0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 379,191 26,400 405,591 405,591 379,191 50,000 8,392 58,392 58,392 xbrli:pure xbrli:shares iso4217:GBP NI672550 2023-04-01 2024-03-31 NI672550 2024-03-31 NI672550 2023-03-31 NI672550 2022-04-01 2023-03-31 NI672550 2023-03-31 NI672550 2022-03-31 NI672550 bus:Director1 2023-04-01 2024-03-31 NI672550 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 NI672550 core:WithinOneYear 2024-03-31 NI672550 core:WithinOneYear 2023-03-31 NI672550 core:ShareCapital 2024-03-31 NI672550 core:ShareCapital 2023-03-31 NI672550 core:RetainedEarningsAccumulatedLosses 2024-03-31 NI672550 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI672550 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-03-31 NI672550 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-03-31 NI672550 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 NI672550 core:Non-currentFinancialInstruments 2024-03-31 NI672550 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 NI672550 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 NI672550 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 NI672550 bus:SmallEntities 2023-04-01 2024-03-31 NI672550 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI672550 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI672550 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI672550 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: NI672550
O'Neill Propco Limited
Filleted Unaudited Financial Statements
31 March 2024
O'Neill Propco Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
O'Neill Propco Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
405,591
379,191
Investments
5
58,392
50,000
---------
---------
463,983
429,191
Current assets
Debtors
6
50
50
Cash at bank and in hand
1,730
20,684
-------
--------
1,780
20,734
Creditors: amounts falling due within one year
7
428,433
425,290
---------
---------
Net current liabilities
426,653
404,556
---------
---------
Total assets less current liabilities
37,330
24,635
--------
--------
Net assets
37,330
24,635
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
37,230
24,535
--------
--------
Shareholders funds
37,330
24,635
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
O'Neill Propco Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mr E O'Neill
Director
Company registration number: NI672550
O'Neill Propco Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 43 Lockview Road, Belfast, BT9 5FJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units. Debtors and creditors receivable/payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Investment property
£
Cost
At 1 April 2023
379,191
Additions
26,400
---------
At 31 March 2024
405,591
---------
Depreciation
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
405,591
---------
At 31 March 2023
379,191
---------
The director has reviewed the value of investment property and believes that its valuation accurately reflects its fair value.
5. Investments
Other investments other than loans
£
Cost
At 1 April 2023
Additions
50,000
Revaluations
8,392
--------
At 31 March 2024
58,392
--------
Impairment
At 1 April 2023 and 31 March 2024
--------
Carrying amount
At 31 March 2024
58,392
--------
At 31 March 2023
--------
6. Debtors
2024
2023
£
£
Other debtors
50
50
----
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
6,706
3,563
Other creditors
421,727
421,727
---------
---------
428,433
425,290
---------
---------
8. Related party transactions
As a wholly owned subsidiary the company has taken advantage of the exemption under the terms of FRS 102 from disclosing related party transactions with entities that are members of the group. The company was under the control of Emmet O'Neill Limited, a company incorporated in Northern Ireland, at the statement of financial position date. Mr E O'Neill was also a director of Emmet O'Neill Limited during the period. There were no other transactions with related parties such as are required to be disclosed under the terms FRS 102.
9. Control
The immediate parent and ultimate holding company is Emmet O'Neill Limited, a company registered in Northern Ireland, which is controlled by Mr Emmet & Mrs Jamie O'Neill who together own 100% of the issued share capital.