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Registration number: 05345016

O'Neil Associates Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

O'Neil Associates Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

O'Neil Associates Limited

Company Information

Director

RC O'Neil

Registered office

Lowther House
Lowther Street
Kendal
Cumbria
LA9 4DX

Accountants

Stables Thompson & Briscoe Limited
Chartered Accountants & Business AdvisersLowther House
Lowther Street
Kendal
Cumbria
LA9 4DX

 

O'Neil Associates Limited

(Registration number: 05345016)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

-

5,961

Current assets

 

Debtors

5

17,040

19,718

Cash at bank and in hand

 

652

106

 

17,692

19,824

Creditors: Amounts falling due within one year

6

(14,130)

(18,190)

Net current assets

 

3,562

1,634

Total assets less current liabilities

 

3,562

7,595

Creditors: Amounts falling due after more than one year

6

(3,458)

(7,301)

Provisions for liabilities

-

(85)

Net assets

 

104

209

Capital and reserves

 

Called up share capital

100

100

Retained earnings

4

109

Shareholders' funds

 

104

209

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 August 2025
 

.........................................
RC O'Neil
Director

 

O'Neil Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lowther House
Lowther Street
Kendal
Cumbria
LA9 4DX

These financial statements were authorised for issue by the director on 6 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

O'Neil Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2024 - 1).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2024

28,447

3,406

31,853

Disposals

(28,447)

(1,741)

(30,188)

At 28 February 2025

-

1,665

1,665

Depreciation

At 1 March 2024

22,935

2,957

25,892

Eliminated on disposal

(22,935)

(1,292)

(24,227)

At 28 February 2025

-

1,665

1,665

Carrying amount

At 28 February 2025

-

-

-

At 29 February 2024

5,512

449

5,961

 

O'Neil Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

5

Debtors

Current

2025
£

2024
£

Trade debtors

11

3,836

Other debtors

17,029

15,882

 

17,040

19,718

6

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Due within one year

 

Loans and borrowings

4,611

4,611

Trade creditors

 

-

3,275

Taxation and social security

 

7,928

9,065

Accruals and deferred income

 

1,549

1,239

Other creditors

 

42

-

 

14,130

18,190

Creditors: amounts falling due after more than one year

2025
£

2024
£

Due after one year

 

Loans and borrowings

3,458

7,301

7

Related party transactions

Transactions with the director

2025

At 1 March 2024
£

Advances to director
£

Repayments by director
£

At 28 February 2025
£

Loan

15,441

38,628

(37,575)

16,494

 

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Loan

13,587

32,545

(30,691)

15,441