Company No:
Contents
DIRECTORS | Mr S W Bruhns |
Mrs S O'Brien |
REGISTERED OFFICE | Ground Floor Blackbrook Gate 1 |
Blackbrook Business Park | |
Taunton | |
TA1 2PX | |
United Kingdom |
BUSINESS ADDRESS | Unit 3 Chartfield House |
Castle Street | |
Taunton | |
Somerset | |
TA1 4AS |
COMPANY NUMBER | 08371976 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Blackbrook Gate 1 | |
Blackbrook Business Park | |
Taunton | |
Somerset TA1 2PX |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
Investment property | 4 |
|
|
|
Investments | 5 |
|
|
|
3,711,063 | 2,706,363 | |||
Current assets | ||||
Debtors | 6 |
|
|
|
Cash at bank and in hand |
|
|
||
46,655 | 47,910 | |||
Creditors: amounts falling due within one year | 7 | (
|
(
|
|
Net current liabilities | (185,945) | (81,433) | ||
Total assets less current liabilities | 3,525,118 | 2,624,930 | ||
Creditors: amounts falling due after more than one year | 8 | (
|
(
|
|
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 9 |
|
|
|
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of O'Brien Investments Limited (registered number:
Mrs S O'Brien
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
O'Brien Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ground Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom. The principal place of business is Unit 3 Chartfield House, Castle Street, Taunton, Somerset, TA1 4AS.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.
Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Vehicles |
|
Office equipment |
|
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under the finance leases are recognised at the lower of their value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Vehicles | Office equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2023 |
|
|
|
||
At 31 March 2024 |
|
|
|
||
Accumulated depreciation | |||||
At 01 April 2023 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 31 March 2024 |
|
|
|
||
Net book value | |||||
At 31 March 2024 |
|
|
|
||
At 31 March 2023 |
|
|
|
Investment property | |
£ | |
Valuation | |
As at 01 April 2023 |
|
Fair value movement | 946,009 |
As at 31 March 2024 |
|
In the opinion of the directors the value for the investment property (The Old Vicarage, TA5 2PZ) is £2,400,000 and the value for the second investment property (22-24 Station Road, TA1 1NL) is £850,000. The assessments are based on the market value of similar properties, rents and yields at that time.
This class of assets has a current market value of £3,250,000 (2023:£2,303,991) and a carrying historic cost of £1,483,995 (2023:£1,483,995)
2024 | 2023 | ||
£ | £ | ||
Subsidiary undertakings |
|
|
|
Participating interests |
|
|
|
Other investments and loans |
|
|
|
452,183 | 389,148 |
Listed investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 April 2023 |
|
|
|
Movement in fair value |
|
|
|
At 31 March 2024 |
|
|
|
Carrying value at 31 March 2024 |
|
|
|
Carrying value at 31 March 2023 |
|
|
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by Group undertakings |
|
|
|
Other debtors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Bank loans |
|
|
|
Trade creditors |
|
|
|
Amounts owed to Group undertakings |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Bank loans |
|
|
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Other financial commitments
2024 | 2023 | ||
£ | £ | ||
The total amount of financial commitments not included in the balance sheet |
|
|
As at 31 March 2024 the profit and loss account included £1,397,214 (2023: £648,757) of non-distributable reserves. This relates to the revaluation surplus on investments.