REGISTERED NUMBER: 02399474 (England and Wales)

Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

For The Year Ended 31st December 2024

for

O'Neill & Brennan Construction Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

Donal Gerard O'Neill

Patrick Gerard Brennan

Ann Mary Teresa O'Neill

Margaret Patricia Brennan

Sean Patrick O'Neill

David Joseph Benson

Shane Daniel O'Neill

Neil McCullough

Danny Brennan

SECRETARY:

Patrick Gerard Brennan

REGISTERED OFFICE:

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

REGISTERED NUMBER:

02399474 (England and Wales)

SENIOR STATUTORY AUDITOR:

Jacqueline Anne Mannion FCA, ACCA

AUDITORS:

Wildin (Auditors) Limited

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

BANKERS:

National Westminster Bank plc

Wood Green

14 The Broadway

Wood Green

London

N22 6BZ

The directors present their strategic report of the company and the group for the year ended 31st December 2024.

REVIEW OF BUSINESS

The group turnover for the year was £92,002,005 (2023 £77,102) and it's pre tax profits were £1,709,409

(2023 £575,473).

It was a good trading year for the construction industry in the U K, and both turnover and overall profitability increased.

The directors are pleased that the turnover of the group increased by 20% and the company's pre tax profits increased to £1,709,409 ( 2023 £575,473) .

The shareholders and directors are all involved in the management of the companies within the group and are provided with monthly operating reports.

The Company's key performance indicators for the year and preceding year were as follows;

2024

2023

£

£

Turnover

92,002.005

77,102,563

Gross Profit & Loss

15,184,496

12,295,566

Net Profit & Loss before tax

1,709,409

575,473

PRINCIPAL RISKS AND UNCERTAINTIES

The principle risk of the business is the slow moving building industry and the lack of input from the government into new builds and infrastructure.

The uncertainties is that if there is a downturn into the industry and lack of specialist skilled workers the company could struggle ot provide adequate contractors ot fulfill their projects.

The strain on businesses to cut back on costs is a increased pressure on the company to provide skilled workforce at a competitive price on which they can still make a profit.

SECTION 172(1) STATEMENT

Statement within the Strategic Report describing how the directors have had regard to the matters set out in Companies Act 2006 s172(1) (a) to (f);

a) The likely consequences of any decision in the long term

b) The interests of the company's employees

c) The need to foster the company's business relationships with suppliers, customers and others

d) The impact of the company's operations on the community and the environment

e) The desirability of the company maintaining a reputation for high standards of business conduct

f) The need to act fairly between members of the company.

In discharging our section 172(1) duties we have regard to the factors set out above.

STAKEHOLDERS

We have regard to the above and other factors we consider relevant when making decisions. Such other factors include the interests and views of our shareholders, other group companies, and other stakeholders. All decisions taken by the company have ramifications, be they at board or any other level, but by considering the company's purpose, intended direction, values and strategic priorities we do our best to ensure our decisions are consistent and of optimum overall long-term benefit to stakeholders.

The company is private and family-owned; all shareholders are members of the same immediate family, and as such there is no conflict or issue of inequitable treatment between the members

EMPLOYEES

The company's success has been built on the high calibre, capability, integrity, dedication and loyalty of our people. We recruit our staff members with a view to enjoying a long-term career with the company where at all possible; we have a traditional and well-proven policy of developing employees usually at an early point in their career across a variety of disciplines, so that their potential is realised for both personal and corporate success. The company encourages employees' feedback and discussion of any concerns they may have with management in a secure and confidential environment, and their safety and welfare is of utmost importance to us.

The company's key stakeholders are its employees, customers, suppliers, and shareholders. Our business turns on the long-term relationships forged with our principal customers and suppliers, most of whom we have dealt with and looked after / been looked after by for 25 years or more. Our industry is quite traditional, and as such the importance of fostering and maintaining close business relationships within it is crucial. The mutual trust this engenders helps the company and its customers and suppliers to be best-placed to thrive in the economic environment.

The company's impact on the local community is largely positive, most visibly by providing gainful, secure, long-term and lucrative employment to employees living in the locality. All our staff are trained in the most up to day procedures and take every effort to minimise the company's impact on the surrounding environment in all our projects.

In tandem with close business relationships with customers and suppliers, maintaining high standards of business conduct and dealings is crucial in establishing and keeping the company's positive profile in both the wider business and general environments. The company benefits from ethical business conduct; stakeholders across the board have a better disposition to the company, as do other external parties. From moral and business perspectives high quality corporate conduct is desirable, being of greater net benefit to the company.

ON BEHALF OF THE BOARD:

Patrick Gerard Brennan - Director

19th September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31st December 2024.

PRINCIPAL ACTIVITIES

The supply of labour primarily to the construction industry, direct contracting works, and staff placement.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2024.

FUTURE DEVELOPMENTS

The directors are generally satisfied with the company's position in the marketplace; despite this year's difficulties (which are due to unprecedented circumstances) the company has always been a leader in the industry, and it strives to maintain this status.

Operational performance is assisted by continual monitoring of regulatory and compliance requirements through quality management processes, and cashflow is managed on both short-term and long-term bases by the finance team to ensure orderly settlement of all liabilities and other required outflows

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

Donal Gerard O'Neill

Patrick Gerard Brennan

Ann Mary Teresa O'Neill

Margaret Patricia Brennan

Sean Patrick O'Neill

David Joseph Benson

Shane Daniel O'Neill

Neil McCullough

Danny Brennan

Other changes in directors holding office are as follows:

Eugene Meehan - resigned 31st December 2024

GOING CONCERN

The Company assesses its basis as a going concern according to several key indicators, primarily the ability to meet its day-to-day financial obligations, and its ability to do-so for the foreseeable future. Budgets, Profit & Loss, Balance Sheet and Cashflow forecasts are produced, spanning daily, weekly, monthly, quarterly, annual and bi-annual durations. These are monitored, reviewed and adjusted ongoing, for effective financial planning, and to regularly review and maintain the going concern basis assumption.

The directors therefore have a reasonable expectation that the Company has adequate resources to continue to operate for the foreseeable future, and for this reason they continue to adopt the going concern basis in preparing the financial statements.

ENGAGEMENT WITH EMPLOYEES

The company's success has been built on the high calibre, capability, integrity, dedication and loyalty of our people. We recruit our staff members with a view to enjoying a long-term career with the company where at all possible; we have a traditional and well-proven policy of developing employees usually at an early point in their career across a variety of disciplines, so that their potential is realized for both personal and corporate success. The company encourages employees' feedback and discussion of any concerns they may have with management in a secure and confidential environment, and their safety and welfare is of utmost importance to us.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Our business turns on the long-term relationships forged with our principal customers and suppliers, most of whom we have dealt with and looked after / been looked after by us for 25 years or more. Our industry is quite traditional, and as such the importance of fostering and maintaining close business relationships within it is crucial. The mutual trust this engenders helps the company and its customers and suppliers to be best-placed to thrive in the economic environment.

STREAMLINED ENERGY AND CARBON REPORTING

The Company takes its responsibilities to helping safeguard the environment very seriously, aiming to make a positive contribution to minimise the impact of its activities thereon. We are fully committed to upholding the principles of Chain Of Custody, and aligns itself with suppliers who meet these criteria. The Company ensures relevant due diligence is completed on our supply chain.

The Company;

-is committed to meeting or exceeding environmental legislation relating to its activities

-endeavours to engage environmentally-sustainable suppliers wherever practicable

-strives toward continual reduction of air, water and land waste streams where feasible

-recycles and re-uses any materials that would otherwise be disposed-of

-regularly monitors energy usage to reduce overall consumption

-monitors and reviews the objectives of this policy.

The Company has a zero-tolerance position to any form of modern-day slavery. We are committed to acting ethically with integrity and transparency in all business dealings, to safeguard against any form of modern slavery taking place within the business or our supply chain. Our full Modern Day Slavery policy can be found on our website.

In the year we took the following energy efficiency actions:

-Changed some of our fleet cars to all electric, and installed electric points at office for charging

-Arranged our delivery system by area

-Worked with haulage firms to bulk deliver our stock in regional areas.

-Made sure all lights and computers each evening were switched off and not left on standby

2024

2023

UK Energy Use kWh

40576

40961

Fuel consumption litres average PA

68485

68574

Associated Greenhouse gas emissions tones CO2 equivalent

5678

5681

Intensity ratio emissions per office sq

0.37

0.38

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Wildin (Auditors) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Patrick Gerard Brennan - Director

19th September 2025

Opinion

We have audited the financial statements of O'Neill & Brennan Construction Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2024 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud , the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risk of material misstatement in respect of irregularities , including fraud, the audit engagement team:

-obtain an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company complying with the legal and regulatory framework;

-inquired of management, those charged with governance, about their own identification and assessment of the risk of irregularities, including an known actual, suspected or alleged instances of fraud;

-inquired of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations by way of data submission report, and whether they are aware of any instances of non-compliance.

-reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations in direct relation to the company.

- performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

-discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures, we considered the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statements disclosures, inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business. We tested a sample of revenue transactions recognised either side of the reporting date to determine whether revenue was recorded in the correct period.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jacqueline Anne Mannion FCA, ACCA (Senior Statutory Auditor)

for and on behalf of Wildin (Auditors) Limited

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

19th September 2025

TURNOVER

3

92,002,005

77,102,563

Cost of sales

76,817,509

64,807,057

GROSS PROFIT

15,184,496

12,295,506

Administrative expenses

13,513,012

11,807,787

OPERATING PROFIT

5

1,671,484

487,719

Income from shares in group undertakings

6

-

101,981

Interest receivable and similar income

7

44,928

12,296

44,928

114,277

1,716,412

601,996

Interest payable and similar expenses

8

7,005

26,523

PROFIT BEFORE TAXATION

1,709,407

575,473

Tax on profit

9

555,013

242,048

PROFIT FOR THE FINANCIAL YEAR

1,154,394

333,425

Profit attributable to:

Owners of the parent

1,154,394

333,425

PROFIT FOR THE YEAR

1,154,394

333,425

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,154,394

333,425

Total comprehensive income attributable to:

Owners of the parent

1,154,394

333,425

FIXED ASSETS

Intangible assets

11

40,511

62,831

Tangible assets

12

6,895

10,854

Investments

13

-

-

47,406

73,685

CURRENT ASSETS

Debtors

14

20,795,754

19,260,735

Cash at bank and in hand

2,228,962

1,447,869

23,024,716

20,708,604

CREDITORS

Amounts falling due within one year

15

8,908,830

7,773,391

NET CURRENT ASSETS

14,115,886

12,935,213

TOTAL ASSETS LESS CURRENT LIABILITIES

14,163,292

13,008,898

CAPITAL AND RESERVES

Called up share capital

18

1,500,000

1,500,000

Retained earnings

19

12,663,292

11,508,898

SHAREHOLDERS' FUNDS

14,163,292

13,008,898

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 19th September 2025 and were signed on its behalf by:

Patrick Gerard Brennan - Director

FIXED ASSETS

Intangible assets

11

40,512

62,832

Tangible assets

12

6,897

10,856

Investments

13

103,880

104,880

151,289

178,568

CURRENT ASSETS

Debtors

14

19,908,111

18,122,581

Prepayments and accrued income

551

551

Cash at bank and in hand

2,188,807

1,447,869

22,097,469

19,571,001

CREDITORS

Amounts falling due within one year

15

10,091,499

8,282,744

NET CURRENT ASSETS

12,005,970

11,288,257

TOTAL ASSETS LESS CURRENT LIABILITIES

12,157,259

11,466,825

CAPITAL AND RESERVES

Called up share capital

18

1,500,000

1,500,000

Retained earnings

19

10,657,259

9,966,825

SHAREHOLDERS' FUNDS

12,157,259

11,466,825

Company's profit for the financial year

690,434

187,472

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 19th September 2025 and were signed on its behalf by:

Patrick Gerard Brennan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

1,500,000

11,175,473

12,675,473

Changes in equity

Total comprehensive income

-

333,425

333,425

Balance at 31st December 2023

1,500,000

11,508,898

13,008,898

Changes in equity

Total comprehensive income

-

1,154,394

1,154,394

Balance at 31st December 2024

1,500,000

12,663,292

14,163,292

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

1,500,000

9,779,353

11,279,353

Changes in equity

Total comprehensive income

-

187,472

187,472

Balance at 31st December 2023

1,500,000

9,966,825

11,466,825

Changes in equity

Total comprehensive income

-

690,434

690,434

Balance at 31st December 2024

1,500,000

10,657,259

12,157,259

Cash flows from operating activities

Cash generated from operations

1

452,229

(3,170,890

)

Interest paid

(7,005

)

(26,523

)

Tax paid

167,939

(112,757

)

Net cash from operating activities

613,163

(3,310,170

)

Cash flows from investing activities

Purchase of intangible fixed assets

(11,608

)

(56,901

)

Purchase of tangible fixed assets

(1,873

)

(2,346

)

Sale of tangible fixed assets

3

1,613

Interest received

44,928

12,296

Dividends received

-

101,981

Net cash from investing activities

31,450

56,643

Cash flows from financing activities

Amount withdrawn by directors

141,125

(1,008

)

Net cash from financing activities

141,125

(1,008

)

Increase/(decrease) in cash and cash equivalents

785,738

(3,254,535

)

Cash and cash equivalents at beginning of year

2

1,443,224

4,697,759

Cash and cash equivalents at end of year

2

2,228,962

1,443,224

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Profit before taxation

1,709,407

575,473

Depreciation charges

39,540

93,315

Loss on disposal of fixed assets

216

-

Finance costs

7,005

26,523

Finance income

(44,928

)

(114,277

)

1,711,240

581,034

Increase in trade and other debtors

(2,038,753

)

(3,018,243

)

Increase/(decrease) in trade and other creditors

779,742

(733,681

)

Cash generated from operations

452,229

(3,170,890

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,228,962

1,447,869

Bank overdrafts

-

(4,645

)

2,228,962

1,443,224

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,447,869

4,702,574

Bank overdrafts

(4,645

)

(4,815

)

1,443,224

4,697,759

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

1,447,869

781,093

2,228,962

Bank overdrafts

(4,645

)

4,645

-

1,443,224

785,738

2,228,962

Total

1,443,224

785,738

2,228,962

1.	STATUTORY INFORMATION

O'Neill & Brennan Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.