IRIS Accounts Production v23.3.0.418 NI002844 Board of Directors Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureNI0028442022-03-31NI0028442023-03-31NI0028442022-04-012023-03-31NI0028442021-03-31NI0028442021-04-012022-03-31NI0028442022-03-31NI002844ns16:NorthernIreland2022-04-012023-03-31NI002844ns15:PoundSterling2022-04-012023-03-31NI002844ns11:Director12022-04-012023-03-31NI002844ns11:Director22022-04-012023-03-31NI002844ns11:PrivateLimitedCompanyLtd2022-04-012023-03-31NI002844ns11:SmallEntities2022-04-012023-03-31NI002844ns11:AuditExemptWithAccountantsReport2022-04-012023-03-31NI002844ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-31NI002844ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-31NI002844ns11:FullAccounts2022-04-012023-03-31NI002844ns11:CompanySecretary12022-04-012023-03-31NI002844ns11:RegisteredOffice2022-04-012023-03-31NI002844ns6:CurrentFinancialInstruments2023-03-31NI002844ns6:CurrentFinancialInstruments2022-03-31NI002844ns6:Non-currentFinancialInstruments2023-03-31NI002844ns6:Non-currentFinancialInstruments2022-03-31NI002844ns6:ShareCapital2023-03-31NI002844ns6:ShareCapital2022-03-31NI002844ns6:RetainedEarningsAccumulatedLosses2023-03-31NI002844ns6:RetainedEarningsAccumulatedLosses2022-03-31NI002844ns6:PlantMachinery2022-04-012023-03-31NI002844ns6:PlantMachinery2022-03-31NI002844ns6:PlantMachinery2023-03-31NI002844ns6:PlantMachinery2022-03-31NI002844ns6:CostValuation2022-03-31NI002844ns6:AdditionsToInvestments2023-03-31NI002844ns6:DisposalsRepaymentsInvestments2023-03-31NI002844ns6:RevaluationsIncreaseDecreaseInInvestments2023-03-31NI002844ns6:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-03-31NI002844ns6:CostValuation2023-03-31NI002844ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-31NI002844ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-31NI002844ns6:Secured2023-03-31NI002844ns6:Secured2022-03-31
REGISTERED NUMBER: NI002844 (Northern Ireland)















O'CONNOR & MCCANN LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






O'CONNOR & MCCANN LIMITED (REGISTERED NUMBER: NI002844)






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




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


O'CONNOR & MCCANN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr P Keeling
Mrs A U MacManus



SECRETARY: Mrs A U MacManus



REGISTERED OFFICE: 13 Innisfayle Road
BELFAST
BT15 4ER



REGISTERED NUMBER: NI002844 (Northern Ireland)



ACCOUNTANTS: McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: Danske Bank
Business Banking
PO Box 183
Donegal Square West
BELFAST
BT1 6JS

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
O'CONNOR & MCCANN LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this 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 Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 March 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE


18 October 2023

O'CONNOR & MCCANN LIMITED (REGISTERED NUMBER: NI002844)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 392 587
Investments 5 1,027,751 1,734,596
Investment property 6 11,050,000 18,310,000
12,078,143 20,045,183

CURRENT ASSETS
Debtors 7 1,199,519 1,214,008
Cash at bank and in hand 992,994 1,126,433
2,192,513 2,340,441
CREDITORS
Amounts falling due within one year 8 1,255,345 870,349
NET CURRENT ASSETS 937,168 1,470,092
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,015,311

21,515,275

CREDITORS
Amounts falling due after more than one
year

9

(5,952,657

)

(6,682,098

)

PROVISIONS FOR LIABILITIES (944,912 ) (943,449 )
NET ASSETS 6,117,742 13,889,728

CAPITAL AND RESERVES
Called up share capital 6,000 6,000
Retained earnings 6,111,742 13,883,728
SHAREHOLDERS' FUNDS 6,117,742 13,889,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

O'CONNOR & MCCANN LIMITED (REGISTERED NUMBER: NI002844)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by:




Mrs A U MacManus - Director



Mr P Keeling - Director


O'CONNOR & MCCANN LIMITED (REGISTERED NUMBER: NI002844)

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

1. STATUTORY INFORMATION

O'Connor & McCann Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 25% straight line

Investment property
Investment properties are included in the Balance Sheet at their open market value in accordance with Section 16 of FRS 102 Section 1A and are not depreciated.

Although this accounting policy is in accordance with the applicable accounting standard it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.


O'CONNOR & MCCANN LIMITED (REGISTERED NUMBER: NI002844)

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 balance sheet 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.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Fixed asset investments
Investments in subsidiary undertakings are recognised at cost less accumulated impairment.

Investments in non-derivative financial instruments that are equity of the issuer are recognised at their fair value if it can be measured reliably with changes in fair value recognised in the profit and loss account, otherwise they are measured at cost less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Office
equipment
£   
COST
At 1 April 2022
and 31 March 2023 783
DEPRECIATION
At 1 April 2022 196
Charge for year 195
At 31 March 2023 391
NET BOOK VALUE
At 31 March 2023 392
At 31 March 2022 587

O'CONNOR & MCCANN LIMITED (REGISTERED NUMBER: NI002844)

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

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 April 2022 820,770 913,826 1,734,596
Additions 50 99,074 99,124
Disposals - (34,844 ) (34,844 )
Revaluations - 15,005 15,005
Impairments (786,130 ) - (786,130 )
At 31 March 2023 34,690 993,061 1,027,751
NET BOOK VALUE
At 31 March 2023 34,690 993,061 1,027,751
At 31 March 2022 820,770 913,826 1,734,596

Cost or valuation at 31 March 2023 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2023 (786,130 ) 15,005 (771,125 )
Cost 820,820 978,056 1,798,876
34,690 993,061 1,027,751

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 18,310,000
Revaluations (7,260,000 )
At 31 March 2023 11,050,000
NET BOOK VALUE
At 31 March 2023 11,050,000
At 31 March 2022 18,310,000

O'CONNOR & MCCANN LIMITED (REGISTERED NUMBER: NI002844)

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

6. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2007 2,063,650
Valuation in 2011 (1,800,000 )
Valuation in 2013 (3,200,000 )
Valuation in 2014 400,000
Valuation in 2017 2,060,000
Valuation in 2019 2,540,000
Valuation in 2020 1,000,000
Valuation in 2021 (834,661 )
Valuation in 2023 (7,260,000 )
Cost 16,081,011
11,050,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 16,081,011 16,081,011

The investment properties were valued during the year on an open market basis by CBRE and Lambert Smith Hampton.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,199,519 1,214,008

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 848,000 660,000
Taxation and social security 196,946 57,886
Other creditors 210,399 152,463
1,255,345 870,349

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 5,952,657 6,682,098

O'CONNOR & MCCANN LIMITED (REGISTERED NUMBER: NI002844)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 6,800,657 7,342,098

The bank loans and overdrafts are secured by the following:- Debenture dated 23/05/2014; Legal charge over lands owned by the company.

11. RELATED PARTY DISCLOSURES

As at 31 March 2023 the company had a loan outstanding to Millar Estates (Park House) NI Ltd totalling £1,129,936 (£1,170,336 - 2022). No interest is to be charged on this. At the balance sheet date, the loan is presented with current assets: other debtors.

Millar Estates (Park House) NI Ltd is a 100% subsidiary company of O'Connor & McCann Ltd.

The company has provided an unlimited intercompany cross guarantee for the bank borrowings of the company's subsidiary company, Millar Estates (Park House) NI Ltd.

As at 31 March 2023 the company had a loan outstanding to Dataworks Management Company Ltd totalling £3,031 (£Nil - 2022). No interest is to be charged on this. At the balance sheet date, the loan is presented within current assets: other debtors.

Dataworks Management Company Ltd is a 50% subsidiary company of O'Connor & McCann Ltd.