Company Registration No. 07279728 (England and Wales)
I.J. ONEILL (PROPERTY) LTD
Unaudited accounts
for the year ended 30 June 2024
I.J. ONEILL (PROPERTY) LTD
Unaudited accounts
Contents
I.J. ONEILL (PROPERTY) LTD
Company Information
for the year ended 30 June 2024
Company Number
07279728 (England and Wales)
Registered Office
137 VICTORIA ROAD
DARTMOUTH
TQ6 9DY
ENGLAND
Accountants
The Practice - Chartered Management Accountants
2 New Street
Ledbury
Herefordshire
HR8 2DX
I.J. ONEILL (PROPERTY) LTD
Statement of financial position
as at 30 June 2024
Tangible assets
(20)
11,230
Cash at bank and in hand
113,507
121,189
Creditors: amounts falling due within one year
(2,630)
(22,648)
Net current assets
110,877
98,653
Net assets
110,857
109,883
Called up share capital
1
1
Profit and loss account
110,856
109,882
Shareholders' funds
110,857
109,883
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 6 March 2025 and were signed on its behalf by
Mr I O'Neill
Director
Company Registration No. 07279728
I.J. ONEILL (PROPERTY) LTD
Notes to the Accounts
for the year ended 30 June 2024
I.J. ONEILL (PROPERTY) LTD is a private company, limited by shares, registered in England and Wales, registration number 07279728. The registered office is 137 VICTORIA ROAD, DARTMOUTH, TQ6 9DY, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Certain of the company's properties are held for long-term investment. Investment properties are accounted forin accordance with the FRSSE, as follows:
No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% - Straight LIne
Computer equipment
25% Reducing Balance
I.J. ONEILL (PROPERTY) LTD
Notes to the Accounts
for the year ended 30 June 2024
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2023
249
14,640
967
15,856
Disposals
-
(15,000)
-
(15,000)
At 30 June 2024
249
(360)
967
856
At 1 July 2023
215
3,750
661
4,626
On disposals
-
(3,750)
-
(3,750)
At 30 June 2024
215
-
661
876
At 30 June 2024
34
(360)
306
(20)
At 30 June 2023
34
10,890
306
11,230
Amounts falling due within one year
Accrued income and prepayments
-
112
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
1,009
8,505
Loans from directors
1,170
13,692
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
8
Transactions with related parties
During the year the company made the following related party transactions:
Loan from director 0% interest with no set repayment date
I.J. O'Neill £1,170 (2023 £13,692)
The company is controlled by the director who owns 100% of the called up share capital.
10
Average number of employees
During the year the average number of employees was 1 (2023: 1).