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REGISTERED NUMBER: NI003900 (Northern Ireland)














Financial Statements

for the Year Ended 30 June 2024

for

HUGH J. O'BOYLE LIMITED

HUGH J. O'BOYLE LIMITED (REGISTERED NUMBER: NI003900)

Contents of the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


HUGH J. O'BOYLE LIMITED

Company Information
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: R Henning
K Fitzsimons
D McCormick
H R O'Boyle





SECRETARY: D McCormick





REGISTERED OFFICE: 1 The Green
Irish Street
Downpatrick
Co. Down
BT30 6DA





REGISTERED NUMBER: NI003900 (Northern Ireland)





AUDITORS: M.B.Mc Grady & Co
Chartered Accountants
Statutory Auditors
Rathmore House
52 St Patricks Avenue
Downpatrick
Co. Down
BT30 6DS

HUGH J. O'BOYLE LIMITED (REGISTERED NUMBER: NI003900)

Abridged Balance Sheet
30 JUNE 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 260,332 205,486
Investments 5 5,000 5,000
Investment property 6 144,211 144,211
409,543 354,697

CURRENT ASSETS
Stocks 1,753,583 1,938,068
Debtors 1,291,256 1,720,044
Cash at bank 1,148 331,018
3,045,987 3,989,130
CREDITORS
Amounts falling due within one year 1,616,448 2,685,488
NET CURRENT ASSETS 1,429,539 1,303,642
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,839,082

1,658,339

CREDITORS
Amounts falling due after more than one
year

39,171

-
NET ASSETS 1,799,911 1,658,339

CAPITAL AND RESERVES
Called up share capital 3,370 3,370
Capital redemption reserve 59,132 59,132
Retained earnings 1,737,409 1,595,837
SHAREHOLDERS' FUNDS 1,799,911 1,658,339

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 21 October 2024 and were signed on its behalf by:



H R O'Boyle - Director


HUGH J. O'BOYLE LIMITED (REGISTERED NUMBER: NI003900)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Hugh J. O'Boyle Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

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.

Preparation of consolidated financial statements
The financial statements contain information about Hugh J. O'Boyle Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Critical accounting judgements and key sources of estimation uncertainty
Going Concern

The directors have prepared budgets and cash flows for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the company's ability to meet its liabilities as they fall due, and to continue as a going concern.

On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern.

Performance of Long-Term Contracts

Recognized amounts of construction contract revenues and related receivables reflect the director's best estimates of long term contracts outcome and stage of completion. This includes the assessment of the profitability of the long-term contracts. Costs to complete and contract profitability are subject to significant estimation uncertainty.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation of fixed assets is provided on a basis calculated to write off the cost of the assets, less estimated residual value over their estimated useless lives. The rates at present in use are as follows:

Plant & machinery - 12.5% on cost
Motor vehicles - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

HUGH J. O'BOYLE LIMITED (REGISTERED NUMBER: NI003900)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value.

Long-term contract balances in stock are stated at net cost, less foreseeable losses and payments on account. The excess of recorded turnover over payments on account for the same contracts are included in debtors as amounts recoverable on contracts.

Financial instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in proft and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2023 - 32 ) .

HUGH J. O'BOYLE LIMITED (REGISTERED NUMBER: NI003900)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2023 961,671
Additions 106,717
Disposals (69,034 )
At 30 June 2024 999,354
DEPRECIATION
At 1 July 2023 756,185
Charge for year 30,273
Eliminated on disposal (47,436 )
At 30 June 2024 739,022
NET BOOK VALUE
At 30 June 2024 260,332
At 30 June 2023 205,486

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
Additions 99,717
At 30 June 2024 99,717
DEPRECIATION
Charge for year 10,779
At 30 June 2024 10,779
NET BOOK VALUE
At 30 June 2024 88,938

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 July 2023
and 30 June 2024 5,000
NET BOOK VALUE
At 30 June 2024 5,000
At 30 June 2023 5,000

HUGH J. O'BOYLE LIMITED (REGISTERED NUMBER: NI003900)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. FIXED ASSET INVESTMENTS - continued

The investment relates to shares held in the subsidiary company, Hugh J O Boyle Training Limited and are measured at cost.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 144,211
NET BOOK VALUE
At 30 June 2024 144,211
At 30 June 2023 144,211

Investment property comprises one property held at fair value. This property was previously held within Freehold Property but reclassified as an investment property. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

7. SECURED DEBTS

The following secured debts are included within creditors:

30/6/24 30/6/23
£    £   
Bank overdraft 250,000 250,000

The Ulster Bank holds a Debenture and Freehold 1st legal charge over Commercial Premises at 1 The Green Irish Street and 114-116 Irish Street Downpatrick as security for group facilities held.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Malachy Bernard Thomas McGrady (Senior Statutory Auditor)
for and on behalf of M.B.Mc Grady & Co