Company registration number 06011597 (England and Wales)
O'NEILL ELECTRICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
O'NEILL ELECTRICAL LIMITED
COMPANY INFORMATION
Director
Mr D S O'Neill
Secretary
Miss E O'Neill
Company number
06011597
Registered office
Regency House
48 Birmingham Road
Bromsgrove
Worcestershire
B61 0DD
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
47 High Street
Bromsgrove
Worcestershire
B61 8AW
O'NEILL ELECTRICAL LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
O'NEILL ELECTRICAL LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF O'NEILL ELECTRICAL LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -
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'Neill Electrical Limited for the year ended 30 November 2024 which comprise, the balance sheet 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'Neill Electrical Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of O'Neill Electrical Limited and state those matters that we have agreed to state to the board of directors of O'Neill Electrical 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'Neill Electrical Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that O'Neill Electrical 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'Neill Electrical Limited. You consider that O'Neill Electrical 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'Neill Electrical 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.
Ormerod Rutter Limited
4 April 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
O'NEILL ELECTRICAL LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,400
2,400
Tangible assets
4
3,809
4,138
5,209
6,538
Current assets
Debtors
5
5,549
7,309
Cash at bank and in hand
5,919
3,891
11,468
11,200
Creditors: amounts falling due within one year
6
(110,932)
(109,871)
Net current liabilities
(99,464)
(98,671)
Total assets less current liabilities
(94,255)
(92,133)
Creditors: amounts falling due after more than one year
7
(2,115)
(6,265)
Provisions for liabilities
9
(724)
(786)
Net liabilities
(97,094)
(99,184)
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
(97,096)
(99,186)
Total equity
(97,094)
(99,184)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
O'NEILL ELECTRICAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024
30 November 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 4 April 2025
Mr D S O'Neill
Director
Company registration number 06011597 (England and Wales)
O'NEILL ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
1
Accounting policies
Company information
O'Neill Electrical Limited is a private company limited by shares incorporated in England and Wales. The registered office is Regency House, 48 Birmingham Road, Bromsgrove, Worcestershire, B61 0DD.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.5
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:
Plant and machinery
25% on reducing balance
Computer equipment
15% on reducing balance
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.
O'NEILL ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 – 1).
2024
2023
Number
Number
Total
1
1
O'NEILL ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
20,000
Amortisation and impairment
At 1 December 2023
17,600
Amortisation charged for the year
1,000
At 30 November 2024
18,600
Carrying amount
At 30 November 2024
1,400
At 30 November 2023
2,400
4
Tangible fixed assets
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 December 2023
2,772
7,955
10,727
Additions
589
589
At 30 November 2024
2,772
8,544
11,316
Depreciation and impairment
At 1 December 2023
693
5,896
6,589
Depreciation charged in the year
520
398
918
At 30 November 2024
1,213
6,294
7,507
Carrying amount
At 30 November 2024
1,559
2,250
3,809
At 30 November 2023
2,079
2,059
4,138
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
800
Other debtors
5,549
6,509
5,549
7,309
O'NEILL ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,150
4,048
Trade creditors
479
768
Taxation and social security
787
Other creditors
105,516
105,055
110,932
109,871
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,115
6,265
8
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
6,265
10,313
Bank loans are secured by way of a government-backed guarantee.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
724
786
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' of £1 each
1
1
1
1
Ordinary 'B' of £1 each
1
1
1
1
2
2
2
2
11
Ultimate controlling party
The ultimate controlling party is Mr D S O'Neill.