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COMPANY REGISTRATION NUMBER: 03666256
R. O'Leary Limited
Filleted Financial Statements
For the year ended
30 April 2024
R. O'Leary Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
5,156,226
4,416,215
Current assets
Stocks
60,837
62,535
Debtors
5
190,162
144,326
Cash at bank and in hand
614,647
263,656
---------
---------
865,646
470,517
Creditors: amounts falling due within one year
6
773,465
779,632
---------
---------
Net current assets/(liabilities)
92,181
( 309,115)
------------
------------
Total assets less current liabilities
5,248,407
4,107,100
Provisions
Taxation including deferred tax
918,109
751,336
------------
------------
Net assets
4,330,298
3,355,764
------------
------------
R. O'Leary Limited
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
2
2
Revaluation reserve
3,122,914
2,379,646
Profit and loss account
1,207,382
976,116
------------
------------
Shareholders funds
4,330,298
3,355,764
------------
------------
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 comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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 30 January 2025 , and are signed on behalf of the board by:
S R Sejpal
Director
Company registration number: 03666256
R. O'Leary Limited
Notes to the Financial Statements
Year ended 30 April 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 Unit B1 Anglo House, Bell land Office Village, Bell lane, Amersham, HP6 6FA, England.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Valuation of property The properties held within tangible fixed assets did not have any external valuation in the year and were valued using the directors' valuation at year-end, on the same basis as the independent valuation completed on group properties in previous years. The director's valuation is based upon a FMOP multiple method, supplemented by the director's industry experience and economic factors. Depreciation on freehold building The company recognises depreciation at 2% straight line on its freehold buildings used in the business. The land value attributed to the company's properties has been estimated at 10%, therefore depreciation is only charged on the remaining 90% which is the estimated cost of the building. This estimate is based on the expected value of the land element of the property based on the remedial work required and restrictions on development meaning the inherent value is significantly less than that of the building Deferred tax Deferred tax is calculated at the expected future tax rate. Tax rates are subject to change and thus this estimate is subject to change in future periods.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 material 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Freehold property
-
2% straight line
Plant and machinery
-
12% straight line
Fixtures and fittings
-
12.5%-25% straight line
Stocks
The stock figure per the accounts is comprised of wet stock, i.e. fuel. Wet stock is valued at the most recent purchase cost, based on prevailing fuel prices at the year end. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 May 2023
4,486,183
118,729
58,380
4,663,292
Additions
3,250
3,250
Revaluations
662,517
662,517
------------
---------
--------
------------
At 30 April 2024
5,148,700
118,729
61,630
5,329,059
------------
---------
--------
------------
Depreciation
At 1 May 2023
80,751
111,342
54,984
247,077
Charge for the year
5,200
1,307
6,507
Revaluations
( 80,751)
( 80,751)
------------
---------
--------
------------
At 30 April 2024
116,542
56,291
172,833
------------
---------
--------
------------
Carrying amount
At 30 April 2024
5,148,700
2,187
5,339
5,156,226
------------
---------
--------
------------
At 30 April 2023
4,405,432
7,387
3,396
4,416,215
------------
---------
--------
------------
The freehold properties were valued by the director at 30 April 2024 on the same basis as historic, independent valuations using the FMOP multiple method, supplemented by the director's industry experience and economic factors. Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been £1,250,092 (2023 - £1,274,542) being cost £1,358,353 (2023 - £1,358,353) and depreciation £108,261 (2023 - £83,811).
5. Debtors
2024
2023
£
£
Trade debtors
102,675
138,450
Amounts owed by group undertakings and undertakings in which the company has a participating interest
87,260
Other debtors
227
5,876
---------
---------
190,162
144,326
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
497,215
269,325
Amounts owed to group undertakings and undertakings in which the company has a participating interest
149,978
419,726
Corporation tax
87,615
55,309
Social security and other taxes
25,218
25,984
Other creditors
13,439
9,288
---------
---------
773,465
779,632
---------
---------
7. Other financial commitments
The company forms part of a composite guarantee with its parent company, J Bros (Investments) Limited and fellow subsidiary company, Linvick Limited. At 30 April 2024 the loan in J Bros (Investments) Limited accounts for which R.O'Leary Limited are providing a composite guarantee is £5,676,986 (2023: £6,095,823).
8. Summary audit opinion
The auditor's report dated 31 January 2025 was unqualified .
The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .
9. Controlling party
The immediate parent undertaking is J Bros (Investments) Limited. The ultimate parent undertaking is Platinum Retail Limited. The company's are incorporated in the United Kingdom and registered offices are Unit B1 Anglo House, Bell Lane Office Village, Bell Lane, Amersham, England, HP6 6FA. The ultimate controlling party is S R Sejpal . The results of the company are included in the consolidated financial statements of Platinum Retail Limited, which are publicly available from Companies House.