REGISTERED NUMBER: 04285429 (England and Wales)

Tim O'Brien (Newport) Limited

Financial Statements

for the Period 1 April 2024 to 28 February 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

L C Bevan

A Crewe

J Nelson

REGISTERED OFFICE:

Unit 106 Queensway Meadows

Newport

NP19 4ST

REGISTERED NUMBER:

04285429 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Chartered Accountants

& Statutory Auditors

Suite 2d

Building 1 Eastern Business Park

St Mellons

Cardiff

South Glamorgan

CF3 5EA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

124,647

161,256

124,647

161,256

CURRENT ASSETS

Debtors

6

1,261,167

1,223,906

Cash at bank

79,160

-

1,340,327

1,223,906

CREDITORS

Amounts falling due within one year

7

826,356

862,346

NET CURRENT ASSETS

513,971

361,560

TOTAL ASSETS LESS CURRENT LIABILITIES

638,618

522,816

CREDITORS

Amounts falling due after more than one year

8

(28,969

)

(47,467

)

PROVISIONS FOR LIABILITIES

(33,092

)

(33,092

)

NET ASSETS

576,557

442,257

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

576,457

442,157

SHAREHOLDERS' FUNDS

576,557

442,257

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 23 September 2025 and were signed on its behalf by:

L C Bevan - Director

1.	STATUTORY INFORMATION

Tim O'Brien (Newport) 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 Company Information page.

The presentation currency of the financial statements is the 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.

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

Going Concern

On 1st April 2025 the trade and assets of the company were transferred to Cardo (Wales & West) Ltd, a fellow group company. As a result, the financial statements have been prepared on a basis other than that of a going concern, in line with FRS 102. In adopting a basis other than going concern, the following policies were adopted:

- All fixed and current assets have been disclosed at values at which they are expected to be realised; and

- All liabilities reflect the full amount at which they are expected to materialise.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The application of the company's accounting policies, the management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have significant effect on the amounts recognised in the financial statements are described below:

a) Amounts recoverable on contracts

The company uses qualified and experienced Quantity Surveyors to calculate the values earned on contracts and the contract costs to the balance sheet.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the group and value added tax.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the company's sales channels have been met, as described below.

i) Sale of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Deposits received in advance for goods are included in creditors due within one year.

ii) Rendering of services

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the company and value added tax.

Long term contract retention income is only recognised as turnover if received by the date of approval of the company's financial statements for that financial year.

Contract turnover is calculated as that proportion of total contract value which revenue generated to date bears to total expected revenue for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

15% on cost

Computer equipment

-

25% on cost

Taxation

Taxation for the period 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 period 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Other employee benefits such as paid holiday arrangements are recognised as an expense in the period in which they are incurred.

Long term contracts

The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Turnover of such contracts is stated at cost appropriate to their stage of completion plus attributable profits less amounts recognised in previous years. Provision is made for any losses which are forseen.

Contract work in progress is stated at costs incurred, less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover.

Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments received on account.

Provisions and contingencies

i) Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations might be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

ii) Contingencies

Contingent liabilities are not recognised, except those acquired in a business combination. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 20 (2024 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 28 February 2025

290,883

AMORTISATION

At 1 April 2024

and 28 February 2025

290,883

NET BOOK VALUE

At 28 February 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2024

103,271

266,307

14,261

383,839

Additions

2,373

-

-

2,373

Disposals

-

(4,619

)

-

(4,619

)

At 28 February 2025

105,644

261,688

14,261

381,593

DEPRECIATION

At 1 April 2024

54,765

155,857

11,961

222,583

Charge for period

7,535

28,922

1,495

37,952

Eliminated on disposal

-

(3,589

)

-

(3,589

)

At 28 February 2025

62,300

181,190

13,456

256,946

NET BOOK VALUE

At 28 February 2025

43,344

80,498

805

124,647

At 31 March 2024

48,506

110,450

2,300

161,256

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

31.3.24

£

£

Trade debtors

217,097

252,798

Amounts owed by group undertakings

247,612

584,551

Amounts recoverable on contract

699,288

264,941

Other debtors

97,170

121,616

1,261,167

1,223,906

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

31.3.24

£

£

Bank loans and overdrafts

7,514

10,611

Hire purchase contracts

5,224

9,692

Trade creditors

448,171

415,018

Amounts owed to group undertakings

252,589

-

Taxation and social security

83,301

43,465

Other creditors

29,557

383,560

826,356

862,346

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.25

31.3.24

£

£

Bank loans

5,577

10,246

Hire purchase contracts

23,392

37,221

28,969

47,467

9.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.25

31.3.24

£

£

Bank loans

13,091

20,606

Hire purchase contracts

28,616

46,913

41,707

67,519

Bank loans are secured by way of a fixed and floating charge over all assets and undertaking both present and future.

Hire purchase contracts are secured over the assets to which they relate.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Catherine Ingram FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

11.	POST BALANCE SHEET EVENTS

On 1st April 2025 the trade and assets of the company were transferred to Cardo (Wales & West) Ltd, a fellow group company.

12.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is BP Inv6 Bidco Ltd. The ultimate controlling party is L Bevan by way of their shareholding in BP Inv6 Bidco Ltd.

13.	GUARANTEES

National Westminster Bank plc holds a fixed and floating charges over all assets and undertaking both present and future.