REGISTERED NUMBER: |
O'CONNOR ELECTRICAL LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
REGISTERED NUMBER: |
O'CONNOR ELECTRICAL LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
O'CONNOR ELECTRICAL LIMITED (REGISTERED NUMBER: 02766143) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 8 |
O'CONNOR ELECTRICAL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
81 Burton Road |
Derby |
Derbyshire |
DE1 1TJ |
O'CONNOR ELECTRICAL LIMITED (REGISTERED NUMBER: 02766143) |
BALANCE SHEET |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
O'CONNOR ELECTRICAL LIMITED (REGISTERED NUMBER: 02766143) |
BALANCE SHEET - continued |
29 FEBRUARY 2024 |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
O'CONNOR ELECTRICAL LIMITED (REGISTERED NUMBER: 02766143) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
O'Connor Electrical Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover from electrical contracting is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other taxes. |
Turnover from Service contracts is recognised when the company obtains the rights to consideration. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses in 2015 and 2018, is being amortised evenly over there estimated useful life of five years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
O'CONNOR ELECTRICAL LIMITED (REGISTERED NUMBER: 02766143) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
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. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
O'CONNOR ELECTRICAL LIMITED (REGISTERED NUMBER: 02766143) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
4. | INTANGIBLE FIXED ASSETS |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
and 29 February 2024 |
AMORTISATION |
At 1 March 2023 |
Amortisation for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
6. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Other | 529 | - |
O'CONNOR ELECTRICAL LIMITED (REGISTERED NUMBER: 02766143) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 11 | - |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Payments on account |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 5,627 | 12,152 |
Other creditors |
Directors' current accounts | 159 | 156 |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 2-5 years |
Bank loans >5 yr (instalments) |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans >5 yr (instalments) | 7,634 | 13,572 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 41,410 | 11,975 |
O'CONNOR ELECTRICAL LIMITED (REGISTERED NUMBER: 02766143) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
12. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
The company had total guarantees and commitments at the balance sheet date of £Nil (2023 - £187). |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The amount are interest free, and have no formal repayment terms. |
14. | RELATED PARTY DISCLOSURES |
2024 | 2023 |
£ | £ |
Amount due to the directors at the balance sheet date | 159 | 156 |
The amounts are interest free, and have no formal repayment terms. |
2024 | 2023 |
£ | £ |
Amount due to an owner holding a participating interest at the balance sheet date | 123 | 156 |
The amount are interest free, and have no formal repayment terms. |
15. | GOVERNMENT GRANTS |
The company has received Government grants amounting to: |
2024 | 2023 |
£ | £ |
Training Grant | 1,000 | 2,000 |
1,000 | 2,000 |