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Company registration number: NI671726
O'Connor Homes Limited
Unaudited filleted financial statements
29 February 2024
O'Connor Homes Limited
Contents
Directors and other information
Accountants report
Balance sheet
Statement of changes in equity
Notes to the financial statements
O'Connor Homes Limited
Directors and other information
Directors Mr Rory O'Connor
Mr Paul O'Connor
Company number NI671726
Registered office 25 Carnreagh Road
Castlewellan
Co Down
BT31 9NY
Accountants Jones Peters
Chartered Accountants & Registered Auditors
6 Church Street
Banbridge
Co Down
BT32 4AA
Bankers Bank of Ireland
Market Street
Downpatrick
Co Down
BT30 6LZ
O'Connor Homes Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of O'Connor Homes Limited
Year ended 29 February 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 O'Connor Homes Limited for the year ended 29 February 2024 which comprise the Balance Sheet, 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 O'Connor Homes Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of O'Connor Homes Limited and state those matters that we have agreed to state to the board of directors of O'Connor Homes 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 O'Connor Homes Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that O'Connor Homes 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 O'Connor Homes Limited. You consider that O'Connor Homes 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 O'Connor Homes 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.
Jones Peters
Chartered Accountants & Registered Auditors
6 Church Street
Banbridge
Co Down
BT32 4AA
27 February 2025
O'Connor Homes Limited
Balance sheet
29 February 2024
29/02/24 28/02/23
Note £ £ £ £
Fixed assets
Tangible assets 5 105,753 99,765
_______ _______
105,753 99,765
Current assets
Stocks 2,213,861 1,125,042
Debtors 6 77,542 45,019
Cash at bank and in hand 772,435 2,265,390
_______ _______
3,063,838 3,435,451
Creditors: amounts falling due
within one year 7 ( 1,075,970) ( 1,481,539)
_______ _______
Net current assets 1,987,868 1,953,912
_______ _______
Net assets 2,093,621 2,053,677
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account 2,093,421 2,053,477
_______ _______
Shareholders funds 2,093,621 2,053,677
_______ _______
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.
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 February 2025 , and are signed on behalf of the board by:
Mr Rory O'Connor Mr Paul O'Connor
Director Director
Company registration number: NI671726
O'Connor Homes Limited
Statement of changes in equity
Year ended 29 February 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 September 2021 200 680,254 680,454
Profit for the year 1,373,223 1,373,223
_______ _______ _______
Total comprehensive income for the year - 1,373,223 1,373,223
_______ _______ _______
At 28 February 2023 and 1 March 2023 200 2,053,477 2,053,677
Profit for the year 39,944 39,944
_______ _______ _______
Total comprehensive income for the year - 39,944 39,944
_______ _______ _______
At 29 February 2024 200 2,093,421 2,093,621
_______ _______ _______
O'Connor Homes Limited
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 25 Carnreagh Road, Castlewellan, Co Down, BT31 9NY.
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 and machinery - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % 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 by the directors 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.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 130,811 - - 130,811
Additions 350 2,329 30,237 32,916
_______ _______ _______ _______
At 29 February 2024 131,161 2,329 30,237 163,727
_______ _______ _______ _______
Depreciation
At 1 March 2023 31,046 - - 31,046
Charge for the year 26,191 233 504 26,928
_______ _______ _______ _______
At 29 February 2024 57,237 233 504 57,974
_______ _______ _______ _______
Carrying amount
At 29 February 2024 73,924 2,096 29,733 105,753
_______ _______ _______ _______
At 28 February 2023 99,765 - - 99,765
_______ _______ _______ _______
6. Debtors
29/02/24 28/02/23
£ £
Trade debtors 9,225 -
Other debtors 68,317 45,019
_______ _______
77,542 45,019
_______ _______
7. Creditors: amounts falling due within one year
29/02/24 28/02/23
£ £
Trade creditors 262,204 413,293
Corporation tax 158,670 261,918
Other creditors 655,096 806,328
_______ _______
1,075,970 1,481,539
_______ _______