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Registration number: 07106441

O'Connell Resourcing Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

O'Connell Resourcing Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

O'Connell Resourcing Ltd

Company Information

Director

P O'Connell

Registered office

C/o Accountax Plus
Sandy Cottage
Newton in Cartmel
Grange over Sands
LA11 6JL

Bankers

Santander UK plc
Bootle
Merseyside
L30 4GB

Accountants

Accountax Plus
Chartered Accountants
Sandy Cottage
Newton in Cartmel
Grange over Sands
LA11 6JL

 

O'Connell Resourcing Ltd

(Registration number: 07106441)

Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

5,743

4,966

Other financial assets

4

239,339

179,109

Cash at bank and in hand

 

826,424

1,147,254

 

1,071,506

1,331,329

Creditors: Amounts falling due within one year

6

(14,243)

(100,151)

Net assets

 

1,057,263

1,231,178

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,057,163

1,231,078

Shareholders' funds

 

1,057,263

1,231,178

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 July 2024
 

.........................................
P O'Connell
Director

 

O'Connell Resourcing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
C/o Accountax Plus
Sandy Cottage
Newton in Cartmel
Grange over Sands
LA11 6JL

These financial statements were authorised for issue by the director on 25 July 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There were no material departures from that standard.

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.

Going concern

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

Revenue recognition

Turnover represents the value of consideration for services provided stated net of 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.

Contract revenue recognition

The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Turnover for such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years. Provision is made for any losses as soon as they are foreseen.

Contract work in progress is stated at costs incurred, less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover.

Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments on account.

 

O'Connell Resourcing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax charge or credit 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.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods and services provided in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

O'Connell Resourcing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments
 

Classification
The following assets and liabilities are classified as basic financial instruments; cash, trade debtors, other debtors (excluding prepayments), accrued income, trade creditors, accruals, bank and other borrowings.

 Recognition and measurement
The recognition and measurement of these financial instruments is as described under the relevant section within this note on accounting policies. Except as disclosed elsewhere within this note basic financial instruments are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment.

 Impairment
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, under a written or implied contract of service, was 1 (2022 - 1).

4

Other financial assets

2023
£

2022
£

Current financial assets

Financial assets at fair value through profit and loss

239,339

179,109

 

O'Connell Resourcing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Current financial assets comprise equity investments listed on a recognised stock exchange (or units in a collective investment fund where the unit price is derived from the price of the underlying equity investments so listed) and had a market value of £239,339 (2022 - £179,109) at the year end.

The change in fair value included in administrative expenses within profit and loss for the year is a profit/(loss) of £13,262 (2022 - (£46,970)).

5

Debtors

2023
£

2022
£

Other debtors

5,354

4,599

Prepayments

389

367

5,743

4,966

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

3,617

3,298

Taxation and social security

239

239

Accruals and deferred income

9,965

10,034

Other creditors

422

86,580

14,243

100,151

7

Dividends

   

2023

 

2022

   

£

 

£

Interim dividends of £1,820 (2022 - £382) per ordinary share

 

182,000

 

38,200

 

O'Connell Resourcing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Related party transactions

Transactions with the director

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

P O'Connell

Loan account

1,398

195,888

(195,892)

1,394

         
       

 

2022

At 1 August 2021
£

Advances to director
£

Repayments by director
£

At 31 July 2022
£

P O'Connell

Loan account

340,901

395,590

(735,093)

1,398

         
       

 


Interest has been charged on the outstanding loan account balance due from P O'Connell at 2.25% per annum.

The loan account balance is repayable upon demand by the company.

Directors' remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,576

9,893

Contributions paid to money purchase schemes

-

40,000

12,576

49,893

Dividends paid to directors

   

2023
£

 

2022
£

P O'Connell

       

Interim dividends

 

182,000

 

38,200