain
W Inskip
A T Mitchell
T A O'Brien





SECRETARY: W Inskip





REGISTERED OFFICE: Manor Cottage
Church Lane
Cubbington
Leamington Spa
Warwickshire
CV32 7JT





REGISTERED NUMBER: 03020925 (England and Wales)





AUDITORS: Murphy Salisbury Limited
Chartered Accountants and Statutory Auditors
Celixir House
Stratford Business and Technology Park
Stratford-upon-Avon
Warwickshire
CV37 7GZ

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their strategic report for the year ended 31 March 2023.

BUSINESS OVERVIEW
The background of this year's report has seen the business operate in challenging economic conditions with increased interest rates, high inflation for both material and labour costs and shortage of skilled labour. Despite these conditions the business has shown resilience and been able to grow it nets assets with a strong cash reserve.

The business has seen first hand the impacts of the COVID-19 disruptions to the supply chain through direct costs (cost of sales), seeing an increase year on year of 51.8% (2023: £24.6m 2022: £16.3m) however the business has been able to withstand these unusual circumstances as seen with the continued profitability being made.

HEALTH AND SAFETY

Our goal is that everyone who encounters our activities, on or off site, goes home safe and well. Health and Safety is discussed at our Board Meetings with regular SHEQ meetings.

Regular independent audits are made at each our sites and results are discussed to continually improve to make our workplaces a safe environment.

FINANCIAL KEY PERFORMANCE INDICATORS

The key performance indicators of the business are:

2023 2022
Turnover growth 60.1% 25.7%
Gross profit margin 11.8% (46.5%)
PBT margin growth 397.4% (69.6%)
Net assets growth 2.4% (0.08%)

FINANCIAL PERFORMANCE

The financial performance of O'Brien Contractors Limited remained strong during the year. Despite the challenging economic climate, our revenue increased by 60.1% compared to the previous year. This growth can be attributed to securing larger contracts and expanding our customer base.

Furthermore, our profitability improved during the year due to a more stringent focus on costs of the business to ensure that cashflow of the business is maintained into the future.

OUTLOOK FOR THE YEAR TO MARCH 2024

The challenging economic conditions referred to at the start of the report have continued and show little sign of improvement.

The business is forecasting increased turnover and similar profit margins with focus on controlling cost and overheads.


O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

PRINCIPAL RISKS AND UNCERTAINTIES

Increased inflationary pressure on costs for the
business
Due to costs associated with projects being key to the
actual profitability of the business, the inflation rate in the
UK is deemed to be a key risk to the business. To mitigate
this risk, the business looks to avoid locking into costs in
contracts which are likely to result in losses being made.

Cashflow availability in the business The company keeps strong controls in place in regards to
spending, having a procurement team who regularly assess
costs for the business. Additionally, there is a company
ethos in place to keep control of costs associated with
projects along with assessing non-essential costs.

Project management risks The business assigns experienced employees who oversee
the key departments of the business. This is completed so
that costs are accurately judged, and pricing of contracts
are appropriate for the business to continue to make profits
along with ensuring that payment terms support the
cashflow requirements of the business.

ON BEHALF OF THE BOARD:





P N O'Brien - Director


3 November 2023

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2023 will be £1,762,315 (2022: £562,750).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

P N O'Brien
S Chamberlain
W Inskip
A T Mitchell
T A O'Brien

DIRECTORS INDEMNITY INSURANCE
Qualifying third party indemnity provision is in place for the benefit of all directors of the company.

DISCLOSURE IN THE STRATEGIC REPORT
As permitted by Paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report on page 2. These matters relate to review of business, principal risks and uncertainties and future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


AUDITORS
The auditors, Murphy Salisbury Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P N O'Brien - Director


3 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
O'BRIEN CONTRACTORS LIMITED

Opinion
We have audited the financial statements of O'Brien Contractors Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
O'BRIEN CONTRACTORS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Statement of Directors' Responsibilities set out on page four, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the Company remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Company documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
O'BRIEN CONTRACTORS LIMITED



As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to amounts recoverable on contracts. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. These included compliance with Financial Conduct Authority regulation for the UK operating segment and GDPR regulation.

Audit response to risks identified
As a result of performing the above, we identified valuation of amounts recoverable from contracts as a key audit risk related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management of actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reading minutes of meetings of those charged with governance, reviewing internal reports;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 Report of the Auditors.

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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Mark Bullock FCA (Senior Statutory Auditor)
for and on behalf of Murphy Salisbury Limited
Chartered Accountants and Statutory Auditors
Celixir House
Stratford Business and Technology Park
Stratford-upon-Avon
Warwickshire
CV37 7GZ

3 November 2023

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

REVENUE 3 27,929,131 17,447,858

Cost of sales 24,632,337 16,229,096
GROSS PROFIT 3,296,794 1,218,762

Administrative expenses 1,063,435 736,314
2,233,359 482,448

Other operating income 6,457 3,985
OPERATING PROFIT 5 2,239,816 486,433

Interest receivable and similar income 4,530 188
2,244,346 486,621

Interest payable and similar expenses 6 95,292 54,538
PROFIT BEFORE TAXATION 2,149,054 432,083

Tax on profit 7 311,376 141,994
PROFIT FOR THE FINANCIAL YEAR 1,837,678 290,089

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,837,678

290,089

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 9 4,403,742 3,923,235
Investments 10 100 100
4,403,842 3,923,335

CURRENT ASSETS
Inventories 11 3,390 3,390
Debtors 12 4,646,078 5,648,796
Cash at bank and in hand 2,980,600 910,213
7,630,068 6,562,399
CREDITORS
Amounts falling due within one year 13 6,180,101 5,339,592
NET CURRENT ASSETS 1,449,967 1,222,807
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,853,809

5,146,142

CREDITORS
Amounts falling due after more than one year 14 (1,657,873 ) (1,380,208 )

PROVISIONS FOR LIABILITIES 18 (1,006,227 ) (651,588 )
NET ASSETS 3,189,709 3,114,346

CAPITAL AND RESERVES
Called up share capital 19 1,099 1,099
Retained earnings 20 3,188,610 3,113,247
SHAREHOLDERS' FUNDS 3,189,709 3,114,346

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 3 November 2023 and were signed on its behalf by:





P N O'Brien - Director


O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2021 1,099 3,385,908 3,387,007

Changes in equity
Dividends - (562,750 ) (562,750 )
Total comprehensive income - 290,089 290,089
Balance at 31 March 2022 1,099 3,113,247 3,114,346

Changes in equity
Dividends - (1,762,315 ) (1,762,315 )
Total comprehensive income - 1,837,678 1,837,678
Balance at 31 March 2023 1,099 3,188,610 3,189,709

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

O'Brien Contractors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Statement of compliance
O'Brien Contractors Limited are civil engineering contractors and provide related services.

The financial statements have been prepared in accordance with Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of preparing the financial statements
These financial statements have been prepared on a going concern basis, under the historical cost convention and are prepared in sterling which is the functional currency of the company.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c).

Preparation of consolidated financial statements
The financial statements contain information about O'Brien Contractors Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, O'Brien Holdings 2020 Limited, Manor Cottage, Church Lane, Cubbington, Leamington Spa, CV32 7JT.

Judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Useful economic lives of property, plant and equipment
The annual depreciation charge for property, plant and equipment 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 where necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets.

Impairment of trade receivables
The company makes an estimate of the recoverable amount of trade and other debtors. When assessing impairment of trade and other receivables, management considers factors including the credit rating of the receivable, the ageing profile of receivables and historical experience.

Accounting for construction contracts
The company makes estimates of the total selling price and costs to complete on construction contracts. Further details are set out in the accounting policies below.

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Revenue recognition
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, stated net of discounts and Value Added Tax.


Construction Contracts

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probably that they will be recoverable.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is assessed by reference to surveys of work performed. Costs incorrect in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided they will be recovered.

Construction contract debtors are presented as part of debtors in the statement of financial position. If payments received from customers exceed the income recognised, then the difference is presented as accruals and deferred income in the statement of financial position.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Portable office - 15% on reducing balance
Plant and machinery - 15% on reducing balance
Computer and office equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Inventories
Inventories are stated at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the assets have passed to the company, and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful lives. A corresponding liability is recognised for the lower of fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining liability.

Rentals payable under operating leases are charged to in the statement of comprehensive income on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The contributions are recognised as an expense when they are due. Amounts not paid are shown in other creditors in the statement of financial position.

Grants
Grants received are credited to the profit and loss account in the same period as the related expenditure. Grants received in respect of asset purchases are included in deferred income and credited to the profit and loss account over the expected useful life of the asset concerned.

Investments
Investments are valued at fair value.

Holiday pay
Holiday pay is recognised as an expense in the period in which the service is received.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by class of business is given below:

2023 2022
£    £   
Ground works 26,759,573 15,552,786
Small works 451,833 371,624
Sports pitches 717,725 1,523,448
27,929,131 17,447,858

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. REVENUE - continued

An analysis of revenue by geographical market is given below:

2023 2022
£    £   
United Kingdom 27,929,131 17,447,858
27,929,131 17,447,858

All revenue incurred is in relation to construction contracts

4. EMPLOYEES AND DIRECTORS

20232022
££

Wages and salaries1,944,3401,606,340
Social security costs183,305173,651
Other pension costs39,50039,395

2,167,1451,819,386

The average monthly number of employees during the year was as follows:
20232022

Directors55
Administration67
Construction and site management2323
3435

2023 2022
£    £   
Directors' remuneration 85,356 84,440
Directors' pension contributions to money purchase schemes 1,576 1,646

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 1,248,492 659,255
Depreciation - owned assets 679,670 654,604
Profit on disposal of fixed assets (280,442 ) (132,212 )
Audit 22,000 18,000
Operating lease - rent 80,000 80,000
Operating lease - other 13,037 213,333

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 48,894 21,855
Hire purchase 46,398 32,683
95,292 54,538

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 60,000 (71,609 )
Over provision in earlier year (103,263 ) (31,940 )
Total current tax (43,263 ) (103,549 )

Origination and reversal of timing differences 354,639 245,543
Tax on profit 311,376 141,994

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,149,054 432,083
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

408,320

82,096

Effects of:
Expenses not deductible for tax purposes 6,235 1,545
Capital allowances in excess of depreciation (217,103 ) (142,689 )
Adjustments to tax charge in respect of previous periods (103,263 ) (31,940 )
Superdeduction adjustment (129,651 ) (66,088 )
Accelerated capital allowances/deferred tax 285,469 117,319
Deferred tax movement re increase in CT rate 69,170 128,224
Other deferred tax (1,447 ) 53,527
Utilisation of group relief (6,309 ) -
Other timing differences (45 ) -
Total tax charge 311,376 141,994

The deferred tax liability at 31 March 2022 has been calculated based on the rate of
25% substantively enacted during the year.

Deferred tax
The deferred tax included in the company balance sheet is as follows:
20232022
£   £   
Accelerated capital allowances1,006,227651,588
1,006,227651,588

Deferred tax in the statement of comprehensive income
20232022
£   
Accelerated capital allowances354,639245,543
354,639245,543

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. DIVIDENDS

20232022
££
'A' Ordinary shares of £1 each 1,311,000151,250
'B' Ordinary shares of £1 each 127,519154,000
'C' Ordinary shares of £1 each 117,03689,000
'D' Ordinary shares of £1 each 89,72479,500
'E' Ordinary shares of £1 each117,03689,000
1,762,315562,750

9. PROPERTY, PLANT AND EQUIPMENT
Computer
and
Portable Plant and office Motor
office machinery equipment vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 68,500 5,042,060 218,339 979,080 6,307,979
Additions 5,475 2,178,274 17,900 74,298 2,275,947
Disposals - (2,047,700 ) - (71,507 ) (2,119,207 )
At 31 March 2023 73,975 5,172,634 236,239 981,871 6,464,719
DEPRECIATION
At 1 April 2022 49,952 1,792,432 97,584 444,776 2,384,744
Charge for year 3,058 519,946 19,014 137,652 679,670
Eliminated on disposal - (961,165 ) - (42,272 ) (1,003,437 )
At 31 March 2023 53,010 1,351,213 116,598 540,156 2,060,977
NET BOOK VALUE
At 31 March 2023 20,965 3,821,421 119,641 441,715 4,403,742
At 31 March 2022 18,548 3,249,628 120,755 534,304 3,923,235

The net book value of tangible fixed assets includes £3,449,582 (2022: £2,783,197) and depreciation charge for the year of £ 487,449 (2022: £1,375,197) in respect of assets held under hire purchase contract.

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 April 2022
and 31 March 2023 100
NET BOOK VALUE
At 31 March 2023 100
At 31 March 2022 100

Cost or valuation at 31 March 2023 is represented by:

Shares in
group
undertakings
£   
Cost 100

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

O'Brien Sports Limited
Registered office: Manor cottage Church Lane Cubbington, Warwickshire CV32 7JT
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 100 100

11. INVENTORIES
2023 2022
£    £   
Stock and work in progress 3,390 3,390

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,342,280 2,827,813
Amounts owed by group undertakings 1,251,117 284,795
Amounts recoverable on contracts 559,183 2,246,960
Other debtors 97,761 5,405
Amounts due from related
companies 3,782 2,584
Tax 165,271 103,549
Prepayments 226,684 177,690
4,646,078 5,648,796

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 15) 250,000 250,000
Hire purchase contracts (see note 16) 903,918 503,885
Trade creditors 3,619,318 3,618,304
Amounts owed to group undertakings 100 1,893
Social security and other taxes 128,091 135,893
VAT 487,823 381,302
Other creditors 663,004 362,186
Accruals 33,740 86,129
Directors' current accounts 94,107 -
6,180,101 5,339,592

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 15) 645,833 895,833
Hire purchase contracts (see note 16) 1,012,040 484,375
1,657,873 1,380,208

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 250,000 250,000

Amounts falling due between one and two years:
Bank loans 250,000 250,000

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

15. LOANS - continued
2023 2022
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 395,833 645,833

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 903,918 503,885
Between one and five years 1,012,040 484,375
1,915,958 988,260

Non-cancellable operating leases
2023 2022
£    £   
Within one year 83,280 93,037
Between one and five years 53,333 136,614
136,613 229,651

The finance leases relate to plant, machinery and motor vehicles. These finance leases have an average duration of 3 years.
The operating lease relate to property and motor vehicles. The motor vehicle leases have an average duration of 3 years and property of 5 years. Only the property lease agreement contains an option for renewal. There are no restrictions placed upon the lessee by entering into these leases.

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 1,915,958 988,260

The hire purchase contracts are secured over the specific assets financed.

National Westminster Bank PLC holds a fixed and floating charge over the company and its assets.

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,006,227 651,588

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 651,588
Movement in year 285,469
Increase in CT rate to 25% 69,170
Balance at 31 March 2023 1,006,227

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,099 Ordinary £1 1,099 1,099

Allotted, issued and fully paid:
Number:Class: Nominal value:20232022
££
990'A' Ordinary £1 990990
10'B' Ordinary £1 1010
33'C' Ordinary £1 3333
33'D' Ordinary £1 3333
33'E' Ordinary£1 3333
1,0991,099

Rights of shares
The ordinary shares have a right to vote, a right to participate in dividends and the right to participate in a distribution on a wind up.

20. RESERVES
Retained
earnings
£   

At 1 April 2022 3,113,247
Profit for the year 1,837,678
Dividends (1,762,315 )
At 31 March 2023 3,188,610

21. PENSION COMMITMENTS

The cost to the company during the year was £41,199 (2022: £39,395). The outstanding contributions payable at the 31 March 2022 amounted to £5,063 (2022: £nil).

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

22. CONTINGENT LIABILITIES

On 29 November 2021, the company entered into a performance guarantee bond in favour of Old Saltleians Rugby Football Club Limited of £592,274.

On 9 November 2022, the company entered into a performance guarantee bond in favour of St Modwen Development Limited of £161,759.

On 30 November 2022, the company entered into a performance guarantee bond in favour of Fairham Pastures Developments Limited of £470,405.

23. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

O'BRIEN CONTRACTORS LIMITED (REGISTERED NUMBER: 03020925)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

23. RELATED PARTY DISCLOSURES - continued

The following companies form part of the group, but as O'Brien Contractors Limited is not a wholly owned subsidiary within the group disclosure is required:


2023 2023 2022 2022
Profit Profit
& Loss Balance & Loss Balance
Income / Sheet Asset / Income / Sheet Asset /
(Expense £ ) (Liability £ ) (Expense £ ) (Liability £ )


O'Brien Group Limited - 339,371 - 284,795
O'Brien Developments Limited 986,577 911,746 - (1,793 )




The following companies are related by virtue of common control by the directors.


2023 2023 2022 2022
Profit Profit
& Loss Balance & Loss Balance
Income / Sheet Asset / Income / Sheet Asset /
(Expense £ ) (Liability £ ) (Expense £ ) (Liability £ )


Southam Developments Limited - 821 - 781
O'Brien Developments Dartmouth Waterside
Limited

-

2,303

-

1,803





During the year O'Brien Contractors entered into purchases of £nil (2022: £nil) with O'Brien Charitable Trust a charity under common control by the directors of O'Brien Contractors Limited. At the year end O'Brien Charitable Trust owed the company £659 (2022: £260).

At the year end there was a balance of £1,817 owed to a director of the Company in respect of an expense claim raised in the year.

24. ULTIMATE CONTROLLING PARTY

O'Brien (Group) Limited is the immediate parent company by virtue of owning 90.1% of the company's share capital.

The ultimate parent undertaking and controlling entity is O'Brien Holdings 2020 Limited, a company registered in England and Wales. Copies of the group financial statements are available from Manor Cottage, Church Lane, Cubbington, Leamington Spa, CV32 7JT.