2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 7,312 1,899 7,312 1,899 2,451 708 3,080 79 1,820 4,861 xbrli:pure xbrli:shares iso4217:GBP 07571012 2023-04-01 2024-03-31 07571012 2024-03-31 07571012 2023-03-31 07571012 2022-04-01 2023-03-31 07571012 2023-03-31 07571012 2022-03-31 07571012 bus:Director1 2023-04-01 2024-03-31 07571012 core:FurnitureFittings 2023-03-31 07571012 core:FurnitureFittings 2024-03-31 07571012 core:FurnitureFittings 2023-04-01 2024-03-31 07571012 core:WithinOneYear 2024-03-31 07571012 core:WithinOneYear 2023-03-31 07571012 core:ShareCapital 2024-03-31 07571012 core:ShareCapital 2023-03-31 07571012 core:RetainedEarningsAccumulatedLosses 2024-03-31 07571012 core:RetainedEarningsAccumulatedLosses 2023-03-31 07571012 core:AfterOneYear 2023-03-31 07571012 core:FurnitureFittings 2023-03-31 07571012 bus:SmallEntities 2023-04-01 2024-03-31 07571012 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07571012 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07571012 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07571012 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 07571012
O'Neill & O'Neill Limited
Filleted Unaudited Financial Statements
31 March 2024
O'Neill & O'Neill Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
O'Neill & O'Neill Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,820
4,861
Current assets
Debtors
6
73,790
172,830
Cash at bank and in hand
168,521
174,949
---------
---------
242,311
347,779
Creditors: amounts falling due within one year
7
( 3,612)
( 44,492)
---------
---------
Net current assets
238,699
303,287
---------
---------
Total assets less current liabilities
240,519
308,148
Provisions
Taxation including deferred tax
( 352)
---------
---------
Net assets
240,519
307,796
---------
---------
O'Neill & O'Neill Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
240,419
307,696
---------
---------
Shareholders funds
240,519
307,796
---------
---------
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 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Dr M O'Neill
Director
Company registration number: 07571012
O'Neill & O'Neill Limited
Notes to the Financial Statements
Year ended 31 March 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 Midway House, Herrick Way, Staverton Technology Park, Staverton, Cheltenham, GL51 6TQ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
10% per annum of cost
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 3 ).
5. Tangible assets
Fixtures, fittings and equipment
£
Cost
At 1 April 2023
7,312
Additions
1,899
Disposals
( 7,312)
-------
At 31 March 2024
1,899
-------
Depreciation
At 1 April 2023
2,451
Charge for the year
708
Disposals
( 3,080)
-------
At 31 March 2024
79
-------
Carrying amount
At 31 March 2024
1,820
-------
At 31 March 2023
4,861
-------
6. Debtors
2024
2023
£
£
Other debtors
73,790
172,830
--------
---------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
22,797
----
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
1,647
Other creditors
3,612
42,845
-------
--------
3,612
44,492
-------
--------
8. Related party transactions
At the reporting date an amount of £22 (2023 - £38,594) was owed by the company to the director in respect of her current account with the company. No interest has been charged by the director on this account.