Registered number
09594598
O'Hagan Transportation Limited
Filleted Accounts
31 October 2023
O'Hagan Transportation Limited
Registered number: 09594598
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 493,377 576,998
Current assets
Debtors 4 2,367,149 1,581,513
Cash at bank and in hand 227,669 155,394
2,594,818 1,736,907
Creditors: amounts falling due within one year 5 (224,343) (220,291)
Net current assets 2,370,475 1,516,616
Total assets less current liabilities 2,863,852 2,093,614
Creditors: amounts falling due after more than one year 6 (1,991,960) (1,500,000)
Provisions for liabilities (25,010) -
Net assets 846,882 593,614
Capital and reserves
Called up share capital 1 1
Profit and loss account 846,881 593,613
Shareholder's funds 846,882 593,614
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S N O'Hagan, Esq
Director
Approved by the board on 29 August 2024
O'Hagan Transportation Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and is recognised by reference to the stage of completion of the contract, which is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Current tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 828,724
Additions 200,319
Disposals (163,300)
At 31 October 2023 865,743
Depreciation
At 1 November 2022 251,726
Charge for the year 180,360
On disposals (59,720)
At 31 October 2023 372,366
Net book value
At 31 October 2023 493,377
At 31 October 2022 576,998
4 Debtors 2023 2022
£ £
Amounts owed by related parties 2,342,007 1,542,846
Other debtors 25,142 38,667
2,367,149 1,581,513
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 132,000
Amounts owed to related parties 115,000 -
Taxation and social security costs 36,358 30,957
Other creditors 72,985 57,334
224,343 220,291
6 Creditors: amounts falling due after one year 2023 2022
£ £
Vehicle repair provision 1,991,960 1,500,000
Included in creditors is £44,985 (2022: £51,987) owing to the director. The loan is interest-free and there is no fixed date of repayment. The director has confirmed that the loan will only be repaid as and when cash flow permits.
Other creditors includes a provision for future vehicle repairs to the fixed assets of the company.
7 Related party transactions 2023 2022
£ £
O'Hagan Transport Limited
O'Hagan Transport Limited is controlled by S N O'Hagan, Esq, the director and shareholder of O'Hagan Transportation Limited
Amount due from the related party 2,084,574 1,275,413
A management fee of £0 (2022:£100,000) was charged by O'Hagan Transportation Ltd to O'Hagan Transport Ltd.
Darra Bridge Housing Limited (a company incorporated in Eire)
Darra Bridge Housing Ltd is controlled by S N O'Hagan, Esq, the director and shareholder of O'Hagan Transport Limited
Amount due from the related party 100,000 100,000
Speedy Building Ltd
Speedy Building Ltd is controlled by S N O'Hagan, Esq, the director and shareholder of O'Hagan Transportation Limited
Amount due from the related party 157,433 67,433
A management fee of £90,000 (2022:£50,000) was charged by O'Hagan Transportation Ltd to Speedy Building Ltd.
Gilroz Ltd
Gilroz Ltd is controlled by S N O'Hagan, Esq, the director and shareholder of O'Hagan
Transportation Limited
Amount due from (to) the related party (115,000) 100,000
A management fee of £161,000 was charged to O'Hagan Transportation Ltd by Gilroz Ltd. In the previous year, a management fee was charged to Gilroz Ltd of £100,000.
8 Controlling party
The company is controlled by the director who owns the entire share capital of the company.
9 Other information
O'Hagan Transportation Limited is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
Manor Way
Borehamwood
Hertfordshire
WD6 1QQ
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