Company registration number 11694452 (England and Wales)
O'CARROLL GROUP LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
O'CARROLL GROUP LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 10
O'CARROLL GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 October 2024.
Principal activities
The principal activities of the company continued to be that of a holding company and the renting of commercial property.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr F O'Carroll
Ms CA Cawley
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr F O'Carroll
Director
25 February 2025
O'CARROLL GROUP LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF O'CARROLL GROUP LIMITED FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
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'Carroll Group Limited for the year ended 31 October 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of O'Carroll Group 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'Carroll Group Limited and state those matters that we have agreed to state to the board of directors of O'Carroll Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than O'Carroll Group Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that O'Carroll Group 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'Carroll Group Limited. You consider that O'Carroll Group 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'Carroll Group 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.
Nunn Hayward LLP
Chartered Accountants
2-4 Packhorse Road
Gerrards Cross
Buckinghamshire
SL9 7QE
25 February 2025
O'CARROLL GROUP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
2024
2023
Notes
£
£
Turnover
140,400
140,499
Administrative expenses
1,308
(3,625)
Operating profit
141,708
136,874
Interest receivable and similar income
3
4,683
1,166
Profit before taxation
146,391
138,040
Tax on profit
(37,615)
(60,142)
Profit for the financial year
108,776
77,898
The profit and loss account has been prepared on the basis that all operations are continuing operations.
O'CARROLL GROUP LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
320
480
Investment property
5
2,965,142
2,965,142
Investments
6
2,000
2,000
2,967,462
2,967,622
Current assets
Debtors
7
175,872
Cash at bank and in hand
161,447
162,472
337,319
162,472
Creditors: amounts falling due within one year
8
(2,446,576)
(2,290,665)
Net current liabilities
(2,109,257)
(2,128,193)
Total assets less current liabilities
858,205
839,429
Provisions for liabilities
(125,000)
(125,000)
Net assets
733,205
714,429
Capital and reserves
Called up share capital
2,000
2,000
Revaluation reserve
500,000
500,000
Profit and loss reserves
231,205
212,429
Total equity
733,205
714,429
O'CARROLL GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 5 -
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
Mr F O'Carroll
Director
Company registration number 11694452 (England and Wales)
O'CARROLL GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
2,000
500,000
171,531
673,531
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
77,898
77,898
Dividends
-
-
(37,000)
(37,000)
Balance at 31 October 2023
2,000
500,000
212,429
714,429
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
108,776
108,776
Dividends
-
-
(90,000)
(90,000)
Balance at 31 October 2024
2,000
500,000
231,205
733,205
O'CARROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
1
Accounting policies
Company information
O'Carroll Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Oman Avenue, Cricklewood, London, NW2 6BG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the amount of rents receivable on investment properties owned by the company.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
O'CARROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 8 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Interest receivable from group companies
1,408
O'CARROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 November 2023 and 31 October 2024
800
Depreciation and impairment
At 1 November 2023
320
Depreciation charged in the year
160
At 31 October 2024
480
Carrying amount
At 31 October 2024
320
At 31 October 2023
480
5
Investment property
2024
£
Fair value
At 1 November 2023 and 31 October 2024
2,965,142
Investment property comprises two properties. The first is a yard which is suitable for commercial activity, and the second is a flat. The fair value of the yard has been arrived at on the basis of a valuation carried out on 7 June 2022 by Gibbs Gillespie Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The fair value of the flat is considered by the directors to be the price paid for the property on 26 July 2022.
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
2,000
2,000
Fixed asset investments not carried at market value
The investment in a subsidiary company is valued at cost.
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
175,872
O'CARROLL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
7
Debtors
(Continued)
- 10 -
Other debtors, amounting to £175,872, consists of amounts due from a family business. Interest is charge at 5% per annum. The amount due is deemed to be repayable upon demand.
8
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
2,232,640
1,990,601
Corporation tax
37,615
30,142
Other creditors
176,321
269,922
2,446,576
2,290,665