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Registration number: 11666352

C.O'Donovan & Sons Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

C.O'Donovan & Sons Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

C.O'Donovan & Sons Limited

Company Information

Directors

Mr Clifford O'Donovan (Jnr)

Mr Daniel William O'Donovan

Mrs Joanne Lisa O'Donovan

Mr Clifford O'Donovan (Snr)

Registered office

Drum Yard
Ingram Road
Leeds
LS11 9RD

Accountants

Smith Butler
Accountants & Business Advisors
Sapper Jordan Rossi Park
Otley Road
Baildon
West Yorkshire
BD17 7AX

 

C.O'Donovan & Sons Limited

(Registration number: 11666352)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,698,806

2,273,432

Current assets

 

Debtors

5

2,132,388

1,757,413

Cash at bank and in hand

 

262,535

352,925

 

2,394,923

2,110,338

Creditors: Amounts falling due within one year

6

(1,570,226)

(1,035,388)

Net current assets

 

824,697

1,074,950

Total assets less current liabilities

 

4,523,503

3,348,382

Creditors: Amounts falling due after more than one year

6

(1,304,781)

(885,774)

Net assets

 

3,218,722

2,462,608

Capital and reserves

 

Called up share capital

7

3

3

Revaluation reserve

1,698,537

1,698,537

Retained earnings

1,520,182

764,068

Shareholders' funds

 

3,218,722

2,462,608

 

C.O'Donovan & Sons Limited

(Registration number: 11666352)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................
Mr Clifford O'Donovan (Jnr)
Director

.........................................
Mr Clifford O'Donovan (Snr)
Director

 
     
 

C.O'Donovan & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Drum Yard
Ingram Road
Leeds
LS11 9RD

These financial statements were authorised for issue by the Board on 30 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

C.O'Donovan & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

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

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Buildings

20% reducing balance

Freehold Buildings

2% straight line

Office Equipment

25% straight line

Motor Vehicles

20% reducing balance

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.

 

C.O'Donovan & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 45 (2022 - 35).

 

C.O'Donovan & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

1,598,432

705,420

276,067

2,579,919

Additions

992,214

538,192

208,110

1,738,516

Disposals

-

(5,000)

(121,445)

(126,445)

At 30 November 2023

2,590,646

1,238,612

362,732

4,191,990

Depreciation

At 1 December 2022

62,731

182,433

61,323

306,487

Charge for the year

38,869

111,481

47,169

197,519

Eliminated on disposal

-

(250)

(10,572)

(10,822)

At 30 November 2023

101,600

293,664

97,920

493,184

Carrying amount

At 30 November 2023

2,489,046

944,948

264,812

3,698,806

At 30 November 2022

1,535,701

522,987

214,744

2,273,432

Included within the net book value of land and buildings above is £2,489,045 (2022 - £1,535,702) in respect of freehold land and buildings.
 

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

840,286

570,939

Amounts owed by related parties

1,187,902

975,085

Prepayments

 

104,200

161,626

Other debtors

 

-

49,763

   

2,132,388

1,757,413

 

C.O'Donovan & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

27,699

16,204

Trade creditors

 

463,254

306,669

Amounts owed to group undertakings and undertakings in which the company has a participating interest

169,999

480,000

Taxation and social security

 

350,630

188,254

Accruals and deferred income

 

35,529

43,673

Other creditors

 

523,115

588

 

1,570,226

1,035,388

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

1,304,781

885,774

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3