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REGISTERED NUMBER: SC050820 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

O'Brien Construction Limited

O'Brien Construction Limited (Registered number: SC050820)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


O'Brien Construction Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs E O'Brien
Mrs L Mackay
Mr D Chambers
Mr D O'Brien
Mr J O'Brien
Mr M O'Brien
Mr C Mackay


SECRETARY: Mrs L Mackay


REGISTERED OFFICE: Park Lane
Thurso
Caithness
KW14 8JZ


REGISTERED NUMBER: SC050820 (Scotland)


AUDITORS: Reid & Fraser Audit Ltd
Statutory Auditors
Chartered Accountants
15 Princes Street
Thurso
Caithness
KW14 7BQ


BANKERS: The Royal Bank of Scotland plc
Olrig Street
Thurso
Caithness
KW14 7BL


SOLICITORS: Fleetwood and Robb
11 Queensgate
Inverness
IV1 1PQ

O'Brien Construction Limited (Registered number: SC050820)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 729,516 527,086

CURRENT ASSETS
Stocks 510,891 478,827
Debtors 5 848,017 957,085
Cash at bank 2,112,209 2,714,784
3,471,117 4,150,696
CREDITORS
Amounts falling due within one year 6 (409,212 ) (767,092 )
NET CURRENT ASSETS 3,061,905 3,383,604
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,791,421

3,910,690

PROVISIONS FOR LIABILITIES 7 (158,626 ) (106,631 )
NET ASSETS 3,632,795 3,804,059

CAPITAL AND RESERVES
Called up share capital 24,100 24,100
Retained earnings 8 3,608,695 3,779,959
SHAREHOLDERS' FUNDS 3,632,795 3,804,059

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2024 and were signed on its behalf by:





Mrs L Mackay - Director


O'Brien Construction Limited (Registered number: SC050820)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

O'Brien Construction Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The monetary amounts included in the accounts are rounded to the nearest Pound Sterling (£).

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover from contracts is recognised in accordance with the company's accounting policy on contracts.

FIXED ASSETS AND DEPRECIATION
Fixed assets are initially recorded at cost. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.

Freehold property2% straight line
Motor vehicles20% straight line
Lorries12.5% straight line
Plant and equipment10% straight line

STOCKS
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Amounts recoverable on contracts are stated at the proportion of the anticipated net sales value earned to date less amounts billed on account and are disclosed separately within debtors.

O'Brien Construction Limited (Registered number: SC050820)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price, including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measure at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through the profit and loss account, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. the reversal is such that the current current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account.

Derecognition of financial asset
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to a third party.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transactions, where the the debt instrument is measure at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measure at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire, are discharged or are cancelled.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


O'Brien Construction Limited (Registered number: SC050820)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

LONG TERM CONTRACTS
Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover on each contract is taken as the value of work done as certified by an external architect or surveyor, and agreed by the customer. Costs are included by calculating the costs incurred in bringing the contract to the state at which it was valued. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

PENSION COSTS AND OTHER POST RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's scheme are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 25 ) .

O'Brien Construction Limited (Registered number: SC050820)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 127,015 1,593,476 1,720,491
Additions - 375,641 375,641
Disposals - (435,805 ) (435,805 )
At 31 December 2023 127,015 1,533,312 1,660,327
DEPRECIATION
At 1 January 2023 67,800 1,125,605 1,193,405
Charge for year 2,540 134,634 137,174
Eliminated on disposal - (399,768 ) (399,768 )
At 31 December 2023 70,340 860,471 930,811
NET BOOK VALUE
At 31 December 2023 56,675 672,841 729,516
At 31 December 2022 59,215 467,871 527,086

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 619,772 367,894
Other debtors 21,992 20,192
Amounts recoverable on long-term contracts 140,106 533,435
Corporation tax 15,541 -
Prepayments and accrued income 50,606 35,564
848,017 957,085

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 137,570 475,894
Corporation tax - 116,564
Other taxes and social security 207,398 128,647
Other creditors 56,894 38,637
Accrued expenses 7,350 7,350
409,212 767,092

Other creditors include £2,246 (2022 - £2,952) in respect of outstanding pension contributions.

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 158,626 106,631

O'Brien Construction Limited (Registered number: SC050820)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 106,631
Charge to Income Statement during year 51,995
Balance at 31 December 2023 158,626

8. RESERVES
Retained
earnings
£   

At 1 January 2023 3,779,959
Profit for the year 86,106
Dividends (257,370 )
At 31 December 2023 3,608,695

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stuart Walker, CA (Senior Statutory Auditor)
for and on behalf of Reid & Fraser Audit Ltd

10. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs E O'Brien.