O'Callaghan Limited Filleted accounts for Companies House (small and micro)

O'CALLAGHAN LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05462045

O'CALLAGHAN LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 June 2019

O'CALLAGHAN LIMITED

STATEMENT OF FINANCIAL POSITION

30 June 2019

	2019		2018
Note	£	£	£	£

FIXED ASSETS

Tangible assets	6		544,882		556,231

CURRENT ASSETS

Stocks		384,222	344,312
Debtors	7	487,209	474,157
Cash at bank and in hand		–	33,165
		---------	---------
		871,431	851,634

CREDITORS: amounts falling due within one year	8	752,382		622,562
		---------		---------
NET CURRENT ASSETS			119,049		229,072
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			663,931		785,303

CREDITORS: amounts falling due after more than one year	9		279,946		339,849

PROVISIONS

Taxation including deferred tax	80,191	97,133
	---------	---------
NET ASSETS	303,794	348,321
	---------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	303,694	348,221
	---------	---------
SHAREHOLDERS FUNDS	303,794	348,321
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

O'CALLAGHAN LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 June 2019

These financial statements were approved by the board of directors and authorised for issue on 28 May 2020 , and are signed on behalf of the board by:

S.E. O'Callaghan	L.E. O'Callaghan
Director	Director

Company registration number: 05462045

O'CALLAGHAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2019

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Guardian House, 42 Preston New Road, Blackburn, Lancashire, BB2 6AH.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets and liabilities are not discounted.

(d) Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% per annum straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

(e) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(f) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	10% per annum reducing balance
Motor Vehicles	-	25% per annum reducing balance
Equipment	-	`25% per annum reducing balance`

(g) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(h) Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

(i) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(j) Financial instruments

Basic financial instruments are recognised at amortised cost.

(k) Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 11 (2018: 15 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 July 2018 and 30 June 2019	8,000
	-------
Amortisation
At 1 July 2018 and 30 June 2019	8,000
	-------
Carrying amount
At 30 June 2019	–
	-------
At 30 June 2018	–
	-------

6. TANGIBLE ASSETS

	Plant & Machinery	Motor Vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 July 2018	776,074	156,105	14,945	947,124
Additions	249,132	–	–	249,132
Disposals	( 283,313)	–	–	( 283,313)
	---------	---------	--------	---------
At 30 June 2019	741,893	156,105	14,945	912,943
	---------	---------	--------	---------
Depreciation
At 1 July 2018	287,046	94,507	9,340	390,893
Charge for the year	52,465	15,864	964	69,293
Disposals	( 92,125)	–	–	( 92,125)
	---------	---------	--------	---------
At 30 June 2019	247,386	110,371	10,304	368,061
	---------	---------	--------	---------
Carrying amount
At 30 June 2019	494,507	45,734	4,641	544,882
	---------	---------	--------	---------
At 30 June 2018	489,028	61,598	5,605	556,231
	---------	---------	--------	---------

7. DEBTORS

	2019	2018
	£	£
Trade debtors	478,624	454,958
Prepayments and accrued income	4,449	3,938
Corporation tax repayable	4,136	13,023
Other debtors	–	2,238
	---------	---------
	487,209	474,157
	---------	---------

8. CREDITORS: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	61,891	52,000
Trade creditors	453,624	317,586
Accruals and deferred income	11,407	11,314
Social security and other taxes	122,553	102,424
Obligations under finance leases and hire purchase contracts	76,321	107,267
Director loan accounts	952	9,254
Other creditors	25,634	22,717
	---------	---------
	752,382	622,562
	---------	---------

Obligations under finance lease and hire purchase contracts are secured by a fixed charge over the related assets.

9. CREDITORS: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	135,500	185,500
Obligations under finance leases and hire purchase contracts	144,446	154,349
	---------	---------
	279,946	339,849
	---------	---------

Obligations under finance lease and hire purchase contracts are secured by a fixed charge over the related assets.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The bank loans are secured by a personal guarantee from the directors of the company.

11. RELATED PARTY TRANSACTIONS

The company was under the control of the directors, Mr S.E. O'Callaghan and Ms L.E. O'Callaghan , throughout the year. During the year the company paid dividends to the directors amounting to £62,000.