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COMPANY REGISTRATION NUMBER: 6491820
O'Neills Developments Limited
Filleted Unaudited Financial Statements
29 February 2024
O'Neills Developments Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
O'Neills Developments Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
£
Current assets
Stocks
2,734,712
2,734,712
Debtors
4
16,451
17,176
Cash at bank and in hand
7,261
13,488
------------
------------
2,758,424
2,765,376
Creditors: amounts falling due within one year
5
477,845
464,525
------------
------------
Net current assets
2,280,579
2,300,851
------------
------------
Total assets less current liabilities
2,280,579
2,300,851
Creditors: amounts falling due after more than one year
6
1,970,315
2,056,050
------------
------------
Net assets
310,264
244,801
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
310,164
244,701
----------
----------
Shareholders funds
310,264
244,801
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
O'Neills Developments Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
Mr J W O'Neill
Director
Company registration number: 6491820
O'Neills Developments Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Printing House, 66 Lower Road, Harrow, HA2 0DH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Debtors
2024
2023
£
£
Trade debtors
3,618
4,343
Other debtors
12,833
12,833
--------
--------
16,451
17,176
--------
--------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
35,485
35,485
Trade creditors
947
4,032
Accruals and deferred income
3,500
3,500
Corporation tax
18,209
8,513
Director loan accounts
203,721
205,496
Other creditors
215,983
207,499
----------
----------
477,845
464,525
----------
----------
The bank loans comprise loans which are secured by a fixed and floating charge over all the assets of the company in favour of NatWest Bank Plc and a Bounce Back loan which is secured by a government guarantee.
6. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,970,315
2,056,050
------------
------------
The bank loans comprise loans which are secured by a fixed and floating charge over all the assets of the company in favour of NatWest Bank Plc and a Bounce Back loan which is secured by a government guarantee.
7. Related party transactions
Transactions entered into under normal commercial terms, with companies under common control, as defined by FRS 102 were as follows: Odyssey Developments (UK) Limited At the balance sheet date £6,774 (2023 - £774) was owed by O'Neills Developments Limited in respect of a short term-interest free loan. O'Neills Investments Limited At the balance sheet date £12,833 (2023 - £12,833) was owed to O'Neills Developments Limited in respect of a short term-interest free loan. O'Neills Building Company Limited At the balance sheet date £168,990 (2023 - £168,990) was owed by O'Neills Developments Limited in respect of a short-term interest free loan.