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Company registration number: NI607565
T O'CONNELL (UTILITIES) LIMITED
Unaudited filleted financial statements
31 May 2024
T O'CONNELL (UTILITIES) LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
T O'CONNELL (UTILITIES) LIMITED
Directors and other information
Directors Gerard O'Connell
Seamus O'Connell
Company number NI607565
Registered office Dungiven
Co. Derry
BT474 LJ
Business address 2 New Street
Dungiven
Co. Derry
BT47 4LJ
Accountants McDaid McCullough Moore
28/32 Clarendon Street
Derry
BT48 7HD
N. Ireland
Bankers Danske Bank
PO Box 183
Donegal Square West
Belfast
Co. Antrim
BT1 6JS
T O'CONNELL (UTILITIES) LIMITED
Report to the board of directors on the preparation of the
unaudited statutory financial statements of T O'CONNELL (UTILITIES) LIMITED
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of T O'CONNELL (UTILITIES) LIMITED for the year ended 31 May 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of T O'CONNELL (UTILITIES) LIMITED, as a body, in accordance with the terms of our engagement letter dated 13 February 2025. Our work has been undertaken solely to prepare for your approval the financial statements of T O'CONNELL (UTILITIES) LIMITED and state those matters that we have agreed to state to the board of directors of T O'CONNELL (UTILITIES) LIMITED as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than T O'CONNELL (UTILITIES) LIMITED and its board of directors as a body for our work or for this report.
It is your duty to ensure that T O'CONNELL (UTILITIES) LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of T O'CONNELL (UTILITIES) LIMITED. You consider that T O'CONNELL (UTILITIES) LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of T O'CONNELL (UTILITIES) LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
McDaid McCullough Moore
Chartered Accountants
28/32 Clarendon Street
Derry
BT48 7HD
N. Ireland
13 February 2025
T O'CONNELL (UTILITIES) LIMITED
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 3,721,111 3,581,275
_______ _______
3,721,111 3,581,275
Current assets
Stocks 1,819,258 1,603,019
Debtors 6 1,344,185 1,051,300
Cash at bank and in hand 877 502
_______ _______
3,164,320 2,654,821
Creditors: amounts falling due
within one year 7 ( 2,382,223) ( 1,872,097)
_______ _______
Net current assets 782,097 782,724
_______ _______
Total assets less current liabilities 4,503,208 4,363,999
Creditors: amounts falling due
after more than one year 8 ( 3,086,174) ( 3,439,259)
Provisions for liabilities 9 ( 99,069) ( 66,119)
_______ _______
Net assets 1,317,965 858,621
_______ _______
Capital and reserves
Called up share capital 11 500,000 500,000
Profit and loss account 817,966 358,621
_______ _______
Shareholders funds 1,317,966 858,621
_______ _______
For the year ending 31 May 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 13 February 2025 , and are signed on behalf of the board by:
Gerard O'Connell Seamus O'Connell
Director Director
Company registration number: NI607565
T O'CONNELL (UTILITIES) LIMITED
Statement of changes in equity
Year ended 31 May 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2022 500,000 140,842 640,842
Profit for the year 217,779 217,779
_______ _______ _______
Total comprehensive income for the year - 217,779 217,779
_______ _______ _______
At 31 May 2023 and 1 June 2023 500,000 358,621 858,621
Profit for the year 459,344 459,344
_______ _______ _______
Total comprehensive income for the year - 459,344 459,344
_______ _______ _______
At 31 May 2024 500,000 817,965 1,317,965
_______ _______ _______
T O'CONNELL (UTILITIES) LIMITED
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2 New Street, Dungiven, Co. Derry, BT474 LJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant, Machinery, Fixtures & Fittings - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 49 (2023: 48 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 1,972,729 2,007,209
Social security costs 208,592 219,530
Other pension costs 55,049 58,147
_______ _______
2,236,370 2,284,886
_______ _______
5. Tangible assets
Freehold property Plant, Machinery, Fixtures & Fittings Total
£ £ £
Cost
At 1 June 2023 3,100,799 526,947 3,627,746
Additions - 220,866 220,866
Disposals - ( 15,429) ( 15,429)
_______ _______ _______
At 31 May 2024 3,100,799 732,384 3,833,183
_______ _______ _______
Depreciation
At 1 June 2023 - 46,471 46,471
Charge for the year - 68,127 68,127
Disposals - ( 2,526) ( 2,526)
_______ _______ _______
At 31 May 2024 - 112,072 112,072
_______ _______ _______
Carrying amount
At 31 May 2024 3,100,799 620,312 3,721,111
_______ _______ _______
At 31 May 2023 3,100,799 480,476 3,581,275
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 1,089,479 742,277
Prepayments and accrued income 128,679 154,466
Other debtors 126,027 154,557
_______ _______
1,344,185 1,051,300
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 742,870 580,156
Trade creditors 1,414,836 1,017,901
Accruals and deferred income 18,223 16,154
Corporation tax 932 3,700
Social security and other taxes 95,428 95,749
Obligations under finance agreements 109,934 158,437
_______ _______
2,382,223 1,872,097
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Obligations under finance agreements 230,383 212,398
Director loan account 2,855,791 3,226,861
_______ _______
3,086,174 3,439,259
_______ _______
The director loan account amounting to £2,855,791 is unsecured, interest free and repayable on demand.
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 June 2023 66,119 66,119
Additions 32,950 32,950
_______ _______
At 31 May 2024 99,069 99,069
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 9) 99,069 66,119
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 99,069 66,119
_______ _______
11. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 500,000 500,000 500,000 500,000
_______ _______ _______ _______
12. Controlling party
The directors collectively are considered to be the company's controlling party.