Company registration number 10410955 (England and Wales)
O'Connor Holdings Limited
Annual report and financial statements
For the year ended 31 October 2024
O'Connor Holdings Limited
Company information
Directors
Mr P P O'Connor
Ms C M O'Connor
Mr J P O'Connor
Company number
10410955
Registered office
The Exchange
5 Bank Street
Bury
United Kingdom
BL9 0DN
Auditor
DJH Audit Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
O'Connor Holdings Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Income statement
8
Company statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
O'Connor Holdings Limited
Strategic report
For the year ended 31 October 2024
- 1 -

The directors present the strategic report for the year ended 31 October 2024.

Review of the business

The business continues to strategically focus on haulage and plant hire activities which has led to a period of strong turnover and activity.

Business Model

It is the intention of the directors to maintain, consolidate and grow the business and focus on developing a greater presence in the construction plant hire industry. The company's key differentiators are its ability to meet customer demands through its continued development of its people and investment in new equipment and technology.

Investment is a deciding factor in the growth of the business especially as supply chains continue to be disrupted by global macroeconomic events, making hire more attractive.

Principal risks and uncertainties

The principal risk factors for the business are the general macroeconomic environment, interest rates, liquidity, and the creditworthiness of its customers.

The turnover achieved in the year to 31 October 2024 has been achieved against a backdrop of both domestic and international economic uncertainty, including significant fluctuations in the fuel price, and, whilst the d irectors remain confident that the group is able to operate profitably in this economic environment, the d irectors continue to monitor the level of plant utilisation with the aim of mitigating the effects of any downturn in demand and minimising costs associated with any further macroeconomic turbulence.

The group requires access to new capital to replace assets and grow the fleet. The group uses a diversified portfolio of funding sources when purchasing plant and all agreements are on a fixed interest rate basis to avoid the risk of movement in the base rate.

The nature of the industry in which the group operates requires careful cash-flow management. The business monitors and forecasts cash requirements on a regular basis, both for tactical short term cash flow purposes but also for its medium and longer-term forecasting and reporting. The d irectors believe the company has sufficient funding facilities for the medium term.

The creditworthiness of new customers is assessed by the group prior to commencing a new hire agreement and the indebtedness of all customers is managed to ensure prompt payment in line with the contract terms. In certain exceptional circumstances the group may consider insuring customers against default, but this continues to be the exception rather than the norm.

Objectives

The company's key objective for the year ending 31 October 2025 is to maintain sustainable growth whilst minimising any negative impact on the business from the uncertainty caused by the effects of the global macroeconomic environment.

Development and performance

Turnover for the period is up 6.3% in comparison to 2023 at £20.7m, reflecting the increasing economic activity in the construction sector in the northwest of England. However the profits have suffered following a decline in the used plant market as highlighted by the loss on disposal of assets £215,421 (2023 - £893,328 profit), and the cost of borrowing on assets purchased in previous years. Most of the activity was for plant hire and haulage activities.

The d irectors expect the general level of activity to continue to improve into 2025 and for the used plant market to improve, they are confident that their strategy, together with the dedication of the workforce, will allow t he group to develop into a key player within the industry over the next few years.

O'Connor Holdings Limited
Strategic report (continued)
For the year ended 31 October 2024
- 2 -

On behalf of the board

Mr P P O'Connor
Director
26 May 2026
O'Connor Holdings Limited
Directors' report
For the year ended 31 October 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 October 2024.

Principal activities

The principal activity of the company continued to be that of a dormant holding company.

The principal activity of the trading subsidiary continued to be that of plant hire and haulage.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P P O'Connor
Ms C M O'Connor
Mr J P O'Connor
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, 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 U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

O'Connor Holdings Limited
Directors' report (continued)
For the year ended 31 October 2024
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
Mr P P O'Connor
Director
26 May 2026
O'Connor Holdings Limited
Independent auditor's report
To the members of O'Connor Holdings Limited
- 5 -
Opinion

We have audited the financial statements of O'Connor Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 October 2024 and of the group's loss 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

O'Connor Holdings Limited
Independent auditor's report (continued)
To the members of O'Connor Holdings Limited
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report 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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work 1974, Employment Act 2002 and National Minimum Wage 1998.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

O'Connor Holdings Limited
Independent auditor's report (continued)
To the members of O'Connor Holdings Limited
- 7 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have bee n appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

- Testing key turnover lines, in particular cut-off, for evidence of management bias.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party balances and transactions.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Askey (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited, Statutory Auditor
Accountants
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
2 June 2026
O'Connor Holdings Limited
Group Income statement
For the year ended 31 October 2024
- 8 -
2024
2023
Notes
£
£
Turnover
5
20,731,685
19,509,840
Cost of sales
(19,502,952)
(18,424,461)
Gross profit
1,228,733
1,085,379
Administrative expenses
(1,526,182)
(279,875)
Other operating income
-
0
71,919
Operating (loss)/profit
6
(297,449)
877,423
Interest payable and similar expenses
8
(1,658,199)
(862,164)
(Loss)/profit before taxation
(1,955,648)
15,259
Tax on (loss)/profit
9
48,058
274,892
(Loss)/profit for the financial year
(1,907,590)
290,151
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
O'Connor Holdings Limited
Group statement of comprehensive income
For the year ended 31 October 2024
- 9 -
2024
2023
£
£
(Loss)/profit for the year
(1,907,590)
290,151
Other comprehensive income
-
-
Total comprehensive income for the year
(1,907,590)
290,151
Total comprehensive income for the year is all attributable to the owners of the parent company.
O'Connor Holdings Limited
Group Statement of financial position
As at 31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
19,429,402
22,787,942
19,429,402
22,787,942
Current assets
Stocks
13
194,442
153,174
Debtors
14
1,009,975
1,341,675
Cash at bank and in hand
119,811
249,185
1,324,228
1,744,034
Creditors: amounts falling due within one year
15
(13,004,872)
(12,592,388)
Net current liabilities
(11,680,644)
(10,848,354)
Total assets less current liabilities
7,748,758
11,939,588
Creditors: amounts falling due after more than one year
16
(7,776,310)
(10,059,550)
Net (liabilities)/assets
(27,552)
1,880,038
Capital and reserves
Called up share capital
20
2,000,000
2,000,000
Profit and loss reserves
(2,027,552)
(119,962)
Total equity
(27,552)
1,880,038

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 26 May 2026 and are signed on its behalf by:
26 May 2026
Mr P P O'Connor
Director
Company registration number 10410955 (England and Wales)
O'Connor Holdings Limited
Company Statement of financial position
As at 31 October 2024
31 October 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
2,000,000
2,000,000
Capital and reserves
Called up share capital
20
2,000,000
2,000,000

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £0 (2023 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 26 May 2026 and are signed on its behalf by:
26 May 2026
Mr P P O'Connor
Director
Company registration number 10410955 (England and Wales)
O'Connor Holdings Limited
Group statement of changes in equity
For the year ended 31 October 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2022
2,000,000
(410,113)
1,589,887
Year ended 31 October 2023:
Profit and total comprehensive income
-
290,151
290,151
Balance at 31 October 2023
2,000,000
(119,962)
1,880,038
Year ended 31 October 2024:
Loss and total comprehensive income
-
(1,907,590)
(1,907,590)
Balance at 31 October 2024
2,000,000
(2,027,552)
(27,552)
O'Connor Holdings Limited
Company statement of changes in equity
For the year ended 31 October 2024
- 13 -
Share capital
£
Balance at 1 November 2022
2,000,000
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
Balance at 31 October 2023
2,000,000
Year ended 31 October 2024:
Profit and total comprehensive income
-
Balance at 31 October 2024
2,000,000
O'Connor Holdings Limited
Group statement of cash flows
For the year ended 31 October 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
1
5,492,365
5,124,919
Interest paid
(1,658,199)
(862,164)
Net cash inflow from operating activities
3,834,166
4,262,755
Investing activities
Purchase of tangible fixed assets
(516,562)
(1,896,857)
Proceeds from disposal of tangible fixed assets
2,496,795
2,177,020
Net cash generated from investing activities
1,980,233
280,163
Financing activities
Payment of finance leases obligations
(5,943,773)
(4,518,672)
Net cash used in financing activities
(5,943,773)
(4,518,672)
Net (decrease)/increase in cash and cash equivalents
(129,374)
24,246
Cash and cash equivalents at beginning of year
249,185
224,939
Cash and cash equivalents at end of year
119,811
249,185
O'Connor Holdings Limited
Group statement of cash flows (continued)
For the year ended 31 October 2024
- 15 -
1
Cash generated from group operations
2024
2023
£
£
(Loss)/profit after taxation
(1,907,590)
290,151
Adjustments for:
Taxation credited
(48,058)
(274,892)
Finance costs
1,658,199
862,164
Loss/(gain) on disposal of tangible fixed assets
215,421
(893,328)
Depreciation and impairment of tangible fixed assets
3,119,895
3,935,503
Movements in working capital:
Increase in stocks
(41,268)
(44,865)
Decrease in debtors
379,758
10,708,266
Increase/(decrease) in creditors
2,116,008
(9,458,080)
Cash generated from operations
5,492,365
5,124,919
2
Analysis of changes in net debt - group
1 November 2023
Cash flows
New finance leases
31 October 2024
£
£
£
£
Cash at bank and in hand
249,185
(129,374)
-
119,811
Obligations under finance leases
(16,747,333)
5,943,773
(1,957,009)
(12,760,569)
(16,498,148)
5,814,399
(1,957,009)
(12,640,758)
3
Accounting policies
Company information

O'Connor Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Exchange, 5 Bank Street, Bury, United Kingdom, BL9 0DN.

The group consists of O'Connor Holdings Limited and all of its subsidiaries.

3.1
Basis of preparation

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.

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.

O'Connor Holdings Limited
Notes to the group financial statements
For the year ended 31 October 2024
3
Accounting policies
(Continued)
- 16 -
3.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

3.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company O'Connor Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

O'Connor Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
3
Accounting policies
(Continued)
- 17 -
3.4
Going concern

The directors have prepared forecasts for the next 12 months which indicate that the group will have sufficient funds, through funding support from a related entity PP O'Connor Group Limited, to meet its liabilities as they fall due.

Included within creditors falling due within one year is an amount owed to PP O'Connor Group Limited of £2,894,821 (2023: £1,208,774). PP O'Connor Group Limited has confirmed that this amount need not be repaid until the group is in a position to do so. PP O'Connor Group Limited has indicated its intention to continue to make available such funds as are needed by the group for the period covered by the forecast, to enable the group to continue its operations and to meet its liabilities and commitments as they fall due. As with any entity placing reliance on related entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3.5
Turnover

Turnover represents the aggregate of the fair value of plant hire and haulage services provided, net of Value-Added Tax, refunds and discounts.

Turnover is recognised as follows:

Plant hire turnover is recognised over the lease term of the assets provided.

Haulage service turnover is recognised when the company has delivered the transported products to the customer.

3.6
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 equipment
Straight line over useful life
Motor vehicles
25% on reducing balance

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 recognised in the income statement.

3.7
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

O'Connor Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
3
Accounting policies
(Continued)
- 18 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

3.8
Stocks

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

Cost represents actual purchase price.

3.9
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.

3.10
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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.

O'Connor Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
3
Accounting policies
(Continued)
- 19 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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 or 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 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 profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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 an unrelated third party.

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 group 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. 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 measured at amortised cost using the effective interest method.

O'Connor Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
3
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

3.11
Equity instruments

Equity instruments issued by the group 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 group.

3.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

3.13
Retirement benefits

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

O'Connor Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
3
Accounting policies
(Continued)
- 21 -
3.14
Leases
As lessee

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 statement of financial position 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.

4
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have the most significant impact on the carrying values of assets and liabilities are outlined below.

1) Determining the useful life of tangible fixed assets.

2) Determining the residual values of tangible fixed assets.

3) In categorising leases as finance or operating leases, the directors make judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

4) Assessment of the recovery of related party debt.

5
Turnover
2024
2023
£
£
Turnover analysed by class of business
Plant hire & haulage
20,615,317
19,422,961
Other services
116,368
86,879
20,731,685
19,509,840

Substantially all turnover is generated in the United Kingdom.

O'Connor Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
- 22 -
6
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
10,744
11,397
Depreciation of owned assets
504,232
1,665,254
Depreciation of assets under hire purchase and finance lease agreements
2,615,663
2,270,249
Loss/(profit) on disposal of tangible fixed assets
215,421
(893,328)
7
Employees

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

2024
2023
Number
Number
Directors
3
3
Direct labour
91
86
Total
94
89

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,038,192
4,805,326
Social security costs
460,238
416,555
Pension costs
86,807
79,863
5,585,237
5,301,744
O'Connor Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
- 23 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on invoice finance arrangements
-
0
700
Other finance costs:
Interest on finance leases and hire purchase contracts
1,604,739
861,464
Other interest
53,460
-
Total finance costs
1,658,199
862,164
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(48,058)
(274,892)

The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(1,955,648)
15,259
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(488,912)
3,815
Tax effect of expenses that are not deductible in determining taxable profit
98,471
1,009
Adjustments in respect of prior years
342,383
775
Remeasurement of deferred tax for changes in tax rates
-
0
(27,749)
Super deduction for capital allowances
-
0
(252,742)
Taxation credit
(48,058)
(274,892)
O'Connor Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
- 24 -
10
Tangible fixed assets
Group
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 November 2023
28,990,952
1,345,875
30,336,827
Additions
2,473,571
-
0
2,473,571
Disposals
(5,235,325)
(263,651)
(5,498,976)
At 31 October 2024
26,229,198
1,082,224
27,311,422
Depreciation and impairment
At 1 November 2023
6,704,088
844,797
7,548,885
Depreciation charged in the year
2,976,721
143,174
3,119,895
Eliminated in respect of disposals
(2,569,681)
(217,079)
(2,786,760)
At 31 October 2024
7,111,128
770,892
7,882,020
Carrying amount
At 31 October 2024
19,118,070
311,332
19,429,402
At 31 October 2023
22,286,864
501,078
22,787,942
The company had no tangible fixed assets at 31 October 2024 or 31 October 2023.

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
17,001,185
20,108,827
-
0
-
0
Motor vehicles
84,721
170,008
-
0
-
0
17,085,906
20,278,835
-
-
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
2,000,000
2,000,000
O'Connor Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
11
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
2,000,000
Carrying amount
At 31 October 2024
2,000,000
At 31 October 2023
2,000,000
12
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
PP O'Connor Plant Limited
United Kingdon
Ordinary
100.00
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Consumables
194,442
153,174
-
-
O'Connor Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
- 26 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
353,969
428,743
-
0
-
0
Other debtors
6,014
164,706
-
0
-
0
Prepayments and accrued income
370,641
516,933
-
0
-
0
730,624
1,110,382
-
-
Amounts falling due after more than one year:
Deferred tax asset (note 18)
279,351
231,293
-
0
-
0
Total debtors
1,009,975
1,341,675
-
-
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
17
4,984,259
6,687,783
-
0
-
0
Trade creditors
1,365,295
1,967,328
-
0
-
0
Other taxation and social security
1,516,495
959,475
-
0
-
0
Other creditors
2,894,821
2,707,402
-
0
-
0
Accruals and deferred income
2,244,002
270,400
-
0
-
0
13,004,872
12,592,388
-
0
-
0
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
17
7,776,310
10,059,550
-
0
-
0
O'Connor Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
- 27 -
17
Finance lease obligations
Group
Company
2024
2023
2024
2023
Amounts due:
£
£
£
£
Current liabilities
4,984,259
6,687,783
-
0
-
0
Non-current liabilities
7,776,310
10,059,550
-
0
-
0
12,760,569
16,747,333
-
-
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
4,984,259
6,687,783
-
0
-
0
In two to five years
7,776,310
10,059,550
-
0
-
0
12,760,569
16,747,333
-
-

Obligations under hire purchase contracts and finance leases are secured on the assets to which they relate.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2024
2023
Group
£
£
Accelerated capital allowances
(3,971,429)
(3,999,035)
Tax losses
4,249,969
4,229,455
Other timing differences
811
873
279,351
231,293
The company has no deferred tax assets or liabilities.
O'Connor Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
18
Deferred taxation
(Continued)
- 28 -
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 November 2023
(231,293)
-
Credit to profit or loss
(48,058)
-
Asset at 31 October 2024
(279,351)
-
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
86,807
79,863

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
B Ordinary of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
2,000,000
2,000,000
2,000,000
2,000,000

The A ordinary shares and B ordinary shares rank pari passu in all respects except that the directors may at any time resolve to declare different dividends in relation to each class of share and may also resolve to declare a dividend on one class of share and not the other class.

21
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Entities subject to common control
19,305,817
18,443,219
4,812,010
2,148,507
O'Connor Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2024
21
Related party transactions
(Continued)
- 29 -
Management fees charges
Management fees incurred
2024
2023
2024
2023
£
£
£
£
Group
Entities subject to common control
-
71,919
1,069,381
213,405

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities subject to common control
2,899,377
2,696,292
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities subject to common control
-
149,366
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