Company Registration No. 05267476 (England and Wales)
O'NEILL SMITH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
O'NEILL SMITH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
O'NEILL SMITH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
231,196
147,035
Current assets
Stocks
266,594
260,830
Debtors
4
9,011
1,166
Cash at bank and in hand
32,696
25,309
308,301
287,305
Creditors: amounts falling due within one year
5
(256,706)
(262,681)
Net current assets
51,595
24,624
Total assets less current liabilities
282,791
171,659
Creditors: amounts falling due after more than one year
6
(82,965)
(36,264)
Net assets
199,826
135,395
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
199,726
135,295
Total equity
199,826
135,395
O'NEILL SMITH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 19 September 2025 and are signed on its behalf by:
Mrs S Russell-Smith
Director
Company registration number 05267476 (England and Wales)
O'NEILL SMITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

O'Neill Smith Limited is a private company limited by shares incorporated in England and Wales. The registered office is Applecross, Bolney Road, Cowfold, Sussex, RH13 8AZ.

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 are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.3
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%
Fixtures, fittings & equipment
25%
Motor vehicles
25%

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 SMITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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 measured 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts 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. A m ounts 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 measured at amortised cost using the effective interest method.

O'NEILL SMITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
O'NEILL SMITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
544,849
Additions
176,199
Disposals
(150,000)
At 31 December 2024
571,048
Depreciation and impairment
At 1 January 2024
397,814
Depreciation charged in the year
51,078
Eliminated in respect of disposals
(109,040)
At 31 December 2024
339,852
Carrying amount
At 31 December 2024
231,196
At 31 December 2023
147,035
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,011
1,166
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,965
645
Taxation and social security
4,564
1,088
Other creditors
250,177
260,948
256,706
262,681
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
82,965
36,264
2024-12-31 2024-01-01 false false false 19 September 2025 CCH Software CCH Accounts Production 2025.100 No description of principal activity Mr M O'Neil Mrs S Russell Smith 05267476 2024-01-01 2024-12-31 05267476 2024-12-31 05267476 2023-12-31 05267476 core:OtherPropertyPlantEquipment 2024-12-31 05267476 core:OtherPropertyPlantEquipment 2023-12-31 05267476 core:ShareCapital 2024-12-31 05267476 core:ShareCapital 2023-12-31 05267476 core:RetainedEarningsAccumulatedLosses 2024-12-31 05267476 core:RetainedEarningsAccumulatedLosses 2023-12-31 05267476 bus:Director2 2024-01-01 2024-12-31 05267476 core:PlantMachinery 2024-01-01 2024-12-31 05267476 core:FurnitureFittings 2024-01-01 2024-12-31 05267476 core:MotorVehicles 2024-01-01 2024-12-31 05267476 2023-01-01 2023-12-31 05267476 core:OtherPropertyPlantEquipment 2023-12-31 05267476 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 05267476 core:CurrentFinancialInstruments 2024-12-31 05267476 core:CurrentFinancialInstruments 2023-12-31 05267476 core:Non-currentFinancialInstruments 2024-12-31 05267476 core:Non-currentFinancialInstruments 2023-12-31 05267476 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05267476 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 05267476 bus:FRS102 2024-01-01 2024-12-31 05267476 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 05267476 bus:Director1 2024-01-01 2024-12-31 05267476 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares iso4217:GBP