O'Connor Construction Company Limited 01978390 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is carrying out civil engineering works and the hire of building plant and machinery. Digita Accounts Production Advanced 6.30.9574.0 true 01978390 2023-07-01 2024-06-30 01978390 2024-06-30 01978390 core:CurrentFinancialInstruments 2024-06-30 01978390 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 01978390 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 01978390 core:FurnitureFittingsToolsEquipment 2024-06-30 01978390 core:MotorVehicles 2024-06-30 01978390 core:OtherPropertyPlantEquipment 2024-06-30 01978390 bus:SmallEntities 2023-07-01 2024-06-30 01978390 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 01978390 bus:FilletedAccounts 2023-07-01 2024-06-30 01978390 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 01978390 bus:RegisteredOffice 2023-07-01 2024-06-30 01978390 bus:Director1 2023-07-01 2024-06-30 01978390 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 01978390 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 01978390 core:MotorVehicles 2023-07-01 2024-06-30 01978390 core:OfficeEquipment 2023-07-01 2024-06-30 01978390 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 01978390 core:PlantMachinery 2023-07-01 2024-06-30 01978390 countries:EnglandWales 2023-07-01 2024-06-30 01978390 2023-06-30 01978390 core:FurnitureFittingsToolsEquipment 2023-06-30 01978390 core:MotorVehicles 2023-06-30 01978390 core:OtherPropertyPlantEquipment 2023-06-30 01978390 2022-07-01 2023-06-30 01978390 2023-06-30 01978390 core:CurrentFinancialInstruments 2023-06-30 01978390 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 01978390 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 01978390 core:FurnitureFittingsToolsEquipment 2023-06-30 01978390 core:MotorVehicles 2023-06-30 01978390 core:OtherPropertyPlantEquipment 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 01978390

Prepared for the Registrar

 
O'Connor Construction Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

O'Connor Construction Company Limited

(Registration number: 01978390)
Balance Sheet as at 30 June 2024

Note

2024
£

(As restated)
2023
£

Fixed assets

 

Tangible assets

4

3,310,940

3,251,287

Current assets

 

Debtors

5

998,491

931,244

Cash at bank and in hand

 

351,303

440,293

 

1,349,794

1,371,537

Creditors: Amounts falling due within one year

6

(982,855)

(975,485)

Net current assets

 

366,939

396,052

Total assets less current liabilities

 

3,677,879

3,647,339

Creditors: Amounts falling due after more than one year

6

(519,265)

(484,532)

Deferred tax liabilities

(804,490)

(792,127)

Net assets

 

2,354,124

2,370,680

Capital and reserves

 

Called up share capital

470

470

Other reserves

530

530

Retained earnings

2,353,124

2,369,680

Shareholders' funds

 

2,354,124

2,370,680

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 January 2025 and signed on its behalf by:
 


E O'Connor
Director

   
     
 

O'Connor Construction Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principal place of business is:
Gravel Pit Lane
Southam Road
Prestbury
Cheltenham
Gloucestershire
GL52 3NQ

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

O'Connor Construction Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

15% of written down value

Motor vehicles

25% of written down value

Office equipment

15% of written down value

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar expenses.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

O'Connor Construction Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the Balance Sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the Profit and Loss Account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 13).

 

4

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 July 2023

4,472,803

540,708

26,242

5,039,753

Additions

955,945

48,000

-

1,003,945

Disposals

(561,772)

-

-

(561,772)

At 30 June 2024

4,866,976

588,708

26,242

5,481,926

Depreciation

At 1 July 2023

1,459,164

315,866

13,436

1,788,466

Charge for the year

571,471

68,211

1,921

641,603

Eliminated on disposal

(259,083)

-

-

(259,083)

At 30 June 2024

1,771,552

384,077

15,357

2,170,986

Carrying amount

At 30 June 2024

3,095,424

204,631

10,885

3,310,940

At 30 June 2023

3,013,639

224,842

12,806

3,251,287

 

O'Connor Construction Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

5

Debtors

2024
£

2023
£

Trade debtors

307,375

322,042

Receivables from related parties

93,381

9,828

Prepayments

5,143

3,826

Other debtors

592,592

595,548

998,491

931,244

 

6

Creditors

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

7

810,452

750,251

Trade creditors

 

22,900

41,684

Taxation and social security

 

137,664

176,772

Accruals and deferred income

 

6,655

6,507

Other creditors

 

5,184

271

 

982,855

975,485

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

519,265

484,532

 

7

Loans and borrowings

Current loans and borrowings

2024
£

(As restated)

2023
£

HP and finance lease liabilities

632,559

572,358

Redeemable preference shares

175,000

175,000

Other borrowings

2,893

2,893

810,452

750,251

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

519,265

484,532

Finance lease liabilities are secured against the assets to which they relate.

 

O'Connor Construction Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

8

Restatement of the previous year's accounts

The previous year's accounts have been restated to show the reclassification of the redeemable preference shares from equity into current liabilities. This has reduced the net assets of the company by £175,000.

 

9

Related party transactions

At the balance sheet date, the company was owed £93,381 from the directors of the company (2023 - £9,828). There are no fixed repayment terms and no interest is charged on the outstanding balance.

At the balance sheet date, the amount due from a company under common control was £628,505 (2023 - £651,585). There are no fixed repayment terms and no interest is charged on the outstanding balance.