O'Brien Construction (South Wales) Ltd - Accounts to registrar (filleted) - small 23.2.5

O'Brien Construction (South Wales) Ltd

Financial Statements for the Year Ended 31 March 2023

DIRECTORS:

J S Nobes

C J O'Brien

REGISTERED OFFICE:

Hawthorn Cottage

Rudry

Caerphilly

CF83 3DF

REGISTERED NUMBER:

09507876 (England and Wales)

ACCOUNTANTS:

BPU Limited

Chartered Accountants

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of O'Brien Construction (South Wales) Ltd for the year ended 31 March 2023 which comprise the Profit & Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of O'Brien Construction (South Wales) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of O'Brien Construction (South Wales) Ltd and state those matters that we have agreed to state to the Board of Directors of O'Brien Construction (South Wales) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than O'Brien Construction (South Wales) Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that O'Brien Construction (South Wales) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of O'Brien Construction (South Wales) Ltd. You consider that O'Brien Construction (South Wales) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of O'Brien Construction (South Wales) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BPU Limited

Chartered Accountants

31 March 2024

FIXED ASSETS

Tangible assets

3

7,171

9,502

CURRENT ASSETS

Stocks

18,715

24,245

Debtors

4

58,429

74,633

77,144

98,878

CREDITORS

Amounts falling due within one year

5

102,235

90,413

NET CURRENT (LIABILITIES)/ASSETS

(25,091

)

8,465

TOTAL ASSETS LESS CURRENT LIABILITIES

(17,920

)

17,967

CREDITORS

Amounts falling due after more than one year

6

46,250

61,250

NET LIABILITIES

(64,170

)

(43,283

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(64,270

)

(43,383

)

(64,170

)

(43,283

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2024 and were signed on its behalf by:

C J O'Brien - Director

1.	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 have been prepared on a going concern basis, on the understanding that the company has the ongoing support of its directors.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

Pension costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 8 ) .

3.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2022

and 31 March 2023

5,918

17,390

5,012

28,320

DEPRECIATION

At 1 April 2022

4,242

12,232

2,344

18,818

Charge for year

419

1,032

880

2,331

At 31 March 2023

4,661

13,264

3,224

21,149

NET BOOK VALUE

At 31 March 2023

1,257

4,126

1,788

7,171

At 31 March 2022

1,676

5,158

2,668

9,502

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

6,811

5,105

Other debtors & prepayments

51,618

69,528

58,429

74,633

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

28,650

44,630

Trade creditors

35,283

24,213

Taxes & social security costs

21,001

6,141

Other creditors & accruals

17,301

15,429

102,235

90,413

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

46,250

61,250

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company loaned its directors £42,245 (2022: £60,156). The balance remained outstanding at the year end.