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COMPANY REGISTRATION NUMBER: 07571012
O'Neill & O'Neill Limited
Filleted Unaudited Financial Statements
31 March 2023
O'Neill & O'Neill Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
O'Neill & O'Neill Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
4,861
2,160
Current assets
Debtors
6
172,830
126,639
Cash at bank and in hand
174,949
274,618
---------
---------
347,779
401,257
Creditors: amounts falling due within one year
7
( 44,492)
( 19,886)
---------
---------
Net current assets
303,287
381,371
---------
---------
Total assets less current liabilities
308,148
383,531
Provisions
Taxation including deferred tax
( 352)
---------
---------
Net assets
307,796
383,531
---------
---------
O'Neill & O'Neill Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
307,696
383,431
---------
---------
Shareholders funds
307,796
383,531
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 November 2023 , and are signed on behalf of the board by:
Dr M O'Neill
Director
Company registration number: 07571012
O'Neill & O'Neill Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Midway House, Herrick Way, Staverton Technology Park, Staverton, Cheltenham, GL51 6TQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
10% per annum of cost
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Fixtures, fittings and equipment
£
Cost
At 1 April 2022
4,160
Additions
3,152
-------
At 31 March 2023
7,312
-------
Depreciation
At 1 April 2022
2,000
Charge for the year
451
-------
At 31 March 2023
2,451
-------
Carrying amount
At 31 March 2023
4,861
-------
At 31 March 2022
2,160
-------
6. Debtors
2023
2022
£
£
Other debtors
172,830
126,639
---------
---------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
22,797
13,877
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,896
Social security and other taxes
1,647
Other creditors
42,845
17,990
--------
--------
44,492
19,886
--------
--------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Dr M O'Neill
Dr C F O'Neill (deceased)
----
----
----
----
----
----
----
----
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Dr M O'Neill
70,819
5,039
( 75,858)
Dr C F O'Neill (deceased)
70,819
5,039
( 75,858)
---------
--------
---------
----
141,638
10,078
( 151,716)
---------
--------
---------
----
No interest has been charged by the company on the advances to the directors.
9. Related party transactions
At the reporting date an amount of £38,594 (2022 - £10,780) was owed by the company to the directors in respect of their current account with the company. No interest has been charged by the directors on this account.