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Registered number:
FOR THE YEAR ENDED 31 JANUARY 2024
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O'LEARY GROUP LIMITED
COMPANY INFORMATION
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O'LEARY GROUP LIMITED
CONTENTS
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O'LEARY GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The director aims to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business. The directors consider the key financial performance indicators to be turnover and net assets. Turnover provides a good measure of the performance of the group, whilst net assets demonstrate the financial strength of the company.
The financial position of the group also continues to be strong. The group had a healthy net asset position at the year-end in excess of £26.4m (2023 - £13.3m) which includes the positive impact of trading properties being revalued to fair value which the net impact is £14,123,796. Looking ahead, the group' s business environment is expected to remain challenging. However, the directors consider initiatives in place should provide a conducive platform to capitalise on current and future opportunities. The results for the year and the financial position of the group are as shown in the annexed financial statements.
A number of risks, including compliance with Road Haulage Legislation and food standards regulations, arise in the ordinary course of the company's business and these are reviewed regularly by the Board of Directors as part of its ongoing corporate governance procedures. This review considers only the principal risks and uncertainties
The group has the following Key Performance Indicators to monitor the performance of the group:
Total Sales £25.08m (2023 - £25.6m) Gross Profit Percentage 22.56% (2023 - 20.8%) (Loss)/Profit Before Tax (£1,046,856) (2023 - £427,585 loss before tax). (Loss)/Profit Before Tax excluding exceptional items (£1,046,856) (2022 - £427,585 loss before tax).
Credit and liquidity risks
The group has limited exposure to credit risk by virtue of its client base. The cash balance at the year-end was £525k (2023 - £2,068k) which provides the group with adequate working capital. The directors recognise the importance of funding and liquidity under the current economic climate and will continue to monitor the group's financial resources to ensure that the company is able to support its activities and future growth. Interest rate and cash flow risk The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances, which attract interest at the prevailing market rate. Interest bearing liabilities include bank loans and overdrafts which attract interest at fixed rates.
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O'LEARY GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
As the Directors of The O’Leary Group Limited, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the group’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the group and its stakeholders in doing so must have regard to the following:
- The likely consequences of any decision in the long term; - The interest of the company’s employees; - The need to foster the company’s business relationships with suppliers, customers and others; - The impact of the company’s operations on the community and the environment; - The desirability of the company maintain a reputation for high standards of business conducted, and; - The need to act fairly between members of the company. Our key stakeholders, and the ways in which we engage with them, are as follows:
Our business success is strongly linked to the skills and qualification of its management and employees and this is reflected in the high levels of service that we provide.
To ensure that we maintain these high standards, the well-being and development of our employees is critical and we therefore provide appropriate levels of training and support. Regular updates are provided to employees on all aspects of group business including performance, employee events and opportunities. Employee opinions and suggestions are encouraged at staff meetings and suggestion boxes are placed in the group premises. The Board welcomes ideas and comments from all employees and operates an informal open-door policy.
We are aware that our customers and suppliers are an important part of our success. We have strong relationships with our customers and suppliers and are in constant contact to maintain these relationships.
Our conduct guarantees that we treat all suppliers and customers fairly. All suppliers are paid to terms with any queries being dealt with as a matter of urgency to ensure the supply chain continues uninterrupted.
As a group we are active in the local communities where we operate and support local charities and not-for-profit organisations. We participate in charity-organised events.
The group continues to monitor its impact in the fields of climate protection, energy management and waste avoidance. In the coming year The O’Leary Group will continue to work to further reduce or compensate for the effects and influences of its economic activities. This includes investing in fuel efficient vehicles.
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O'LEARY GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
The Group is committed to conduct business with the highest integrity and the compliance with the law and have Standards in place which must be adhered to by everyone who represents the Group. These standards embody the fundamental principles that govern our ethical and legal obligations. These standards not only comply with the Group’s policies but also with laws and regulations applicable.
This report was approved by the board on 31 March 2025 and signed on its behalf.
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O'LEARY GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The directors present their report and the financial statements for the year ended 31 January 2024.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £1,003,207 (2023 - loss £339,736).
The directors do not recommend payment of any dividend.
The directors who served during the year were:
The Directors' aim to maintain the management polocies which have resulted in the Group's sustainability and growth in recent years.
Employees are consulted on matters that are of concern to them through the management team and all employees are made aware of the financial and economic performance of the Group. Employees involvement in the Group's performance is also encouraged.
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O'LEARY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
We are aware that our customers and suppliers are an important part of our success. We have strong relationships with our customers and suppliers and are in constant contact to maintain these relationships.
Our conduct guarantees that we treat all suppliers and customers fairly. All suppliers are paid to terms with any queries being dealt with as a matter of urgency to ensure the supply chain continues uninterrupted.
The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as the ultimate parent undertaking, The O'Leary Group Ltd, its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
Subsequent to the year end, the group has settled its loans which they had secured against property owned by the company and subsequently entered into a new mortgage arrangement, the new mortgage arrangements are for fixed terms due under 5 years.
Information as required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) regulations 2008 has been included in the Group Strategic Report.
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O'LEARY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
The auditor, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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O'LEARY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF O'LEARY GROUP LIMITED
We have audited the financial statements of O'Leary Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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O'LEARY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF O'LEARY GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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O'LEARY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF O'LEARY GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - We identified the laws and regulations applicable to the company and group through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector; - We focused on specific laws and regulations, which we considered may have a direct material effect on the financial statements or the operations of the company and group, including the Companies Act 2006 and ISO standards; - We assessed the extent of compliance with laws and regulations identified above through making enquires of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s and group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - Making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud; and - Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - Performed analytical procedures to identify and unusual or unexpected relationships; - Tested journal entries to identify unusual transactions; - Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - Investigated the rationale behind significant or unusual transactions. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance.
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O'LEARY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF O'LEARY GROUP LIMITED (CONTINUED)
Auditing standards also limit the audit procedures to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect that those that arise from errors as they may involve deliberate concealment or collusion
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
London
E11 1GA
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O'LEARY GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
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O'LEARY GROUP LIMITED
REGISTERED NUMBER: 08710133
CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2024
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O'LEARY GROUP LIMITED
REGISTERED NUMBER: 08710133
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 48 form part of these financial statements.
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O'LEARY GROUP LIMITED
REGISTERED NUMBER: 08710133
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 48 form part of these financial statements.
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O'LEARY GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
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O'LEARY GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
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O'LEARY GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
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O'LEARY GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
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O'LEARY GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
O'Leary Group Limited ("the Company") and its subsidiaries (together "the Group") had the following principal activities in the year:
The principal activity of O'Leary Group Limited was that of a holding company. The principal activity of its main trading subsidiaries, Pass J Holdings Limited, Mike Beer Transport Limited and Online Roadways Limited in the year under review was that of the carrying and transporting of goods, materials and international freight. The principal activity of one of the group's other subsidiaries, Online Truck and Trailer Parts Limited, is the supply of parts for heavy goods vehicles. The principal activity of one of the group's other subsidiaries, The Marquis of Cornwallis Limited, is that of a public house, restaurant and hotel. The principal activities of the other subsidiary of the group, Apol Silva & Orchards Limited, is that of property investment and fruit and vegetable production. The principal activity of one of the group's other subsidiary, O'Leary Investments Limited, is that of property and other fixed asset investments. The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office is Leytonstone House, Hanbury Drive, Leytonstone, London, E11 1GA.
2.Accounting policies
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they form a single entity.
A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain the benefits from its activities. Intercompany transactions and balances between Group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
The directors have considered the impact on the ability of the Company and Group to continue as a going concern. In making their assessment the directors have prepared and critically reviewed the Company and Group’s cash flow and management accounts forecast for the next 12 months and beyond and ensured that these forecast are modelled on a suitably cautious basis. Despite the loss for the year and the decrease in balance sheet net assets the Group is forecast to return to profitability in the coming years partly to be achieved through significant cash inflows from the re-mortgage of freehold properties. Cash solvency remains strong, with Group cash balances increasing after the year end due to the re-mortgaging of freehold properties which has settled existing loans. As a result the directors are confident that the Group and Company will be able to settle all liabilities as they fall due, in the normal course of business. Accordingly, the Group and Company have prepared these financial statements on a going concern basis.
Functional and presentation currency
Transactions and balances
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: • the Group has transferred the significant risks and rewards of ownership to the buyer; • the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the Group will receive the consideration due under the transaction; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. International haulage Revenue from providing services through the international haulage of customers' goods to their intended recipient is recognised in the period in which the services are provided when all of the following conditions are satisfied: • The Group has completed the delivery of goods to the recipient; • The amount of revenue can be measured reliably; • It is probable that the Group will receive the consideration due under the transaction; and • The costs incurred or to be incurred in respect of the transaction can be measured reliably. Recovery, repair and maintenance Revenue from providing recovery, repair and maintenance services for commercial vehicles is recognised in the period in which the services are provided when all of the following conditions are satisfied: • The contract of work has been completed and the vehicle passed back to the customer; • The amount of revenue can be measured reliably; • It is probable that the Group will receive the consideration due under the transaction; and • The costs incurred or to be incurred in respect of the transaction can be measured reliably.
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Rental income from operating leases is recognised on a straight line basis over the term of the lease unless the lease payments are structured to increase in line with expected general inflation in which case the income is recognised as revenue in accordance with the expected payments. Rental income is generated from fixed assets and investment properties and is recognised within turnover. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Page 24
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of comprehensive income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following annual basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 25
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Freehold buildings are not depreciated on the grounds that the depreciation amount would be immaterial given the estimated remaining useful economic life of the buildings.
The treatment is a departure from the Companies Act 2006, but is necessary in order for the financial statements to show a true and fair view. The difference to the accounts arising from this treatment instead of that laid down by the Companies Act 2006 is immaterial. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in the Consolidated statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Consolidated statement of comprehensive income.
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Page 26
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Page 27
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 28
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
No significant judgments have had to be made by management in preparing these financial statements. b) Critical accounting estimates and assumptions (i) The annual depreciation charge for tangible fixed assets is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on the technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 16 for the carrying amount of the property, plant and equipment, and note 2.17 for useful economic lives for each class of assets. (ii) Provision is made for contingencies. These provisions require management's best estimate of the costs that will be incurred based on legislative and contractual requirements. (iii) The directors consider the impairment of investments on an annual basis. The directors consider that the investment balance in the accounts does not need to be impaired. (iv) Deferred taxation on revalued property is calculated using current tax rates and after allowing for indexation since acquisition. The directors have considered the impact of the revaluation in the current year which has resulted in a material deferred tax charge which the directors have deemed appropriate to make an appropriate provision for.
Analysis of turnover by country of destination:
Page 29
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Page 30
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Page 31
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Page 32
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Page 33
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
13.Taxation (continued)
The group has unrelieved tax losses carried forward of £1,248,562 which can be offset against future taxable profits.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £Ni
Page 34
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Page 35
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Page 36
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
16.Tangible fixed assets (continued)
During the current financial year, the company has revalued its freehold properties. The properties were revalued by Kroll Advisory Limited, Chartered Surveyors on 10 December 2024 and Allsop LLP, Chartered Surveyors on 22 January 2024.
Page 37
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Page 38
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Page 39
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Subsidiary undertakings (continued)
The directors consider the investment property values above are not materially different from the market value at the balance sheet date.
Page 40
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Page 41
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Page 42
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Page 43
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Page 44
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Page 45
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Revaluation reserve
Other reserves
Profit and loss account
The Group is involved in a number of legal disputes, all of which are ongoing and the outcome of which are unknown at this stage. On the basis of evidence available, the directors do not believe that any potential liabilities are probable and therefore no provision has been made in the accounts in accordance with FRS 102 section 21. The Group is also involved in a regulatory dispute which is expected to result in a probable future economic outflow. This obligation has been currently estimated at £1,753,258 and has been provided for in these consolidated financial statements as an exceptional item within the financial year ended 31 January 2022. There are likely to be additional economic outflows in connection with this matter, but these cannot be estimated reliably at this stage and as such no provision has been made in accordance with section 21.12 of FRS 102.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £390,010 (2023 - £322,117). Contributions totalling £43,692 (2023 - £103,191) were payable to the fund at the balance sheet date and are included in creditors.
Page 46
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Page 47
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O'LEARY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
The directors consider the overall controlling party to be the O'Leary family.
Page 48
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