PP O'Connor Aggregates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10411361 (England and Wales)

PP O'CONNOR AGGREGATES LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

P P O'Connor

C M O'Connor

J P O'Connor

REGISTERED OFFICE:

The Exchange

5 Bank Street

Bury

BL9 0DN

REGISTERED NUMBER:

10411361 (England and Wales)

AUDITORS:

DTE Business Advisers Limited

Chartered Accountants

Statutory Auditors

The Exchange

5 Bank Street

Bury

BL9 0DN

CURRENT ASSETS

Inventories

33,465

87,640

Debtors

4

2,011,699

937,391

Cash at bank

6,460

32,720

2,051,624

1,057,751

CREDITORS

Amounts falling due within one year

5

(2,651,357

)

(1,672,502

)

NET CURRENT LIABILITIES

(599,733

)

(614,751

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(599,733

)

(614,751

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(599,833

)

(614,851

)

(599,733

)

(614,751

)

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 30 July 2022 and were signed on its behalf by:

C M O'Connor - Director

1.	STATUTORY INFORMATION

PP O'Connor Aggregates Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 10411361 and registered office is The Exchange, 5 Bank Street, Bury, United Kingdom, BL9 0DN.

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.

Going concern

The company has reported a profit before tax for the year and has net liabilities of £599,733 (2020 - £614,751) at the statement of financial position date. Included with creditors is an amount of £2,113,820 owing to a related party. The related entity has formally confirmed that this financial support will be maintained whilst required by the company.

Since the year end the directors have made strategic changes to the operation of the business, including the installation of a second line at the quarry which has had the impact of improving efficient and profitability. The impact of the changes will result in the company increasing profitability in 2022.

After making enquires the directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis in preparing the company's financial statements.

Significant judgements and estimates

In the opinion of the directors, there are currently no significant accounting judgements or estimates applied in preparing the financial statements.

Revenue

Revenue represents the value of the sale of aggregates, net of value added tax, during the year.

Income is recognised at the point goods are collected by the respective customer from the quarry site.

Inventories

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

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Taxation

Taxation for the year 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,135,467

838,180

Amounts owed by group undertakings

516,162

-

Other debtors

360,070

99,211

2,011,699

937,391

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

75,954

386,971

Taxation and social security

148,445

246,635

Other creditors

2,426,958

1,038,896

2,651,357

1,672,502

6.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Other funding facility

276,638

308,208

The other funding facility is secured by way of a fixed and floating charge on all property or undertaking of the company.

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

The Report of the Auditors was unqualified.

Fiona O'Loughlin (Senior Statutory Auditor)

for and on behalf of DTE Business Advisers Limited

8.	ULTIMATE CONTROLLING PARTY

The parent company is PP O'Connor Group Limited, a company registered in England and Wales. The results of the company are included within the consolidated financial statements of PP O'Connor Group Limited, copies of which can be obtained from the company's registered office, The Exchange, 5 Bank Street, Bury, BL9 0DN.