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REGISTERED NUMBER: 10181194 (England and Wales)










Financial Statements

for the Year Ended 31 May 2024

for

O'Donnell Property (NE) Ltd

O'Donnell Property (NE) Ltd (Registered number: 10181194)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


O'Donnell Property (NE) Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: M O'Donnell
M O'Donnell
S O'Donnell
R O'Donnell





REGISTERED OFFICE: Eshton Suite 2
Wynyard Business Park
Wynyard Avenue
Billingham
TS22 5TB





REGISTERED NUMBER: 10181194 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Wynyard Business Park
Wynyard Avenue
Billingham
Cleveland
TS22 5TB

O'Donnell Property (NE) Ltd (Registered number: 10181194)

Balance Sheet
31 May 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 3 388 -
Investment property 4 870,000 987,133
870,388 987,133

CURRENT ASSETS
Cash at bank 112,780 2,858

CREDITORS
Amounts falling due within one year 5 (491,013 ) (520,566 )
NET CURRENT LIABILITIES (378,233 ) (517,708 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

492,155

469,425

PROVISIONS FOR LIABILITIES (74,351 ) (73,806 )
NET ASSETS 417,804 395,619

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 6 315,171 312,848
Retained earnings 6 102,533 82,671
417,804 395,619

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

O'Donnell Property (NE) Ltd (Registered number: 10181194)

Balance Sheet - continued
31 May 2024


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 16 September 2024 and were signed on its behalf by:





M O'Donnell - Director


O'Donnell Property (NE) Ltd (Registered number: 10181194)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. 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 as modified by the revaluation of certain assets.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

GOING CONCERN NOTE
The financial statements have been prepared on a going concern basis, the director believes this assumption to be appropriate based on the continuing financial support of the company`s directors.

If the going concern basis was not appropriate, adjustments would have to be made to restate the value of the assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 4 ) .

O'Donnell Property (NE) Ltd (Registered number: 10181194)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

3. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
Additions 399
At 31 May 2024 399
DEPRECIATION
Charge for year 11
At 31 May 2024 11
NET BOOK VALUE
At 31 May 2024 388

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 987,133
Disposals (120,001 )
Revaluations 2,868
At 31 May 2024 870,000
NET BOOK VALUE
At 31 May 2024 870,000
At 31 May 2023 987,133

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2019 (31,797 )
Valuation in 2020 30,000
Valuation in 2021 131,451
Valuation in 2022 246,000
Valuation in 2023 11,000
Valuation in 2024 2,868
Cost 480,478
870,000

The above properties valuation is based upon estimates provided by the director. These are based upon the market value of nearby properties and with regard to the condition of the property and area. Deferred tax has been calculated on the revalued amounts and provided for within the financial statements.

O'Donnell Property (NE) Ltd (Registered number: 10181194)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation tax 4,568 2,568
Other creditors - 108
Directors' current accounts 481,365 516,892
Accrued expenses 5,080 998
491,013 520,566

6. RESERVES

PROFIT AND LOSS RESERVES

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

FAIR VALUE RESERVES

The Company uses the revaluation model for the measurement of its investment properties. The reserve records the revaluation surplus recognised less the related provision for deferred tax. This is a non distributable reserve.