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REGISTERED NUMBER: 05710798 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

O'FLANAGAN HOMES LIMITED

O'FLANAGAN HOMES LIMITED (REGISTERED NUMBER: 05710798)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


O'FLANAGAN HOMES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: M T O'Flanagan
D J O'Flanagan





SECRETARY: M T O'Flanagan





REGISTERED OFFICE: 110 Broad Street
Coventry
CV6 5AZ





REGISTERED NUMBER: 05710798 (England and Wales)





ACCOUNTANTS: Prime
Chartered Accountants
5 Argosy Court
Scimitar Way
Whitley Business Park
Coventry
CV3 4GA

O'FLANAGAN HOMES LIMITED (REGISTERED NUMBER: 05710798)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 66,332 33,565

CURRENT ASSETS
Stocks 6,818,441 6,691,462
Debtors 5 4,333 545,740
Investments 6 1,082,839 -
Cash at bank 1,147,827 2,092,317
9,053,440 9,329,519
CREDITORS
Amounts falling due within one year 7 1,280,322 2,084,416
NET CURRENT ASSETS 7,773,118 7,245,103
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,839,450

7,278,668

PROVISIONS FOR LIABILITIES 8,750 4,500
NET ASSETS 7,830,700 7,274,168

CAPITAL AND RESERVES
Called up share capital 1,050,000 1,050,000
Retained earnings 6,780,700 6,224,168
SHAREHOLDERS' FUNDS 7,830,700 7,274,168

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

O'FLANAGAN HOMES LIMITED (REGISTERED NUMBER: 05710798)

BALANCE SHEET - continued
30 JUNE 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2024 and were signed on its behalf by:





D J O'Flanagan - Director


O'FLANAGAN HOMES LIMITED (REGISTERED NUMBER: 05710798)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

O'Flanagan Homes 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 as modified by the revaluation of certain assets.

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 - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes development land and all related expenditure.

In respect of development work in its final stages at the year end profit is only taken on individual houses which at this date are able to be occupied and contract commitments are exchanged between the company and the potential purchasers.The profit included is calculated by the directors on a prudent basis to reflect the uncertain nature of predicting the profitability of development sites. Full provision is made for losses on any development site in the period in which it is foreseen.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

O'FLANAGAN HOMES LIMITED (REGISTERED NUMBER: 05710798)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 4,307 55,317 3,254 62,878
Additions - 76,966 - 76,966
Disposals - (55,317 ) - (55,317 )
At 30 June 2024 4,307 76,966 3,254 84,527
DEPRECIATION
At 1 July 2023 2,360 24,499 2,454 29,313
Charge for year 487 15,165 487 16,139
Eliminated on disposal - (27,257 ) - (27,257 )
At 30 June 2024 2,847 12,407 2,941 18,195
NET BOOK VALUE
At 30 June 2024 1,460 64,559 313 66,332
At 30 June 2023 1,947 30,818 800 33,565

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 90,000
Other debtors 4,333 455,740
4,333 545,740

6. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Cazenove deposit account 1,082,839 -

O'FLANAGAN HOMES LIMITED (REGISTERED NUMBER: 05710798)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 113
Taxation and social security 312,755 383,974
Other creditors 967,567 1,700,329
1,280,322 2,084,416

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D J O'Flanagan.