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REGISTERED NUMBER: NI606292 (Northern Ireland)















O'NEILL BUILDING WORKS LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023






O'NEILL BUILDING WORKS LTD (REGISTERED NUMBER: NI606292)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


O'NEILL BUILDING WORKS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTOR: Eugene O'Neill





REGISTERED OFFICE: 38 Clonavaddy Road
Cabragh
Dungannon
Co. Tyrone
BT70 3AR





REGISTERED NUMBER: NI606292 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

O'NEILL BUILDING WORKS LTD (REGISTERED NUMBER: NI606292)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 2,750 2,750
Tangible assets 6 23,755 31,673
26,505 34,423

CURRENT ASSETS
Inventory 7 175,238 80,843
Receivables 8 56,255 61,606
Cash at bank 77,203 62,363
308,696 204,812
PAYABLES
Amounts falling due within one year 9 (811,812 ) (468,300 )
NET CURRENT LIABILITIES (503,116 ) (263,488 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(476,611

)

(229,065

)

PAYABLES
Amounts falling due after more than
one year

10

(2,701

)

(6,762

)
NET LIABILITIES (479,312 ) (235,827 )

CAPITAL AND RESERVES
Called up share capital 11 1 1
Retained earnings (479,313 ) (235,828 )
SHAREHOLDERS' FUNDS (479,312 ) (235,827 )

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

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

The director acknowledges his 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'NEILL BUILDING WORKS LTD (REGISTERED NUMBER: NI606292)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 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 director and authorised for issue on 1 February 2024 and were signed by:





Eugene O'Neill - Director


O'NEILL BUILDING WORKS LTD (REGISTERED NUMBER: NI606292)

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

1. STATUTORY INFORMATION

O'Neill Building Works Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

The accounting policies detailed below have been applied consistently throughout the year.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% reducing balance
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to Profit or Loss Account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

O'NEILL BUILDING WORKS LTD (REGISTERED NUMBER: NI606292)

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

3. ACCOUNTING POLICIES - continued

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Share capital
Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

5. INTANGIBLE FIXED ASSETS
Development
costs
£
COST
At 1 September 2022
and 31 August 2023 2,750
NET BOOK VALUE
At 31 August 2023 2,750
At 31 August 2022 2,750

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
COST
At 1 September 2022
and 31 August 2023 21,564 11,846 49,687 83,097
DEPRECIATION
At 1 September 2022 13,949 7,809 29,666 51,424
Charge for year 1,904 1,009 5,005 7,918
At 31 August 2023 15,853 8,818 34,671 59,342
NET BOOK VALUE
At 31 August 2023 5,711 3,028 15,016 23,755
At 31 August 2022 7,615 4,037 20,021 31,673

7. INVENTORY
2023 2022
£ £
Work-in-progress 175,238 80,843

O'NEILL BUILDING WORKS LTD (REGISTERED NUMBER: NI606292)

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

8. RECEIVABLES
2023 2022
£ £
Trade receviables 40,001 28,886
Other receivables 16,254 32,720
56,255 61,606

9. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Hire purchase contracts 4,079 4,097
Trade payables 400,255 183,304
Amounts owed to group undertakings 288,309 171,559
Taxation and social security 17,533 8,780
Other payables 101,636 100,560
811,812 468,300

Hire purchase liabilities are secured against the assets to which they relate.

The amounts owed to the group undertakings are interest free and repayable on demand.

10. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2023 2022
£ £
Hire purchase contracts 2,701 6,762

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1 Ordinary Share 1 1 1