REGISTERED NUMBER: 11113518 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
O'REILLY HOLDINGS LIMITED |
REGISTERED NUMBER: 11113518 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
O'REILLY HOLDINGS LIMITED |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 3 |
Report of the Directors | 4 | to | 5 |
Report of the Independent Auditors | 6 | to | 9 |
Consolidated Statement of Comprehensive Income | 10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Statement of Cash Flows | 16 | to | 17 |
Notes to the Consolidated Financial Statements | 18 | to | 31 |
O'REILLY HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Stone House |
Stone Road Business Park |
Stoke-on-Trent |
ST4 6SR |
BANKERS: | Svenska Handelsbanken AB |
Island Reach |
Festival Way |
Festival Park |
Stoke-on-Trent |
ST1 5SW |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The retail sector will remain challenging in the short term, as a result we have decided not to renew the lease at our Telford warehouse. The consolidation within our Birmingham facility will offer an opportunity to streamline our operations and focus on more strategically located facilities that better serve our broader client base. |
Despite the challenges in the domestic market, our international sectors have shown robust growth and diversification. We have expanded our services to support international events, including major exhibitions and the Paris Olympics. These large-scale events have provided us with a platform to demonstrate our logistics capabilities on a global stage, offering comprehensive solutions that include air freight, sea freight, customs management, and on-site logistics support. Our involvement in these high-profile events has not only driven revenue growth but also enhanced our reputation as a leading provider of international logistics solutions. |
To further strengthen our position, both internationally and domestically, we have continued to invest in our fleet and infrastructure. We have added new vehicles equipped with the latest technology and amenities to ensure the highest level of service for our customers. These investments have allowed us to expand our range of services, offering more customised and efficient solutions that meet the evolving needs of our diverse client base. |
In addition to these operational changes, we have also focused on enhancing our digital capabilities. Recognising the increasing importance of technology in logistics, we have invested in advanced software systems that improve our ability to manage and track shipments, optimise routes, and provide real-time updates to our clients. These enhancements have not only improved efficiency but also positioned us as a forward-thinking company committed to innovation. |
In conclusion, while 2024 has presented its share of challenges, our strategic initiatives and investments have positioned us to navigate these uncertainties effectively. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The continued volatility in the retail sector remains a primary risk, as ongoing economic pressures and shifting consumer behaviours could further impact our clients' investment decisions. Additionally, geopolitical tensions, particularly in regions critical to our fuel supply, present ongoing risks related to fuel cost fluctuations. |
FINANCIAL RISK MANAGEMENT |
Credit risk is addressed by carrying out regular checks of our customers with a reputable credit risk agency and holding a provision for doubtful debts on the balance sheet. |
CORPORATE AND SOCIAL RESPONSIBILITY |
The group recognises its responsibilities in terms of equality and human rights towards its employees and individuals involved with the company. To these ends a high priority is given to ethical considerations in supplier and employee selection and partnership. The group has well established codes in respect of employee welfare and respect for the community and the group operates these. |
OPERATING EXPENSES |
Operational expenses are monitored continually for each expense category and the directors are satisfied that the business continues to demonstrate strong cost control and caution in its decision making. |
WORKING CAPITAL |
The group meets its day to day working capital requirements through cash receipts from customers. These are closely monitored to ensure adherence to agreed credit terms. Stock is regularly reviewed to ensure that the valuation is in line with UK accounting standards and is deemed recoverable. Any obsolete stock that is identified is fully provided for within these financial statements. |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
KEY PERFORMANCE INDICATORS |
Turnover of the group has increased by 2.4% during the year. |
Gross profit margin decreased to 19.5% (2023: 22.9%) and operating profit margin has decreased to 4.1% (2023: 5%) and the group posted a pre-tax profit of £402,995 (2023 £577,400). |
ON BEHALF OF THE BOARD: |
23 September 2024 |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2024 will be £170,370. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
The group has, in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, set out in the company's strategic report information require by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 including future developments. |
The strategic report can be found on pages 2-3 of the financial statements. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
AUDITORS |
The auditors is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
O'REILLY HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of O'reilly Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
O'REILLY HOLDINGS LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
O'REILLY HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit |
evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and |
non-compliance with laws and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the design of the group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; |
- results of our enquiries of management about their own identification and assessment of the risks of |
irregularities; |
- any matters we identified having obtained and reviewed the group's documentation of their policies and procedures relating to; |
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any |
instances of noncompliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
Based on this approach, we were able to assess the group risks and ensure the risks were considered throughout all areas of the group audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information. |
Audit response to risks identified |
As a result of performing the above, we did not identify any key audit matters related to the potential risk of |
fraud or irregularities. Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- obtaining an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of |
journal entries and other adjustments; assessing whether the judgements made in making accounting |
estimates are indicative of a potential bias; and evaluating the business rationale of any significant |
transactions that are unusual or outside the normal course of business. |
Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
O'REILLY HOLDINGS LIMITED |
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. |
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
- | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
- | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. |
- | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
- | Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. |
- | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
- | Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express and opinion on the consolidated financial statements. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Stone House |
Stone Road Business Park |
Stoke-on-Trent |
ST4 6SR |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
REVENUE | 3 | 12,133,885 | 11,850,432 |
Cost of sales | (9,769,229 | ) | (9,132,834 | ) |
GROSS PROFIT | 2,364,656 | 2,717,598 |
Administrative expenses | (1,887,049 | ) | (2,127,151 | ) |
477,607 | 590,447 |
Other operating income | 13,339 | - |
GROUP OPERATING PROFIT | 5 | 490,946 | 590,447 |
Share of operating profit in |
Associates | - | 42,543 |
Interest payable and similar expenses | 6 | (87,951 | ) | (55,590 | ) |
PROFIT BEFORE TAXATION | 402,995 | 577,400 |
Tax on profit | 7 | (105,068 | ) | (84,591 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
297,927 |
492,809 |
Profit attributable to: |
Owners of the parent | 297,927 | 450,583 |
Non-controlling interests | - | 42,226 |
297,927 | 492,809 |
Total comprehensive income attributable to: |
Owners of the parent | 297,927 | 450,583 |
Non-controlling interests | - | 42,226 |
297,927 | 492,809 |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 12,467 | 17,555 |
Property, plant and equipment | 11 | 3,442,532 | 3,402,536 |
Investments | 12 |
Interest in associate | 50,329 | 50,329 |
3,505,328 | 3,470,420 |
CURRENT ASSETS |
Inventories | 13 | 29,618 | 17,673 |
Debtors | 14 | 3,252,559 | 3,371,983 |
Cash at bank and in hand | 154,167 | 259,784 |
3,436,344 | 3,649,440 |
CREDITORS |
Amounts falling due within one year | 15 | (2,989,961 | ) | (3,037,260 | ) |
NET CURRENT ASSETS | 446,383 | 612,180 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,951,711 |
4,082,600 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(770,503 |
) |
(1,049,016 |
) |
PROVISIONS FOR LIABILITIES | 20 | (386,666 | ) | (281,599 | ) |
NET ASSETS | 2,794,542 | 2,751,985 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 898 | 898 |
Retained earnings | 22 | 2,793,644 | 2,669,746 |
SHAREHOLDERS' FUNDS | 2,794,542 | 2,670,644 |
NON-CONTROLLING INTERESTS | - | 81,341 |
TOTAL EQUITY | 2,794,542 | 2,751,985 |
The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by: |
Mr J O'Reilly - Director |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Property, plant and equipment | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 75,229 | 651,972 |
The financial statements were approved by the Board of Directors and authorised for issue on |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 | 898 | 2,337,763 | 2,338,661 | 81,615 | 2,420,276 |
Changes in equity |
Dividends | - | (118,600 | ) | (118,600 | ) | (42,500 | ) | (161,100 | ) |
Total comprehensive income | - | 450,583 | 450,583 | 42,226 | 492,809 |
Balance at 31 March 2023 | 898 | 2,669,746 | 2,670,644 | 81,341 | 2,751,985 |
Changes in equity |
Increase in share capital | - | (3,659 | ) | (3,659 | ) | (81,341 | ) | (85,000 | ) |
Dividends | - | (170,370 | ) | (170,370 | ) | - | (170,370 | ) |
Total comprehensive income | - | 297,927 | 297,927 | - | 297,927 |
Balance at 31 March 2024 | 898 | 2,793,644 | 2,794,542 | - | 2,794,542 |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,205,829 | 1,504,972 |
Interest paid | (20,839 | ) | (28,457 | ) |
Interest element of hire purchase payments paid |
(67,112 |
) |
(27,133 |
) |
Tax paid | (1,260 | ) | (144,098 | ) |
Net cash from operating activities | 1,116,618 | 1,305,284 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (100,497 | ) | (460,227 | ) |
Sale of tangible fixed assets | 21,500 | 131,000 |
Dividends received from assoc | - | 25,000 |
Net cash from investing activities | (78,997 | ) | (304,227 | ) |
Cash flows from financing activities |
Capital repayments in year | (798,064 | ) | (315,688 | ) |
Amount introduced by directors | 227,671 | 19,892 |
Amount withdrawn by directors | (335,191 | ) | (383,933 | ) |
Share buyback | (84,999 | ) | - |
Equity dividends paid | (170,370 | ) | (118,600 | ) |
Dividends paid to minority interests | - | (42,500 | ) |
Net cash from financing activities | (1,160,953 | ) | (840,829 | ) |
(Decrease)/increase in cash and cash equivalents | (123,332 | ) | 160,228 |
Cash and cash equivalents at beginning of year |
2 |
99,056 |
(61,172 |
) |
Cash and cash equivalents at end of year |
2 |
(24,276 |
) |
99,056 |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.24 | 31.3.23 |
£ | £ |
Profit before taxation | 402,995 | 577,400 |
Depreciation charges | 625,335 | 593,797 |
Loss on disposal of fixed assets | 15,298 | 106,183 |
Share of associate profit/(loss) | - | (42,543 | ) |
Finance costs | 87,951 | 55,590 |
1,131,579 | 1,290,427 |
(Increase)/decrease in inventories | (11,945 | ) | 75,230 |
Decrease/(increase) in trade and other debtors | 119,424 | (32,842 | ) |
(Decrease)/increase in trade and other creditors | (33,229 | ) | 172,157 |
Cash generated from operations | 1,205,829 | 1,504,972 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 154,167 | 259,784 |
Bank overdrafts | (178,443 | ) | (160,728 | ) |
(24,276 | ) | 99,056 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 259,784 | 78,854 |
Bank overdrafts | (160,728 | ) | (140,026 | ) |
99,056 | (61,172 | ) |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 259,784 | (105,617 | ) | 154,167 |
Bank overdrafts | (160,728 | ) | (17,715 | ) | (178,443 | ) |
99,056 | (123,332 | ) | (24,276 | ) |
Debt |
Finance leases | (1,652,190 | ) | 201,518 | (1,450,672 | ) |
(1,652,190 | ) | 201,518 | (1,450,672 | ) |
Total | (1,553,134 | ) | 78,186 | (1,474,948 | ) |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
O'reilly Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal activity of the company is that of a holding company. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
Basis of consolidation |
The financial statements consolidate the financial statements of O'Reilly Holdings Limited and all of its subsidiary undertakings. |
The Group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the Group's share of the results of associates made up to 31 March 2024. |
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the Group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary. |
Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group's accounting policies when preparing the consolidated financial statements. |
All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit and loss arising on transactions with associates to the extent of the Group's interest in the entity. |
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income. |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Judgements |
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are set out in the policies below. |
Key sources of estimation uncertainty |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the notes to the financial statements for the carrying amount of the property improvements, plant, fixtures and motor vehicles, and the accounting policies for the useful economic lives for each class of assets. |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See the notes to the financial statements for the net carrying amount of the debtors. |
Non-controlling interest |
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination. |
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments. |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
Cargo Express Limited hires and rents its assets to it's subsidiary and third party customers. Revenue is recognised in the accounting period in which the rental period relates to. |
Montad Limited offers transport and logistic services across the UK and Europe. Revenue is recognised in the accounting period in which the services are rendered when the outcome of the contract can be estimated reliably. Turnover is recognised once the goods have been picked up and delivered to the relevant destination. |
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 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. |
Investments in associates |
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. |
Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity 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. |
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. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Corporation tax |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit and loss on a straight line basis over the period of the lease. |
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
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. |
Provisions |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | REVENUE |
The revenue and profit before taxation are attributable to the principal activities of the group. |
An analysis of revenue by geographical market is given below: |
31.3.24 | 31.3.23 |
£ | £ |
United Kingdom | 10,392,937 | 10,109,485 |
Europe | 1,740,948 | 1,740,947 |
12,133,885 | 11,850,432 |
4. | EMPLOYEES AND DIRECTORS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries | 4,011,779 | 3,721,212 |
Social security costs | 430,386 | 402,240 |
Other pension costs | 96,827 | 88,039 |
4,538,992 | 4,211,491 |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Administration and management | 18 | 18 |
Other staff - drivers | 97 | 87 |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration | 18,200 | 22,562 |
The number of directors to whom retirement benefits were accruing was as follows: |
Defined benefit schemes | 1 | 1 |
During the year, the group made contributions of £Nil (2023: £384). |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.3.24 | 31.3.23 |
£ | £ |
Hire of plant and machinery | 50,681 | 135,445 |
Other operating leases | 95,750 | 94,092 |
Depreciation - owned assets | 620,249 | 588,707 |
Loss on disposal of fixed assets | 15,298 | 106,183 |
Computer software amortisation | 5,088 | 5,090 |
Auditors' remuneration | 17,365 | 12,044 |
Auditors' remuneration for non audit work | 508 | - |
Foreign exchange differences | 23 | - |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Other interest payable | 20,839 | 28,457 |
Hire purchase interest | 67,112 | 27,133 |
87,951 | 55,590 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax | - | (22 | ) |
Associates corporation tax | - | 8,319 |
Total current tax | - | 8,297 |
Deferred tax | 105,068 | 76,294 |
Tax on profit | 105,068 | 84,591 |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.24 | 31.3.23 |
£ | £ |
Profit before tax | 402,995 | 577,400 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
100,749 |
109,706 |
Effects of: |
Expenses not deductible for tax purposes | 4,319 | 11,204 |
Capital allowances in excess of depreciation | - | (102,945 | ) |
Adjustments in respect to future changes in tax rates | - | 66,626 |
Total tax charge | 105,068 | 84,591 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
31.3.24 | 31.3.23 |
£ | £ |
Ordinary shares shares of £0.01 each |
Final | 8,000 | - |
Ordinary A shares shares of £0.01 each |
Interim | 1,000 | 2,000 |
Ordinary B shares shares of £0.01 each |
Interim | 10,000 | 11,600 |
Ordinary C shares shares of £0.01 each |
Interim | 40,000 | 60,000 |
Ordinary D shares shares of £0.01 each |
Interim | 60,000 | - |
Ordinary E shares shares of £0.01 each |
Interim | 20,000 | 15,000 |
Ordinary F Shares shares of £0.01 each |
Interim | 31,370 | 30,000 |
170,370 | 118,600 |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
software |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 25,444 |
AMORTISATION |
At 1 April 2023 | 7,889 |
Amortisation for year | 5,088 |
At 31 March 2024 | 12,977 |
NET BOOK VALUE |
At 31 March 2024 | 12,467 |
At 31 March 2023 | 17,555 |
11. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 | 476,840 | 159,913 | 4,103,828 | 4,740,581 |
Additions | 122,498 | 2,499 | 572,046 | 697,043 |
Disposals | (112,490 | ) | - | (28,886 | ) | (141,376 | ) |
At 31 March 2024 | 486,848 | 162,412 | 4,646,988 | 5,296,248 |
DEPRECIATION |
At 1 April 2023 | 329,457 | 87,186 | 921,402 | 1,338,045 |
Charge for year | 48,987 | 15,125 | 556,137 | 620,249 |
Eliminated on disposal | (87,539 | ) | - | (17,039 | ) | (104,578 | ) |
At 31 March 2024 | 290,905 | 102,311 | 1,460,500 | 1,853,716 |
NET BOOK VALUE |
At 31 March 2024 | 195,943 | 60,101 | 3,186,488 | 3,442,532 |
At 31 March 2023 | 147,383 | 72,727 | 3,182,426 | 3,402,536 |
Included within the carrying value of tangible assets held by the group are the following amounts relating to assets held under finance leases or hire purchase agreements: Motor vehicles £1,910,921 (2023: £1,652,190). |
The company has no tangible fixed assets. |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in |
associate |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 50,329 |
NET BOOK VALUE |
At 31 March 2024 | 50,329 |
At 31 March 2023 | 50,329 |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: C/O Dpc, Stone House, 55 Stone Road Business Park, Stoke-On-Trent, ST4 6SR. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Dpc, Stone House, 55 Stone Road Business Park, Stoke-On-Trent, ST4 6SR. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Dpc, Stone House, 55 Stone Road Business Park, Stoke-On-Trent, ST4 6SR. |
Nature of business: |
% |
Class of shares: | holding |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | STOCKS |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Stocks | 29,618 | 17,673 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Trade debtors | 2,361,959 | 2,401,598 |
Provision for doubtful debts | - | 48,738 | - | - |
Amounts owed by group undertakings | - | - |
Other debtors | 4,568 | - |
VAT | - | 379,974 |
Prepayments | 886,032 | 541,673 |
3,252,559 | 3,371,983 |
Amounts owed by group undertakings and connected companies are unsecured, interest free and are repayable on demand. |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 178,443 | 160,728 |
Hire purchase contracts (see note 18) | 680,169 | 603,174 |
Trade creditors | 1,072,763 | 1,376,323 |
Amounts owed to group undertakings | - | - |
Tax | 86,719 | 87,979 |
Social security and other taxes | 98,185 | 97,310 |
VAT | 291,604 | - | 3,282 | 2,636 |
Other creditors | 80,101 | 105,756 |
Directors' current accounts | 430,926 | 538,446 | 429,626 | 536,555 |
Accruals and deferred income | 71,051 | 67,544 |
2,989,961 | 3,037,260 |
Amounts owed by group undertakings and connected companies are unsecured, interest free and are repayable on demand. |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts (see note 18) | 770,503 | 1,049,016 |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank overdrafts | 178,443 | 160,728 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.3.24 | 31.3.23 |
£ | £ |
Gross obligations repayable: |
Within one year | 734,653 | 660,197 |
Between one and five years | 794,930 | 1,127,927 |
1,529,583 | 1,788,124 |
Finance charges repayable: |
Within one year | 54,484 | 57,023 |
Between one and five years | 24,427 | 78,911 |
78,911 | 135,934 |
Net obligations repayable: |
Within one year | 680,169 | 603,174 |
Between one and five years | 770,503 | 1,049,016 |
1,450,672 | 1,652,190 |
Group |
Non-cancellable | operating leases |
31.3.24 | 31.3.23 |
£ | £ |
Within one year | 500,000 | 500,000 |
Between one and five years | 375,000 | 875,000 |
875,000 | 1,375,000 |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Bank overdraft | 178,443 | 160,728 |
Hire purchase contracts | 1,450,672 | 1,652,190 |
1,629,115 | 1,812,918 |
The group's bankers have a fixed and floating charge covering all property or undertaking of the group. |
The hire purchase liabilities are secured on the related assets. |
20. | PROVISIONS FOR LIABILITIES |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 674,893 | 570,020 |
Tax losses carried forward | (288,227 | ) | (288,421 | ) |
386,666 | 281,599 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 281,599 |
Charge to Statement of Comprehensive Income during year | 105,067 |
Balance at 31 March 2024 | 386,666 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary A shares | £0.01 | 45 | 45 |
Ordinary B shares | £0.01 | 45 | 45 |
Ordinary C shares | £0.01 | 394 | 394 |
Ordinary D shares | £0.01 | 344 | 344 |
2,020 | Ordinary E shares | £0.01 | 20 | 20 |
5,000 | Ordinary F Shares | £0.01 | 50 | 50 |
898 | 898 |
22. | RESERVES |
Retained earnings - This reserve records retained earnings and accumulated losses. |
O'REILLY HOLDINGS LIMITED (REGISTERED NUMBER: 11113518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
23. | CAPITAL COMMITMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Contracted but not provided for in the |
financial statements | - | 574,500 |
24. | RELATED PARTY DISCLOSURES |
All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material. |
The key personnel of the group are the directors. Directors' remuneration is disclosed in note 4 of the financial statements. |
25. | POST BALANCE SHEET EVENTS |
There were no material post balance sheet events up to the date of approval of the financial statements by the Board. |
26. | ULTIMATE CONTROLLING PARTY |
There is no one ultimate controlling party. |