Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Kevin Clark 31/10/2023 31/03/2008 Bradley O'Connell 10/04/2021 John O'Connell 26/02/2003 Sam O'Connell 01/07/2020 13 March 2025 The principal activity of the company in the year under review was that of dry lining contractors. 04677320 2024-06-30 04677320 bus:Director1 2024-06-30 04677320 bus:Director2 2024-06-30 04677320 bus:Director3 2024-06-30 04677320 bus:Director4 2024-06-30 04677320 2023-06-30 04677320 core:CurrentFinancialInstruments 2024-06-30 04677320 core:CurrentFinancialInstruments 2023-06-30 04677320 core:Non-currentFinancialInstruments 2024-06-30 04677320 core:Non-currentFinancialInstruments 2023-06-30 04677320 core:ShareCapital 2024-06-30 04677320 core:ShareCapital 2023-06-30 04677320 core:CapitalRedemptionReserve 2024-06-30 04677320 core:CapitalRedemptionReserve 2023-06-30 04677320 core:RetainedEarningsAccumulatedLosses 2024-06-30 04677320 core:RetainedEarningsAccumulatedLosses 2023-06-30 04677320 bus:OrdinaryShareClass1 2024-06-30 04677320 bus:OrdinaryShareClass2 2024-06-30 04677320 bus:OrdinaryShareClass3 2024-06-30 04677320 bus:OrdinaryShareClass4 2024-06-30 04677320 2023-07-01 2024-06-30 04677320 bus:AbridgedAccounts 2023-07-01 2024-06-30 04677320 bus:SmallEntities 2023-07-01 2024-06-30 04677320 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 04677320 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04677320 bus:Director1 2023-07-01 2024-06-30 04677320 bus:Director2 2023-07-01 2024-06-30 04677320 bus:Director3 2023-07-01 2024-06-30 04677320 bus:Director4 2023-07-01 2024-06-30 04677320 core:BottomRangeValue 2023-07-01 2024-06-30 04677320 core:TopRangeValue 2023-07-01 2024-06-30 04677320 2022-07-01 2023-06-30 04677320 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 04677320 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 04677320 bus:OrdinaryShareClass2 2023-07-01 2024-06-30 04677320 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 04677320 bus:OrdinaryShareClass3 2023-07-01 2024-06-30 04677320 bus:OrdinaryShareClass3 2022-07-01 2023-06-30 04677320 bus:OrdinaryShareClass4 2023-07-01 2024-06-30 04677320 bus:OrdinaryShareClass4 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04677320 (England and Wales)

O'CONNELL'S DRYWALL CONTRACTORS LIMITED

Abridged Unaudited Financial Statements
For the financial year ended 30 June 2024

O'CONNELL'S DRYWALL CONTRACTORS LIMITED

Abridged Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

O'CONNELL'S DRYWALL CONTRACTORS LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
O'CONNELL'S DRYWALL CONTRACTORS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTORS Kevin Clark (Resigned 31 October 2023)
Bradley O'Connell
John O'Connell
Sam O'Connell
SECRETARY Sandra O'Connell
REGISTERED OFFICE Units 5 & 6 Eaves Court
Off Bonham Drive
Sittingbourne
ME10 3RY
United Kingdom
COMPANY NUMBER 04677320 (England and Wales)
ACCOUNTANT Synergee
Pluto House
6 Vale Avenue
Tunbridge Wells
TN1 1DJ
O'CONNELL'S DRYWALL CONTRACTORS LIMITED

BALANCE SHEET

As at 30 June 2024
O'CONNELL'S DRYWALL CONTRACTORS LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 321,819 276,140
321,819 276,140
Current assets
Stocks 251,954 283,617
Debtors 2,559,638 2,771,102
Cash at bank and in hand 859,706 34,394
3,671,298 3,089,113
Creditors: amounts falling due within one year ( 1,589,452) ( 1,352,034)
Net current assets 2,081,846 1,737,079
Total assets less current liabilities 2,403,665 2,013,219
Creditors: amounts falling due after more than one year 0 ( 62,727)
Provision for liabilities ( 60,598) ( 60,598)
Net assets 2,343,067 1,889,894
Capital and reserves
Called-up share capital 4 1,090 1,090
Capital redemption reserve 71 71
Profit and loss account 2,341,906 1,888,733
Total shareholders' funds 2,343,067 1,889,894

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of O'Connell's Drywall Contractors Limited (registered number: 04677320) were approved and authorised for issue by the Board of Directors on 13 March 2025. They were signed on its behalf by:

John O'Connell
Director
O'CONNELL'S DRYWALL CONTRACTORS LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
O'CONNELL'S DRYWALL CONTRACTORS LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

O'Connell's Drywall Contractors Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Units 5 & 6 Eaves Court, Off Bonham Drive, Sittingbourne, ME10 3RY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current and deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Intangible assets 1 - 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Tangible assets 15 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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 the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 8

3. Tangible assets

4. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
970 Ordinary shares of £ 1.00 each 970 970
10 Ordinary A shares of £ 1.00 each 10 10
10 Ordinary B shares of £ 1.00 each 10 10
100 Ordinary C shares of £ 1.00 each 100 100
1,090 1,090