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 | |||||||||||
SECRETARY | |||||||||||
The company does not have an appointed secretary | |||||||||||
REGISTERED OFFICE | |||||||||||
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 | ||||||||||
Investments | 6 | - | |||||||||
CURRENT ASSETS | |||||||||||
Stock | |||||||||||
Debtors | 7 | ||||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 8 | ||||||||||
NET CURRENT ASSETS | |||||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
CREDITORS: Amounts falling due after more than one year | 9 | ||||||||||
Provisions for liabilities and charges | |||||||||||
NET ASSETS | |||||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | |||||||||||
SHAREHOLDER'S FUNDS | |||||||||||
VINCE O'BRIEN PLASTERING CONTRACTORS LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 MARCH 2023 | |||||||||||
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: |
|||||||||||
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 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
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 | |||||||||||
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 | |||||||||||
Plant and machinery | |||||||||||
Motor vehicles | |||||||||||
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 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 | |||||||||||
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 | |||||||||||
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. |
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 | |||||||||||
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. | |||||||||||
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 | |||||||||||
Pensions | |||||||||||
Employee benefits | |||||||||||
Short term employee benefits are recognised as an expense in the period in which they are incurred. | |||||||||||
Consolidation | |||||||||||
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 | |||||||||||
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 | |||||||||||
Additions | - | - | |||||||||
Disposals | - | ( |
( |
( |
|||||||
At 31 March 2023 | |||||||||||
Accumulated depreciation and impairments | |||||||||||
At 1 April 2022 | |||||||||||
Charge for year | |||||||||||
Disposals | - | ( |
( |
( |
|||||||
At 31 March 2023 | |||||||||||
Net book value | |||||||||||
At 1 April 2022 | |||||||||||
At 31 March 2023 | |||||||||||
6 | FIXED ASSET INVESTMENTS | ||||||||||
Investment in subsidiary | |||||||||||
£ | |||||||||||
Cost | |||||||||||
At 1 April 2022 | |||||||||||
Disposals | ( |
||||||||||
At 31 March 2023 | - | ||||||||||
7 | DEBTORS | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Trade debtors | |||||||||||
Prepayments and accrued income | |||||||||||
Amounts recoverable on long-term contracts | - | ||||||||||
Other debtors | |||||||||||
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 | |||||||||||
Trade creditors | |||||||||||
Taxation and social security | |||||||||||
Hire purchase contracts and finance leases | - | ||||||||||
Other creditors | |||||||||||
1,731,034 | 790,459 | ||||||||||
9 | CREDITORS: Amounts falling due after more than one year | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
Other creditors | |||||||||||
303,201 | 399,051 | ||||||||||
10 | SECURED DEBTS | ||||||||||
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: | |||||||||||
Parent undertaking | |||||||||||
Group member | |||||||||||
During the year, the following transactions with related parties took place: | |||||||||||
Director and shareholder | 2023 | 2022 | |||||||||
£ | £ | ||||||||||
Advances to company | |||||||||||