Registered number
NI647857
O'Neill Contracts & Plant Hire Ltd
Filleted Accounts
30 September 2023
O'Neill Contracts & Plant Hire Ltd
Registered number: NI647857
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 543,850 405,205
Investments 4 1 1
543,851 405,206
Current assets
Stocks 216,849 104,155
Debtors 5 40,740 150,769
Cash at bank and in hand 25,211 33,343
282,800 288,267
Creditors: amounts falling due within one year 6 (229,303) (198,476)
Net current assets 53,497 89,791
Total assets less current liabilities 597,348 494,997
Creditors: amounts falling due after more than one year 7 (239,682) (183,518)
Provisions for liabilities (103,332) (77,109)
Net assets 254,334 234,370
Capital and reserves
Called up share capital 200 200
Profit and loss account 254,134 234,170
Shareholders' funds 254,334 234,370
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Patrick O'Neill
Director
Approved by the board on 4 January 2024
O'Neill Contracts & Plant Hire Ltd
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings/office 20% Reducing balance
Plant and machinery 20% Reducing balance
Fixtures, fittings, tools and equipment 20% Reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2022 5,187 682,824 688,011
Additions 1,248 290,000 291,248
Disposals - (32,500) (32,500)
At 30 September 2023 6,435 940,324 946,759
Depreciation
At 1 October 2022 1,800 281,006 282,806
Charge for the year 927 135,036 135,963
On disposals - (15,860) (15,860)
At 30 September 2023 2,727 400,182 402,909
Net book value
At 30 September 2023 3,708 540,142 543,850
At 30 September 2022 3,387 401,818 405,205
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 October 2022 1
At 30 September 2023 1
5 Debtors 2023 2022
£ £
Trade debtors 16,001 40,454
Amounts owed by group undertakings and undertakings in which the company has a participating interest 24,723 48,786
Other debtors 16 61,529
40,740 150,769
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 122,910 111,600
Trade creditors 12,865 47,626
Taxation and social security costs 4,456 (19,753)
Other creditors 89,072 59,003
229,303 198,476
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 28,256 38,063
Obligations under finance lease and hire purchase contracts 211,426 145,455
239,682 183,518
8 Other information
O'Neill Contracts & Plant Hire Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
132 Scraghy Road
Killen
Castlederg
Co Tyrone
BT81 7SP
O'Neill Contracts & Plant Hire Ltd NI647857 false 2022-10-01 2023-09-30 2023-09-30 VT Final Accounts October 2023 release 2 Patrick O'Neill No description of principal activity NI647857 2021-10-01 2022-09-30 NI647857 core:WithinOneYear 2022-09-30 NI647857 core:AfterOneYear 2022-09-30 NI647857 core:ShareCapital 2022-09-30 NI647857 core:RetainedEarningsAccumulatedLosses 2022-09-30 NI647857 2022-10-01 2023-09-30 NI647857 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 NI647857 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 NI647857 bus:Director40 2022-10-01 2023-09-30 NI647857 1 2022-10-01 2023-09-30 NI647857 2 2022-10-01 2023-09-30 NI647857 core:LandBuildings 2022-10-01 2023-09-30 NI647857 core:PlantMachinery 2022-10-01 2023-09-30 NI647857 countries:England 2022-10-01 2023-09-30 NI647857 bus:FRS102 2022-10-01 2023-09-30 NI647857 bus:FullAccounts 2022-10-01 2023-09-30 NI647857 2023-09-30 NI647857 core:WithinOneYear 2023-09-30 NI647857 core:AfterOneYear 2023-09-30 NI647857 core:ShareCapital 2023-09-30 NI647857 core:RetainedEarningsAccumulatedLosses 2023-09-30 NI647857 core:LandBuildings 2023-09-30 NI647857 core:PlantMachinery 2023-09-30 NI647857 2022-09-30 NI647857 core:LandBuildings 2022-09-30 NI647857 core:PlantMachinery 2022-09-30 iso4217:GBP xbrli:pure