REGISTERED NUMBER: SC050820 (Scotland)

Financial Statements for the Year Ended 31 December 2024

for

O'Brien Construction Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs E O'Brien

Mrs L Mackay

Mr D Chambers

Mr D O'Brien

Mr J O'Brien

Mr M O'Brien

Mr C Mackay

SECRETARY:

Mrs L Mackay

REGISTERED OFFICE:

Park Lane

Thurso

Caithness

KW14 8JZ

REGISTERED NUMBER:

SC050820 (Scotland)

ACCOUNTANTS:

Reid & Fraser

Chartered Accountants

15 Princes Street

Thurso

Caithness

KW14 7BQ

BANKERS:

The Royal Bank of Scotland plc

Olrig Street

Thurso

Caithness

KW14 7BL

SOLICITORS:

Fleetwood and Robb

11 Queensgate

Inverness

IV1 1PQ

FIXED ASSETS

Tangible assets

4

1,133,108

729,516

CURRENT ASSETS

Stocks

409,238

510,891

Debtors

5

1,267,448

848,017

Cash at bank

2,303,249

2,112,209

3,979,935

3,471,117

CREDITORS

Amounts falling due within one year

6

(911,489

)

(409,212

)

NET CURRENT ASSETS

3,068,446

3,061,905

TOTAL ASSETS LESS CURRENT LIABILITIES

4,201,554

3,791,421

PROVISIONS FOR LIABILITIES

7

(250,202

)

(158,626

)

NET ASSETS

3,951,352

3,632,795

CAPITAL AND RESERVES

Called up share capital

24,100

24,100

Retained earnings

8

3,927,252

3,608,695

SHAREHOLDERS' FUNDS

3,951,352

3,632,795

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2025 and were signed on its behalf by:

Mrs L Mackay - Director

1.	STATUTORY INFORMATION

O'Brien Construction Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The monetary amounts included in the accounts are rounded to the nearest Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover from contracts is recognised in accordance with the company's accounting policy on contracts.

FIXED ASSETS AND DEPRECIATION

Fixed assets are initially recorded at cost. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.

Freehold property

2% straight line

Motor vehicles

20% straight line

Lorries

12.5% straight line

Plant and equipment

10% straight line

STOCKS

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Amounts recoverable on contracts are stated at the proportion of the anticipated net sales value earned to date less amounts billed on account and are disclosed separately within debtors.

FINANCIAL INSTRUMENTS

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price, including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measure at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through the profit and loss account, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. the reversal is such that the current current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account.

Derecognition of financial asset

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to a third party.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transactions, where the the debt instrument is measure at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measure at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire, are discharged or are cancelled.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

LONG TERM CONTRACTS

Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover on each contract is taken as the value of work done as certified by an external architect or surveyor, and agreed by the customer. Costs are included by calculating the costs incurred in bringing the contract to the state at which it was valued. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

PENSION COSTS AND OTHER POST RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's scheme are charged to the profit and loss account in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

127,015

1,533,312

1,660,327

Additions

9,158

608,422

617,580

Disposals

-

(317,894

)

(317,894

)

At 31 December 2024

136,173

1,823,840

1,960,013

DEPRECIATION

At 1 January 2024

70,340

860,471

930,811

Charge for year

2,723

144,343

147,066

Eliminated on disposal

-

(250,972

)

(250,972

)

At 31 December 2024

73,063

753,842

826,905

NET BOOK VALUE

At 31 December 2024

63,110

1,069,998

1,133,108

At 31 December 2023

56,675

672,841

729,516

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

300,088

619,772

Other debtors

12,679

21,992

Amounts recoverable on long-term contracts

917,242

140,106

Corporation tax

-

15,541

Prepayments and accrued income

37,439

50,606

1,267,448

848,017

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

401,781

137,570

Corporation tax

85,937

-

Other taxes and social security

362,225

207,398

Other creditors

57,046

56,894

Accrued expenses

4,500

7,350

911,489

409,212

Other creditors include £2,814 (2023 - £2,246) in respect of outstanding pension contributions.

7.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

250,202

158,626

Deferred

tax

£

Balance at 1 January 2024

158,626

Provided during year

91,576

Balance at 31 December 2024

250,202

8.

RESERVES

Retained

earnings

£

At 1 January 2024

3,608,695

Profit for the year

575,945

Dividends

(257,388

)

At 31 December 2024

3,927,252

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs E O'Brien.