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COMPANY REGISTRATION NUMBER: 6491820
O'Neills Developments Limited
Filleted Unaudited Financial Statements
28 February 2023
O'Neills Developments Limited
Financial Statements
Year ended 28 February 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
O'Neills Developments Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
£
Current assets
Stocks
2,734,712
2,642,247
Debtors
4
17,176
21,085
Cash at bank and in hand
13,488
6,397
------------
------------
2,765,376
2,669,729
Creditors: amounts falling due within one year
5
464,525
1,347,178
------------
------------
Net current assets
2,300,851
1,322,551
------------
------------
Total assets less current liabilities
2,300,851
1,322,551
Creditors: amounts falling due after more than one year
6
2,056,050
1,114,042
------------
------------
Net assets
244,801
208,509
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
244,701
208,409
----------
----------
Shareholders funds
244,801
208,509
----------
----------
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 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
O'Neills Developments Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 27 November 2023 , and are signed on behalf of the board by:
Mr J W O'Neill
Director
Company registration number: 6491820
O'Neills Developments Limited
Notes to the Financial Statements
Year ended 28 February 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 Printing House, 66 Lower Road, Harrow, HA2 0DH.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Debtors
2023
2022
£
£
Trade debtors
4,343
2,859
Other debtors
12,833
18,226
--------
--------
17,176
21,085
--------
--------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
35,485
895,342
Trade creditors
4,032
3,623
Accruals and deferred income
3,500
3,500
Corporation tax
8,513
20,018
Director loan accounts
205,496
202,973
Other creditors
207,499
221,722
----------
------------
464,525
1,347,178
----------
------------
The bank loans comprise loans which are secured by a fixed and floating charge over all the assets of the company in favour of NatWest Bank Plc and a Bounce Back loan which is secured by a government guarantee.
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,056,050
1,114,042
------------
------------
The bank loans comprise loans which are secured by a fixed and floating charge over all the assets of the company in favour of NatWest Bank Plc and a Bounce Back loan which is secured by a government guarantee.
7. Related party transactions
Transactions entered into under normal commercial terms, with companies under common control, as defined by FRS 102 were as follows: Odyssey Developments (UK) Limited At the balance sheet date £774 was owed by (2022 - £18,226 owed to) O'Neills Developments Limited in respect of a short term-interest free loan. O'Neills Investments Limited At the balance sheet date £12,833 was owed to (2022 - £11,167 owed by) O'Neills Developments Limited in respect of a short term-interest free loan. O'Neills Building Company Limited At the balance sheet date £168,990 (2022 - £177,990) was owed by O'Neills Developments Limited in respect of a short-term interest free loan.