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Registered number: 07486210
O'Brien Ductwork Services Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
R Best & Co Ltd
Office 6
7 - 11 High Street
Reigate
Surrey
RH2 9AA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07486210
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10,764 4,399
10,764 4,399
CURRENT ASSETS
Debtors 5 810,552 674,655
Cash at bank and in hand 95,127 559
905,679 675,214
Creditors: Amounts Falling Due Within One Year 6 (785,313 ) (519,436 )
NET CURRENT ASSETS (LIABILITIES) 120,366 155,778
TOTAL ASSETS LESS CURRENT LIABILITIES 131,130 160,177
Creditors: Amounts Falling Due After More Than One Year 7 (36,137 ) (41,872 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,691 ) (836 )
NET ASSETS 92,302 117,469
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 92,202 117,369
SHAREHOLDERS' FUNDS 92,302 117,469
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
A Clue
Director
T O'Brien
Director
6 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
O'Brien Ductwork Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07486210 . The registered office is Office 6, 7 - 11 High Street, Reigate, Surrey, RH2 9AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on reducing balance
Fixtures & Fittings 25% on cost
Computer Equipment 33% on cost
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 3)
4 3
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 5,670 24,264 11,812 41,746
Additions 4,167 1,674 5,269 11,110
As at 31 March 2024 9,837 25,938 17,081 52,856
Depreciation
As at 1 April 2023 2,481 23,967 10,899 37,347
Provided during the period 1,839 518 2,388 4,745
As at 31 March 2024 4,320 24,485 13,287 42,092
Net Book Value
As at 31 March 2024 5,517 1,453 3,794 10,764
As at 1 April 2023 3,189 297 913 4,399
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 341,839 190,076
Prepayments and accrued income 2,260 188
Retentions Withheld 184,534 167,529
OCS Holdings Limited 222,576 293,714
O'Brien Multiservices Limited 107 107
VAT 57,417 23,041
Other taxes and social security 1,819 -
810,552 674,655
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 492,149 200,552
Bank loans and overdrafts 5,522 17,411
Corporation tax 61,505 29,482
Other taxes and social security - 1,519
CIS 19,507 27,558
Pension Control 327 86
Retentions on hold 19,350 -
Accruals and deferred income 184,534 241,641
Directors' loan accounts 2,419 1,187
785,313 519,436
Page 4
Page 5
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 36,137 41,872
36,137 41,872
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5