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O'Sullivan Roofing Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13942903
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 19,644 24,568
19,644 24,568
CURRENT ASSETS
Stocks 5 12,086 -
Debtors 6 11,906 4,913
Cash at bank and in hand 1,900 9,317
25,892 14,230
Creditors: Amounts Falling Due Within One Year 7 (30,883 ) (18,586 )
NET CURRENT ASSETS (LIABILITIES) (4,991 ) (4,356 )
TOTAL ASSETS LESS CURRENT LIABILITIES 14,653 20,212
Creditors: Amounts Falling Due After More Than One Year 8 (11,223 ) (14,122 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,330 ) (3,992 )
NET ASSETS 100 2,098
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 99 2,097
SHAREHOLDERS' FUNDS 100 2,098
Page 1
Page 2
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.
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
N O'Sullivan
Director
29 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'Sullivan Roofing Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13942903 . The registered office is C/O BWBCA Limited Office 44, A30 Business Centre, Okehampton, Devon, EX20 1BG.
The presentation currency of the financial statements is the Pound Sterling (£). 
Due to being the first accounting period for the company, the prior period was longer than 12 months, therefore comparatives are not directly comparable. 
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, excluding discounts, rebates, value added tax and other sales taxes. 
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 cost
Motor Vehicles 20% on cost
Fixtures & Fittings 25% on cost
Computer Equipment 25% on cost
2.4. Leasing and Hire Purchase Contracts
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 enactedor substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all material 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 period 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.
Page 3
Page 4
3. Average Number of Employees
Average number of employees during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 4,646 20,495 1,550 26,691
Additions 625 - 582 1,207
Disposals - - (500 ) (500 )
As at 29 February 2024 5,271 20,495 1,632 27,398
Depreciation
As at 1 March 2023 1,086 683 354 2,123
Provided during the period 1,249 4,099 533 5,881
Disposals - - (250 ) (250 )
As at 29 February 2024 2,335 4,782 637 7,754
Net Book Value
As at 29 February 2024 2,936 15,713 995 19,644
As at 1 March 2023 3,560 19,812 1,196 24,568
5. Stocks
2024 2023
£ £
Stock 12,086 -
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 1,150
Other debtors 11,906 3,763
11,906 4,913
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 2,898 2,303
Trade creditors 9,385 77
Other creditors 5,886 10,489
Taxation and social security 12,714 5,717
30,883 18,586
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 11,223 14,122
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 2,898 2,303
Later than one year and not later than five years 11,223 14,122
14,121 16,425
14,121 16,425
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 0.01 each 1 1
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mrs Aimie O'Sullivan (4,554 ) 29,762 19,921 - 5,287
Mr Nicholas O'Sullivan (4,554 ) 29,762 19,921 - 5,287
The above loan is unsecured, interest free and was repaid shortly after the year end. 
Page 5