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Registration number: NI662836

O'Hagan Plant Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

O'Hagan Plant Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

O'Hagan Plant Ltd

Company Information

Director

Mr Martin O'Hagan

Registered office

38 Church Road
Forkhill
BT359SX

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors and Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

O'Hagan Plant Ltd

(Registration number: NI662836)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

31,218

39,023

Current assets

 

Debtors

5

49,880

49,733

Creditors: Amounts falling due within one year

6

(86,107)

(74,200)

Net current liabilities

 

(36,227)

(24,467)

Total assets less current liabilities

 

(5,009)

14,556

Creditors: Amounts falling due after more than one year

6

(42,500)

(41,250)

Provisions for liabilities

(5,931)

(7,414)

Net liabilities

 

(53,440)

(34,108)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(53,540)

(34,208)

Shareholders' deficit

 

(53,440)

(34,108)

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 29 July 2024
 

.........................................
Mr Martin O'Hagan
Director

   
     
 

O'Hagan Plant 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 Northern Ireland.

The address of its registered office is:
38 Church Road
Forkhill
BT359SX
Northern Ireland

These financial statements were authorised for issue by the director on 29 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 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.

Going concern

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

Tax

The tax expense for the period comprises 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.

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'Hagan Plant Ltd

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

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

Fixtures & fittings

20% reducing balance basis

Motor vehicles

20% reducing balance basis

Plant & machinery

20% reducing balance basis

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 merchandise sold or services performed 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

O'Hagan Plant Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 2).

 

O'Hagan Plant Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

1,795

7,344

66,975

76,114

At 31 July 2023

1,795

7,344

66,975

76,114

Depreciation

At 1 August 2022

876

3,584

32,631

37,091

Charge for the year

184

752

6,869

7,805

At 31 July 2023

1,060

4,336

39,500

44,896

Carrying amount

At 31 July 2023

735

3,008

27,475

31,218

At 31 July 2022

919

3,760

34,344

39,023

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

10

49,507

49,507

Other debtors

 

373

226

   

49,880

49,733

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,000

10,000

Trade creditors

 

6,748

7,987

Taxation and social security

 

24,017

23,249

Accruals and deferred income

 

800

800

Other creditors

 

44,542

32,164

 

86,107

74,200

Creditors: amounts falling due after more than one year

 

O'Hagan Plant Ltd

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

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

42,500

41,250

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

42,500

41,250

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Bank borrowings

Bounceback loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 29 May 2026. The carrying amount at year end is £52,500 (2022 - £51,250).

9

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £20.00 per each Ordinary share

2,000

2,000

 

 

10

Related party transactions

2023

At 1 August 2022
£

Repayments by director
£

At 31 July 2023
£

 

O'Hagan Plant Ltd

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

2023

At 1 August 2022
£

Repayments by director
£

At 31 July 2023
£

Directors Loan

26,905

12,378

39,283

 

Dividends paid to the director

2023
£

2022
£

Mr Martin O'Hagan

Ordinary share

2,000

2,000

 

 

Summary of transactions with other related parties

O'Hagan Constuction & Civil Engineering Limited is a company with a common director & shareholder. During the year there were intercompany charges and the amount due to O'Hagan Plant Ltd at the year end was £49,507 (2022 - £49,507)