BrightAccountsProduction v1.0.0 v1.0.0 2023-04-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is that of the construction of domestic buildings, commercial buildings and wind turbines. 2 October 2024 3 2 NI049195 2024-03-31 NI049195 2023-03-31 NI049195 2022-03-31 NI049195 2023-04-01 2024-03-31 NI049195 2022-04-01 2023-03-31 NI049195 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI049195 uk-curr:PoundSterling 2023-04-01 2024-03-31 NI049195 uk-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI049195 uk-bus:FullAccounts 2023-04-01 2024-03-31 NI049195 uk-bus:Director1 2023-04-01 2024-03-31 NI049195 uk-bus:RegisteredOffice 2023-04-01 2024-03-31 NI049195 uk-bus:Agent1 2023-04-01 2024-03-31 NI049195 uk-core:ShareCapital 2024-03-31 NI049195 uk-core:ShareCapital 2023-03-31 NI049195 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 NI049195 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI049195 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-31 NI049195 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI049195 uk-bus:FRS102 2023-04-01 2024-03-31 NI049195 uk-core:LandBuildings 2023-04-01 2024-03-31 NI049195 uk-core:PlantMachinery 2023-04-01 2024-03-31 NI049195 uk-core:MotorVehicles 2023-04-01 2024-03-31 NI049195 uk-core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI049195 uk-core:CurrentFinancialInstruments 2024-03-31 NI049195 uk-core:CurrentFinancialInstruments 2023-03-31 NI049195 uk-core:WithinOneYear 2024-03-31 NI049195 uk-core:WithinOneYear 2023-03-31 NI049195 uk-core:WithinOneYear 2024-03-31 NI049195 uk-core:WithinOneYear 2023-03-31 NI049195 uk-core:WithinOneYear 2024-03-31 NI049195 uk-core:WithinOneYear 2023-03-31 NI049195 uk-core:AfterOneYear 2024-03-31 NI049195 uk-core:AfterOneYear 2023-03-31 NI049195 uk-core:AfterOneYear 2024-03-31 NI049195 uk-core:AfterOneYear 2023-03-31 NI049195 uk-core:BetweenOneTwoYears 2024-03-31 NI049195 uk-core:BetweenOneTwoYears 2023-03-31 NI049195 uk-core:BetweenTwoFiveYears 2024-03-31 NI049195 uk-core:BetweenTwoFiveYears 2023-03-31 NI049195 uk-core:BetweenOneFiveYears 2024-03-31 NI049195 uk-core:BetweenOneFiveYears 2023-03-31 NI049195 2023-04-01 2024-03-31 NI049195 uk-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI049195
 
 
O'Connell Contracts Limited
 
Director's Report and Unaudited Financial Statements
 
for the financial year ended 31 March 2024
O'Connell Contracts Limited
DIRECTOR AND OTHER INFORMATION

 
Director Mr. Ciaran O'Connell
 
 
Company Registration Number NI049195
 
 
Registered Office 16 Mount Charles
Belfast
BT7 1NZ
 
 
Business Address 10 Kilrea Road
Garvagh
BT51 5LP
 
 
Accountants Muldoon & Co
16 Mount Charles
Belfast
BT7 1NZ



O'Connell Contracts Limited
DIRECTOR'S REPORT
for the financial year ended 31 March 2024

 
The director presents his report and the unaudited financial statements for the financial year ended 31 March 2024.
     
Director
The director who served during the financial year is as follows:
     
Mr. Ciaran O'Connell
   
There were no changes in shareholdings between 31 March 2024 and the date of signing the financial statements.
     
Statement of Director's Responsibilities
     
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
     
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:
- select suitable accounting policies and 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
     
Special provisions relating to small companies
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
     
     
On behalf of the board
     
     
___________________________
Mr. Ciaran O'Connell
Director
     
2 October 2024



O'Connell Contracts Limited
Company Registration Number: NI049195
BALANCE SHEET
as at 31 March 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 4 350,862 316,236
───────── ─────────
 
Current Assets
Debtors 5 504,143 546,411
Cash and cash equivalents 454,994 392,247
───────── ─────────
959,137 938,658
───────── ─────────
Creditors: amounts falling due within one year 6 (177,288) (257,050)
───────── ─────────
Net Current Assets 781,849 681,608
───────── ─────────
Total Assets less Current Liabilities 1,132,711 997,844
 
Creditors:
amounts falling due after more than one year 7 (100,331) (100,257)
───────── ─────────
Net Assets 1,032,380 897,587
═════════ ═════════
 
Capital and Reserves
Called up share capital 10,000 10,000
Retained earnings 1,022,380 887,587
───────── ─────────
Equity attributable to owners of the company 1,032,380 897,587
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account.
           
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 2 October 2024
           
           
________________________________          
Mr. Ciaran O'Connell          
Director          
           



O'Connell Contracts Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2024

   
1. General Information
 
O'Connell Contracts Limited is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 16 Mount Charles, Belfast, BT7 1NZ. The principal activity of the company is that of the construction of domestic buildings, commercial buildings and wind turbines. The financial statements have been presented in Pound sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 20% Reducing Balance
  Plant and machinery - 20% Reducing Balance
  Motor vehicles - 25% Reducing Balance
  Office Equipment - 20% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 3.
 
  2024 2023
  Number Number
 
Employees 3 2
  ═════════ ═════════
             
4. Tangible assets
  Land and Plant and Motor Office Equipment Total
  buildings machinery vehicles    
  freehold        
  £ £ £ £ £
Cost
At 1 April 2023 1,744 550,045 188,872 11,702 752,363
Additions - 120,039 28,000 - 148,039
Disposals - (46,500) (16,750) - (63,250)
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 1,744 623,584 200,122 11,702 837,152
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2023 1,717 333,448 94,795 6,167 436,127
Charge for the financial year 27 49,091 22,695 1,107 72,920
On disposals - (9,300) (13,457) - (22,757)
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 1,744 373,239 104,033 7,274 486,290
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 March 2024 - 250,345 96,089 4,428 350,862
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 March 2023 27 216,597 94,077 5,535 316,236
  ═════════ ═════════ ═════════ ═════════ ═════════
       
5. Debtors 2024 2023
  £ £
 
Trade debtors 174,595 294,014
Other debtors 105,800 69,500
Director's current account (Note 9) 135,822 34,597
Taxation and social security costs (Note 8) 5,926 -
Prepayments and accrued income 82,000 148,300
  ───────── ─────────
  504,143 546,411
  ═════════ ═════════
       
6. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank overdrafts 10,177 6,483
Other loans 10,655 10,655
Net obligations under finance leases
and hire purchase contracts 57,598 45,626
Trade creditors 9,055 10,210
Taxation and social security costs (Note 8) 57,741 94,736
Accruals 32,062 89,340
  ───────── ─────────
  177,288 257,050
  ═════════ ═════════
       
7. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 11,716 21,665
Finance leases and hire purchase contracts 88,615 78,592
  ───────── ─────────
  100,331 100,257
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 6) 20,832 17,138
Repayable between one and two years 10,654 10,656
Repayable between two and five years 1,062 11,009
  ───────── ─────────
  32,548 38,803
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 57,598 45,626
Repayable between one and five years 88,615 78,592
  ───────── ─────────
  146,213 124,218
  ═════════ ═════════
       
8. Taxation and social security 2024 2023
  £ £
 
Debtors:
VAT 5,926 -
  ═════════ ═════════
Creditors:
VAT - 7,958
Corporation tax 55,879 83,960
PAYE / NI 1,862 2,818
  ───────── ─────────
  57,741 94,736
  ═════════ ═════════
   
9. Director's advances, credits and guarantees
 
Included in debtors is a loan to a director amounting to £135,822. Interest at the rate of 2% per annum is charged and the loan is repayable within 9 months of the year end.