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REGISTERED NUMBER: 02766143 (England and Wales)



















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: Mr T J O'Connor
Mr L T O'Connor
Mr J Donnelly
Mr S J Bell





SECRETARY: Mrs M E O'Connor





REGISTERED OFFICE: Badger Farm Business Park
Willowpit Lane
Hilton
Derby
DE65 5FN





REGISTERED NUMBER: 02766143 (England and Wales)





ACCOUNTANTS: Johnson Tidsall Limited
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 - 8,703
Tangible assets 5 86,706 53,744
86,706 62,447

CURRENT ASSETS
Stocks 6 5,460 5,274
Debtors 7 137,510 109,156
Cash at bank and in hand 196,268 151,784
339,238 266,214
CREDITORS
Amounts falling due within one year 8 170,425 126,020
NET CURRENT ASSETS 168,813 140,194
TOTAL ASSETS LESS CURRENT LIABILITIES 255,519 202,641

CREDITORS
Amounts falling due after more than one year 9 (56,133 ) (43,380 )

PROVISIONS FOR LIABILITIES (22,977 ) (14,242 )
NET ASSETS 176,409 145,019

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 176,309 144,919
SHAREHOLDERS' FUNDS 176,409 145,019

O'CONNOR ELECTRICAL LIMITED (REGISTERED NUMBER: 02766143)

BALANCE SHEET - continued
29 FEBRUARY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

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 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 17 September 2024 and were signed on its behalf by:





Mr T J O'Connor - Director


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 private company, limited by shares , registered in England and Wales. 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 (£).


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 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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 33% on cost and 20% on reducing balance
Motor vehicles - 25% on reducing balance

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 16 (2023 - 14 ) .

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 82,475 4,365 86,840
AMORTISATION
At 1 March 2023 73,772 4,365 78,137
Amortisation for year 8,703 - 8,703
At 29 February 2024 82,475 4,365 86,840
NET BOOK VALUE
At 29 February 2024 - - -
At 28 February 2023 8,703 - 8,703

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 14,969 36,982 120,395 172,346
Additions 2,893 3,633 49,919 56,445
At 29 February 2024 17,862 40,615 170,314 228,791
DEPRECIATION
At 1 March 2023 11,281 30,185 77,136 118,602
Charge for year 1,071 3,201 19,211 23,483
At 29 February 2024 12,352 33,386 96,347 142,085
NET BOOK VALUE
At 29 February 2024 5,510 7,229 73,967 86,706
At 28 February 2023 3,688 6,797 43,259 53,744


6. STOCKS
2024 2023
£    £   
Stocks 4,931 5,274
Other 529 -
5,460 5,274

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 120,277 94,903
Other debtors 92 642
Directors' current accounts 11 -
Prepayments and accrued income 17,130 13,611
137,510 109,156

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,374 5,241
Hire purchase contracts 15,799 4,491
Payments on account 23,444 5,771
Trade creditors 59,156 39,632
Corporation tax 13,167 18,752
Social security and other taxes 10,745 8,340
VAT 5,627 12,152
Other creditors 123 1,508
Directors' current accounts 159 156
Accruals and deferred income 36,831 29,977
170,425 126,020

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 2-5 years 22,888 22,324
Bank loans >5 yr (instalments) 7,634 13,572
Hire purchase contracts 25,611 7,484
56,133 43,380

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: £    £   
100 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
£    £   
Mr L T O'Connor
Balance outstanding at start of year - -
Amounts advanced 11 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 11 -

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