Company Registration No. 01448999 (England and Wales)
O'Hara Bros. Aggregates Ltd
Unaudited accounts
for the year ended 31 October 2024
O'Hara Bros. Aggregates Ltd
Unaudited accounts
Contents
O'Hara Bros. Aggregates Ltd
Company Information
for the year ended 31 October 2024
Directors
J D O'Hara
J P O'Hara
N R O'Hara
P J O'Hara
Company Number
01448999 (England and Wales)
Registered Office
22 Great North Road
Brookmans Park
Hatfield
Hertfordshire
AL9 6NF
Accountants
Evolve Accounting and Tax Solutions Ltd
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN
O'Hara Bros. Aggregates Ltd
Statement of financial position
as at 31 October 2024
Tangible assets
3,432,498
3,148,375
Debtors
1,625,370
1,558,120
Cash at bank and in hand
729,026
818,459
Creditors: amounts falling due within one year
(1,131,672)
(1,081,408)
Net current assets
1,222,724
1,295,171
Total assets less current liabilities
4,655,222
4,443,546
Creditors: amounts falling due after more than one year
(328,893)
(7,083)
Provisions for liabilities
Deferred tax
(405,042)
(405,042)
Net assets
3,921,287
4,031,421
Called up share capital
300
300
Revaluation reserve
574,547
574,547
Profit and loss account
3,346,440
3,456,574
Shareholders' funds
3,921,287
4,031,421
For the year ending 31 October 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 directors acknowledge their 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 of Directors and authorised for issue on 6 June 2025 and were signed on its behalf by
J P O'Hara
Director
Company Registration No. 01448999
O'Hara Bros. Aggregates Ltd
Notes to the Accounts
for the year ended 31 October 2024
O'Hara Bros. Aggregates Ltd is a private company, limited by shares, registered in England and Wales, registration number 01448999. The registered office is 22 Great North Road, Brookmans Park, Hatfield, Hertfordshire, AL9 6NF.
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.
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Freehold property is not depreciated. The treatment is contrary to the Companies Act 2006 which states that freehold property should be depreciated. In the opinion of the directors the property is maintained in a good state for commercial use and as such any depreciation charge would not give a true and fair view of the company's position.
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 the Statement of comprehensive income.
Land & buildings
Land - Not depreciated; Building - 2% Straight Line
Plant & machinery
25% Reducing balance basis
Motor vehicles
25% Reducing balance basis
Fixtures & fittings
25% Reducing balance basis
O'Hara Bros. Aggregates Ltd
Notes to the Accounts
for the year ended 31 October 2024
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.
Rendering of services
Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
1. The amount of revenue can be measured reliably;
2. It is probable that the company will receive the consideration due under the contract;
3. The stage of completion of the contract at the reporting date can be measured reliably; and
4. The costs incurred and the costs to complete the contract can be measured reliably.
Revaluation of tangible fixed assets
Individual freehold properties are carried at fair value at the date of the revaluation. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of financial position date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in Other comprehensive income in the 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 the Statement of comprehensive income.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
O'Hara Bros. Aggregates Ltd
Notes to the Accounts
for the year ended 31 October 2024
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Financial assets that are measured at cost and amortised cost are assessed at each reporting date for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the 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 Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position 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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised in the proceeds of the associated capital instrument.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Leased assets: the company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future years. The finance element of the rental payment is charged to the statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each year.
O'Hara Bros. Aggregates Ltd
Notes to the Accounts
for the year ended 31 October 2024
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions in to separate entity. Once the contributions have been paid the company has no future payment obligations.
The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Interest income is recognised in the statement of comprehensive income using the effective interest method.
Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available from them and the difference between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
O'Hara Bros. Aggregates Ltd
Notes to the Accounts
for the year ended 31 October 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 November 2023
2,359,318
557,383
1,352,617
30,546
4,299,864
Additions
-
634,348
46,763
-
681,111
At 31 October 2024
2,359,318
1,191,731
1,399,380
30,546
4,980,975
At 1 November 2023
39,780
326,852
754,546
30,311
1,151,489
Charge for the year
19,500
216,220
161,209
59
396,988
At 31 October 2024
59,280
543,072
915,755
30,370
1,548,477
At 31 October 2024
2,300,038
648,659
483,625
176
3,432,498
At 31 October 2023
2,319,538
230,531
598,071
235
3,148,375
Amounts falling due within one year
Trade debtors
423,504
375,831
Accrued income and prepayments
106,613
87,152
Other debtors
1,067,797
1,095,137
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
-
6,341
Obligations under finance leases and hire purchase contracts
166,156
62,217
Trade creditors
266,593
110,414
Amounts owed to group undertakings and other participating interests
665,370
665,370
Taxes and social security
21,792
110,142
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
328,893
7,083
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The Pension cost charge represents contributions payable by the company to the fund and amounted to £13,201 ( 2023 - £34,516)
O'Hara Bros. Aggregates Ltd
Notes to the Accounts
for the year ended 31 October 2024
Included within other debtors falling due within one year is a loan due from a director of £740,000 (2023 - £740,000)
10
Transactions with related parties
Included within other debtors is an amount of £110,287 ( 2023 - £110, 287) due from O'Hara Property Investment Holding Company Limited at the year end, a company in which P J O'Hara, director, owns 50% of the issued share capital.
Rent of £35,000 (2023 - £35,000), Management charges of £35,000 ( 2023 - £35,000) were charged during the year by O'Hara Plant Limited, a company in which P J O'Hara, director, owns 25% of the issued share capital. Included within creditors falling due within one year is an amount of £665,370 ( 2023- £665,370) due to O'Hara Plant Limited at the year end.
The ultimate controlling party of the company were directors.
12
Average number of employees
During the year the average number of employees was 20 (2023: 20).