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Company Registration number: 01664263

O'Connor Fencing Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 October 2023

 

O'Connor Fencing Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

O'Connor Fencing Limited

Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

86,768

90,627

Other financial assets

5

5

 

86,773

90,632

Current assets

 

Stocks

6

76,113

84,928

Debtors

7

490,719

322,326

Cash at bank and in hand

 

1,558,629

1,556,137

 

2,125,461

1,963,391

Creditors: Amounts falling due within one year

8

(399,624)

(213,497)

Net current assets

 

1,725,837

1,749,894

Total assets less current liabilities

 

1,812,610

1,840,526

Provisions for liabilities

(15,931)

(16,542)

Net assets

 

1,796,679

1,823,984

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,795,679

1,822,984

Shareholders' funds

 

1,796,679

1,823,984

 

O'Connor Fencing Limited

Balance Sheet as at 31 October 2023 (continued)

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 01664263

Approved and authorised by the Board on 25 March 2024 and signed on its behalf by:
 

.........................................
Mr A O'Connor
Company secretary and director

.........................................
Mr G O'Connor
Director

 

O'Connor Fencing Limited

Notes to the financial statements for the Year Ended 31 October 2023

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Whitehaven Commercial Park
Moresby Parks
Whitehaven
CA28 8YD
 

These financial statements were authorised for issue by the Board on 25 March 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

O'Connor Fencing Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

O'Connor Fencing Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% reducing balance

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 20).

 

O'Connor Fencing Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

4

TANGIBLE ASSETS

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

246,560

246,560

Additions

10,370

10,370

Disposals

(10,757)

(10,757)

At 31 October 2023

246,173

246,173

Depreciation

At 1 November 2022

155,933

155,933

Charge for the year

14,228

14,228

Eliminated on disposal

(10,756)

(10,756)

At 31 October 2023

159,405

159,405

Carrying amount

At 31 October 2023

86,768

86,768

At 31 October 2022

90,627

90,627

 

O'Connor Fencing Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

5

INVESTMENTS

Other investments

The market value of the listed investments at 31 October 2023 was £5 (2022 - £5).

6

STOCKS

2023
£

2022
£

Stocks

76,113

84,928

7

DEBTORS

Current

Note

2023
£

2022
£

Trade debtors

 

263,968

140,008

Amounts owed by related parties

13,387

115,781

Prepayments

 

34,479

29,853

Other debtors

 

178,885

36,684

   

490,719

322,326

 

O'Connor Fencing Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

8

CREDITORS

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

301,775

111,173

Taxation and social security

78,439

80,647

Accruals and deferred income

11,564

8,361

Other creditors

7,846

13,316

399,624

213,497