PP O'Connor Services Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08594254 (England and Wales)

PP O'CONNOR SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

C M O'Connor

J P O'Connor

P P O'Connor

REGISTERED OFFICE:

The Exchange

5 Bank Street

Bury

BL9 0DN

REGISTERED NUMBER:

08594254 (England and Wales)

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

FIXED ASSETS

Property, plant and equipment

4

6,995,048

6,493,157

CURRENT ASSETS

Debtors

5

2,389,248

1,154,502

Cash at bank

28,307

24,582

2,417,555

1,179,084

CREDITORS

Amounts falling due within one year

6

(4,737,286

)

(2,612,137

)

NET CURRENT LIABILITIES

(2,319,731

)

(1,433,053

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,675,317

5,060,104

CREDITORS

Amounts falling due after more than one year

7

(3,773,004

)

(4,504,767

)

NET ASSETS

902,313

555,337

CAPITAL AND RESERVES

Called up share capital

99

99

Retained earnings

902,214

555,238

SHAREHOLDERS' FUNDS

902,313

555,337

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 December 2022 and were signed on its behalf by:

P P O'Connor - Director

1.	STATUTORY INFORMATION

PP O'Connor Services Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08594254 and its registered office address is The Exchange, 5 Bank Street, Bury, 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.

The directors have considered the current unstable economic conditions in the UK and remain satisfied that the company is well placed to manage all respective business risks. The directors are satisfied that the company is a going concern and that the financial statements are correctly prepared on this basis.

Critical judgements and estimates

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 plant and equipment.

2) Determining the residual value of plant and equipment.

These are considered key in determining an appropriate depreciation charge.

Revenue

Revenue from the hire of plant and machinery is recognised evenly over the respective rental period.

Revenue from the sale of plant and machinery is recognised at the point that the equipment is delivered to and accepted by the respective customer.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - Straight line over 3 to 10 years

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other receivables and payables, 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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

All other leases are treated as operating leases. The annual rentals are charged to the income statement in the period in which they become payable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 November 2021

10,522,268

Additions

2,881,435

Disposals

(2,611,755

)

At 31 October 2022

10,791,948

DEPRECIATION

At 1 November 2021

4,029,111

Charge for year

1,459,346

Eliminated on disposal

(1,691,557

)

At 31 October 2022

3,796,900

NET BOOK VALUE

At 31 October 2022

6,995,048

At 31 October 2021

6,493,157

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 November 2021

8,803,948

Additions

2,449,530

Disposals

(2,470,980

)

At 31 October 2022

8,782,498

DEPRECIATION

At 1 November 2021

2,685,266

Charge for year

1,270,860

Eliminated on disposal

(1,403,084

)

At 31 October 2022

2,553,042

NET BOOK VALUE

At 31 October 2022

6,229,456

At 31 October 2021

6,118,682

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

240,000

144,000

Other debtors

2,149,248

1,010,502

2,389,248

1,154,502

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

2,345,131

1,986,986

Trade creditors

19,196

16,442

Taxation and social security

76,544

97,739

Other creditors

2,296,415

510,970

4,737,286

2,612,137

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

3,773,004

4,504,767

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

6,118,135

6,491,753

The hire purchase contracts are secured on the respective items of plant and machinery.