Registered number
NI610331
O'Neill Paving Ltd
Report and Financial Statements for year ended
31 December 2023
O'Neill Paving Ltd
Company Information
Director
Michael O'Neill
Accountants
Tyrone Accountancy Services
8-10 Church Street
Omagh
Co. Tyrone
BT78 1DG
Bankers
Ulster Bank
14 High Street
Omagh
Co Tyrone
BT78 1BJ
Registered office
204 Greencastle Road
Omagh
Co Tyrone
BT79 7RZ
Registered number
NI610331
O'Neill Paving Ltd
Registered number: NI610331
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 88,207 98,689
Current assets
Stocks 41,003 37,772
Debtors 5 9,838 9,981
Cash at bank and in hand 3,951 22,007
54,792 69,760
Creditors: amounts falling due within one year 6 (46,153) (39,133)
Net current assets 8,639 30,627
Total assets less current liabilities 96,846 129,316
Creditors: amounts falling due after more than one year 7 (25,742) (43,176)
Provisions for liabilities 8 (15,370) (17,886)
Net assets 55,734 68,254
Capital and reserves
Called up, issued and fully paid share capital 2 2
Profit and loss account 55,732 68,252
Shareholders' funds 10 55,734 68,254
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 under section 444 of the Companies Act 2006.
The notes on pages 6 to 10 form an integral part of the accounts.
Michael O'Neill
Director
Approved by the board on 3 June 2024
O'Neill Paving Ltd
Notes to the Accounts
for the year ended 31 December 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.
The financial statements are presented in UK Sterling pounds (£)
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 20% reducing balance
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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. 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 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classes as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Government grants
Grants are recognised using the accruals basis. Capital grants received and receivable are treated as deferred income and amortised to the profit and loss account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the profit and loss account in the period in which they become receivable.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets
£
Goodwill:
Cost
At 1 January 2023 46,343
At 31 December 2023 46,343
Amortisation
At 1 January 2023 46,343
At 31 December 2023 46,343
Net book value
At 31 December 2023 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 308,951
Additions 12,520
Disposals (2,275)
At 31 December 2023 319,196
Depreciation
At 1 January 2023 210,262
Charge for the year 22,463
On disposals (1,736)
At 31 December 2023 230,989
Net book value
At 31 December 2023 88,207
At 31 December 2022 98,689
5 Debtors 2023 2022
£ £
Trade debtors 5,433 5,517
Other debtors 4,405 4,464
9,838 9,981
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4 4
Obligations under finance lease and hire purchase contracts 7,572 17,902
Trade creditors 6,158 8,358
Taxes and social security costs 8,686 4,603
Other creditors 23,733 8,266
46,153 39,133
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 25,742 35,604
Obligations under finance lease and hire purchase contracts - 7,572
25,742 43,176
8 Provision for liabilities
Deferred Taxation
£
At 1 January 2023 17,886
Charged to the profit and loss (2,516)
At 31 December 2023 15,370
The provision for deferred taxation is made up as follows:
2023 2022
£ £
Accelerated capital allowances 2,516 949
2,516 949
9 Directors' advances, credits and guarantees
At the start of the year, the company owed the director £8,266. During the year the director advanced £51,437, and the company repaid £35,970 leaving a balance owed to the director at the year end of £23,733.

The balances are interest free and repayable on demand.
10 Statement of changes in equity
The shareholders funds represents cumulative profits or losses, net of deferred tax adjustments and other adjustments.
11 Other information
O'Neill Paving Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
204 Greencastle Road
Omagh
Co Tyrone
BT79 7RZ
O'Neill Paving Ltd NI610331 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 No description of principal activity NI610331 2022-01-01 2022-12-31 NI610331 core:WithinOneYear 2022-12-31 NI610331 core:AfterOneYear 2022-12-31 NI610331 core:ShareCapital 2022-12-31 NI610331 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI610331 2023-01-01 2023-12-31 NI610331 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI610331 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI610331 bus:Director1 2023-01-01 2023-12-31 NI610331 1 2023-01-01 2023-12-31 NI610331 2 2023-01-01 2023-12-31 NI610331 core:PlantMachinery 2023-01-01 2023-12-31 NI610331 countries:England 2023-01-01 2023-12-31 NI610331 bus:FRS102 2023-01-01 2023-12-31 NI610331 bus:FilletedAccounts 2023-01-01 2023-12-31 NI610331 2023-12-31 NI610331 core:WithinOneYear 2023-12-31 NI610331 core:AfterOneYear 2023-12-31 NI610331 core:ShareCapital 2023-12-31 NI610331 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI610331 core:Goodwill 2023-12-31 NI610331 core:PlantMachinery 2023-12-31 NI610331 2022-12-31 NI610331 core:Goodwill 2022-12-31 NI610331 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure