VINCE O'BRIEN PLASTERING CONTRACTORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
Company Registration Number: 03072565
VINCE O'BRIEN PLASTERING CONTRACTORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
VINCE O'BRIEN PLASTERING CONTRACTORS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023
DIRECTOR
V B O'Brien
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Unit 4, Wychwood Business Centre
Milton Road
Shipton-Under-Wychwood
Chipping Norton
Oxon
OX7 6XU
COMPANY REGISTRATION NUMBER
03072565 England and Wales
VINCE O'BRIEN PLASTERING CONTRACTORS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
Notes 2023 2022
£ £
FIXED ASSETS
Tangible assets 5 453,950 492,546
Investments 6 - 100
453,950 492,646
CURRENT ASSETS
Stock 331,054 1,382,156
Debtors 7 2,152,219 50,429
Cash at bank and in hand 95,457 41,973
2,578,730 1,474,558
CREDITORS: Amounts falling due within one year 8 1,731,034 790,459
NET CURRENT ASSETS 847,696 684,099
TOTAL ASSETS LESS CURRENT LIABILITIES 1,301,646 1,176,745
CREDITORS: Amounts falling due after more than one year 9 303,201 399,051
Provisions for liabilities and charges 24,740 32,442
NET ASSETS 973,705 745,252
CAPITAL AND RESERVES
Called up share capital 10 10
Distributable profit and loss account 973,695 745,242
SHAREHOLDER'S FUNDS 973,705 745,252
VINCE O'BRIEN PLASTERING CONTRACTORS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
V B O'Brien
Director
Date approved by the board: 5 March 2024
VINCE O'BRIEN PLASTERING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1 GENERAL INFORMATION
Vince O'Brien Plastering Contractors Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Unit 4, Wychwood Business Centre
Milton Road
Shipton-Under-Wychwood
Chipping Norton
Oxon
OX7 6XU
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover represents the fair value of consideration received or receivable and represents the provision of plastering services, stated net of trade discounts and value added tax. Revenue is recognised as contract activity progresses, in accordance with the terms of the contractual agreement and the stage of completion of the work. Revenue is reported in the period in which the services were rendered and reflects the partial performance of the company's contractual obligations where this can be measured reliably. Where recorded revenue exceeds amounts invoiced to clients, the excess is classified as income.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Grant Income
Grant income has been recognised under the accrual model, where income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
VINCE O'BRIEN PLASTERING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Buildings Straight line basis at 2% per annum
Plant and machinery Reducing balance basis at 25% per annum
Motor vehicles Reducing balance basis at 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Investments
Investments in subsidiaries are shown at cost less accumulated impairment losses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
VINCE O'BRIEN PLASTERING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Work in progress
Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Loans receivable are measured initially at fair value, net of transaction costs, and subsequently at amortised cost, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
VINCE O'BRIEN PLASTERING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Long term contracts
Long term contracts have been assessed on a contract-by-contract basis and reflected in the profit and loss account by recording revenue and related costs as contract activity progresses. Revenue is ascertained in a manner appropriate to the stage of completion of the contract, calculated by reference to the costs incurred at the balance sheet date, the business and the industry in which it operates. Profit is taken on long term contracts on a prudent basis and only when the final outcome of the project is reasonably certain.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
VINCE O'BRIEN PLASTERING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Borrowing costs
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
Employee benefits
Short term employee benefits are recognised as an expense in the period in which they are incurred.
Consolidation
The company was a parent company subject to the small companies regime. The company and its subsidiary comprised a small group. The company had therefore taken advantage of the option provided by section 399 of the Companies Act 2006 not to prepare group accounts.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including the director) during the year was:
2023 2022
Average number of employees 15 15
VINCE O'BRIEN PLASTERING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
5 TANGIBLE ASSETS
Buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 389,388 134,359 321,937 845,684
Additions - 2,624 - 2,624
Disposals - (5,111) (23,532) (28,643)
At 31 March 2023 389,388 131,872 298,405 819,665
Accumulated depreciation and impairments
At 1 April 2022 45,728 84,187 223,223 353,138
Charge for year 7,788 12,916 19,898 40,602
Disposals - (4,493) (23,532) (28,025)
At 31 March 2023 53,516 92,610 219,589 365,715
Net book value
At 1 April 2022 343,660 50,172 98,714 492,546
At 31 March 2023 335,872 39,262 78,816 453,950
6 FIXED ASSET INVESTMENTS
Investment in subsidiary
£
Cost
At 1 April 2022 100
Disposals (100)
At 31 March 2023 -
7 DEBTORS
2023 2022
£ £
Trade debtors 2,490 2,490
Prepayments and accrued income 13,528 13,776
Amounts recoverable on long-term contracts 2,088,813 -
Other debtors 47,388 34,163
2,152,219 50,429
VINCE O'BRIEN PLASTERING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
8 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 53,300 60,000
Trade creditors 193,223 110,430
Taxation and social security 133,154 40,322
Hire purchase contracts and finance leases - 6,336
Other creditors 1,351,357 573,371
1,731,034 790,459
9 CREDITORS: Amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 132,256 121,968
Other creditors 170,945 277,083
303,201 399,051
10 SECURED DEBTS
The company's bankers hold fixed and floating charges over all the property and assets of the company.
The hire purchase contracts and finance leases are secured on the assets concerned.
11 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
VOB Holdings Ltd Parent undertaking
VOB Homes Ltd Group member
During the year, the following transactions with related parties took place:
V B O'Brien
Director and shareholder 2023 2022
£ £
Advances to company The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 1,178,094 400,543
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